DISAQ.NSE

Disa India Ltd.

In this briefing: Primer: ANE Logistics (1292621D CH) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries THAI AIRWAYS INTERNATIONAL Plc. (THAI): 3Q25 Earnings Up QoQ... Duskin (4665 JP) - Results Ahead of Expectations, Food Group Maintains Strong Momentum Sansera Engineering Ltd - ADS Growth Momentum... 1. Primer: ANE Logistics (1292621D CH) - Nov 2025 ANE Logistics is a leading player in China's less-than-truckload (LTL) market, leveraging a freight partner platform model to achieve extensive network coverage across approximately 99.2% of China's counties and townships. The company has successfully executed a strategic shift from a scale-driven approach to one centered on profitability and service quality, resulting in significant improvements in gross profit, net profit, and operational efficiency. Future growth is expected to be driven by the continued expansion of e-commerce, particularly for larger goods, and the ongoing consolidation of China's fragmented LTL market, where ANE's scale and technological investments provide a competitive advantage.

In this briefing: Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Prestige Estates Projects Ltd - Q2FY26: Robust Quarter; On Path to Surpass Guidance 1. Why Biocon's Merger Is the Cleaner, Cheaper Path to Value Unlock? Biocon Ltd has confirmed its board, via a committee first formed on May 8, 2025, is formally evaluating a reverse merger of its unlisted arm, Biocon Biologics, into the parent. This merger is a financial de-risking move designed to immediately address $1.2 billion in acquisition debt and unlock a 'conglomerate discount' on the Rs.2,721 crore revenue biosimilars business. The move would eliminate the parent's holding company discount, but the key hurdle is the valuation and swap ratio required to satisfy minority shareholders, chiefly Serum Institute. 2. Primer: Sagar Cements (SGC IN) - Nov 2025 Sagar Cements is pursuing an aggressive, debt-fueled expansion strategy to increase its capacity and market reach, particularly in Central and Eastern India, aiming to capitalize on anticipated demand growth from infrastructure and housing sectors.

In this briefing: Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Prestige Estates Projects Ltd - Q2FY26: Robust Quarter; On Path to Surpass Guidance Healthcare Global Enterprises Ltd - Steady Performance with a Focus on Profitability 1. Primer: Sagar Cements (SGC IN) - Nov 2025 Sagar Cements is pursuing an aggressive, debt-fueled expansion strategy to increase its capacity and market reach, particularly in Central and Eastern India, aiming to capitalize on anticipated demand growth from infrastructure and housing sectors. The company's financial performance is under significant pressure, characterized by revenue growth offset by severe margin compression, leading to net losses and negative free cash flow in recent periods. This has necessitated the suspension of its dividend. Key challenges for the company include managing its high debt levels, navigating the intensely competitive and cyclical nature of the Indian cement industry, and mitigating the impact of volatile input costs on its already strained profitability.

In this briefing: Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: ING Groep NV (INGA NA) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 Primer: Hawaiian Electric Inds (HE US) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries 1. Primer: Sagar Cements (SGC IN) - Nov 2025 Sagar Cements is pursuing an aggressive, debt-fueled expansion strategy to increase its capacity and market reach, particularly in Central and Eastern India, aiming to capitalize on anticipated demand growth from infrastructure and housing sectors. The company's financial performance is under significant pressure, characterized by revenue growth offset by severe margin compression, leading to net losses and negative free cash flow in recent periods. This has necessitated the suspension of its dividend. Key challenges for the company include managing its high debt levels, navigating the intensely competitive and cyclical nature of the Indian cement industry, and mitigating the impact of volatile input costs on its already strained profitability.

In this briefing: Primer: Sagar Cements (SGC IN) - Nov 2025 Primer: ING Groep NV (INGA NA) - Nov 2025 Primer: Olectra Greentech (OLECTRA IN) - Nov 2025 Primer: Hawaiian Electric Inds (HE US) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries 1. Primer: Sagar Cements (SGC IN) - Nov 2025 Sagar Cements is pursuing an aggressive, debt-fueled expansion strategy to increase its capacity and market reach, particularly in Central and Eastern India, aiming to capitalize on anticipated demand growth from infrastructure and housing sectors. The company's financial performance is under significant pressure, characterized by revenue growth offset by severe margin compression, leading to net losses and negative free cash flow in recent periods. This has necessitated the suspension of its dividend. Key challenges for the company include managing its high debt levels, navigating the intensely competitive and cyclical nature of the Indian cement industry, and mitigating the impact of volatile input costs on its already strained profitability.

In this briefing: Primer: Hawaiian Electric Inds (HE US) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Classys (214150 KS): Stellar 3Q Result; 2025 Guidance Reaffirmed; Brazil Is Set to Recover from 4Q THE ERAWAN GROUP Plc. (ERW): 3Q25 Core Profit Up QoQ; Strength To Continue In 4Q25E MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 3Q25 Core Profit +30% YoY, +4% QoQ 1. Primer: Hawaiian Electric Inds (HE US) - Nov 2025 Existential Threat from Wildfire Litigation: The company faces monumental challenges following the August 2023 Maui wildfires. A global settlement has been reached in principle, with HEI's portion being approximately $1.99 billion to resolve tort claims. While this provides a path forward, the financial overhang is severe and will require significant financing, pressuring the balance sheet for years. Operational and Financial Restructuring: In response to the crisis, HEI has suspended its dividend, sold non-core assets, and is intensely focused on wildfire mitigation and grid hardening, with a planned investment of $400 million from 2025-2027.

In this briefing: Primer: Hawaiian Electric Inds (HE US) - Nov 2025 The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Classys (214150 KS): Stellar 3Q Result; 2025 Guidance Reaffirmed; Brazil Is Set to Recover from 4Q SRISAWAD CORPORATION Plc. (SAWAD): Lower Provisions And Repossessed-Car Losses THE ERAWAN GROUP Plc. (ERW): 3Q25 Core Profit Up QoQ; Strength To Continue In 4Q25E 1. Primer: Hawaiian Electric Inds (HE US) - Nov 2025 Existential Threat from Wildfire Litigation: The company faces monumental challenges following the August 2023 Maui wildfires. A global settlement has been reached in principle, with HEI's portion being approximately $1.99 billion to resolve tort claims. While this provides a path forward, the financial overhang is severe and will require significant financing, pressuring the balance sheet for years. Operational and Financial Restructuring: In response to the crisis, HEI has suspended its dividend, sold non-core assets, and is intensely focused on wildfire mitigation and grid hardening, with a planned investment of $400 million from 2025-2027.

In this briefing: The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Prestige Estates Projects Ltd - Q2FY26: Robust Quarter; On Path to Surpass Guidance Healthcare Global Enterprises Ltd - Steady Performance with a Focus on Profitability Sansera Engineering Ltd - ADS Growth Momentum... Tata Steel Ltd - Strong Operational Performance in Tough Quarter 1. The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Disa India’s new Tumkur land acquisition marks a major capacity expansion, adding 40% footprint and enabling a new manufacturing unit by FY26. This expansion strengthens Disa’s ability to meet rising foundry demand, boosts export potential, and aligns with India’s manufacturing upcycle and the global China+1 shift. The company’s growth visibility improves meaningfully, supported by digital integration and strong balance sheet strengthelevating confidence in sustained 20–25% topline growth. 2. Prestige Estates Projects Ltd - Q2FY26: Robust Quarter; On Path to Surpass Guidance Quarterly Performance: Prestige reported pre-sales of Rs 6,017 Cr for the quarter (PG’s share Rs 5,081 Cr), registering a 26% YoY growth.

In this briefing: The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Classys (214150 KS): Stellar 3Q Result; 2025 Guidance Reaffirmed; Brazil Is Set to Recover from 4Q THE ERAWAN GROUP Plc. (ERW): 3Q25 Core Profit Up QoQ; Strength To Continue In 4Q25E MOSHI MOSHI RETAIL CORPORATION Plc. (MOSHI): 3Q25 Core Profit +30% YoY, +4% QoQ G-ABLE Plc. (GABLE): 2025 Could Mark An All-Time-High Profit Year 1. The Beat Ideas: DISA India - Engineering the Next Decade of Indian Foundries Disa India’s new Tumkur land acquisition marks a major capacity expansion, adding 40% footprint and enabling a new manufacturing unit by FY26. This expansion strengthens Disa’s ability to meet rising foundry demand, boosts export potential, and aligns with India’s manufacturing upcycle and the global China+1 shift. The company’s growth visibility improves meaningfully, supported by digital integration and strong balance sheet strengthelevating confidence in sustained 20–25% topline growth. 2.