In this briefing: Primer: BCL Industries (BCLIL IN) - Apr 2026 MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 1. Primer: BCL Industries (BCLIL IN) - Apr 2026 BCL Industries is a leading grain-based ethanol producer in India, well-positioned to benefit from the government's ethanol blending program, with significant capacity expansion underway to more than 1.5x its current scale. The company operates a diversified business model across Distillery (ethanol and liquor), Edible Oils & Vanaspati, and Real Estate, which provides multiple revenue streams but also exposes it to different cyclical industries. While revenue growth has been strong, recent margin compression, negative free cash flow due to capital expenditures, and increased debt levels are key areas for investor monitoring. This content is AI-generated and displayed for general informational purposes only.

In this briefing: MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank Thematic Report: India Defense Sector - Moving Into Growth Phase Avenue Supermarts: Store Expansion Picks Up, Focus on North Rising. Maintain ADD Axis Top Picks - April 2026 SEBI’s Algo-Trading Rules FY26: The Transition to Institutional-Grade Accountability 1. MS-India Index Earning Revision (Mar): Oil & Natural Gas, ICICI Bank, HDFC Bank We analysed the earning revision of component stocks of MS-India in the past month. We tabulated stocks with the top impact on index's EPS, stocks' EPS revision, and revenue revision. We highlighted EPS revision on Oil & Natural Gas, ICICI Bank, HDFC Bank, Balkrishna Industries, L&T Finance, Eternal, Tata Motors Passenger Vehicles, Tata Motors. 2. Thematic Report: India Defense Sector - Moving Into Growth Phase India’s Defense Acquisition Council approved INR 2.38 lakh crore proposals on March 27, 2026 , taking total FY26 approvals to ~INR 9.3 lakh crore across Army, Air Force, and Coast Guard.

Balkrishna Industries (BKT) has appointed Infectious Advertising as its integrated creative and digital agency for India. The agency will craft a contemporary brand narrative for BKT's new On-Highway tyre range, leveraging its global legacy of performance and quality. This partnership aims to transform BKT into a purpose-led consumer brand, building deeper connections with Indian consumers.

Balkrishna Industries Ltd. is the new Official Tyre Partner for all five teams in India's premier women's T20 championship. This partnership supports women's cricket growth. BKT's commitment to inclusion and high performance is highlighted. The company has existing global cricket associations. This move strengthens BKT's sports portfolio in India.

Technical indicators show bullish setups forming on both counters despite year-to-date declines.

The stock has rebounded twice near ₹2,380 in recent sessions, mirroring a reversal pattern last seen in April.

Broad-based buying lifted auto, IT, FMCG and metal stocks, while Eternal and Balkrishna dragged.

Analysts expect consolidation unless the Nifty index crosses 25,200 convincingly.

SEBI-registered analyst Harika Enjamuri expects the stock to reach ₹ 3,050, with key resistance at ₹2,840 and support at ₹2,475