VBL.NSE

Varun Bevarages Ltd.

In this briefing: Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) Q3FY26 Earnings Preview - Metals and Mining Q3FY26 Earnings Preview - Pharma and Healthcare Axis Punch: CEAT Ltd - 7 Th January, 2026 Varun Baverage: Expecting Turnaround In H2FY26 1. Q3FY26 Earnings Preview - Banks, Financial Services & Insurance (BFSI) The systemic loan growth has shown signs of revival, and as per the latest RBI print as of 15th December, 2025, systemic credit growth stood at 12% YoY, a stark improvement vs Sep’25 levels. Banks that have reported their provisional updates have reported a healthy sequential growth. We expect banks under our coverage to deliver ~12.4% YoY credit growth, in-line with industry growth. 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. Q3FY26 Earnings Preview - Metals and Mining In Q3FY26, we expect moderation in absolute EBITDA and margins across steel and Aluminium names under our coverage.

In this briefing: Stride: Why Its “Quality First” Enrollment Strategy Is a Power Move! LG Energy Solution (373220 KS/Buy)Down-Cycle Nearing an End Axis Punch: CEAT Ltd - 7 Th January, 2026 Varun Baverage: Expecting Turnaround In H2FY26 VRA: 2026 Signposts: A New Vera, Driven by “Project Sunshine” 1. Stride: Why Its “Quality First” Enrollment Strategy Is a Power Move! Stride Inc., a leader in online education, recently held its first-quarter fiscal year 2026 earnings conference. The results highlighted both strengths and challenges faced by the company amidst its strategic endeavors to sustain and enhance growth. On the positive side, Stride reported a significant increase in revenue, reaching $620.9 million for the quarter, a 13% rise compared to the previous year. 2. LG Energy Solution (373220 KS/Buy)Down-Cycle Nearing an End Down-cycle nearing an endCut TP to W520,000 We cut our target price for LG Energy Solution (LGES) to W520,000 (from W610,000), as we revised down our estimates for North American EV earnings and AMPC recognition, reflecting uncertainty surrounding Ultium Cells operations in 1H That said, we think the sharp share price pullback seen heading into 2026 (driven by negative news related to EVs) should be viewed as a buying opportunity for several reasons First, the two contract terminations disclosed in December (with Ford and Freudenberg Battery Power Systems), which triggered the recent sell-off, should have only a limited impact on short and medium/long-term fundamentals, as the deals represented only 3% of LGES’s total order backlog 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: Q3FY26 Earnings Preview - Pharma and Healthcare Axis Punch: CEAT Ltd - 7 Th January, 2026 Varun Baverage: Expecting Turnaround In H2FY26 Exencial Industry Tidings 07/01/2026 SBI Cards and Payment Services: Slow Grind Toward Steady State. Maintain REDUCE 1. Q3FY26 Earnings Preview - Pharma and Healthcare Pharmaceuticals: We expect pharmaceutical companies under our coverage to deliver a subdued performance in Q3FY26, with aggregate revenue rising 6% YoY but declining 3% QoQ to Rs 36,683 Cr. EBITDA is estimated to decline 1% YoY and 9.4% QoQ to Rs 8,297 Cr, while adjusted PAT is likely to shrink 7.6% YoY and 13.9% sequentially to Rs 5,014 Cr. Sector operating margins are expected to settle at ~22.4%, primarily impacted by the sharp earnings normalisation of the superprofitable drug gRevlimid. 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: CJ Logistics (000120 KS/Buy)Both Profitability and Market Share to Improve in 2026 Celltrion (068270 KS/Buy)Consensus Miss Unlikely to Be Repeated This Year LG Energy Solution (373220 KS/Buy)Down-Cycle Nearing an End Axis Punch: CEAT Ltd - 7 Th January, 2026 Varun Baverage: Expecting Turnaround In H2FY26 1. CJ Logistics (000120 KS/Buy)Both Profitability and Market Share to Improve in 2026 For 4Q25, we estimate CJ Logistics’ revenue at W3.24tr, up 2.5% YoY. Revenue from the parcel delivery segment is likely to rise to W991.2bn (+4.2% YoY), supported by solid volume growth (+5.6% YoY). We expect the contract logistics (CL) division to post revenue of W809.8bn (+3.3% YoY), as strong W&D order momentum should offset weakness in the P&D business. 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. Celltrion (068270 KS/Buy)Consensus Miss Unlikely to Be Repeated This Year We derived our target price for Celltrion by applying a target EV/EBITDA of 30x to our 12- month forward EBITDA estimate of W1.97tr.