CHOLAFIN.NSE

Cholamandalam Investment and Finance Company Ltd.

In this briefing: Primer: Rossell India (ROST IN) - May 2026 Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY 1. Primer: Rossell India (ROST IN) - May 2026 Rossell India presents a unique investment profile, operating as a hybrid company with distinct divisions in Tea and Aerospace & Defence, offering a blend of commodity exposure and high-technology manufacturing. The Aerospace & Defence division, Rossell Techsys, is poised for significant growth, capitalizing on the Indian government's 'Make in India' initiative, rising defence budgets, and its position as a key supplier to global OEMs like Boeing and Lockheed Martin. The company's financial performance exhibits significant volatility, influenced by the commodity cycle of its tea business and the project-based nature of its defence contracts, necessitating a careful evaluation of its blended valuation and risk profile.

In this briefing: Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... 1. Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon. Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans. In this note, we will talk about the lockup dynamics and possible placement. 2. Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025.

In this briefing: Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... 1. Aequitas: Groww Ltd IPO Lockup Expiry - US$10.4bn Lockup Release with PE Owners Well in The Money Groww (1573648D IN) raised about US$750m in its India IPO in Nov 2025. The lockup on its promoters and pre-IPO investors is set to expire soon. Groww is a direct-to-customer digital investment platform, where customers can invest and trade in stocks, derivatives, bonds, mutual funds etc., and also avail margin trading facility and personal loans. In this note, we will talk about the lockup dynamics and possible placement. 2. Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025.

In this briefing: Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... 1. Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon. Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. In this note, we will talk about the lockup dynamics and possible placement. 2. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 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: Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... 1. Aequitas: Pine Labs Lockup Expiry - US$2bn Lockup Release for 85% of the Company Pine Labs (PINELABS IN) raised around US$450m in its India IPO in its India IPO in November 2025. The lockup on its pre-IPO investors is set to expire soon. Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. In this note, we will talk about the lockup dynamics and possible placement. 2. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 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: HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD 1. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 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: HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Ambuja Cements Limited - Performance Below Estimates On Higher Cost; Retain BUY Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD 1. HSIE Results Daily: Cholamandalam Investment and Finance Company, Ambuja Cement... Cholamandalam Investment and Finance Company: CIFC’s Q4FY26 earnings were ahead of our estimates, driven by NIM reflation, strong other income, and uptick in disbursements Disbursements growth (+25% YoY) was driven by vehicle (+26% YoY) and new businesses (+58% YoY) Asset quality improved sequentially, with reducing delinquencies and credit costs (+1.6%) likely to improve further in FY27 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: Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD APL Apollo Tubes - Strong Margins Despite Disruptions Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size) 1. Manappuram Finance Ltd. - Gold Loan Growth Shines... Gold Loans Remain Undisputed Growth Engine: Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and healthy tonnage growth. Following the new guidelines, the company has introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purposes, allowing Manappuram to serve the differing needs of its borrower base more effectively. Additionally, the removal of the requirement for prior regulatory approval to open new branches removes a structural bottleneck, and the management plans to add 500-550 new branches in FY27 in high-growth geographies.

In this briefing: Manappuram Finance Ltd. - Gold Loan Growth Shines... Cholamandalam Investment & Finance Company Ltd. - Strong End to FY26... Jyothy Labs Ltd. - Volumes Drive a Steady Quarter; Maintain HOLD APL Apollo Tubes - Strong Margins Despite Disruptions Vedanta (VEDL IN) Demerger: Index Implications (What Stays, What Goes, When & Size) 1. Manappuram Finance Ltd. - Gold Loan Growth Shines... Gold Loans Remain Undisputed Growth Engine: Manappuram’s Q4 AUM growth was exceptional, driven by robust gold loan growth of 31% QoQ, led by 20% increase in gold prices during the quarter and healthy tonnage growth. Following the new guidelines, the company has introduced consumption loans catering to the household and personal financing needs and income-generating loans designed for small business and livelihood purposes, allowing Manappuram to serve the differing needs of its borrower base more effectively. Additionally, the removal of the requirement for prior regulatory approval to open new branches removes a structural bottleneck, and the management plans to add 500-550 new branches in FY27 in high-growth geographies.