GREENPLY.NSE

Greenply Industries Ltd.

In this briefing: Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform HSIE Results Daily: IPCA Laboratories, IRB Infra, Galaxy Surfactants, Ahluwalia Contracts SignatureGlobal India Ltd - SignatureGlobal’s Leap into Commercial Real Estate Axis PUNCH: Greenply Industries Ltd - 17th February, 2026 Ahluwalia Contracts India Ltd - Misses Estimates on Slower Execution; Retain BUY 1. Aequitas: Indo-MIM Pre-IPO - The Positives - Global-Scale Manufacturing Platform Indo-MIM Ltd (1666551D IN) (IML) is looking to raise about US$750m in its upcoming India IPO. IML provides end-to-end solutions for the manufacture of precision engineering components using metal injection molding technology. Its capabilities include mold designing and tooling, coupled with finishing and assembly operations. In this note, we talk about the positive aspects about the company’s historical performance. 2. HSIE Results Daily: IPCA Laboratories, IRB Infra, Galaxy Surfactants, Ahluwalia Contracts IPCA Laboratories: EBITDA growth of 22% YoY was driven by 7% YoY sales growth (India grew 12% YoY), higher GM (+226 bps YoY at 72.5%), and cost controls (staff/SG&A +10%/+4% YoY), causing the margin to expand to 22.7% (+284 bps YoY) IPCA expects (1) overall business to see 10-11% growth in the near term (IPCA standalone growth at 10-12% and Unichem business at 8-9%) (2) India business to outperform IPM growth in the next few years, led by sustained momentum in key therapies (pain, CVS, anti-diabetics, CNS, and derma), looking to in-licensing Semaglutide to participate in India GLP-1 market 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: IPCA Laboratories, IRB Infra, Galaxy Surfactants, Ahluwalia Contracts SignatureGlobal India Ltd - SignatureGlobal’s Leap into Commercial Real Estate Axis PUNCH: Greenply Industries Ltd - 17th February, 2026 Ahluwalia Contracts India Ltd - Misses Estimates on Slower Execution; Retain BUY Fortis Healthcare Ltd - Healthy Core Performance; Expansion to Drive Next Leg 1. HSIE Results Daily: IPCA Laboratories, IRB Infra, Galaxy Surfactants, Ahluwalia Contracts IPCA Laboratories: EBITDA growth of 22% YoY was driven by 7% YoY sales growth (India grew 12% YoY), higher GM (+226 bps YoY at 72.5%), and cost controls (staff/SG&A +10%/+4% YoY), causing the margin to expand to 22.7% (+284 bps YoY) IPCA expects (1) overall business to see 10-11% growth in the near term (IPCA standalone growth at 10-12% and Unichem business at 8-9%) (2) India business to outperform IPM growth in the next few years, led by sustained momentum in key therapies (pain, CVS, anti-diabetics, CNS, and derma), looking to in-licensing Semaglutide to participate in India GLP-1 market 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: Indian Hotels Company Ltd - Strong H2 Expected; Maintain BUY Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva Greenply Industries Ltd - Steady Growth; Margin Recovery Expected Michael Burry's Uber Bearish Positions in Palantir and Nvidia Aditya Birla Fashion & Retail Ltd - Resilient Growth, Margin Miss; Maintain HOLD 1. Indian Hotels Company Ltd - Strong H2 Expected; Maintain BUY Standalone Domestic Business shows Encouraging Growth: The standalone domestic business reported a muted growth of 2.4% YoY. Standalone ARR on Like For Like H1FY26 (Average Room Rate) increased to Rs 14,400 (+5% YoY), with occupancy reaching 76% flat on YoY. This resulted in standalone RevPAR growth of 5% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva ARR Jumps, Annuity Surges 76%: The hospitality business reported a 13.4% YoY growth, with ARR increasing to Rs 12,170 (+15.6% YoY) and occupancy reaching 67%, down 730 bps YoY.

In this briefing: Indian Hotels Company Ltd - Strong H2 Expected; Maintain BUY Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva Greenply Industries Ltd - Steady Growth; Margin Recovery Expected Michael Burry's Uber Bearish Positions in Palantir and Nvidia Aditya Birla Fashion & Retail Ltd - Resilient Growth, Margin Miss; Maintain HOLD 1. Indian Hotels Company Ltd - Strong H2 Expected; Maintain BUY Standalone Domestic Business shows Encouraging Growth: The standalone domestic business reported a muted growth of 2.4% YoY. Standalone ARR on Like For Like H1FY26 (Average Room Rate) increased to Rs 14,400 (+5% YoY), with occupancy reaching 76% flat on YoY. This resulted in standalone RevPAR growth of 5% YoY. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below. 2. Chalet Hotels Ltd - Transitions to Brand-Led Platform; Launches Athiva ARR Jumps, Annuity Surges 76%: The hospitality business reported a 13.4% YoY growth, with ARR increasing to Rs 12,170 (+15.6% YoY) and occupancy reaching 67%, down 730 bps YoY.