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Bajaj Finance Ltd

In this briefing: RPSG Ventures (RPSGV): Q3FY26 Update India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain Nesco: Strong Q3FY26 Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid Bajaj Finance (BAF): Strong Q3FY26 1. RPSG Ventures (RPSGV): Q3FY26 Update Last couple of days saw big announcements coming ahead of the IPL 2026 season. Two IPL franchises - Rajasthan Royals (RR) and Royal Challengers Bangalore (RCB) - have been sold. RR has been sold at a valuation of INR 15000cr+, while RCB has been sold at a valuation of INR 16500cr+. This bodes well for RPSGV's 51% stake in LSG. This provides re-rating catalyst for RPSGV's stock that has been under pressure due to 53%+ stake in Firstsource Solutions , a BPO business whose valuation has been impacted by AI concerns. 2. India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades.

In this briefing: India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain Nesco: Strong Q3FY26 Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid Bajaj Finance (BAF): Strong Q3FY26 Aequitas: Manipal Health Enterprises Ltd Pre-IPO Tearsheet 1. India’s Energy Sector ₹32,000 Cr Capex Surge: Decoding the Value Chain India's power equipment manufacturers are collectively committing roughly INR 32,000 crore to new factories and capacity upgrades, the largest manufacturing investment wave the sector has seen in decades. Peak electricity demand hit a record 250 GW in FY25 and is heading toward 458 GW by 2032, creating an order environment that manufacturers cannot fulfill with existing infrastructure alone. This is not a single big-ticket NTPC-style investment, but dozens of simultaneous factory expansions across the power value chain funded majorly by internal accrual shocasing their confidence. 2. Nesco: Strong Q3FY26 Nesco reported strong revenue growth of 15%+ YoY in Q3FY26 led by the Foods business where the revenue doubled YoY.

In this briefing: Nesco: Strong Q3FY26 Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid Bajaj Finance (BAF): Strong Q3FY26 Aequitas: Manipal Health Enterprises Ltd Pre-IPO Tearsheet V-MART Retail: Unnecessarily Punished, Maintain BUY 1. Nesco: Strong Q3FY26 Nesco reported strong revenue growth of 15%+ YoY in Q3FY26 led by the Foods business where the revenue doubled YoY. The IT Parks and Exhibitions businesses posted steady performance. However, operating PBT declined -7% YoY due to investments, operational and finance costs being incurred towards the Way Side Amenities business and Tower 2 construction. Led by its new initiatives like the Foods and the Events businesses, Nesco is growing well. Its venture into Way Side Amenities segment also looks promising. 2. Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid FPI equity assets dropped $79bn in two weeks ending March 15, 2026, the sharpest fall in six years , surpassing the COVID-led outflows of March 2020.

In this briefing: Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid Bajaj Finance (BAF): Strong Q3FY26 Aequitas: Manipal Health Enterprises Ltd Pre-IPO Tearsheet V-MART Retail: Unnecessarily Punished, Maintain BUY Banks and NBFCs Sector Update - Fundamentals Firm, Valuations Now More Compelling 1. Hormuz Shock: $79bn AUC (Asset Under Custody) Decline Marks Sharpest Drop Since Covid FPI equity assets dropped $79bn in two weeks ending March 15, 2026, the sharpest fall in six years , surpassing the COVID-led outflows of March 2020. Only USD 5.9bn reflects actual selling, most decline is mark-to-market, indicating markets are pricing a sustained crude shock as Brent stays above $112 near Nifty’s 52-week lows . With FPI ownership already low, market support hinges on domestic flows. FPI re-entry now depends more on geopolitical easing, especially re-opening of the Strait of Hormuz . 2. Bajaj Finance (BAF): Strong Q3FY26 BAF reported strong Q3FY26 with AUM growth of 22% YoY and PPOP growth of 19% YoY.