Latin Manharlal Group

LM's Update on #WHIRLPOOL 11 Nov 2026 Key Monitorables:* Recovery in EBITDA margins, impact of the November price hike, commodity and currency movements, demand elasticity, premium product mix and the cost benefits from the P4G programme. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Investment Takeaway* - Revenue growth of 14% is encouraging, supported by industry volumes, pricing and premiumisation. - However, the key concern is profitability: EBITDA margin declined 140 bps to just 2.1%, reflecting significant cost pressure. - The additional 5% price hike from November could support margin recovery, provided demand remains resilient and the company can pass on inflationary costs. - Elica India continues to deliver healthy growth and adds diversification to the business. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Elica India – Subsidiary Performance* - Revenue grew 12% YoY. - PBT increased 22% YoY. - Continued to contribute positively to consolidated performance. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Pricing Actions* - The company implemented an additional price increase of approximately 5%, effective November 1, 2026, to protect margins against inflationary pressures. *Premiumisation & Product Launch* - Launched *Luxuriem*, a premium 4-door, 654-litre refrigerator range. - The launch is part of Whirlpool's strategy to move towards premium products and improve its product mix. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Margin Pressure & Cost Headwinds* - Commodity inflation, driven by geopolitical instability. - Higher crude oil prices and currency depreciation. - Additional costs arising from new energy regulations in refrigerator and air-conditioner categories. - Investments associated with the launch of the premium Luxuriem range. These pressures were partly offset by price increases and internal cost-productivity initiatives under the company's P4G programme. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Revenue Growth Drivers* - Industry volume growth. - Strategic price increases. - Continued premiumisation of the product portfolio. Disclaimer: shorturl.at/MiIcK

LM's Update on #WHIRLPOOL 11 Nov 2026 Revenue grows 14%; profitability remains under pressure* *Key Financial Performance – Consolidated* - Revenue from Operations: ₹1,873 Cr, up 14% YoY. - EBITDA: ₹40 Cr, margin 2.1%; down 140 bps YoY. - PBT before exceptional items: ₹34 Cr, margin 1.8%; down 110 bps YoY. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Key Monitorables:* Margin recovery, shipbuilding order execution, ship-repair growth, resolution of the suspended passenger-vessel projects and conversion of revenue growth into earnings. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Investment Takeaway* - The quarter was weak on earnings quality: revenue grew 11.7%, but PAT halved as expenses increased. - Ship repair's nearly 30% growth is encouraging and supports business diversification, but it was not enough to offset the decline in profitability. - The long-term opportunity remains linked to India's shipbuilding and maritime capabilities; however, near-term performance depends on project execution, profitability and the resolution of suspended vessel contracts. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Dividend* - Interim dividend of ₹3 per share on a face value of ₹5. - Record date: November 16, 2026. - Payment due on or before December 9, 2026. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Key Concerns* - Consolidated expenses rose to approximately ₹1,257 Cr from ₹1,096 Cr a year ago, outpacing revenue growth. - The two passenger-vessel projects under construction remain suspended. Discussions are underway with the Andaman & Nicobar and Lakshadweep administrations regarding possible takeover after modifications; commercial terms and approvals remain unresolved. - Execution timelines and project-related costs need to be monitored closely. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 H1 FY27 Performance* - Revenue from Operations: ₹2,343 Cr versus ₹2,187 Cr, up approximately 7.1%. - PAT: ₹205 Cr versus ₹295 Cr, down approximately 30.5%. - Earnings growth remains under pressure despite higher revenue. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Segment Performance* - *Shipbuilding:* Revenue of ₹783 Cr, up 3.2% YoY. - *Ship Repair:* Revenue of ₹466 Cr, up 29.6% YoY. - Ship repair was the key growth driver, while shipbuilding growth remained modest. Disclaimer: shorturl.at/MiIcK

LM's Update on #COCHINSHIPYARD 11 Nov 2026 Revenue grows 12%; PAT declines 50% YoY* *Consolidated Financial Performance* - Revenue from Operations: ₹1,249 Cr, up 11.7% YoY. - Total Income: ₹1,332 Cr, up 6.9% YoY. - Profit Before Tax: ₹75 Cr, down 49.9% YoY. - PAT: ₹53.8 Cr, down 50% YoY versus ₹107.5 Cr. - EPS: ₹2.04 versus ₹4.09 last year. Disclaimer: shorturl.at/MiIcK

LM's Update on #KalyanJewellers 11 Nov 2026 Key Monitorables* - Sustainability of festive demand through the wedding season. - Same-store sales growth and customer demand trends. - Ability to sustain profitability as revenue scales. - Performance of the India business and contribution from other geographies. Note: The supplied update does not provide EBITDA, margins, debt, store additions or segment-wise performance; these have therefore not been assumed. Disclaimer: shorturl.at/MiIcK

LM's Update on #KalyanJewellers 11 Nov 2026 Investment Takeaway* - Kalyan has delivered strong double-digit growth, with Q2 PAT growth of 64% significantly ahead of revenue growth of 31%. - H1 performance remains robust, with revenue up 38% and PAT up 48%, indicating healthy business momentum. - Strong festive demand and the upcoming wedding season provide near-term growth visibility. Disclaimer: shorturl.at/MiIcK

LM's Update on #KalyanJewellers 11 Nov 2026 H1FY27 Performance – Consolidated* - Revenue: ₹20,912 Cr versus ₹15,125 Cr, up 38%. - PAT: ₹776 Cr versus ₹525 Cr, up 48%. *Management Commentary & Outlook* - Management indicated that the ongoing festive quarter has started on a strong note. - Healthy on-ground growth was witnessed during Navratri and Dhanteras. - The company is optimistic about the upcoming wedding season and expects to end the quarter strongly. Disclaimer: shorturl.at/MiIcK

LM's Update on #KalyanJewellers 11 Nov 2026 Strong festive demand drives 31% Q2 revenue growth and 64% PAT growth* *Consolidated Financial Performance – Q2FY27* - Revenue: ₹10,323 Cr, up 31% YoY. - PAT: ₹427 Cr, up 64% YoY. *Standalone India Performance – Q2FY27* - Revenue: ₹9,007 Cr, up 32% YoY. - PAT: ₹424 Cr, up 62% YoY. Disclaimer: shorturl.at/MiIcK

LM's Update on #MRFLIMITED 11 Nov 2026 Key Monitorables:* Natural rubber and other raw material prices, pricing actions, OE and replacement demand trends, logistics costs and margin recovery. Disclaimer: shorturl.at/MiIcK

LM's Update on #MRFLIMITED 11 Nov 2026 Investment Takeaway* - MRF delivered healthy revenue growth of 17.4%, supported by demand from both OE and replacement markets. - However, PBT declined 25.5% and PAT fell 26.6%, highlighting significant pressure on profitability. - The key issue is raw material inflation and the company's ability to pass on higher costs through pricing. - While demand remains resilient, near-term earnings recovery will depend on stabilisation in commodity prices, logistics costs and improvement in operating margins. Disclaimer: shorturl.at/MiIcK