PRAJIND.NSE

Praj Industries Ltd.

In this briefing: [Wafer Watch] AI Is Scaling Physically Faster Than Its Economics Are Settling Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses 1. [Wafer Watch] AI Is Scaling Physically Faster Than Its Economics Are Settling Nvidia's recent partnership yet again enforces the idea of AI infra expansion no longer being solely driven by hyperscaler balance sheets; external capital is increasingly underwriting capacity buildouts. AMD is attempting to enter AI deployments earlier in the decision cycle, positioning its hardware within sovereign and enterprise infrastructure plans. Frontier AI labs are beginning to emphasise compute economics and margin structure, reflecting the growing importance of sustainable infrastructure utilisation. 2. Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut As Hindustan Unilever (HUVR IN) demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent Unilever PLC (ULVR LN) subsidiary Magnum HoldCo to consolidate its controlling stake The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth 3.

In this briefing: Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth 1. Event Driven: Decoding HUL’s Ice Cream Demerger and Kwality Wall’s Muted Debut As Hindustan Unilever (HUVR IN) demerged ice cream entity, Kwality Wall’s faces a mandatory open offer from parent Unilever PLC (ULVR LN) subsidiary Magnum HoldCo to consolidate its controlling stake The stock listed at a 25% percent discount as investors flagged low margins and high capital intensity compared to peers Management justifies the split citing the business's distinct cold-chain operating model and the need for independent capital allocation to drive growth 2. HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q3FY26 quarter’s reported EBITDA at ~INR 173bn (-8.7% YoY, -2.1% QoQ) and PAT at ~INR 84bn (+1.6% YoY, -15.0% QoQ) were marginally lower than our estimates due to lower-than-expected crude oil production volume Petronet LNG: Our REDUCE recommendation on Petronet LNG (PLNG) with a revised TP of INR 275 is based on (1) muted volume growth, (2) delayed capacity expansion, and (3) subdued return ratios resulting from the high capex cycle expected in the next five years 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: ONGC, Petronet LNG, Indraprastha Gas PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In 1. HSIE Results Daily: ONGC, Petronet LNG, Indraprastha Gas ONGC: We maintain our REDUCE rating on ONGC, with a target price of INR 220 as we expect slower ramp-up in oil & gas production Q3FY26 quarter’s reported EBITDA at ~INR 173bn (-8.7% YoY, -2.1% QoQ) and PAT at ~INR 84bn (+1.6% YoY, -15.0% QoQ) were marginally lower than our estimates due to lower-than-expected crude oil production volume Petronet LNG: Our REDUCE recommendation on Petronet LNG (PLNG) with a revised TP of INR 275 is based on (1) muted volume growth, (2) delayed capacity expansion, and (3) subdued return ratios resulting from the high capex cycle expected in the next five years 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: Hybridan Small Cap Feast: 9 February 2026 PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Praj Industries Ltd - Bio-Energy Headwinds Persist; Signs of Growth in Other Businesses Camlin Fine Sciences Ltd. - Blends Steady; Vanillin Poised for Realisation-Driven Growth Endurance Technologies Ltd - Strong Order Wins & Strategic Capex; Margin Upside Largely Priced In 1. Hybridan Small Cap Feast: 9 February 2026 Arecor Therapeutics 80.00p £29.26m (AREC.L) The biopharmaceutical Company focused on drug development and enhanced delivery in diabetes and other cardiometabolic diseases provided a business update for the 12 months ended 31 December 2025. The Company continued focus on two core product areas: diabetes and oral delivery of peptides. A codevelopment deal was signed in September 2025 with Sequel Med Tech to combine Arecor's ultra-concentrated, ultra-rapid-acting (500U/mL) insulin AT278 with Sequel's twist Automated Insulin Delivery (AID) system. 2. PI Industries Ltd - Near-Term Headwinds Persist; Maintain HOLD Domestic Businesses Impacted by Short-term Challenges: The domestic business reported an 8% YoY revenue decline in Q3FY26, with volumes down 2%, impacted by subdued farmer offtake for high-value products.