Tiêu đề Niveshaay_Mid and Small Cap Focused Portfolio Fundamental_Q1 FY26_Result Update.pdf ✅

1 MID AND SMALL CAP FOCUSED PORTFOLIO FUNDAMENTAL QUARTERLY RESULT UPDATE Dear Investor, Greetings from Niveshaay! The first Quarter of FY26 was filled with tariff updates and geopolitical shocks. Despite such shocks and challenges, India’s domestic consumption story remained robust. Early monsoon combined with easing inflation helped in keeping the consumption momentum live. In this backdrop, here’s a quick snapshot of how our portfolio companies performed during this quarter: Table of Contents Defence...................................................................................................................................................3 1. Zen Technologies Ltd............................................................................................................3 2. Astra Microwave Products Ltd..............................................................................................4 Renewables............................................................................................................................................5 3. Waaree Energies Ltd .............................................................................................................5 4. Borosil Renewables Ltd.........................................................................................................6 Capital Goods........................................................................................................................................8 5. T D Power Systems Ltd.........................................................................................................8 6. Syrma SGS Ltd....................................................................................................................10 7. Sambhv Steel Tubes Ltd......................................................................................................11 8. Mold Tek Packaging Limited..............................................................................................12 Power....................................................................................................................................................13 9. Transformers and Rectifiers Ltd..........................................................................................13 10. Skipper Ltd ..........................................................................................................................14 11. Dynamic Cables Ltd ............................................................................................................16 Auto Ancillary .....................................................................................................................................17 12. Shivalik Bimetal Controls Ltd.............................................................................................17 Consumption .......................................................................................................................................19 13. Samhi Hotels Limited..........................................................................................................19 14. Interglobe Aviation Ltd .......................................................................................................20 Financial Services................................................................................................................................21 15. Nuvama Wealth Management Limited................................................................................21 IT Software..........................................................................................................................................23 16. MPS Ltd...............................................................................................................................23

3 Defence 1. Zen Technologies Ltd Operational Performance • Revenue of 111 Crores was impacted by design changes and delayed dispatches, pushing execution to Q2. Subsidiaries ARI and UTS performed strongly, expected to contribute 170 Crores and 80 Crores in FY26, with ARI becoming a 100% subsidiary by year-end • Zen remains a leader in anti-drone systems (ADS) with 100 MHz–6-8 GHz wide-band capability and is confident of securing 650 Crores in simulator orders by September • The order book stands at 754 Crores, with strong inflows expected in H2 FY26 and robust growth projected for FY27–28 • Strategic moves include the acquisition of Vector Techniques for UAV and loitering munitions, heavy investment in hard kill ADS, and AI integration across operations. Zen targets a balanced revenue mix and expects export growth from FY27, particularly in Africa, the Middle East, CIS, Southeast Asia, and NAT Outlook Management expects that FY26 may be muted, but strong growth is anticipated in FY27–28, driven by its expanding order book, strategic acquisitions, and global market expansion in anti-drone systems, simulators, and UAVs.