VMART.NSE News

In this briefing: Aequitas: Shadowfax IPO Trading - Lukewarm Demand [Japan M&A/Activism] Toyota RE Deal for Toyota Inds (6201) Part II: Trading Through, Buns at Dawn Unique Razor & Blade Model in Affordable Jewellery - Mid-Cap Company at a Bargain Price, Strong ... V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY CR Beverage (2460 HK) - Leave the worst behind in 2025 1. Aequitas: Shadowfax IPO Trading - Lukewarm Demand Shadowfax Technologies (1310315D IN) raised US$213m in its India IPO. Shadowfax Technologies is a third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India. We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics. 2. [Japan M&A/Activism] Toyota RE Deal for Toyota Inds (6201) Part II: Trading Through, Buns at Dawn When Toyota Fudosan came out with their Tender Offer announcement, I wrote [Japan M&A] Toyota RE Deal for Toyota Inds (6201) Part I; Offensive Process, Light Deal, Bun Fight?

In this briefing: Aequitas: Shadowfax IPO Trading - Lukewarm Demand HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank... JSW Energy Ltd - Steady Q3; Long-Term Visibility Strong V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Shriram Finance Ltd - Driving Strong Medium-Term Growth While Retaining Core Strengths! 1. Aequitas: Shadowfax IPO Trading - Lukewarm Demand Shadowfax Technologies (1310315D IN) raised US$213m in its India IPO. Shadowfax Technologies is a third-party logistics (3PL) company that leverages a unified platform to facilitate digital commerce across India. We have looked at the company’s past performance and valuations in our previous notes. In this note, we will talk about the trading dynamics. 2. HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank... Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances 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: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank... JSW Energy Ltd - Steady Q3; Long-Term Visibility Strong V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Shriram Finance Ltd - Driving Strong Medium-Term Growth While Retaining Core Strengths! Coforge Ltd. - Soft Quarter; Profitability Outlook Remains Intact 1. HSIE Results Daily: Kotak Mahindra Bank, Axis Bank, UltraTech Cement, IndusInd Bank... Kotak Mahindra Bank: Kotak Mahindra Bank’s (KMB) Q3FY26 earnings were below estimates, as flattish margins, soft traction in fee income, and relatively high opex intensity was partly offset by higher growth on both sides of the balance sheet Healthy loan growth (16% YoY) was driven by mortgages, business banking, SME segments Deposit growth (~14% YoY) was strong with CASA ratio at 41.3% (-101bps QoQ) and softer than usual traction in CA balances 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: JSW Energy Ltd - Steady Q3; Long-Term Visibility Strong V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Shriram Finance Ltd - Driving Strong Medium-Term Growth While Retaining Core Strengths! Coforge Ltd. - Soft Quarter; Profitability Outlook Remains Intact Gravita India Ltd. - Capacity Expansion Sets the Stage for Earnings Re-Acceleration; Maintain BUY 1. JSW Energy Ltd - Steady Q3; Long-Term Visibility Strong Capacity Ramp-Up: Installed capacity grew by 125 MW, up 64%/1% YoY/QoQ to 13.3 GW in Q3FY26, led by organic RE capacity additions, including hybrid projects. The company added 5.2 GW over the past 12 months, comprising 3.1 GW RE and 2.1 GW thermal. This includes inorganic capacity additions of 1.5 GW in renewables and 1.8 GW in thermal. 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. V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Resilient Performance: V-Mart reported resilient performance in Q3FY26, with revenue growing 9.7% YoY and 39.6% QoQ to Rs 1,126 Cr.

In this briefing: V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Shriram Finance Ltd - Driving Strong Medium-Term Growth While Retaining Core Strengths! Coforge Ltd. - Soft Quarter; Profitability Outlook Remains Intact Gravita India Ltd. - Capacity Expansion Sets the Stage for Earnings Re-Acceleration; Maintain BUY Kotak Mahindra Bank Ltd. - Unsecured Stress Ebbs; NIM Improvement Remains Key Monitorable! 1. V-Mart Retail Ltd - Quarter With Operational Excellence; Maintain BUY Resilient Performance: V-Mart reported resilient performance in Q3FY26, with revenue growing 9.7% YoY and 39.6% QoQ to Rs 1,126 Cr. The quarter saw a shift in sales due to a larger share of Durga Puja moving to Q2 in FY26 compared with the previous year. Same-store sales growth (SSSG) for V-Mart was flat, while Unlimited stores reported 2% growth, resulting in an overall flat SSSG. 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: KEC International Ltd - Margin Improvement to Continue; Retain BUY Pine Labs IPO Trading - Low/No Demand Sagility Block - US$400m Selldown by EQT; Second Deal This Year DOMS Industries Ltd - DOMS Expands with Precision; Maintain BUY V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY 1. KEC International Ltd - Margin Improvement to Continue; Retain BUY Healthy Order Backlog Ensuring Revenue Visibility: As of 30th Sep 2025, the company’s order book stood at Rs 39,325 Cr. Additionally, it holds an L1 position in projects worth Rs 5,000 Cr, primarily in the T&D segment, offering strong revenue visibility over the next 18–24 months. Backed by its proven execution capabilities and the government’s continued emphasis on infrastructure development, the company remains well-placed to deliver consistent growth, projecting a 16% CAGR between FY25 and FY27E. 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: Pine Labs IPO Trading - Low/No Demand Sagility Block - US$400m Selldown by EQT; Second Deal This Year DOMS Industries Ltd - DOMS Expands with Precision; Maintain BUY V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY JTL Industries Ltd - EBITDA Beats Estimates; Volume Growth Delivery Remains Critical 1. Pine Labs IPO Trading - Low/No Demand Pine Labs raised around US$450m in its India IPO. Overall demand was weak. Pine Labs (PL) is a fintech firm focused on digitizing commerce through digital payments and issuing solutions for merchants, consumer brands and enterprises, and financial institutions. We have looked at the past performance in our previous note. In this note, we talk about the trading dynamics. 2. Sagility Block - US$400m Selldown by EQT; Second Deal This Year Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN) . The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding.

In this briefing: Sagility Block - US$400m Selldown by EQT; Second Deal This Year DOMS Industries Ltd - DOMS Expands with Precision; Maintain BUY V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY JTL Industries Ltd - EBITDA Beats Estimates; Volume Growth Delivery Remains Critical GR Infraprojects Ltd - Cut Estimates On Slower Execution; Retain BUY 1. Sagility Block - US$400m Selldown by EQT; Second Deal This Year Promoter entity EQT, via Sagility BV is looking to raise up to US$402m via selling a 16.4% stake in Sagility India (SAGILITY IN) . The deal comprises a base deal of 10% of outstanding shares, with an option to upsize it by another 6.4% of shares outstanding. In this note, we run the deal through our ECM framework and comment on deal dynamics. 2. DOMS Industries Ltd - DOMS Expands with Precision; Maintain BUY Robust Performance: DOMS delivered a robust revenue growth of 24.1% YoY, underscoring the success of its capacity expansion efforts, strategic execution, and brand resilience.

In this briefing: Franklin Global Trust — Combination with strongly performing peer Actinogen Medical — XanaMIA passes first safety milestone DOMS Industries Ltd - DOMS Expands with Precision; Maintain BUY V-Mart Retail Ltd - Growth Story Remains on Track; Maintain BUY JTL Industries Ltd - EBITDA Beats Estimates; Volume Growth Delivery Remains Critical 1. Franklin Global Trust — Combination with strongly performing peer Following a thorough review, on 13 November 2025, the board of Franklin Global Trust (FRGT) announced that terms had been agreed for a combination with Invesco Global Equity Income Trust (IGET). This will be implemented via a scheme of arrangement, whereby FRGT’s shareholders will be entitled to receive new shares in IGET and/or cash. IGET will continue to be managed by Invesco Fund Managers. The combination follows FRGT’s recent performance and diminishing size as a result of ongoing share buybacks under the company’s zero discount policy. Over the last five years, FRGT’s market cap has declined from £300m to the current sub-£185m. 2.