JK Lakshmi Cement has taken a significant step by securing a strategic limestone block in Assam and acquiring NECEM Cements. This decision will not only fortify the company’s supply chain but also expand its geographical reach in the North East region, promising robust growth with ample land and limestone resources for expansion.

In this briefing: End-of-Day IPO Review: Structure Without Confirmation - February 5, 2026 Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services 1. End-of-Day IPO Review: Structure Without Confirmation - February 5, 2026 Forgent Power Solutions (FPS) Forgent Power Solutions delivered the most constructive tape of the session, trading as a controlled trend day higher. After opening near $26.00, FPS stair-stepped higher throughout the day, printing higher highs with shallow, orderly pullbacks. The stock reached an intraday high near $29.70 before consolidating and ultimately closing near $29.34, firmly in the upper portion of the day’s range. 2. Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO.

In this briefing: Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services Aptus Value Housing Finance India Ltd. - Navigating Near-Term Headwinds.. 1. Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO. SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects. In this note, we talk about the company’s historical performance. 2. Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag Fractal Analytics Ltd (2453623D IN) is looking to raise up to US$315m in its upcoming India IPO.

In this briefing: Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services The Somewhat Boring Income Episode 1. Aequitas: SAEL Industries Pre-IPO - Scalable Growth Amid Profitability Headwinds SAEL Industries Ltd (2600245D IN) is looking to raise about US$516m in its upcoming India IPO. SAEL is a vertically integrated renewable energy independent power producer in India, with capabilities spanning solar module manufacturing, engineering, procurement and construction, and operations and maintenance for power projects. In this note, we talk about the company’s historical performance. 2. Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag Fractal Analytics Ltd (2453623D IN) is looking to raise up to US$315m in its upcoming India IPO.

In this briefing: Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services Aptus Value Housing Finance India Ltd. - Navigating Near-Term Headwinds.. Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth 1. Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag Fractal Analytics Ltd (2453623D IN) is looking to raise up to US$315m in its upcoming India IPO. Fractal Analytics Limited (FAL) is an enterprise artificial intelligence company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions. We have looked at the company's past performance in our previous note. In this note, we talk about valuations. 2. HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%) Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment 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: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services The Somewhat Boring Income Episode Alphabet (GOOG US) - AI Continues to Drive Strong Search and Cloud Business Performance 1. Aequitas: Fractal Analytics IPO - Margins Recovery With An Expensive Price Tag Fractal Analytics Ltd (2453623D IN) is looking to raise up to US$315m in its upcoming India IPO. Fractal Analytics Limited (FAL) is an enterprise artificial intelligence company which supports large global enterprises with data-driven insights and assists them in their decision making through its end-to-end AI solutions. We have looked at the company's past performance in our previous note. In this note, we talk about valuations. 2. HSIE Results Daily: Bajaj Finance, Aditya Birla Capital, Mankind Pharma... Bajaj Finance: Bajaj Finance’s (BAF) Q3FY26 PAT declined by 6% YoY due to accelerated provisioning of INR 14bn (0.3% of gross advances), given the implementation of minimum LGD floor across businesses Adjusted for this one-off, operating performance remained steady with AUM growth of 22% YoY, steady NIMs (~9%), marginal normalization in credit costs (1.92%), and robust profitability (RoE of 19.7%) Management has indicated improvement in credit costs during FY27 to sub-1.8%, along with pick-up in the MSME segment 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: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services Aptus Value Housing Finance India Ltd. - Navigating Near-Term Headwinds.. Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong JK Lakshmi Cement Limited - Lower Realisation Impacted Performance; Retain BUY 1. HSIE Results Daily: Trent, Kansai Nerolac, JK Lakshmi Cement, Teamlease Services Trent: Standalone revenue growth moderated to 16% YoY at INR 52.6bn due to headwinds from muted consumer sentiment and a shift in the festive calendar Fashion formats reported a slightly negative SSSG in Q3 (9MFY26 SSSG was in low-single digits) As highlighted in our Jan-26 report, the company has pivoted expansion from saturated South+West to relatively untapped North+East markets 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: Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong JK Lakshmi Cement Limited - Lower Realisation Impacted Performance; Retain BUY Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26 1. Signature Global Ltd - Q3FY26: Slow Quarter; Entering Phase of Steady Growth Maturing Gurugram Micro-Markets: Signature Global’s portfolio remains heavily concentrated in the micro-markets of Gurugram. Housing demand in Gurugram is transitioning from a fast, hype-driven phase to a more stable, end-user-led market. As a result, the company’s annual pre-sales are likely to normalise at around ~Rs 10,000 Cr, with price growth moderating to gradual high single digits. 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: Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong JK Lakshmi Cement Limited - Lower Realisation Impacted Performance; Retain BUY Trent Ltd - Short-Term Noise, Long-Term Story Intact; Maintain BUY Aarti Drugs Ltd - Operational Headwinds Cloud Q3FY26 India: Trade Agreements to Attract Foreign Investment 1. Westlife Foodworld Ltd - Demand Recovery Brewing; Margins Stay Strong Demand recovery combined with strong value strategy: The company is witnessing a clear improvement in guest counts from December onwards, with January trends continuing to remain positive. The Rs 99 value platform has now been rolled out across the West and select South markets without any adverse impact on gross margins, underscoring effective cost control. Management’s focus remains firmly on driving higher footfalls rather than only increasing ticket size, which is an appropriate strategy in a soft demand environment. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only.