BIRLACORPN.NSE

Birla Corporation Ltd.

In this briefing: Acutaas Chemicals: Transforming Chemistry into High-Tech Solutions Graphite Electrodes - An Industry at an Inflection Point I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral A Strong Year for Emerging Markets as Tech, Taiwan & Korea Drive Record Returns Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD 1. Acutaas Chemicals: Transforming Chemistry into High-Tech Solutions Acutaas is successfully pivoting from pure-play pharmaceuticals into high-growth sector s like battery electrolytes and semiconductors, becoming the first non-Chinese player to innovate these additives at scale. Leveraging the "China Plus One" shift and US regulations (IRA), the company secures a premium by offering a protected supply chain immune to geopolitical trade risks. Backward integration and green technologies drive cost leadership, while long-term contracts with pass-through clauses shield margins from input price volatility , ensuring sustainable profitability. 2.

In this briefing: I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral A Strong Year for Emerging Markets as Tech, Taiwan & Korea Drive Record Returns Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) Q3FY26 Earnings Preview - Metals and Mining 1. I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral KTX maintains a Neutral rating with a 2026E FV of Bt16.03, based on the earnings yield method using a required return of 7.4%, implying a target PER of 13.6x. We expect ITC to report 4Q25E core profit of Bt790mn (–1% YoY, flat QoQ); including FX losses, net profit is estimated at Bt775mn (–2% YoY, –5% QoQ). Our 4Q25E forecast implies downside risk to the 2025E outlook. However, we maintain our 2026E estimate, expecting net profit to recover to around Bt3.5bn, driven by revenue growth of about 7%, broadly in line with management’s target. 2.

In this briefing: I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral A Strong Year for Emerging Markets as Tech, Taiwan & Korea Drive Record Returns Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) Q3FY26 Earnings Preview - Metals and Mining 1. I-Tail Corporation Plc. (ITC): 4Q25E Earnings Likely Flat To A Slight Lower - Neutral KTX maintains a Neutral rating with a 2026E FV of Bt16.03, based on the earnings yield method using a required return of 7.4%, implying a target PER of 13.6x. We expect ITC to report 4Q25E core profit of Bt790mn (–1% YoY, flat QoQ); including FX losses, net profit is estimated at Bt775mn (–2% YoY, –5% QoQ). Our 4Q25E forecast implies downside risk to the 2025E outlook. However, we maintain our 2026E estimate, expecting net profit to recover to around Bt3.5bn, driven by revenue growth of about 7%, broadly in line with management’s target. 2.

In this briefing: Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) Q3FY26 Earnings Preview - Metals and Mining Q3FY26 Earnings Preview - Pharma and Healthcare Axis Punch: CEAT Ltd - 7 Th January, 2026 1. Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD We maintain ADD rating on Birla Corp (BCORP) with a revised target price of 1,370/share (8x its FY28E consolidated EBITDA) While BCORP reported healthy, industry leading 8% volume growth in H1FY26, we expect subdued demand conditions and increased competition to lead to a sequential volume decline in Q3FY26E That said, BCORP continues to strengthen its competitive positioning, supported by industry-leading premium cement mix (~59% in H1FY26, up from 51% in FY22), which aids pricing resilience amid heightened competition. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) Q3FY26 Earnings Preview - Metals and Mining Q3FY26 Earnings Preview - Pharma and Healthcare Axis Punch: CEAT Ltd - 7 Th January, 2026 1. Birla Corporation: Focus on Premiumisation, Q3FY26 Subdued. Maintain ADD We maintain ADD rating on Birla Corp (BCORP) with a revised target price of 1,370/share (8x its FY28E consolidated EBITDA) While BCORP reported healthy, industry leading 8% volume growth in H1FY26, we expect subdued demand conditions and increased competition to lead to a sequential volume decline in Q3FY26E That said, BCORP continues to strengthen its competitive positioning, supported by industry-leading premium cement mix (~59% in H1FY26, up from 51% in FY22), which aids pricing resilience amid heightened competition. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

In this briefing: Insider Activity: Who Bought Their Own Stock in October? HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company... KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries... Signature Global Ltd - Q2FY26: Slow Quarter and Completions; Guidance Intact 1. Insider Activity: Who Bought Their Own Stock in October? We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges. October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results. Promoters of few companies had made the purchase in September but reported on exchanges in the month of October. 2. HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company... Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new model launches to strengthen the portfolio—along with structurally diversified exports that reduce dependence on Nigeria, pick-up in 3W exports, improving profitability of the EV segment, overcoming of supply challenges, and forex tailwinds, we upgrade our financial estimates Accordingly, we increase our target PE multiple for the core business from 21x earlier to 23x now (near +1SD of 4-year mean) of Sep-27 EPS, to reach a TP of INR 9,834 and an upgrade to an ADD rating Key risks remain high competitive intensity in the EV segment and potential cost risk in the KTM turnaround.

In this briefing: Insider Activity: Who Bought Their Own Stock in October? HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company... KPIT: Improving Trajectory, H2FY26 Guided to Be Significantly Better HSIE Results Daily: Bajaj Finance, Petronet LNG, Birla Corporation, Greenlam Industries... Signature Global Ltd - Q2FY26: Slow Quarter and Completions; Guidance Intact 1. Insider Activity: Who Bought Their Own Stock in October? We highlight large and small cap companies that experienced significant insider buying during October 2025, as reported on the stock exchanges. October 2025 saw fewer companies reporting insider buying due to silent period before reporting their half yearly results. Promoters of few companies had made the purchase in September but reported on exchanges in the month of October. 2. HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company... Bajaj Auto: Considering the improved outlook in the domestic market—supported by GST rate rationalization, product up-trading, and a focus on new model launches to strengthen the portfolio—along with structurally diversified exports that reduce dependence on Nigeria, pick-up in 3W exports, improving profitability of the EV segment, overcoming of supply challenges, and forex tailwinds, we upgrade our financial estimates Accordingly, we increase our target PE multiple for the core business from 21x earlier to 23x now (near +1SD of 4-year mean) of Sep-27 EPS, to reach a TP of INR 9,834 and an upgrade to an ADD rating Key risks remain high competitive intensity in the EV segment and potential cost risk in the KTM turnaround.

Kolkata: Birla Corporation Limited is back in the black in the second quarter of this fiscal. The company reported a consolidated net profit of Rs 90 .

Kolkata: Birla Corporation Limited is back in the black in the second quarter of this fiscal. The company reported a consolidated net profit of Rs 90 .