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Equity Bottom-Up

<ul><li>We recently interacted with SSKL’s management to understand where the company is in its recovery journey</li><li>Key takes were: (1) Q2 growth is likely to be largely expansion-led, (2) Demand in core markets (AP/Telangana) remains weak but management is taking initiatives for a speedy recovery, and (3) Tamil Nadu (TN) performance remains broadly on track</li><li>Evidently, (a) the pace of recovery among organised players isn’t inspiring and (b) cash position across key players remains anaemic, ergo, peers endowed with capital may have an edge in terms of scaling over the next two years – advantage SSKL</li></ul>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.

We recently interacted with SSKL’s management to understand where the company is in its recovery journeyKey takes were: (1) Q2 growth is likely to be largely expansion-led, (2) Demand in core markets (AP/Telangana) remains weak but management is taking initiatives for a speedy recovery, and (3) Tamil Nadu (TN) performance remains broadly on trackEvidently, (a) the pace of recovery among organised players isn’t inspiring and (b) cash position across key players remains anaemic, ergo, peers endowed with capital may have an edge in terms of scaling over the next two years – advantage SSKLContent 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.

Sai Silks (Kalamandir): Remains an H2FY25 and Onwards Story. Maintain BUY

<ul><li>SSKL reported a dismal performance in Q1 (revenue declined 12.3%)</li><li>As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKL</li><li>SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing</li></ul>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.

SSKL reported a dismal performance in Q1 (revenue declined 12.3%)As per channel checks: (1) Demand pangs are palpable across the saree/wedding-heavy apparel retailers, (2) Cash position across key players remains weak, suggesting that competitors endowed with capital may enjoy an advantage in scaling operations over the next 2-3 years, (3) The weavers' network appears to be facing financial constraints, potentially favouring retailers who can make quick payments—advantage SSKLSSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixingContent 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.

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

<ul><li>We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companies</li><li>Our findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys</li><li>(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 years</li></ul>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.

We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based saree companiesOur findings reveal several key insights: (1) Category growth and pace of growth among major organised players are not encouraging, except for Pothys(2) The cash position across key players remains weak, suggesting that competitors with ample capital may enjoy an advantage in scaling operations over the next 2-3 yearsContent 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.

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

Thematic (Sector/Industry)

<ul><li>Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.</li><li>This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.</li><li>Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. </li></ul>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.

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24 customs duty (CD) cut.This gold rush lasted well into mid-September (consol. topline growth stood at 16% YoY at INR 145.3bn; in-line). Margins, however, disappointed.Normalising for the INR2.9bn hit due to customs duty reduction, jewellery EBITM (consolidated) contracted 486bps YoY to 8.3% vs HSIE’s 9% (note: normalised standalone jewellery EBITM came at 11.4%). Non-jewellery businesses performed well. 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.

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

<ul><li>Our discretionary universe is expected to grow by ~11% YoY in Q1FY25</li><li>However, a few exceptional names drive up the average</li><li>In retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding days</li></ul>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.

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25However, a few exceptional names drive up the averageIn retail, ex-F&amp;G and value fashion, growth pencilled in is an anaemic 6% as footfalls/demand gets impacted due to (1) the heatwave and (2) fewer wedding daysContent 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.

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

India

Sai Silks (Kalamandir) Limited retails clothing. The Company sells men's, women's, and children's clothing and jewelry. Sai Silks (Kalamandir) serves customers in India.

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Sai Silk Kalamandir (SSKL IN)

Sai Silks (Kalamandir): Remains an H2FY25 and Onwards Story. Maintain BUY

We recently interacted with SSKL’s management to understand where the company is in its recovery journey. Key takes were: (1) Q2 growth is likely...

HDFC Securities

Sai Silks (Kalamandir): Q1 demand weak; TN performance on track. Maintain BUY

SSKL’s TN performance continues to track well (in terms of expansion and sales density) but the core market (Telangana) needs fixing

HDFC Securities

Sai Silks (Kalamandir): VML’s TN Debut—a Mixed Bag. Maintain BUY

We recently conducted a comprehensive assessment of the saree ecosystem through management meetings and store visits across various Chennai-based...

HDFC Securities

HSIE Results Daily: Titan, ABB India, Mankind Pharma, Dr Reddy’s Laboratories

Consolidated jewellery sales (ex-bullion) grew 27% YoY to INR117.8bn (HSIE: in-line). Gold jewellery demand witnessed a step-up jump post the Jul24...

HDFC Securities

Consumer Discretionary: Muted Demand, Value Plays Remain Outliers

Our discretionary universe is expected to grow by ~11% YoY in Q1FY25. However, a few exceptional names drive up the average

HDFC Securities

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