MASFIN.NSE

MAS Financial Services Limited

In this briefing: National Aluminium Co Ltd (NALCO) - Largely Inline Q4; Rich Valuation Caps Material Upside Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure 1. National Aluminium Co Ltd (NALCO) - Largely Inline Q4; Rich Valuation Caps Material Upside EBITDA Inline with Our Estimate: EBITDA stood at Rs 2,349 Cr (down 15% YoY, up 8% QoQ), inline with our estimate, a marginal 3% miss vs. consensus. This was led by lower Alumina division profitability, lower Aluminium sales volumes, partly offset by higher aluminium prices. Alumina Refinery Expansion: The commissioning date for the 5 th stream Alumina refinery of 1 mtpa is kept unchanged at Jun’26; however, FY27 production guidance from it is now reduced further to 2 Lc tonnes from 3 Lc tonnes earlier (original guidance was 5 Lc tonnes).

In this briefing: Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... 1. Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Volume-led growth: Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12 quarters, reflecting broad-based category traction. Demand conditions remained stable during the quarter, supported by a conducive macro environment marked by policy support measures and relatively benign inflation, which aided consumer confidence and provided relief to household budgets. However, towards the end of the period, escalating Middle East tensions led to a sharp rise in crude-linked input costs, coupled with supply-side disruptions and persistent currency depreciation, posing near-term headwinds.

In this briefing: Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... 1. Hindustan Unilever Ltd - Volume-Led Growth with Gradual Demand Recovery Volume-led growth: Hindustan Unilever (HUL) reported a 7.3% YoY increase in revenue in Q4FY26, driven by 6% underlying volume growth, the strongest in the past 12 quarters, reflecting broad-based category traction. Demand conditions remained stable during the quarter, supported by a conducive macro environment marked by policy support measures and relatively benign inflation, which aided consumer confidence and provided relief to household budgets. However, towards the end of the period, escalating Middle East tensions led to a sharp rise in crude-linked input costs, coupled with supply-side disruptions and persistent currency depreciation, posing near-term headwinds.

In this briefing: Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... Greenply Industries Ltd - Good Quarter; Volume Led Growth with Margin Protection 1. Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak Steady Growth with Stable Operations: The company reported revenue of Rs 17,684 Cr in Q4FY26, reflecting 19% YoY growth. Mature stores (two years and older) delivered growth of 10.8% during the quarter, while full-year LFL growth stood at 8.1%. The company added 58 stores in Q4, taking the total store count to 500. 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.

In this briefing: Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak MAS Financial Services Ltd - Building a Durable Compounding Franchise Kotak Mahindra Bank Ltd. - Fee Growth and Operating Leverage to Offset Margin Pressure Equitas Small Finance Bank Ltd. - Normalising Credit Costs and Lower Cost Ratios... Greenply Industries Ltd - Good Quarter; Volume Led Growth with Margin Protection 1. Avenue Supermarts Ltd - Store Additions Support Growth; LFL Remains Weak Steady Growth with Stable Operations: The company reported revenue of Rs 17,684 Cr in Q4FY26, reflecting 19% YoY growth. Mature stores (two years and older) delivered growth of 10.8% during the quarter, while full-year LFL growth stood at 8.1%. The company added 58 stores in Q4, taking the total store count to 500. 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.

In this briefing: Middle Eastern War 2026: Will History Repeat Itself This Time? Exencial Industry Tiding India Top Shorts MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision Aequitas:LEAP India Pre-IPO-Leader with Strong Growth Visibility,Offset by Leverage &Margin Dilution 1. Middle Eastern War 2026: Will History Repeat Itself This Time? Following US-Israel strikes on Iran , Indian markets crashed with the Sensex plunging 2,743 points intraday before closing 1.29% lower as crude prices surged sharply. Historical data reveals average drawdowns of 5% to 13% during geopolitical shocks , typically requiring a recovery window between 30 and 180 days thereafter Strong structural resilience and domestic SIP flows support a long-term constructive outlook, positioning current volatility as a strategic buying opportunity for disciplined institutional investors. 2. Exencial Industry Tiding Zydus Lifesciences receives approval from USFDA to market generic drugs Other leather & related products industry's sales grow by 20.2% in December 2025 quarter Andhra Pradesh govt plans to open up mineral-rich coastline for large-scale rare earth 3.

In this briefing: Middle Eastern War 2026: Will History Repeat Itself This Time? Exencial Industry Tiding India Top Shorts MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision Aequitas:LEAP India Pre-IPO-Leader with Strong Growth Visibility,Offset by Leverage &Margin Dilution 1. Middle Eastern War 2026: Will History Repeat Itself This Time? Following US-Israel strikes on Iran , Indian markets crashed with the Sensex plunging 2,743 points intraday before closing 1.29% lower as crude prices surged sharply. Historical data reveals average drawdowns of 5% to 13% during geopolitical shocks , typically requiring a recovery window between 30 and 180 days thereafter Strong structural resilience and domestic SIP flows support a long-term constructive outlook, positioning current volatility as a strategic buying opportunity for disciplined institutional investors. 2. Exencial Industry Tiding Zydus Lifesciences receives approval from USFDA to market generic drugs Other leather & related products industry's sales grow by 20.2% in December 2025 quarter Andhra Pradesh govt plans to open up mineral-rich coastline for large-scale rare earth 3.

In this briefing: Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Devolver Digital — Four reasons to invest: right time, right place, right team, right price Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision 1. Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 Analysts stay optimistic on CSE Global after recent FY2025 results. DBS lowers AvePoint target price to $20 due to SaaS sector decline. YZJ Financial posts $5.2M FY2025 loss; YZJ Maritime nets $129.7M profit. 2. PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Strong 2H25 results push PC Partner's FY25 revenue performance to the second-best ever. Management is bullish on the FY26 outlook with a record high ASP forecast on branded VGA. Stock trading between 3x FY26 P/E and could easily double on consistent FY26 delivery. 3.

In this briefing: Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Devolver Digital — Four reasons to invest: right time, right place, right team, right price Primer: Thaicom Pcl (THCOM TB) - Mar 2026 MAS Financial Services: From 18 Years of Stability to a INR 1 Lakh Crore Vision 1. Singapore Market Roundup (02-Mar-2026): Analysts remain positive on CSE Global post-FY2025 Analysts stay optimistic on CSE Global after recent FY2025 results. DBS lowers AvePoint target price to $20 due to SaaS sector decline. YZJ Financial posts $5.2M FY2025 loss; YZJ Maritime nets $129.7M profit. 2. PC Partner: First Set of Results on SGX, Low Single-Digit P/E and Bullish FY26 Outlook Strong 2H25 results push PC Partner's FY25 revenue performance to the second-best ever. Management is bullish on the FY26 outlook with a record high ASP forecast on branded VGA. Stock trading between 3x FY26 P/E and could easily double on consistent FY26 delivery. 3.