VMART.NSE

V-Mart Retail Ltd

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: 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: 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.