LAURUSLABS.NSE

Laurus Labs Ltd.

On April 7, Nifty 50 and Sensex declined due to Middle East conflict concerns and a US deadline for Iran. Nifty 50 fell 0.65% and Sensex 0.64%. Fourteen of 16 sectors dropped, while small-cap and mid-cap indices also fell, impacting India's economic growth.

In this briefing: Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26 NIFTY 50 Tactical Outlook After IMSC's March Index Review Clean Max: Leading The "Energy-As-A-Service" Revolution Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform From Headcount to Agents: Structural Change in Indian IT Industry 1. Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26 The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quarters Aggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks) Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26 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.

In this briefing: Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26 NIFTY 50 Tactical Outlook After IMSC's March Index Review Clean Max: Leading The "Energy-As-A-Service" Revolution Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform From Headcount to Agents: Structural Change in Indian IT Industry 1. Quarterly Flipbook: Poised to inch up to double-digit earnings growth in FY26 The aggregate performance of the Q3FY26 earnings season was robust as YoY PAT growth steadily improved to reach low double-digit level building up on the recovery witnessed in previous two quarters Aggregate revenue/PAT grew by 9%/13% YoY and 6%/8% QoQ respectively across the HSIE coverage (~257 stocks) Also, revenue and PAT grew by 7.1%/10.1% respectively in 9MFY26 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.

In this briefing: NIFTY 50 Tactical Outlook After IMSC's March Index Review Clean Max: Leading The "Energy-As-A-Service" Revolution Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform From Headcount to Agents: Structural Change in Indian IT Industry Event Driven: IDFC First Bank’s ₹590 Cr Fraud~ Branch-Level Collusion Raises Governance Doubts 1. NIFTY 50 Tactical Outlook After IMSC's March Index Review As discussed in detail by Brian Freitas the IMSC of NSE Indices has announced the results of the March index review on Feb 23rd. There are no constituent changes forthe NIFTY Index (NIFTY INDEX) . The index is currently in a position from where it could rally higher, but seems to have encountered resistance in the 25700-25800 price area - BEARISH. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

In this briefing: NIFTY 50 Tactical Outlook After IMSC's March Index Review Clean Max: Leading The "Energy-As-A-Service" Revolution Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform From Headcount to Agents: Structural Change in Indian IT Industry Event Driven: IDFC First Bank’s ₹590 Cr Fraud~ Branch-Level Collusion Raises Governance Doubts 1. NIFTY 50 Tactical Outlook After IMSC's March Index Review As discussed in detail by Brian Freitas the IMSC of NSE Indices has announced the results of the March index review on Feb 23rd. There are no constituent changes forthe NIFTY Index (NIFTY INDEX) . The index is currently in a position from where it could rally higher, but seems to have encountered resistance in the 25700-25800 price area - BEARISH. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

In this briefing: McBride plc - sustained private label profitability Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform 1. McBride plc - sustained private label profitability McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E. Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus expectations for FY26E of c.£64.7m Adj. EBIT. 2. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 3.

In this briefing: McBride plc - sustained private label profitability Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform 1. McBride plc - sustained private label profitability McBride’s H126 results confirm that for the third year running, demand for private label cleaning products remains at high levels, with private label volumes +0.9%, and Adj. EBIT margin a robust 6.6%. Management has confirmed that H2 has started in-line with expectations and that new contract wins across divisions underpin the positive outlook for H226 and into FY27E. Material costs are expected to remain flat and, with overhead costs under control, management is confident in meeting consensus expectations for FY26E of c.£64.7m Adj. EBIT. 2. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 3.

In this briefing: Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform Begbies Traynor Group plc - BTG Consulting - a reassuringly good Q3 trading update 1. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.

In this briefing: Vaalco Energy (NYSE: EGY): Kossipo shines Clean Max: Leading The "Energy-As-A-Service" Revolution Applied Materials (Nasdaq: AMAT): Valuation Analysis Suggests Fair Value Near $431 Laurus Labs: Shifting from ARV Concentration to Diversified CDMO Platform Begbies Traynor Group plc - BTG Consulting - a reassuringly good Q3 trading update 1. Vaalco Energy (NYSE: EGY): Kossipo shines • New seismic over Kossipo in Côte d’Ivoire has further de‑risked the structure, increasing gross 2C resources from ~90 mmboe to ~102 mmboe. • With Canadian Natural Resources choosing not to participate in the development as it refocuses on Canada, VAALCO’s working interest rises from 27.39% to 60%, with PetroCI holding the balance as a paying partner. • This shift is highly material: VAALCO gains ~37 mmboe of additional WI 2C resources, becomes operator, and will control the development timeline. 2. Clean Max: Leading The "Energy-As-A-Service" Revolution Clean Max is India's premier " Energy-as-a-Service" provider, commanding an 8% C&I market share and operating as a comprehensive decarbonization partner for global blue-chip corporations.