Jio Platforms IPO (Part 1): Business Model, Unique Facts and Key Numbers The IPO bidding has closed, so this is purely a business study from the DRHP (Draft Red Herring Prospectus). Key Numbers (FY24 → FY25 → FY26) Revenue: ₹1,09,558 Cr → ₹1,28,218 Cr → ₹1,46,885 Cr (FY26 +14.6% YoY) EBITDA: ₹54,959 Cr → ₹64,170 Cr → ₹76,255 Cr EBITDA margin: 50.2% → 50.1% → 51.9% PAT: ₹21,423 Cr → ₹26,109 Cr → ₹30,049 Cr Customers: 48.18 Cr → 48.82 Cr → 52.44 Cr ARPU: ₹181.7 → ₹206.2 → ₹214.0 Data used per customer: 28.7 GB → 33.6 GB → 42.3 GB per month FY26 operating cash flow: ₹77,556 Cr (2.6x of PAT) FY26 RoCE: 10.8% | RoNW: 9.4% (EBITDA = Earnings Before Interest, Tax, Depreciation and Amortisation, i.e., profit from operations. PAT = Profit After Tax. ARPU = Average Revenue Per User, what one customer pays Jio in a month. RoCE / RoNW = Return on Capital Employed / Return on Net Worth.) 1. How Jio earns money- Jio has three engines. Mobile is the biggest, and prepaid recharges alone were 77.08% of FY26 revenue, so customers pay before they use the service. Home broadband (JioFiber and JioAirFiber) serves 2.71 Cr homes, while the enterprise arm supplies internet, cloud and IoT (Internet of Things, machines like smart meters connected to the internet) to over 90% of Indian banks, power distribution companies in over 80% of states and union territories, over 75% of airports and ~48% of connected electric two-wheelers. Apps like MyJio (21.59 Cr average monthly users), JioTV+, JioSaavn, JioAICloud and JioPC sit on top and help sell costlier plans. 2. Jio owns its technology- Jio built its own 4G+5G core (the "brain" that connects every call and data session) and its own OSS/BSS (Operations and Business Support Systems, the software that runs the network and billing). As per the industry report in the DRHP, it is the only operator globally with a complete in-house 5G stack, which made India the 5th country with its own 5G technology. About 11,303 of its 28,163 employees (~40%) work in technology, and it has filed 6,817 patents, of which 1,009 are granted. 3. Largest network in India- Jio carries ~60% of India's wireless data and has 26.85 Cr standalone 5G users, the largest 5G base in the world outside China. Standalone means its 5G runs on its own core network, independent of 4G, which allows features like a dedicated network lane for a business (network slicing). It is the only Indian operator holding all three 5G bands: 700 MHz (travels far, reaches deep inside buildings), 3300 MHz (balance of reach and speed) and 26 GHz (very high capacity over short distance). In FY26 it added ~2.7 Cr net active mobile users, about 3x the next player, and monthly churn (customers leaving) fell to 1.67%. 4. JioAirFiber changed home broadband- Laying fibre cable to every home is slow and costly. JioAirFiber is FWA (Fixed Wireless Access), where internet reaches the house through the air from a nearby tower to a small antenna, at speeds up to 1 Gbps using Jio's own UBR (Unlicensed Band Radio) technology. It reached 1.29 Cr customers in about two years, the largest such service globally outside China. Total home broadband customers rose from 1.12 Cr to 2.71 Cr in two years, and Jio took 67.56% of all new fixed broadband connections in India in FY26. 5. Who owns Jio- Before the IPO, RIL held 66.43%, Meta (Facebook) 9.98% and Google 7.73%. In 2020, Jio raised ₹1,52,055 Cr from 13 investors including these two. The IPO was a pure fresh issue of 27 Cr new shares with no OFS (Offer For Sale), so no existing shareholder sold. Special board and veto rights of Meta, Google and the private equity investors end once the shares list. What to track: ARPU growth every quarter and the share of revenue coming from home broadband, enterprise and digital services beyond prepaid mobile. Part 2 covers capex, debt and growth plans. 1/2 #JioPlatforms #RelianceJio #IPO

Apollo Micro Systems: Q2 FY27 Results and Key Takeaways from the Concall Apollo Micro Systems delivered its best quarter ever, with consolidated revenue up 72% and standalone margins at an all-time high. The order book also reached a record ₹1,765 Cr. Q2 FY27 Numbers (Consolidated) Revenue: ₹388 Cr (+72% YoY, +54% QoQ) EBITDA (excluding other income): ₹111 Cr (+88% YoY), margin 29% PAT: ₹46 Cr (+40% YoY) H1 FY27 Revenue: ₹639 Cr (+78%), H1 PAT: ₹71 Cr (+50%) Standalone EBITDA margin: 35%, highest ever Order book: ₹1,765 Cr, highest ever 1. Record quarter in core defence business- The standalone business, which makes defence electronics, grew revenue 36% and EBITDA 82%. Margins rose because the company executed more large production orders. Standalone PAT in Q2 equalled what it earned at the operating level just one quarter earlier. 2. Explosives subsidiary still a drag- Consolidated profit was lower than standalone because IDL, its explosives subsidiary, is still loss-making with thin margins. Q2 is also a seasonally weak quarter for explosives. Management expects improvement over the next few quarters as costs are cut and a new storage facility for Coal India orders has started. 3. Key strategic milestones- CCI approved the acquisition of Premier Explosives, clearing the way for the open offer. Apollo received technology for a laser-guided homing system, which helps weapons hit targets marked by a laser. A new group company, Shauryastra Defence Systems, led by former DRDO chief Dr VK Saraswat, will build complete weapon systems. 4. Large orders in the pipeline- Trials for the MIGM naval programme are complete, and the company expects the request for quotation next month. It also expects work from torpedo programmes and missile systems like QRSAM and Pinaka. 5. Working capital remains high- Working capital days improved only slightly to 353 from 359, meaning cash takes nearly a year to come back after work is done. Operating cash flow was positive at ₹22 Cr in H1. Key Guidance 1. Order book to cross ₹2,000 Cr by March 2027, excluding MIGM. 2. MIGM request for quotation expected next month. 3. IDL performance to improve over the next 2-3 quarters. The core defence business is scaling well. Key things to track are the MIGM order and the turnaround in subsidiaries. #ApolloMicroSystems #Q2FY27

Triveni Power Transmission: Q2 FY27 Results and Key Takeaways from the Concall In its first earnings call after listing, Triveni Power Transmission reported 18% revenue growth in H1 with margins above 35%. Orders nearly doubled in H1, led by exports and defence. Q2 FY27 Numbers Revenue: +6% YoY, +60% QoQ H1 FY27 Revenue: +18% YoY EBITDA margin: 36.1% in Q2, 35.7% in H1 Aftermarket revenue: +41% YoY, 27% of total Order bookings: ₹126 Cr in Q2 (+48%), ₹330 Cr in H1 (+95%) Order book: ₹626 Cr (+57% YoY) 1. What the company does- TPTL makes high-speed gearboxes used in turbines, compressors and pumps across power, oil and gas and other industries. Every gearbox is custom-built, so revenue moves with customer delivery schedules. Management asked investors to judge the business on a rolling four-quarter basis. 2. Aftermarket business growing fast- Aftermarket, which covers spares, upgrades, repairs and servicing of installed gearboxes, grew 41% in Q2. It serves equipment from multiple manufacturers, not just TPTL's own. Expanding this business outside India is a key priority. 3. Export wins building- Significant orders came from a Middle Eastern and an African customer this quarter. After years of getting approved as a supplier by global companies, management is confident this will turn into larger export revenues. 4. Defence growing from a low base- Defence revenue rose meaningfully, though from a small base. The company is building marine gearboxes, propulsion shafts and other ship parts, and has opened a new defence facility. Management warned that defence orders will stay lumpy due to long approval cycles. 5. Capex cycle largely done- The three-year capex programme is nearly complete, so future capex will be small. H1 free cash flow after capex was ~₹13 Cr, and working capital days improved to 188 from 193 in March. Key Guidance 1. No revenue or margin guidance given. 2. Growth ambition of over 25% CAGR over the next 5-7 years. 3. Future capex to be small, funded through internal cash. Order growth gives good visibility for coming quarters. Key things to track are conversion of export orders and the pace of defence revenue. #TriveniPowerTransmission #Q2FY27

APL Apollo Tubes: Q2 FY27 Results and Key Takeaways from the Concall APL Apollo delivered its best quarter ever in sales volume, EBITDA and net profit, even as its Dubai operations stayed disrupted. Profit per tonne rose to ₹6,000, which management believes is now sustainable. Q2 FY27 Numbers Sales volume: 9.6 lakh tonnes, highest ever EBITDA and net profit: highest ever APL Apollo brand and roofing volume: +20% YoY EBITDA per tonne: ₹6,000 Cash on books: ₹1,600 Cr (+15% QoQ) H1 FY27 free cash flow: ₹700 Cr before capex Working capital days: zero 1. Record quarter despite headwinds- APL Apollo makes structural steel tubes, hollow steel sections used in buildings, roofing and infrastructure. It posted record volume, EBITDA and profit even with Dubai operations disrupted, domestic steel shortages and export shipping issues. Branded products and roofing made up 92-93% of volume. 2. Profit per tonne more sustainable now- EBITDA per tonne of ₹6,000 comes from higher plant utilisation of 70-75% and a better product mix, unlike FY23 when a temporary steel shortage boosted margins. New plants are small and won't add much fixed cost. Management expects Q3 to be "much better" than Q2. 3. Business model works both ways- When steel prices rise, APL Apollo earns more through better pricing and value-added products. When prices fall, sales of its basic product SG Premium rise, adding to total profit. Management said it is not worried about steel price movements in either direction. 4. Dubai capacity ready for recovery- Dubai operations remained disrupted due to Middle East tensions, but expansion work continued. Capacity will reach 5 lakh tonnes by March 2027, and Dubai is expected to earn ₹8,000-10,000 EBITDA per tonne once it runs at full scale. 5. Entry into defence and aerospace- A specialised mill for large, thick tubes has been commissioned, and samples have been sent to defence agencies, with results in 2-3 months. The company is on track to reach 80 lakh tonnes of capacity in two years. Key Guidance 1. FY27 EBITDA growth of 20%, with upside if Dubai operations recover in H2. 2. 15% volume growth for branded and roofing products, but no commitment on low-margin products. 3. Guidance to be revised upwards if EBITDA per tonne stays above ₹6,000 for a second straight quarter. APL Apollo is growing on volume and better product mix. Key things to track are Q3 EBITDA per tonne and the timing of Dubai's recovery. #APLApollo #Q2FY27

Tinna Rubber and Infrastructure: Q2 FY27 Results and Key Takeaways from the Concall Tinna Rubber grew revenue 31% and profit 45%, with margins holding above 18%. The company recycles old tyres into rubber products and is expanding in India and abroad. Q2 FY27 Numbers Revenue: ₹157 Cr (+31% YoY) EBITDA: ₹29 Cr (+37% YoY), margin 18.8% PAT: ₹17 Cr (+45% YoY) H1 FY27 Revenue: ₹313 Cr (+25%), H1 PAT: ₹38 Cr (+60%) H1 tyre recycling volumes: 86,000 tonnes (+30% YoY) 1. Infrastructure and industrial lead growth- Tinna turns old tyres into crumb rubber used in roads, industrial products and other uses. Infrastructure revenue grew 38% and industrial 37% in H1. Consumer and steel revenue faced price cuts, though volumes held steady. 2. New businesses ramping up- PCMB, a business started less than a year ago, tripled revenue to ₹27 Cr in H1. Sales of tyre pyrolysis oil, made by heating old tyres without oxygen, began in Q2. Recovered carbon black, which is 30-35% cheaper than new carbon black, will start production in Q3. 3. International expansion with hurdles- The Oman plant runs at 90% capacity and margins improved to 11.5% from 6.4%. South Africa started exports, but its next phase is delayed 3-4 months. The Saudi Arabia plant hasn't started due to Middle East instability, and startup losses in new units were ~₹94 lakh in H1. 4. Andhra Pradesh complex for Vision 2029- Tinna bought a 40-acre site in Andhra Pradesh, its largest ever, for a ~₹250 Cr integrated rubber and plastics recycling complex. Construction could start in November, with ₹100 Cr spent over FY27-28 expected to add ₹250-300 Cr in revenue. 5. Strong balance sheet- Debt fell further, and 40% of power needs now come from solar, saving ~₹2.37 Cr in H1. Management said price hikes are being accepted by customers, helped by higher natural rubber prices that make recycled rubber more attractive. Key Guidance 1. FY27 revenue of ~₹700 Cr, EBITDA of ₹126 Cr and PAT of ₹70 Cr. 2. EBITDA margin of 18%+. 3. Vision 2029 target of ₹1,000 Cr revenue with over 30% ROC. Tinna is growing steadily with a clear expansion plan. Key things to track are the start of the Andhra project and the Saudi Arabia plant. #TinnaRubber #Q2FY27

Steel Strips Wheels: Q2 FY27 Results and Key Takeaways from the Concall Steel Strips Wheels delivered its best quarter ever, with revenue up 61% and profit more than tripling. Aluminium wheels, exports and better pricing all contributed, and the company announced a new ₹1,400 Cr plant. Q2 FY27 Numbers Revenue: ₹1,930 Cr (+61% YoY) EBITDA: ₹237 Cr (+107% YoY), margin 12.3% vs 9.6% PAT: ₹119 Cr (+209% YoY) EBITDA per wheel: ₹404 vs ₹242 last year H1 FY27 Revenue: ₹3,440 Cr (+44%), H1 PAT: ₹190 Cr (+115%) Export revenue: ₹187 Cr (+69% YoY) Interim dividend: ₹1.50 per share 1. Aluminium wheels driving growth- Alloy wheels made up ~45% of revenue, with ~12 lakh units sold in Q2. Demand is rising as more cars come with alloy wheels and EV adoption grows. The existing alloy wheel plants are running near full capacity. 2. Strong demand across segments- Truck wheels grew the most, supported by vehicle makers, replacement demand and infrastructure activity. Tractor wheel market share rose to 45% from 43%. Demand is also rising for steel wheels designed to look like alloy wheels at much lower cost. 3. Margins up on mix and pricing- EBITDA per wheel jumped to ₹404 from ₹242, helped by more aluminium wheels, cost savings and more exports. Customers also agreed to price increases for rising costs other than raw materials. 4. Exports recovering- Exports grew 69% after a weak Q1, helped by expansion into Europe, Latin America and Asia. Management expects exports to beat the ₹600 Cr target this year, especially if India signs a trade deal with the US. 5. Big expansion plans- The Bhuj plant will add 12 lakh alloy wheels a year and 11 lakh aluminium knuckles, a lightweight part connecting the wheel to the suspension. A new ₹1,400 Cr greenfield plant near Aurangabad will make wheels and lightweight car body parts over five years. Key Guidance 1. FY27 revenue growth above 20% and EBITDA per wheel above ₹310, both already exceeded in H1. 2. Exports to exceed ₹600 Cr in FY27. 3. Knuckle production to start in Q4 FY27 and new alloy wheel capacity from April 2027, with FY27 capex of over ₹600 Cr. The company is benefiting from premiumisation and rising exports. Key things to track are the Bhuj plant ramp-up and the progress of a US trade deal. #SteelStripsWheels #Q2FY27

Ather Energy: Q2 FY27 Results and Key Takeaways from the Concall Ather Energy posted its first-ever positive EBITDA and profit, a major milestone for the EV maker. Demand is far ahead of supply, and the new Konak scooter has been received very well. Q2 FY27 Numbers EBITDA margin: 4.9% vs -9.6% last year PAT: positive for the first time Wholesale volumes: 93,000 units (+42% YoY) Registrations: 92,500 units (~+60% YoY) Pre-orders: ~1.8 lakh (+108% YoY) Average selling price: ₹1,64,000 (up ₹14,000 since Q4 FY26) Automotive gross margin: 24% 1. First profitable quarter- Higher volumes spread fixed costs over more scooters, swinging EBITDA margin by 14.5% in a year. Even excluding other income, EBITDA was positive for the first time. Management said volume growth, not profit, remains the main focus. 2. Demand far ahead of supply- Searches, enquiries and pre-orders all doubled YoY. Management estimates ~20,000 scooters a month of demand is going unmet due to limited factory capacity. EV share of all two-wheelers in India crossed 11% in the quarter for the first time. 3. Konak launch landing well- Customers see Konak as "finally a proper scooter, not just an electric one." Even at prices above ₹1.6 lakh, buyers are regular scooter buyers willing to pay for quality and features. A like-for-like Konak should earn 6-7% better gross margin than Rizta over time. 4. Commodity costs a big headwind- Rising prices of aluminium, copper, plastics and memory chips cut gross margin by 9.4%. This was offset by price hikes and cost cuts (+5.3%), plus a temporary 2.7% boost from reducing discounts and selling more profitable variants. Management will reverse this temporary lever once supply or commodity prices ease. 5. Capacity expansion underway- A Hosur expansion adding 6,000 scooters a month goes live this quarter. The first phase of the new AURIC plant in Maharashtra adds 12,000 a month by Q2 FY28, taking total capacity to 11.4 lakh scooters a year. Dealer expansion was slowed deliberately so new dealers don't sit without stock. Key Guidance 1. Total annual capacity of 11.4 lakh units by Q2 FY28. 2. No price hikes in Q3 FY27, to let Konak stabilise. 3. Konak entry variant to launch in Q4 FY27, with phased rollout into South India. Ather has crossed an important profitability milestone. Key things to track are volume growth as new capacity comes in and the direction of commodity prices. #AtherEnergy #Q2FY27

Tata Motors: Q2 FY27 Results and Key Takeaways from the Concall Tata Motors' commercial vehicle business grew revenue 42% on strong demand across every segment. Rising steel and rubber prices hurt margins, but higher volumes and better pricing almost fully offset the impact. Q2 FY27 Numbers (Standalone) Revenue: ₹23,900 Cr (+42% YoY) EBITDA: ₹2,800 Cr (+31% YoY), margin 11.7% PBT (before exceptional items): ₹2,700 Cr (+51% YoY) Wholesales: 1,35,100 units (+42% YoY) Free cash flow: ₹4,600 Cr vs ₹2,200 Cr last year Net cash: ₹11,300 Cr Market share (H1): 36.2% (+1.1% over FY26) 1. Growth across every segment- Heavy trucks grew 41%, medium trucks 24%, small cargo vehicles and pickups 27%, and buses 31%. International sales jumped 177%, led by a large order from Indonesia. Freight activity, infrastructure work and festive stocking supported demand. 2. Commodity costs the biggest challenge- Rising material costs hit EBIT margin by 5.9%, with steel prices up ~40% YoY at a 52-week high. Price hikes taken during the year did not fully cover this, but higher volumes, better pricing and cost control offset most of the impact. Management expects another 1.5-2% hit in Q3. 3. Gaining market share- Market share rose to 36.2% in H1. Heavy trucks share is 55.7% and bus share rose 5% to 41.1%. Truck utilisation is stable and freight rates have strengthened, helping transport operators recover from the diesel price hike. 4. Strong cash generation- Free cash flow more than doubled to ₹4,600 Cr, and net cash rose to ₹11,300 Cr. Management said part of this came from timing of supplier payments and will partly reverse. Return on capital in the business is 65%. 5. Iveco acquisition nearing completion- All regulatory approvals for buying Iveco, the European truck maker, are in place, and the offer price was slightly raised as a goodwill gesture. About 35% of shares were tendered by 22 October, with settlement expected on 30 October. Iveco will be consolidated from next quarter. 6. Electric vehicles scaling up- EV volumes grew 143% YoY, with small electric cargo vehicle sales nearly tripling to over 4,400 units. Electric buses run with over 95% uptime and have covered over 64 Cr green kilometres. Key Guidance 1. Q3 industry growth in high single digits to low double digits, with medium trucks and buses growing in double digits. 2. Further commodity cost impact of 1.5-2% in Q3, offset through measured price hikes. 3. Investment spending at 2-4% of revenue, with Iveco consolidation starting next quarter. Demand remains strong, but commodity prices are the key swing factor for margins. Key things to track are Q3 margins and the integration of Iveco. #TataMotors #Q2FY27

IDFC First Bank: Q2 FY27 Results and Key Takeaways from the Concall IDFC First Bank posted ₹1,000 Cr+ profit for the second straight quarter, with core profit rising steadily for five quarters. Management sees a clear path to much higher returns as costs fall relative to income. Q2 FY27 Numbers PAT: ₹1,045 Cr (+196.5% YoY) Core PAT (excluding treasury gains and one-offs): ₹1,036 Cr Net interest income: +21% YoY Operating profit: +38.5% YoY NIM: 5.58% vs 5.90% last quarter Loans: ₹3.47 lakh Cr (+30.1% YoY, +22.2% excluding NRI deposit-backed loans) Gross NPA: 1.32%, Net NPA: 0.40% Credit cost: 1.38% vs 1.53% last quarter 1. Profit trajectory now established- Core profit has climbed from ₹300 Cr to ₹430 Cr, ₹746 Cr, ₹897 Cr and now ₹1,036 Cr over five quarters. ROA reached ~0.93%, close to the 1% mark. Operating profit has grown over 30% for three quarters in a row. 2. NRI deposits and first global bond- The bank raised ~₹34,400 Cr (~$3.6 bn) of FCNR(B) dollar deposits from NRIs, about 2.7% of the national total. It received an investment-grade international credit rating and raised ~₹9,080 Cr (~$950 mn) in its first overseas bond issue. These deposits lowered NIM by 16 bps, but management estimates the impact on ROA is only ~2 bps. 3. Clear path to higher returns- Cost-to-income is 70%, but new business is being added at ~55%. Management explained that if overall cost-to-income moves to 55%, ROA would rise to ~1.8% with the same credit cost. The gap between income growth and cost growth stayed above 5%. 4. Asset quality improving- Gross NPA fell to 1.32% from 1.51%, and early overdue loans dropped to 0.58%. Microfinance is now only 2% of the loan book, with 97% covered by a government guarantee. The bank still holds a ₹515 Cr extra buffer for economic uncertainty. 5. Broad-based growth- Mortgages, vehicle loans and consumer loans led growth, while business banking and wholesale loans grew over 30%. Credit cards crossed 50 lakh, with spending up 15%. Costly bulk deposits were cut from 17.1% to 13.9% of total deposits. Key Guidance 1. NIM to recover to ~5.8% by Q4 FY27. 2. Gap between income growth and cost growth to stay above 5%. 3. ROA to move past 1%, with ₹1,000 Cr+ quarterly profit expected to continue. IDFC First's profitability is steadily improving as earlier investments pay off. Key things to track are NIM recovery and the decline in cost-to-income. #IDFCFirstBank #Q2FY27

AU Small Finance Bank: Q2 FY27 Results and Key Takeaways from the Concall AU Small Finance Bank grew profit 53%, with deposits growing much faster than the banking system. Lower provisions in unsecured loans drove profits, while its largely fixed-rate loan book limits the benefit of rising rates. Q2 FY27 Numbers PAT: ₹858 Cr (+53% YoY) H1 FY27 PAT: ₹1,650 Cr (+45% YoY) Net interest income: +32% YoY NIM: 5.8% (-9 bps QoQ) Deposits: +29% YoY vs banking system's 18% Loans: +25% YoY Gross NPA: 1.99%, Credit cost: 0.8% ROA: 1.7%, ROE: 16.1% 1. Deposits growing much faster than the system- Deposits grew 29% without much help from NRI dollar deposits, as the bank has a limited overseas presence. Current account balances jumped 55%. The bank also received SEBI approval to process UPI payments for IPO applications, which should support its capital markets business. 2. Profit boosted by lower provisions- Provisions fell 25% as stress in unsecured loans eased. New bad loans dropped to 2.6% from 3.3% last year. In microfinance, collection efficiency is 99.6%, and 99% of the book is covered by a government guarantee scheme. 3. Fixed-rate loan book limits rate hike benefit- About 70% of loans are at fixed rates and only 30% are floating. So the recent repo rate hike will raise yields only on a small part of the book. NIM fell 9 bps QoQ due to more funds parked in investments and seasonal factors. 4. Growth across businesses- Vehicle loans crossed ₹51,000 Cr (+27%), gold loans doubled to ₹4,700 Cr, and commercial banking grew 39% to ₹35,300 Cr. Personal loans grew 81% from a low base. The bank is avoiding affordable home loans due to high competition. 5. AI improving reach and costs- Voice AI and data-based cross-selling brought 5% of total loans at 50% lower cost. AI-based credit models helped disburse ₹500 Cr+ of unsecured loans. An AI-led gold loan process has already disbursed over 2,500 loans across 40 branches. 6. Investing for the next phase- The bank added 2,400 employees and 45 branches in Q2, stepped up brand spending, and opened a new corporate office in Mumbai. Its credit rating outlook was upgraded to positive. Key Guidance 1. Deposits to grow in line with or faster than loans. 2. FY27 credit cost of ~0.9%, against ~0.73% in H1. 3. Cost-to-assets ratio to improve YoY for the full year. AU is growing fast with improving profitability. Key things to track are margins as rates rise and the progress of its AI initiatives. #AUBank #Q2FY27

Kotak Mahindra Bank: Q2 FY27 Results and Key Takeaways from the Concall Kotak Mahindra Bank grew group profit 26%, with asset quality improving and unsecured lending back in growth mode. A large one-time NRI deposit inflow reshaped the balance sheet, but it also lowered margins this quarter. Q2 FY27 Numbers Group PAT: ₹5,645 Cr (+26% YoY) Bank PAT: ₹4,212 Cr (+29% YoY) Net interest income: +16% YoY NIM (Net Interest Margin): 4.31% (-22 bps QoQ) Net advances: +25% YoY (core advances +19%) Gross NPA: 1.04%, Net NPA: 0.24% Credit cost: 0.35% vs 0.79% last year Cost-to-income ratio: 45.2% (-1.6% YoY) 1. One-time NRI deposit inflow- Kotak raised ₹55,344 Cr (~$5.78 bn) of FCNR(B) deposits, which are dollar deposits from NRIs, far above its normal market share. The money was used to take over loans from group company KMIL, repay costly short-term borrowings, and will be lent to customers over the next few quarters. This cut NIM by 15 bps, while the core margin stayed broadly flat. 2. Unsecured lending back to growth- The unsecured loan book, which includes personal loans, business loans and credit cards, grew by ₹1,730 Cr QoQ against ₹707 Cr in Q1. Credit cost here fell to 0.35% from 0.46%. Management will grow steadily by lending mainly to its existing deposit customers, whose financial data it already knows. 3. Small business is a core strength- SME (Small and Medium Enterprise) loans grew 27% to ~₹1.4 lakh Cr, now 24% of the bank's loans. Management calls its connection with self-employed Indians a core moat for the Kotak brand. Corporate banking fees grew 36%. 4. Asset quality improving across segments- Gross NPA fell to 1.04% from 1.18% last quarter, and new bad loans slowed. Commercial vehicle and construction equipment loans have stabilised. Tractor loans show no stress yet despite a 13% rainfall deficit, though management is watchful. 5. Strong deposit franchise and subsidiaries- CASA (Current and Savings Account) ratio, excluding NRI deposits, rose to 41.8% from 40.3%. Savings balances in Kotak 811, its digital account, grew 34%. Subsidiaries earned ₹1,450 Cr (+18%), forming 26% of group profit. Key Guidance 1. Loan growth of 1.5-2x nominal GDP growth. 2. Net impact on NIM to remain limited, as NRI deposit drag is offset by deploying funds and recent rate hikes. 3. One-time impact of new loan provisioning rules below 2% of net worth, with recurring cost of 12-15 bps. Kotak is growing steadily with improving asset quality. Key things to track are margin movement in Q3 and the pace of unsecured loan growth. #KotakBank #Q2FY27

Permanent Magnets: Q2 FY27 Results and Key Takeaways from the Concall Permanent Magnets delivered a strong quarter, with revenue up 49% and EBITDA up 159%, as export demand for EV components returned. However, its new growth projects in alloys, relays and magnets are running behind schedule. Q2 FY27 Numbers (Standalone) Revenue: ₹72.5 Cr (+49% YoY) EBITDA: ₹17.8 Cr (+159% YoY) EBITDA margin: 25% vs 14% last year and 19% in Q1 Revenue mix: 49% exports, 51% domestic 1. EV export demand has returned- Demand from 2-3 Western EV customers picked up sharply, driving most of the growth. Smart meter demand in India also improved. Customers expect demand to stay at similar levels in H2, but there is no clear forecast for FY28. Management believes Western EV makers will recover as they launch cheaper models to compete with Chinese EVs. 2. Margins jumped on better product mix- Export products earn much higher margins than domestic ones, so higher EV exports lifted EBITDA margin to 25%. Today, most products are designed by customers and made by the company. Management plans to shift towards its own standard modules that can be sold across the industry, which should make the business more stable. 3. Alloys business hit by furnace issues- The new furnace faced breakdowns in its early months, cutting H1 alloys revenue to ~₹12 Cr. These issues are now resolved, but FY27 alloys revenue is now expected at only ₹40-50 Cr, against earlier hopes of ₹70-80 Cr. Orders were delayed, not cancelled, though the company is paying some penalties to customers. New orders from aerospace customers have also been received. 4. Relays pushed to FY28- Relays are electrical switches that control power flow in devices. Product testing at customers and labs took more rounds than expected. Pilot supplies will start in H2, but meaningful commercial sales will come only in FY28. 5. Magnets venture awaiting approvals- Quantum Magnetics, its ~50% joint venture for making magnets, commissioned its Phase 2 facility in October. Customers must now visit the plant and test the products before approving them. The earlier target of ₹5-10 Cr revenue this year is now uncertain. The venture has been approved under a government incentive scheme that covers 25% of up to ₹400 Cr of machinery capex. Key Guidance 1. FY27 revenue growth of 20-30%. 2. FY27 EBITDA margin of 20-25%. 3. Alloys revenue of ₹40-50 Cr in FY27, possibly rising to ₹70-80 Cr in FY28. The core EV business has recovered strongly, but the new growth engines need to deliver. Key things to track are alloys furnace utilisation in H2 and customer approvals for Quantum Magnetics. #PermanentMagnets #Q2FY27

Shriram Finance: Q2 FY27 Results and Key Takeaways from the Concall Shriram Finance grew profit 59%, helped by a sharp rise in margins after its recent capital raise. However, management trimmed growth guidance and expects higher loan losses for a couple of quarters due to drought in some states. Q2 FY27 Numbers AUM (Assets Under Management): ₹3,29,022 Cr (+17% YoY) Disbursements: ₹54,079 Cr (+25.7% YoY) Net interest income: ₹8,661 Cr (+38.2% YoY) PAT: ₹3,677 Cr (+59.4% YoY) NIM (Net Interest Margin): 9.52% vs 8.19% last year Gross Stage 3: 4.65%, Net Stage 3: 2.31% Credit cost: 2.03% vs 1.68% last year Cost-to-income ratio: 22.5% vs 27.8% last year 1. Margin spike is temporary- NIM jumped because the company raised fresh equity, which carries no interest cost unlike borrowed money. As this capital gets lent out over the next 1-2 quarters, margins will come down. New borrowing costs also fell to 7.3% from 7.7% last quarter. 2. Drought causing local stress- Stage 2 and Stage 3 loans, which are loans with delayed payments, rose in drought-hit parts of Maharashtra, Karnataka and Telangana. Lower farm income reduced spending and business activity, causing some borrowers to miss EMIs. Management said the stress is local, and loans are backed by vehicles and other assets whose values remain strong. 3. Gold loan delays are behavioural- New rules require gold loan borrowers to pay regular EMIs instead of one lump sum at the end. Customers used to the old system are paying late, which raised overdue numbers. Management sees no loss risk, as the gold can be sold to recover dues. 4. MSME lending taking off- Small business loan disbursements reached nearly ₹10,000 Cr in Q2, up from a recent run rate of ~₹6,000 Cr, after expanding from South and West India to all of India. Management expects MSME to grow much faster than other segments. 5. Shift to new vehicle loans will lower yields- New vehicle loans earn 2-4% less interest than used vehicle loans. As the mix shifts towards new vehicles, overall yields will come down over time, which is why long-term NIM guidance is lower. 6. Insurance rules a small risk- Proposed insurance commission rules could halve this income, an impact of ~₹100 Cr a year. Management called this not material and expects revised rules after industry feedback. Key Guidance 1. FY27 AUM growth of 15-17%, cut from 18% due to weak monsoon and the West Asia conflict. 2. Credit cost 0.30-0.40% above the 2% long-term level for 1-2 quarters, then normalising. 3. NIM to stay near 9.5% for 1-2 quarters, then ease to ~9% in the medium term and ~8.5% in the long term. Profitability is strong, but drought-linked stress needs watching. Key things to track are asset quality after the festive season and the pace of MSME growth. #ShriramFinance #Q2FY27

SBI Funds Management: Q2 FY27 Results and Key Takeaways from the Concall SBI Mutual Fund grew its AUM 10% and SIP book 15% despite a falling market. Costs jumped this quarter due to one-time investments in technology and senior hires, while its new SIF business is scaling fast. Q2 FY27 Numbers Mutual fund QAAUM: ₹13.14 lakh Cr (+10% YoY), market share 15% H1 FY27 Revenue: ₹2,336 Cr (+12% YoY) H1 FY27 Operating profit: ₹1,797 Cr (+11% YoY) H1 FY27 PAT: ₹1,566 Cr SIP book: ₹2.07 lakh Cr (+15% YoY) Unique investors: 1.85 Cr (+10% YoY) 1. SIP investors staying invested- Monthly SIP inflows held steady at ~₹3,900-4,000 Cr even as the Nifty fell 8.2% this year. Smaller towns bring ~65% of SIP inflows, and 98% of these investors have stayed invested for over three years. Newer investors who joined in the last 2-3 years are the most anxious. 2. One-time cost jump- Costs rose sharply due to spending on cloud, AI systems and senior hires, including a new head for alternate investments. Management said 50-60% of this extra cost will continue, while the rest is one-time. Its own data centre, going live in a couple of months, will cut some cloud costs. 3. SIF scaling fast- SIFs (Specialised Investment Funds) offer more flexible strategies than regular mutual funds. SBI's SIF assets rose to ₹4,400 Cr from ~₹3,500 Cr, with a record collection in a new fund. It already holds over 16% market share, with four more launches planned. 4. Better performance bringing flows- Fund performance has improved, and in one category SBI is getting 70-80% of new industry money. Market share gains now come from other banks and distributors, not just SBI branches. 5. Digital and new products- 94% of transactions are now digital. A Category 3 AIF launch is planned, and a team is being built for mutual fund-only PMS products expected under new rules from April. Key Guidance 1. One-time costs to fall from Q3, with 50-60% of extra Q2 spending continuing. 2. Four more SIF launches in the coming months. 3. Category 3 AIF launch in the coming months. The core business remains steady, with new businesses being added. Key things to track are cost trends in Q3 and the pace of SIF growth. #SBIMutualFund #Q2FY27

Westlife Foodworld: Q2 FY27 Results and Key Takeaways from the Concall Westlife Foodworld, which runs McDonald's in West and South India, delivered its strongest quarter in 13 quarters. More customers walked in, and margins expanded despite high inflation, without big price hikes. Q2 FY27 Numbers Revenue: ₹747 Cr (+16% YoY) SSSG (Same-Store Sales Growth): 10.1% Operating EBITDA: +29% YoY, margin 13.1% (+1.3% YoY) Restaurant operating margin: 19.3% Restaurants: 492 across 80 cities Digital share of sales: over 75% 1. More customers coming back- Customer visits grew in double digits every month of the quarter, from both new customers and existing customers visiting more often. Management first focused on bringing customers back, then on sales, and now on profits. 2. Margins up despite inflation- The company absorbed over 1.9% of cost inflation from food, utilities and wages through higher volumes and fewer discounts. Management said high inflation actually helps McDonald's, as customers look for value when budgets are tight. 3. Value without heavy discounts- Discounting has been reduced while keeping the menu affordable. The company typically raises prices to cover about half of inflation, with cost savings covering the rest. Only ~2% price hikes have been taken over the last couple of years. 4. Dine-in and delivery both growing- In-store sales grew 17% and delivery and takeaway 15%. Delivery through food apps is growing in double digits. Its own delivery service is growing in Mumbai, but will be expanded to other cities slowly. 5. Steady store expansion- 11 new restaurants opened in Q2, and the 500th restaurant opens this month, marking 30 years of operations. Each new store costs ₹3-3.5 Cr. Key Guidance 1. EBITDA margin improvement of 1-1.5% in FY27. 2. 60-65 new restaurants a year, reaching 580+ by March 2028. 3. Price hike of 2-4% this year, with capex within ₹250 Cr. The volume-first strategy is now reflecting in profits. Key things to track are festive season demand and the size of this year's price hike. #Westlife #McDonalds #Q2FY27

Mahindra Logistics: Q2 FY27 Results and Key Takeaways from the Concall Mahindra Logistics' turnaround is gaining strength, with profit turning positive and its express delivery business posting its first-ever positive EBITDA. Management said cost-cutting is complete and the focus now shifts to growth. Q2 FY27 Numbers Revenue: ₹2,095 Cr (+24% YoY) EBITDA: ₹124 Cr vs ₹85 Cr, margin 5.9% (+0.9% YoY) PAT: ₹26 Cr vs loss of ₹10 Cr last year H1 FY27 Free cash flow: ₹52 Cr vs outflow of ₹210 Cr H1 ROCE: 12.9% vs 1.7% last year Net cash: ₹308 Cr 1. Turnaround showing in profits and cash- Profit turned positive and free cash flow swung sharply. Empty warehouse space, which was a big drag, has been cut by 95% since June 2025. The standalone company has been debt-free since September 2025. 2. Express business turns EBITDA positive- The express parcel business, acquired from Rivigo, posted its first positive EBITDA quarter, with revenue up 69%. Management sees a clear path to profit and will now start investing again to expand its network into more pin codes. 3. Reshaping the business mix- Contract logistics, which runs warehouses and transport for companies, grew 28%. Mobility services grew 33%. Last-mile delivery and freight forwarding revenues fell sharply by choice, as low-profit work was dropped, but their margins improved. 4. Labour cost pressure- Changes in provident fund rules and minimum wages are raising staff costs, which cannot always be passed on to customers. Q3 margins usually dip as the company hires early for the festive e-commerce rush. 5. New tech platform- The board approved a new technology platform to run transport, express and warehousing on one system. Management calls it a business transformation project, starting with transport in Q4 FY27. Key Guidance 1. Express business to turn PAT positive over the next few quarters. 2. Last-mile delivery to return to YoY growth from Q3 FY27. 3. ~1% gross margin improvement over the medium term, with FY27 capex of ~₹110 Cr. The turnaround is now visible in profits and cash flow. Key things to track are profitability in express delivery and margins during the festive quarter. #MahindraLogistics #Q2FY27

Coforge: Q2 FY27 Results and Key Takeaways from the Concall Coforge grew revenue 10.9% QoQ, signed a record 8 large deals, and raised its margin guidance. Management said AI has reached a tipping point inside the company, helping it expand margins despite industry-wide pricing pressure. Q2 FY27 Numbers Revenue: ₹6,171 Cr (~$652.2 mn), +10.9% QoQ in constant currency (+3.8% organic) EBIT margin: 16%, above 15.5% guidance Order intake: over ~₹9,460 Cr (~$1 bn), +102% YoY Next 12-month order book: ~₹22,700 Cr (~$2.4 bn), +45% YoY Large deals signed: 8, highest ever Free cash flow to PAT: 89% 1. AI driving margins, not just revenue- Coforge is using AI across its own operations, which is helping margins rise even as clients push for lower prices. Management believes AI is breaking the old link where only the largest IT firms had the best margins, and aims to be among the top 3 IT firms on margins. 2. Record deal wins across regions- The 8 large deals came from banking, public sector, high-tech and retail, across North America, Europe and other regions. One was a ~₹2,175 Cr (~$230 mn) UK public sector deal. Most deals were won without competitive bidding, and Coforge expects 8 or more large deals again in Q3. 3. AI offerings for enterprises- Coforge Neuron helps AI agents understand a company's business context. Its forward-deployed engineers work inside client businesses to build AI solutions, which are then scaled using teams of humans and AI agents working together. AI Launchpad helps clients use open AI models while controlling costs. 4. Encora acquisition ahead of plan- In the first full quarter after the Encora acquisition, its margins improved faster than planned. Encora's growth should match Coforge's from Q3, and the largest deal in Coforge's pipeline is with an Encora client. 5. Growing client relationships- A second client crossed ~₹946 Cr (~$100 mn) in annual revenue. Top 10 and top 20 clients are growing 20%+ YoY. Banking grew 8.3% QoQ and government 20.8%, while healthcare and high-tech declined 6.4%. Key Guidance 1. FY27 EBIT margin raised to 16% from 15.5%, with 17% in Q4 FY27. 2. Industry growth leader for the third straight year, with further margin expansion in FY28. 3. Free cash flow to PAT of 100% for FY27. Coforge is growing fast while expanding margins. Key things to track are Q3 deal wins and progress towards 17% margin in Q4. #Coforge #Q2FY27