In this briefing: Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth Bandhan Bank Ltd - Emerging Stability, Improving Profitability Trajectory Dalmia Bharat Limited - Inline Operating Performance 1. Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%). Domestic demand remained strong, supported by distribution reach, execution, and capacity investments. Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. 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. Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Strong Order Book: Skipper secured new orders totalling Rs 1,029 Cr in Q4FY26, including a multi-million-dollar contract, which is the largest order to date in the North American market with a top-tier utility company.

In this briefing: Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Maruti Suzuki Ltd - Strong Domestic Recovery Drives Growth Bandhan Bank Ltd - Emerging Stability, Improving Profitability Trajectory ETFs Monitor in 2Q26 1. Varun Beverages Ltd - Volume-Led Growth Continues; Maintain BUY Volume-led Growth: In Q1CY26, consolidated volumes grew 16.3% YoY to 363 Mn cases, driven by India (+14.4%) and international markets (+21.4%). Domestic demand remained strong, supported by distribution reach, execution, and capacity investments. Growth initiatives included pack upsizing, targeted price-point launches, and new products in the energy and juice segments. 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. Skipper Limited - Strong Q4; Overall Beat, Near-Term Export Headwinds Emerging Strong Order Book: Skipper secured new orders totalling Rs 1,029 Cr in Q4FY26, including a multi-million-dollar contract, which is the largest order to date in the North American market with a top-tier utility company.

Axis Direct maintains Buy ratings for Coal India, Skipper, and JSW Energy, highlighting strong demand and infrastructure expansion in India's power sector. Target prices are ₹500 for Coal India, ₹470 for Skipper, and ₹630 for JSW Energy.

In this briefing: Glenmark Pharmaceutical Ltd ~ Ambitious Guidance or Realistic Roadmap? Exencial Industry Tidings 30/12/2025 Stylam Industries: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD Max Healthcare Institute: Steady Growth Visbility, Margin Hinges on Execution. Pick of the Week: Skipper Limited - 27th December, 2025 1. Glenmark Pharmaceutical Ltd ~ Ambitious Guidance or Realistic Roadmap? Glenmark Pharmaceuticals (GNP IN) is executing a strategic "3.0" transformation into a science-led innovator , following a landmark $1.925 billion AbbVie partnership. Q2 India sales fell 87% due to GST-related distributor inventory rationalization, with normalized revenue recovery of INR 1,150–1,200 crore expected from Q3. Management targets 15% annual revenue growth and 25% EBITDA margins by FY27, supported by a zero-gross-debt balance sheet . 2. Exencial Industry Tidings 30/12/2025 Madhya Pradesh govt attracts investment proposals worth Rs.27.8 bln in 1 month Beer & other undistilled liquor production falls by 2.6% in November 2025 Sweetmeat & sugar confectionary production up 19.9% in November 2025 3.

In this briefing: Exencial Industry Tidings 30/12/2025 Stylam Industries: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD Max Healthcare Institute: Steady Growth Visbility, Margin Hinges on Execution. Pick of the Week: Skipper Limited - 27th December, 2025 Event Driven: Coforge Acquisition ~ The Fall Analysis 1. Exencial Industry Tidings 30/12/2025 Madhya Pradesh govt attracts investment proposals worth Rs.27.8 bln in 1 month Beer & other undistilled liquor production falls by 2.6% in November 2025 Sweetmeat & sugar confectionary production up 19.9% in November 2025 2. Stylam Industries: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD Stylam Industries has announced a stake sale by the promoter family to Aica Kogyo Co Ltd., a Japan-based company Mr Manav Gupta and family will offload their complete 27.12% stake, followed by Aica Kogyo launching an open offer to public shareholders Subsequently, Mr Jagdish Gupta and family will contribute up to 12.88% of their stake, enabling Aica Kogyo to achieve 40% shareholding post the initial sale and open offer completion 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: Stylam Industries: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD Max Healthcare Institute: Steady Growth Visbility, Margin Hinges on Execution. Pick of the Week: Skipper Limited - 27th December, 2025 Event Driven: Coforge Acquisition ~ The Fall Analysis Gujarat Ambuja Exports ~ Leading The Turnaround Play For The Maize Cycle 1. Stylam Industries: Promoter Sell-Off: Clearing Family Dispute Cloud. Upgrade to ADD Stylam Industries has announced a stake sale by the promoter family to Aica Kogyo Co Ltd., a Japan-based company Mr Manav Gupta and family will offload their complete 27.12% stake, followed by Aica Kogyo launching an open offer to public shareholders Subsequently, Mr Jagdish Gupta and family will contribute up to 12.88% of their stake, enabling Aica Kogyo to achieve 40% shareholding post the initial sale and open offer completion Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.

The company may set up a greenfield plant in Western India. It has three manufacturing plants for power transmission and distribution structures in Kolkata

In this briefing: PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company.. J Kumar Infraprojects Ltd - Miss Estimates On Slower Execution; Retain BUY Skipper Ltd - Largely Inline Q2, Growth Outlook Intact 1. PhysicsWallah IPO: Driven by Passion to Educate; Sector Always in Controversy; No View on Valuation Physicswallah Limited (2076103D IN) IPO opens today - 11 Nov 2025.The issue is a combination of fresh issue of INR 31 billion and offer for sale of INR 3.8 billion. In this insight we discuss about the company, the industry, past controversies in the sector across major players. We finally provide rationale why we do now know what valuation multiple to assign given the various factors. 2. SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse With the review period complete, there could be one change for the S&P BSE SENSEX Index (SENSEX INDEX) at the December rebalance.

In this briefing: SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company.. J Kumar Infraprojects Ltd - Miss Estimates On Slower Execution; Retain BUY Skipper Ltd - Largely Inline Q2, Growth Outlook Intact Genus Power Infrastructures Ltd - Strong Q2; Tendering Progress Will Be the Key 1. SENSEX Index Rebalance Preview: Tata Motors OUT; Indigo IN; Grasim - Dark Horse With the review period complete, there could be one change for the S&P BSE SENSEX Index (SENSEX INDEX) at the December rebalance. Following the demerger of the Commercial Vehicle business, the drop in market cap for Tata Motors (TTMT IN) could result in index deletion. InterGlobe Aviation Ltd (INDIGO IN) is a potential inclusion to the index, but there is a small possibility of Grasim Industries (GRASIM IN) being added to the index instead. 2. HSIE Results Daily: Bajaj Auto, Trent, Cholamandalam Investment and Finance Company..