SKIPPER.NSE

Skipper Ltd

In this briefing: United Imaging (688271 CH) - Strong 2025 Results Driven by Overseas Expansion... 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 1. United Imaging (688271 CH) - Strong 2025 Results Driven by Overseas Expansion... United Imaging (UIH) reported strong 2025 results. Revenue rose 34.0% YoY to RMB13.8bn, 4% above our estimate, while attributable net profit increased 48.1% YoY to RMB1.9bn. In 1Q26, revenue grew 17.3% YoY to RMB2.9bn, slightly missing our expectation, accounting for 17% of our full-year forecast (vs. the historical average of ~20%). We therefore lower our 2026E revenue growth forecast from 25.7% to 22.5% YoY, although our absolute revenue estimate increases by 1.4% on a higher base in 2025. 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: 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 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.

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.

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: 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.