ValueGuide

February 2026

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Stock Updates Report Card Top Picks Technical View
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SOMIL Digitally signed by

SOMIL RAMESH
RAMESH MEHTA
Date: 2026.02.10
MEHTA 16:34:05 +05'30'
 From the Editor’s Desk
January yet again tested the
markets’ resilience, with the
benchmark indices consolidating
ahead of the Big B, the Union
Budget. While the FM did outline
a clear roadmap of growth
measures and fiscal prudence,
the markets found it hard to
swallow the bitter pills of the STT
hike and lack of any FII-friendly
measures. ......4

INDEX
FUNDAMENTALS
• Report Card����������������������������������������������������������������������������������������������������������������� 3

• Monthly bird’s Eye View��������������������������������������������������������������������������������������������� 5

TECHNICALS
• Nifty ��������������������������������������������������������������������������������������������������������������������������� 16

PMS DESK
• MASK Prime Picks (Equity Strategy)������������������������������������������������������������������������ 17

• InvesTiger Stock Baskets����������������������������������������������������������������������������������������� 19

TOP PICKS
• Mutual Fund�������������������������������������������������������������������������������������������������������������� 20

• ETFs & SIF������������������������������������������������������������������������������������������������������������������� 28

• PMS ���������������������������������������������������������������������������������������������������������������������������� 32

• AIF & Corporate FD��������������������������������������������������������������������������������������������������� 33

• Mutual Fund Taxation & Methodology������������������������������������������������������������������� 36

February 2026 2 Equity ValueGuide

FUNDAMENTALS Report Card

INDEX PAGE
EQUITY FUNDAMENTALS REPORT CARD

52 WEEK ABSOLUTE PERFORMANCE RELATIVE TO SENSEX

CURRENT PRICE AS ON PRICE
COMPANY
RECO 10-FEB-2026 TARGET
HIGH LOW 1M 3M 6M 12M 1M 3M 6M 12M

Large Cap Stocks

ICICI Bank Ltd BUY 1,396 1,700 1,500 1,200 -0.3 3.8 -2.5 10.8 -1.3 2.8 -7.8 1.6

HDFC Bank Ltd BUY 937 1,150 1,021 828 -0.3 -4.9 -5.1 9.4 -1.2 -5.8 -10.2 0.3

Maruti Suzuki India Ltd BUY 14,978 18,400 17,372 11,059 -7.4 -2.0 21.3 18.4 -8.3 -3.0 14.8 8.5

Hindustan Unilever Ltd BUY 2,435 2,997 2,737 2,103 2.8 2.8 -0.9 4.9 1.8 1.8 -6.2 -3.9

Bharat Electronics Ltd BUY 437 525 462 240 4.3 4.7 13.5 59.6 3.3 3.7 7.4 46.3

Mid Cap Stocks

Polycab India Ltd BUY 7,788 8,800 7,948 4,555 0.5 1.5 14.6 36.8 -1.2 0.5 6.8 18.7

ICICI Prudential Life Insuranc BUY 648 780 707 517 -5.8 5.0 5.8 9.8 -7.4 3.9 -1.4 -4.7

Indian Hotels Co Ltd/The BUY 695 891 859 627 1.5 0.0 -4.4 -9.4 -0.2 -1.1 -10.8 -21.4

Supreme Industries Ltd BUY 3,705 4,200 4,740 3,020 6.9 -3.3 -10.0 -4.9 5.2 -4.3 -16.0 -17.4

Laurus Labs Ltd BUY 986 1,101 1,141 512 -9.9 -2.5 18.8 55.8 -11.2 -3.3 11.0 35.5

Small Cap Stocks

PNB Housing Finance Ltd BUY 866 1,050 1,142 746 -12.3 -5.0 10.8 -1.5 -13.1 -1.2 12.0 -5.5

V-Guard Industries Ltd BUY 344 430 413 298 6.8 -5.9 -4.2 -13.4 5.8 -2.2 -3.1 -16.9

Amber Enterprises India Ltd BUY 7,048 9,300 8,626 5,235 18.4 6.8 1.9 8.2 17.3 11.1 3.0 3.7

Kirloskar Oil Engines Ltd BUY 1,219 1,377 1,329 544 5.9 28.3 35.4 49.4 4.9 33.5 36.9 43.3

Gokaldas Exports Ltd BUY 841 1,140 1,060 531 23.7 -3.1 12.9 -15.8 22.5 0.8 14.2 -19.2

(Source: Bloomberg data; As on February 10, 2026)

February 2026 3 Equity ValueGuide

 HOUSE VIEW

Spotting the silver lining

J
From the Editor’s Desk anuary yet again tested the markets’ resilience, with the benchmark indices
consolidating ahead of the Big B, the Union Budget. While the FM did outline a
clear roadmap of growth measures and fiscal prudence, the markets found it hard
to swallow the bitter pills of the STT hike and lack of any FII-friendly measures.
Significant sentimental support soon arrived in the form of the announcement of
the US-India trade deal, which lifted the benchmark indices.

One thing is clear – the markets’ rally is now going to be structural-driven rather
than short spurts of momentum. This is visible in the manner in which the Nifty
50 stayed afloat in January, braving global headwinds and proving that the “India
Growth Story” remains de-linked from the Western markets’ ups and downs.
Large-cap stocks were stable, while mid-caps and small-caps plunged. Stretched
valuations and a massive FII exodus ahead of the Budget, led to this trend.

While FIIs offloaded Rs. 41,435 crore during the month, steady support arrived in
the form of DII flows and MF SIPs. Even as SIP flows may be erratic, DII flows would
continue to drive the rally. While retail SIP flows could keep near-term volatility
high, the markets would stabilise in the long run.

The street would also continue to be guided by the budgetary announcements

including the government’s capex plans and the indigenous manufacturing thrust.
A continued focus on a massive capex outlay, of over Rs. 12 lakh crore makes the
infrastructure and capital goods sectors the primary engines of growth. Also,
markets will keenly eye the Q3 corporate earnings and the RBI’s announcements -
the central bank in its recent monetary policy review opted for a status quo on key
rates while reiterating its growth and inflation forecasts.

We at the Mirae Asset India Research Centre, remain guarded on the small- and
micro-cap segment, where the ongoing correction may extend further and last
longer, helping to flush out excess speculation in select pockets. In the near term,
large-cap stocks may stay in the spotlight. That said, a stronger earnings cycle and
the possibility of renewed FPI inflows provide a supportive backdrop, keeping the
medium-to-long-term outlook for Indian equities positive and well-anchored.

Globally, geopolitical conflicts and the ever-unfolding impact of artificial intelligence

will keep the markets on their toes. Trade uncertainty should also ease ahead of the
November 2026 US midterms, as tariff talks and free-trade deals expand, signalling
adaptation.

We believe that Investors may benefit from being selective, staying focused on
quality sectors with clear policy support, and avoiding overly aggressive short-
term strategies. Maintaining a balanced, defensive allocation and a long-term
perspective can help navigate market movements in the near term.

Happy Investing!

February 2026 4 Equity ValueGuide

 Monthly bird’s Eye View

INDEX PAGE
EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 02, 2026 ITC Ltd Stock Update BUY  350 420 

Summary
Š The recent hike in taxes on cigarettes expected to the tune of 20-55%, effective February 1, 2026 looks unusually steep.
Š This hike is likely to hit volumes and margins, and spur illicit trade in the near term. Margin pressure is also expected, as the company may not be able to pass
on the tax burden fully to consumers.
Š ITC’s long-term prospects are intact as it will soften the impact through calibrated price hikes, product mix optimisation, cost efficiencies and scale benefits.
Rising contribution from other businesses also provides earnings diversification.
Š Stock trades at 21x/20x/19x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 420.

Read report - [Link]

Jan 12, 2026 Tata Consultancy Services Ltd Stock Update BUY 3,240 3,900

Summary
Š Q3FY26 revenue was $7,509mn, up 0.8% q-o-q and down 2.6% y-o-y in CC terms. International revenue rose 0.4% q-o-q, led by Consumer, ER&U, Life Sciences,
and Communications.
Š Despite stable performance, recovery in client spending remains weak. Growth is driven by select verticals, limiting visibility.
Š EBIT margin at 25.2% beat our estimates by 21 bps, aided by better productivity, improved pyramid mix, higher revenue per employee, Partially offset by wage
hike and investments in brand building.
Š We roll forward valuation to Dec-2028, reiterate Buy with unchanged PT of Rs. 3,900. Stock trades at 20.9x FY27E and 19.6x FY28E PE.

Read report - [Link]

Jan 12, 2026 HCL Technologies Ltd Stock Update BUY 1,668 1,893

Summary
Š Q3FY26 revenue stood at $3,793 million, up 4.2% q-o-q (+4.8% y-o-y) in CC terms.
Š Demand for AI capabilities remains robust for advanced AI capabilities like Physical AI and AI Factory, tied to AI Capex cycles, with AI integration in system
processes leading the charge.
Š EBIT Margin up sharply by 118 bps (ex-restructuring costs) to 19.4%. Twelve-month deal pipeline breached $10 billion threshold.
Š We roll forward our valuation to Dec-2028 with a Buy rating and reiterate our price target of Rs. 1,893.

Read report - [Link]

Jan 13, 2026 ICICI Lombard General Insurance Company Ltd Stock Update BUY 1,885 2,300

Summary
Š GDPI rose 13.3% y-o-y, outpacing industry, leading to market share gains.
Š Retail health and commercial lines saw strong traction, while motor segment also saw better momentum due to buoyancy in new vehicle sales.
Š PAT lagged estimates on higher costs amid a new labor code, loss of input tax credit and a higher claims ratio y-o-y.
Š Growth and profitability outlook stay strong; we maintain Buy rating with PT of Rs2300.

Read report - [Link]

Jan 13, 2026 ICICI Prudential Life Insurance Company Ltd Stock Update BUY 681 780

Summary
Š APE grew 3.6% y-o-y - within which protection APE rose 19% y-o-y, while non-linked APE was up 15.2% y-o-y.
Š VNB margins rose ~320 bps y-o-y to 24.4%, beating our estimates of 23.4%. Nine-month cost ratios fell 50 bps led by various cost optimisation initiatives.
Š Net profit rose 20% y-o-y to Rs 390 crore; the nine-month number beat estimates, rising 23.5% y-o-y led by higher investment income.
Š We rollover valuations to FY28 and maintain a Buy rating with a revised PT of Rs. 780.

Read report - [Link]

Jan 14, 2026 HDFC Life Insurance Company Ltd Stock Update BUY 735 870

Summary
Š APE improved, beating our estimates, driven by individual policies.
Š VNB margins fell 10 bps q-o-q to 24% in Q3, for 9MFY26 margins were down 70 bps y-o-y to 24.4%, GST impact was partly countered by changed product mix.
Š New labour code led to one-off hit of Rs. 98 crore, investment in resources and tech drove up opex ratio. PAT growth flattish, in-line with estimates.
Š Sighting a steady medium-long term outlook, we maintain a Buy with an unchanged PT of Rs. 870.

Read report - [Link]

Š Upgrade  Š No change  Š Downgrade 

Š Note: The arrow indicates change in call and price target, if any, vis-à-vis the previous report

February 2026 5 Equity ValueGuide

 INDEX PAGE
EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 14, 2026 Infosys Ltd Stock Update BUY 1,600 1,920

Summary
Š Revenue rose 0.5% q-o-q /3.2% y-o-y to $ 5,099 million, beating our estimates by 0.9%. CC growth stood at 0.6% q-o-q (1.7% y-o-y). Despite typical seasonal
weakness, lower third-party revenue, and H2 being the softer half, Q3 was resilient; CC revenue guidance raised to 3-3.5%, EBIT margin guidance at 20-22%.
Š Stronger guidance reflects confidence in Q4 and speeding FY27 growth, especially in BFSI and ENU verticals, fuelled by large deal wins and deeper AI positioning.
Š Q3 TCV surged to $4.8 billion, while 9MFY26 TCV reached $11.7 billion delivering strong multi-quarter revenue visibility.
Š We maintain a Buy rating with a price target of Rs 1,920, valuing the company at 20.6x and 19.2x respectively.

Read report - [Link]

Jan 16, 2026 Polycab India Ltd Stock Update BUY 7,131 8,800

Summary
Š Revenue grew 46% y-o-y, beating our estimates. The revenue growth was backed by 40% volume growth and balance realization growth. The Stockpiling at
retailers’ end also drove revenues.
Š OPM fell 124 bps to 12.7% far below our estimates of 15% on delayed pass-through of higher commodity prices. Ad expenses grew almost 3x y-o-y.
Š FMEG segment grew 17% y-o-y on a 2x growth in solar category business, which was the leading growth contributor for the segment.
Š Continued momentum in government and private capex, besides real estate sector’s growth augurs well. We expect revenue/PAT to clock a CAGR of 23%/29%,
respectively from FY25-28, with a good RoCE of 34%. Hence, we maintain a Buy rating with a PT of Rs 8,800.

Read report - [Link]

Jan 16, 2026 Wipro Ltd Stock Update HOLD 267 285

Summary
Š IT Services revenue grew 1.4% q-o-q (down 1.2% y-o-y) in CC terms, led by robust growth in BFSI, tech & communications, and healthcare partially offset by
continued weakness in the consumer vertical.
Š Wipro had guided for revenue of $2,635–2,688 million for Q4FY26, implying a 0-2% sequential CC growth. Outlook includes two extra months of Harman DTS’
contribution but is offset by fewer Q4 working days and delayed ramp-ups in several large deals. While a one prior-year deal is now fully ramped, others will
take multiple quarters to reach a full run-rate. Management is confident in their progressive contribution over the coming quarters.
Š We expect margins to stay stable, with depreciation and acquisition dilution offset by operational efficiencies. Guidance has improved to 0-2% in CC terms (but
negative ex-Harman DTS), with growth now dependent on new deal wins and ramp-ups.
Š We maintain a PT of Rs. 285 and Hold rating; after the recent rally, CMP has priced in current catalysts, with further upside requiring clear revenue acceleration.
Accordingly, we change our rating on Wipro to “Hold” from “Buy”.

Read report - [Link]

Jan 16, 2026 L&T Technology Services Ltd Stock Update BUY 3,910 4,700

Summary
Š Revenues fell 2.8% q-o-q in CC terms, lagging estimates, primarily due to a strategic restructuring under its five-year Lakshya plan, involving closure of low-
margin, commoditized projects and non-strategic client engagements. Management lowered FY26E guidance to mid-single digits from double digits earlier.
Š EBIT margin rose 120 bps q-o-q to 14.6% in Q3FY26, primarily on deliberate portfolio rationalisation. Management eyes mid-16% EBIT margins by Q4 FY27–Q1
FY28, led by focus on high-margin segments, AI-led efficiencies, and selective deal execution.
Š Given the recent restructuring and resulting revenue slowdown, we have reduced our EPS estimates. The impact is partially offset by expected gradual margin
improvement over time. We now peg FY28 EBIT margin at 15.6% (+180bps over FY26-FY28). Accordingly, we lower our price target to Rs. 4,700, valuing the stock
at 29x Dec-27 EPS, with a Buy rating. At CMP, it trades at 29.9x and 26.2x on FY27E and FY28E.

Read report - [Link]

Jan 19, 2026 ICICI Bank Ltd Stock Update BUY 1,380 1,700

Summary
Š NII largely met estimates, while NIMs remained stable sequentially (against our estimate of a ~3 bps rise).
Š One-off provision of Rs. 1283 crore dragged PAT by 4% y-o-y, and it lagged estimates.
Š Credit growth improved driven by business banking; momentum to continue in next quarter.
Š Bank poised for steady growth and return ratios, we maintain Buy with an unchanged PT of Rs. 1700.

Read report - [Link]

Jan 19, 2026 HDFC Bank Ltd Stock Update BUY 928 1,150

Summary
Š Advances rose 12% y-o-y, driven by business and corporate banking. Deposit increased 11.6% y-o-y, CD ratio rose 70 bps q-o-q to 98.7%.
Š NII met estimates; NIM rose 8 bps, beating expectations.
Š Opex was higher due to new labor code, credit cost inched up q-o-q due to Agri loan slippages.
Š Term deposit repricing and improvement in cost ratios to aid healthy levels of PAT, maintain Buy with an unchanged PT of Rs.1150.

Read report - [Link]

February 2026 6 Equity ValueGuide

 INDEX PAGE
EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 19, 2026 L&T Finance Ltd Stock Update BUY 300 345

Summary
Š Disbursements grew by a robust growth 49% y-o-y and 20% q-o-q, driving up retail loans by 21.4% y-o-y.
Š Reported NIM (including fees) rose 8 bps y-o-y and 19 bps q-o-q at 10.41% on stable yields and lower cost of funding due to a reduction in the repo rate.
Š Asset quality improved with GNPA falling 4/10 bps (y-o-y/q-o-q) at 3.19%. Credit cost grew by 16.7% q-o-q, though drop by 9.8% y-o-y.
Š We maintain a Buy on the stock with a revised PT of Rs. 345, valuing it at 2.4x of FY28 BV.

Read report - [Link]

Jan 19, 2026 Tech Mahindra Ltd Stock Update BUY 1,671 2,000

Summary
Š Revenue grew 1.5% q-o-q (2.7% y-o-y) to $1,610 million; CC revenue grew 1.7% q-o-q (+1.3% y-o-y), on a 1% growth in service revenues (net of furloughs) and
remaining contributed from large deal execution in European auto segment.
Š Communications vertical is turning around, anchored by a $500M European telecom deal. Manufacturing vertical’s growth is stable, while Hi-Tech sees mixed
trends. Overall, the communication segment would be a primary growth driver by FY27 if current momentum persists.
Š Execution is strong, with a 15% EBIT margin appearing achievable for FY27. Robust deal wins, rising margins and conversion of deal wins into tangible revenue,
signal a multi-year turnaround, with management hoping to beat peer growth rates.
Š We roll forward our valuation to Dec’27 and apply a P/E of 21.0x. Accordingly, we raise our PT to Rs. 2,000 while maintaining a Buy rating.

Read report - [Link]

Jan 19, 2026 Federal Bank Ltd Stock Update HOLD 275 310

Summary
Š NII growth beat estimates, as NIMs improved both YoY and QoQ.
Š Better asset quality lowered credit costs, which in turn helped net profit grow 9% y-o-y and q-o-q, ahead of estimates.
Š Loan growth momentum rose aided by wholesale segment.
Š Fundamental outlook healthy; valuations factor in positives, maintain HOLD with revised PT of Rs310.

Read report - [Link]

Jan 19, 2026 Lemon Tree Hotels Ltd Viewpoint POSITIVE 136 209

Summary
Š The restructuring splits the LTHL group into two focused entities: LTHL (asset-light brand platform) and Fleur Hotels (asset ownership platform), simplifying
the corporate structure to sharpen strategic focus and unlock value for shareholders.
Š Outlook is strong driven by a robust portfolio, rising margins, zero debt and a likely higher dividend payout.
Š Management has guided for ~80% EBITDA margins in LTHL (ex-Fleur) by FY28 (~1,000 bps rise) led by better operating leverage and robust cost structure.
Š We stay Positive and expect an upside of 53% in LTHL. Stock trades at 14x/12x/11x its FY26E/27E/28E EV/EBIDTA, respectively.

Read report - [Link]

Jan 20, 2026 Can Fin Homes Ltd Stock Update BUY 933 1,100

Summary
Š Disbursement grew strongly by 45.1% y-o-y and 7.2%, q-o-q. However, AUM grew by a mere 9.5% due to higher prepayments/BTs.
Š NIM (as a % of AUM) rose by 43/6 bps (y-o-y/q-o-q) to 4.14% due to lower cost of funds, as the company have not fully transmitted the benefit of rate cuts.
Š PAT, in line with estimates, rose by 24.8% y-o-y and 5.3% q-o-q due to NIM expansion. RoA rose by 30/9 bps y-o-y/q-o-q to 2.55%.
Š • 6,407
We maintain a Buy rating on the stock with a revised PT of Rs. 1,100, valuing it at 1.8x of FY2028E BV.

Read report - [Link]

Jan 20, 2026 Punjab National Bank Stock Update BUY 128 145

Summary
Š NIMs fell 8 bps q-o-q, missing the mark; Q4 margins are expected to be stable.
Š Non-interest income grew strongly driven by treasury income and recoveries, which boosted topline growth.
Š Additional floating provisions drove up credit costs, core credit costs remained soft. PAT rose 13%, above expectations.
Š Outlook steady on asset quality and credit growth; maintain Buy with a revised PT of Rs. 145

Read report - [Link]

February 2026 7 Equity ValueGuide

 INDEX PAGE
EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 20, 2026 LTIMindtree Ltd Stock Update HOLD 6,407 6,930

Summary
Š Revenue grew 2.4% q-o-q (6.1% y-o-y) to $1,208 million. CC growth stood at 2.4% q-o-q (5.2% y-o-y). Revenue stood at Rs. 10,781 crore, up 3.7% q-o-q (11.6%
y-o-y), in line with our estimates.
Š Consistent quarterly deal intake of $1.6 billion was supported by wins across healthcare, BFSI, and manufacturing verticals. TCV rose 6.3% q-o-q to $1.69
billion (0.6% y-o-y). LTM deal wins stood at $6.51 billion, up 12% y-o-y. Book-to-bill stood at 1.4x. Current valuations fully discount existing revenue visibility.
Projections factor in a 7.6% USD revenue CAGR over FY26–FY28, contingent upon sustained deal momentum and execution consistency.
Š While management’s double-digit USD growth aspirations are encouraging, achieving them remains a tall order. Although the “Fit for Future” program met
margin and growth objectives, the street awaits what’s next in the upcoming “New Horizons” strategy.
Š With growth largely priced in, we downgrade our rating to “Hold” and roll forward our valuation to Dec-27 with a price target of Rs. 6,930.

Read report - [Link]

Jan 21, 2026 Persistent Systems Ltd Stock Update BUY 6,343 7,295

Summary
Š Persistent Systems delivered stronger-than-expected performance, driven by meaningful margin expansion supported by robust AI-led platform sales.
Š Revenue grew 4.0% q-o-q (up 17.3% y-o-y) to $ 423 million, in line with our estimates. In CC terms, it grew 4.1% q-o-q. Revenue grew 5.5% q-o-q (+23.4% y-o-y)
to Rs 3,778 crore. Margins rose to 16.7%, largely led by AI-driven platforms and pricing.
Š Deal wins remains robust at $ 674.5 million, rising 10.7% q-o-q (13.5% y-o-y). ACV stood at $ 501.9 million, 12.1% q-o-q (17.2% y-o-y). Net new TCV grew 5.2%
q-o-q (10.6% y-o-y) to $369.1 million. The company secured several large-scale modernization engagements across BFSI, Life Sciences, Semiconductors, and
EdTech verticals.
Š We maintain our positive stance on the stock, viewing Persistent as a standout performer among Tier-2 IT services players, owing to its proven ability to win
large deals, disciplined execution, and resilient profitability. We have rolled our valuation forward to Dec-27 and applied a P/E multiple of 44x, resulting in an
unchanged price target of Rs. 7,295. We reiterate our Buy recommendation.

Read report - [Link]

Jan 21, 2026 AU Small Finance Bank Ltd Stock Update HOLD 1,001 1,130

Summary
Š NII grew 15.7% y-o-y and 9.2% q-o-q, led by a sequential 25 bps improvement in NIMs. Fee income rose 22% y-o-y aided by business growth and higher
distribution fee.
Š Opex was up 29% y-o-y driven by higher business volumes, while improving stress scenario led to fall in credit cost at Rs331 crore, down 34% y-o-y. Healthy
operational performance drove PAT up 26.3% y-o-y, ahead of our estimates.
Š Credit growth was strong at 24% y-o-y while deposits were up 23.3% y-o-y.
Š AUSFB is well-positioned to post healthy return ratios on sustainable basis along with superior business growth. However, valuations are stiff and factor in
most positives, hence we maintain our Hold rating on the stock with revised PT of Rs. 1130.

Read report - [Link]

Jan 21, 2026 Oberoi Realty Ltd Viewpoint POSITIVE 1,493 1,851

Summary
Š Pre-sales and collections declined 56% and 30% y-o-y to Rs. 836 crore and Rs. 975 crore, respectively, on the absence of major launches.
Š Revenue grew 5.8% y-o-y, on steady revenue recognition from luxury and premium projects while EBITDA stood at Rs. 857 crore remained flat y-o-y.
Š Management confirmed that delayed launches in Q3FY26 were due to timing issues, with deferred launches now slated for Q4FY26 and Q1FY27.
Š We remain positive on the stock, expecting a ~24% upside, supported by strong launch momentum in upcoming quarters, a robust balance sheet, and
favourable regional demand tailwinds.

Read report - [Link]

Jan 22, 2026 Dalmia Bharat Ltd Stock Update BUY 2,229 2,550

Summary
Š Consolidated revenue reached Rs. 3,506 crore (+10.2% y-o-y), with EBITDA at Rs. 602 crore (+17.8% y-o-y), led by 9% volume growth (7.3 mt).
Š Company commissioned a 3.6 mtpa clinker line in Assam, enhancing regional self-sufficiency; expansion projects in Belgaum, Pune, and Kadapa remain on
track.
Š Management maintains a Rs. 150–200/tonne cost-reduction roadmap.
Š We retain a Buy rating with a PT of Rs. 2,550, the stock trades at 14.4x/12.8x/11.6x FY26E/FY27E/FY28E EV/EBITDA, backed by high cost visibility and a strong
balance sheet.

Read report - [Link]

February 2026 8 Equity ValueGuide

 INDEX PAGE
EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 23, 2026 Supreme Industries Ltd Stock Update BUY 3,500 4,200

Summary
Š Consolidated revenue rose 7.1% y-o-y to Rs. 2,687 crore; EBITDA grew 1.6% to Rs. 314 crore. Total volumes surged 12.9% to 183,794 MT, driven by a 16.2% jump
in plastic piping.
Š Polymer prices have likely bottomed. Management targets 12–14% overall volume growth (15–17% for piping).
Š FY26 revenue guidance is revised to Rs 11,000–11,500 crore (earlier Rs 12,000 crore), with EBITDA margins lowered to 13.5–14% (earlier 14.5–15%), due to
prolonged polymer price declines and inventory losses.
Š Recommendation: BUY rating maintained with a revised target price of Rs. 4,200.

Read report - [Link]

Jan 23, 2026 Coforge Ltd Stock Update BUY 1,642 2,133

Summary
Š USD revenue grew 3.5% q-o-q (22.6% y-o-y) to $478 million and 4.4% q-o-q in CC terms. Rupee revenues grew 5.1% q-o-q (up 28.5% y-o-y) to Rs 4,188 crore,
driven by healthcare & hitech, travel, insurance, and others verticals.
Š EBIT stood at 13.4% and the company eyes a 15% number in Q4, resulting in a full-year guidance of 14%.
Š Coforge’s verticals are poised to sustain momentum - banking to grow the fastest in FY27; insurance to exceed FY26 levels, government vertical (ex-India) looks
optimistic amid major impending deal, Hi-tech/healthcare stays on robust growth path.
Š Above factors along with vertical tailwinds, better utilization, outcome-based engagements, non-headcount linked growth, integration of Encora and Cigniti
would support Coforge’s growth trajectory. Accordingly, we roll forward our valuation to Dec-27 and retain a Buy rating with a price target of Rs. 2,133 at 31x
P/E.

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Jan 23, 2026 KEI Industries Ltd Stock Update BUY 3,796 4,800

Summary
Š Revenue grew 19.8% y-o-y, meeting our estimates. Revenue growth was supported by uptrend in C&W volumes and exports which grew by 96% y-o-y.
Š OPM rose 107 bps to 10.8% above our estimates, indicating that commodity prices hike have been already passed on.
Š Management reiterated its guidance of >20% revenue growth and OPMs of 10.5-11% for FY26. Growth guidance is at 20% for 2026 and 2027.
Š Company likely to do well, backed by multiple tailwinds; stock trades at 35x/28x to FY27/FY28 EPS estimates. We maintain a Buy with a PT of Rs. 4,800.

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Jan 23, 2026 Dr Reddys Laboratories Ltd Stock Update HOLD 1,217 1,316

Summary
Š Domestic business outperformed IPM with innovation franchises, new launches, and the Stugeron acquisition contributing 17-18% of organic growth; while
the innovative portfolio fetched 10-15% of sales.
Š Europe biz helped offset impact of pricing pressure from US.
Š US business is a near term drag, leading to lower gross margins of ~55% in the coming quarters.
Š We expect the new launches to become more EPS accretive over the next 6-8 quarters. We value the stock at 18.5x on FY28E EPS of Rs. 71.2, and retain our Hold
rating with a PT of Rs. 1,316.

Read report - [Link]

Jan 23, 2026 PNB Housing Finance Ltd Viewpoint POSITIVE 859 1,050

Summary
Š NII rose 11.0% y-o-y and 2.1% q-o-q (in line). NIM compressed to 3.73% (down 11 bps y-o-y, 3 bps q-o-q) on lower yields.
Š PAT hit Rs. 520 crore (+7.7% y-o-y, -10.5% q-o-q), missing estimates by 5.8% due to high Opex and sluggish other income. Credit costs were negative (Rs. 41
crore).
Š Retail loans grew 15.9% y-o-y; disbursements rose 15.6%. GNPA improved to 1.04% (-15 bps y-o-y).
Š We maintain a Positive view with a PT of Rs. 1,050 (1.2x FY28E BV). Stock trades at 1.0x FY28E BVPS.

Read report - [Link]

Jan 27, 2026 APL Apollo Tubes Ltd Stock Update BUY 2,061 2,460

Summary
Š Consolidated revenue rose 7% y-o-y to Rs 5,815 crore, while EBITDA surged 36.5% to Rs 471.8 crore.
Š Sales volumes grew 10.7% to 917 kt, and EBITDA/tonne increased 23.3% to Rs 5,145.
Š Management upgraded FY26 guidance - volume growth to ~20% (from 10–15%) and EBITDA/tonne to Rs 5,500 minimum (from Rs 4,800–5,000). Capacity
expansion is on track to reach 8 mtpa by FY28 and 10 mtpa by FY30.
Š We maintain a Buy rating with a revised target price of Rs 2,460, driven by higher guidance, capacity ramp-up, and structural demand.

Read report - [Link]

February 2026 9 Equity ValueGuide

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EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 27, 2026 Laurus Labs Ltd Stock Update HOLD 1,000 1,101

Summary
Š Generic formulations revenue drove growth, segment rose ~37% y-o-y.
Š Margins now back in ‘high-20s’, on a better mix (more CDMO and higher-value generics) and improved cost absorption. ROCE improved to ~18.5%, indicating
better asset productivity as new capacities start contributing.
Š CDMO business continues to scale up and can significantly add to bottomline in 2-3 years.
Š With improving asset utilisations, we value the stock at 47x on FY28E earnings of 23.4 and retain the Hold rating with a PT of Rs.1,101.

Read report - [Link]

Jan 27, 2026 Godrej Consumer Products Ltd Stock Update BUY 1,174 1,460

Summary
Š GCPL’s Q3FY26 consolidated revenues grew 9% y-o-y (volumes grew 7% y-o-y), OPM rose 142 bps y-o-y to 21.5% and adjusted PAT increased by 12% y-o-y.
Š The management maintained guidance of high single-digit consolidated revenue growth in FY26, with 6-7% y-o-y volume growth in India business.
Š India business OPM guidance maintained at 24-26% for the near term. Despite temporary macroeconomic and pricing pressures in Indonesia and LatAm,
management is confident of sustained profitability momentum by FY27.
Š Stock trades at 54x/45x/39x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 1,460.

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Jan 27, 2026 Kotak Mahindra Bank Ltd Stock Update BUY 422 500

Summary
Š Asset quality improved with a 9 bps and 1 bps q-o-q, decline in GNPA and NNPA ratio to 1.3% and 0.31% respectively. Slippages fell sequentially.
Š NII grew 5% y-o-y was in-line with estimates, NIMs were steady q-o-q; reduced cost, CRR cut balanced out impact of fall in yields
Š Opex rose slightly more than expected, by 8% q-o-q, employee costs rose due to labour code and retiral cost impact. Credit cost remained benign at 0.63% as
stress reduced; net PAT rose 4%.
Š Overall numbers for Q3FY26 were steady and we maintain a Buy rating with a PT of 500.

Read report - [Link]

Jan 27, 2026 AXIS Bank Ltd Stock Update BUY 1,258 1,490

Summary
Š NIM was down 9 bps q-o-q at 3.64% and was below estimates, due to compressed spreads and interest reversals impact. NII was however slightly ahead of
estimates.
Š PAT rose 27.5% q-o-q and 2.9% y-o-y (above estimates) owing to lower opex and total provisions. Loan growth showed improved loan traction on y-o-y basis
and is expected to remain above industry in medium-long term.
Š Though asset quality was largely stable as NPA ratios declined q-o-q, technical slippages not to have economic impact.
Š Bank is well capitalized with broadly stable operating metrics; we maintain BUY rating with revised PT of Rs1490.

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Jan 27, 2026 UltraTech Cement Ltd Stock Update BUY 12,368 14,800

Summary
Š Consolidated revenue stood rose 22.8% y-o-y to Rs. 21,830 crore on a 28% y-o-y volume growth (excl ICL), while Adj volume grew by 15% y-o-y; EBITDA/tonne
rose to Rs. 1,007 (+5.7% y-o-y), aided by operating leverage
Š Revenue/EBITDA/PAT beat estimates by 5.8%/11%/21%, respectively. Grey cement capacity at 188.8 mtpa and is on track to add another 8-9 mtpa in Q4.
Š Q4 expected to be stronger than Q3, on robust demand, company will operate at over 90% at its existing installed capacity.
Š We maintain a Buy with a revised price target of Rs. 14,800, backed by strong growth visibility and margin recovery.

Read report - [Link]

Jan 22, 2026 Radico Khaitan Ltd Stock Update BUY 2,960 3,840

Summary
Š RKL’s Q3FY26 numbers beat estimates on all fronts, with a volume-led 20% y-o-y revenue growth and OPM rising 306 bps y-o-y to 17.3%, leading to a 69% y-o-y
growth in the adjusted PAT.
Š Focus on premiumization, scale-up of recent launches, rising share of on-trade channel, favourable raw material prices and strong industry tailwinds to
support growth ahead.
Š Net debt fell by Rs. 209 crore versus March-25, led by improved profitability and working capital efficiencies. Management aims to be net debt-free by FY27.
Š Stock trades at 70x/53x/43x its FY26E/FY27E/FY28E earnings, respectively. We retain a Buy with an unchanged PT of Rs. 3,840.

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February 2026 10 Equity ValueGuide

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EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 27, 2026 SBFC Finance Ltd Viewpoint POSITIVE 90 110

Summary
Š AUM rose 28.6% y-o-y and 5.4% q-o-q to Rs. 10,478 crore driven by robust gold loan growth.
Š PAT was above estimates, up 34% y-o-y and 8.2% q-o-q driven by NII growth, improvement in operational efficiency and stable asset quality.
Š Opex/AUM improved too, reducing by 65 bps y-o-y and 44 bps q-o-q to 3.79%. Credit cost stayed high.
Š Aseem Dhru, CEO & MD has stepped down, but we do not see any significant impact of the same in the medium to long term. We stay positive on the stock
with a revised PT of Rs. 110.

Read report - [Link]

Jan 28, 2026 Asian Paints Ltd Stock Update BUY 2,511 3,105

Summary
Š APL’s Q3FY26 numbers were soft with consolidated revenues rising 3.7% y-o-y, OPM up 94 bps y-o-y and adjusted PAT growing 6.3% y-o-y.
Š Management expects 4-5% revenue growth (volume growth of 8-10%) and maintained FY26 OPM guidance at 18-20% despite volatile raw material prices and
increased discounting.
Š Competitive intensity remains high, and APL expects it to persist, necessitating continued high spending on brand building.
Š Stock trades at 54x/48x/42x its FY26E/FY27E/FY28E EPS, respectively. We maintain Buy on the stock with a revised PT of Rs. 3,105.

Read report - [Link]

Jan 28, 2026 Cipla Ltd Stock Update BUY 1,332 1,585

Summary
Š One India revenues grew 10% y-o-y to Rs. 3,457 crore, on double-digit gains in branded formulations across respiratory, anti-diabetes/cardiac and urology
therapies.
Š North America sales fell 22% to $167 million on decline in gRevlimid and Lanreotide supply halt that also shrunk margins.
Š Strong US product pipeline would offset fall margin compression in the medium to long term; strategic deals to also drive growth.
Š Margins and return ratios are near pre-lenalidomide levels and with launches and strategic deals aiding growth from H2FY27 onwards, we believe valuations
are attractive at current levels. We recommend Buy with a PT of Rs. 1,585.

Read report - [Link]

Jan 28, 2026 JSW Steel Ltd Stock Update BUY 1,220 1,360

Summary
Š Consolidated revenue from operations stood at Rs. 45,991 crore in Q3FY26, up 11% y-o-y and 2% q-o-q, driven by higher volumes of 14% yoy partly offset by
a lower NSR.
Š Adjusted EBITDA at Rs. 6620 crore, rose ~20% y-o-y but declined 16% q-o-q. Adj. EBITDA margin came at 14.1% representing an improvement of 615 bps.
Š Consolidated PAT stood at Rs. 2,410 crore amid higher sales numbers accompanied by recognition of deferred tax assets of Rs. 1439 crore from the BPSL slump
sale.
Š At CMP, JSTL trades at current valuation of 9.1x/8.2x for FY27E/FY28E EV/EBITDA. We upgrade our rating to BUY with a PT of Rs. 1360, backed by strategic
expansion plans, better realisations on higher steel prices and emphasis on higher value-added products.

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Jan 28, 2026 Zee Entertainment Enterprises Ltd Stock Update BUY 79 111

Summary
Š Revenue stood at Rs. 2,280 crore, up 15.8% q-o-q (+15.2% y-o-y), on stable subscription revenues along with higher other sales and services. Digital business
turned EBITDA positive. .
Š Ad revenue has been weak for a brief period of time, declining for third straight quarter in Q3FY26 but grew q-o-q. With FMCG ad spending critical for revenue
and margin growth, Zee’s near-term goal of 8-10% revenue growth and margins reaching ~18% in FY26 looks unachievable.
Š There’s ongoing risk from structural shifts in spending toward digital platforms, potentially leading to further downside in estimates.
Š We trim FY27–FY28 estimates due to slower ad revenue recovery, steadier (but modest) subscription growth, and slower-than-expected margin improvement.
Court case v/s Jio also represents operational uncertainty. Hence, we revise our price target to Rs. 111, valuing the company at 15.0x Dec’27 earnings and
maintaining Buy rating.

Read report - [Link]

Jan 28, 2026 DLF Ltd Viewpoint POSITIVE 609 900

Summary
Š Pre-sales of Rs 419 crore in Q3 FY26, down significantly (97% y-o-y) due to no new launches and temporary pause of Dahlias. The collections stood at a record
quarterly high, up 65% y-o-y to Rs. 5,100 crore.
Š DCCDL, its annuity business performed well, rental income rising 18.4% y-o-y to Rs 1,412 crore.
Š The company is confident to achieve its full year pre-sales guidance of Rs. 20,000 crore (80% already done). Exit rental expected Rs.6400 for FY26.
Š We maintain a positive view on the stock with a revised TP of Rs. 900, given a strong growth potential in the residential segment and the scaling up of rental
portfolio.

Read report - [Link]

February 2026 11 Equity ValueGuide

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EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 29, 2026 Mahindra & Mahindra Financial Services Ltd Stock Update BUY 375 435

Summary
Š NIM grew 51 bps y-o-y to 7.15% (of AUM) driven by lower cost of funds. NII grew by 20.6% y-o-y and 9.1% q-o-q, beating our estimates.
Š PAT beat estimates by 9.9% to Rs. 810 crore, up by 42.4% q-o-q. RoA rose 72 bps q-o-q to 2.51%.
Š Asset quality improved, with GNPA at 3.8%, down 13 bps both y-o-y and q-o-q. Hence, credit costs plunged, driving profitability growth.
Š Stock trades at reasonable valuations. We maintain a Buy with an unchanged PT of Rs. 435 on improvement in NIMs, steady asset quality and return ratios.

Read report - [Link]

Jan 29, 2026 Birlasoft Ltd Stock Update BUY 403 465

Summary
Š Q3 revenue hit $151 million (up 0.1% q-o-q); margins surprised at 18.2% (15% sustainable). FY26 TCV to exceed $650 million.
Š Growth likely flat for 2–3 quarters due to headwinds in Manufacturing/Life Sciences verticals. Recovery anticipated by Q2FY27 as key verticals bottom out.
Š Pivoting from staff augmentation to higher-value fixed-price, outcome-based contracts. Focus remains on wallet-share expansion with existing clients.
Š We maintain a Buy and raise PT to Rs. 465 (20x P/E). Company’s success depends on converting deal wins into timely revenue.

Read report - [Link]

Jan 29, 2026 NIIT Learning Systems Ltd Stock Update BUY 381 450

Summary
Š Revenue grew 5.0% q-o-q (19.3% y-o-y) to Rs. 499.7 crore, largely on customer ramp-ups and wallet share gains along with strong inorganic contribution (MST
Group). Revenue in CC terms rose 11% y-o-y (up 2.5% q-o-q).
Š Company acquired SweetRush this quarter, with revenue contribution eyed from Q4. Combined with the recent MST acquisition, these moves strengthen
NLSL’s growth outlook through organic and inorganic momentum, wallet share gains, new client wins, and cross-selling opportunities.
Š Revenue estimates have been increased to include SweetRush, conservatively capped at ~$22 million based on its recent performance for FY28. EBIT margins
have been moderated due to SweetRush’s low double-digit margins partly offset by NLSL’s efficiency improvements.
Š With a solid deal pipeline, revenue visibility and inorganic accretion, company is well-positioned for sustained growth. We roll forward valuations to Dec-27;
maintain PT at Rs 450 at 18x P/E multiple with a buy rating

Read report - [Link]

Jan 29, 2026 Larsen & Toubro Ltd Stock Update BUY 3,794 4,700

Summary
Š Outstanding order inflows of Rs 1.36 lakh crore up 17% y-o-y, way ahead of our estimates. 9M order inflows grew by 30% y-o-y, exceeding the full year guidance
of 10% order inflow growth. Order book reached Rs 7.33 lakh crore, 30% higher y-o-y.
Š Revenue rose 10% to Rs 71,450 crore, below our estimates of 14% growth broadly impacted by slowdown in execution of water and infra projects. OPM
stood at 10.4% ahead of our expectations of 10.0%. Balance sheet improved, with Debt-to-Equity declining to 1.06 (from 1.18 y-o-y) sand Interest Coverage
strengthening to 8.44x for 9MFY26.
Š Management maintained growth guidance at 15%; core P&M margins stood at 8.5% and highlight that will surpass 10% growth in order inflow guidance.
Š We maintain a Buy with an revised PT of Rs. 4,700, considering strong order prospects and healthy earnings growth outlook. Order prospects pipeline at Rs
5.9 lakh crore.

Read report - [Link]

Jan 29, 2026 Bharat Electronics Ltd Stock Update BUY 453 525

Summary
Š Revenue grew 24% y-o-y, on strong order execution, exceeding our estimates and company’s guidance of 15%.
Š EBITDA grew 27.42% y-o-y, despite higher input costs, while margins stood at a healthy 29.74%, above the guidance of 27%+.
Š Q3 order inflows remained healthy at Rs 5,716 crores. Inflows for 9MFY26 exceeded Rs 20,400 crore, keeping the company firmly on track to achieve its full-year
target of Rs 27,000 crore.
Š Future order pipeline looks promising with large orders such as QRSAM and MRSAM are to be awarded in the coming years. we retain a Buy rating with revised
PT of Rs. 525. At CMP, the stock trades at 40x/34x its FY2026/FY2027 earnings estimates.

Read report - [Link]

Jan 30, 2026 TC Ltd Stock Update BUY 322 400

Summary
Š ITC’s Q3FY26 performance was driven by better-than-expected cigarette volume growth and healthy performance by FMCG-others business.
Š Standalone net revenue grew 5.7% y-o-y and OPM rose by 63 bps y-o-y to 34.8%, driving up adjusted PAT by 5.9% y-o-y.
Š Cigarette volumes and margins to be under pressure in the near term, offsetting factors such as soft tobacco prices, recovery in FMCG and paper businesses
and comfort on valuation.
Š Stock trades at 20x/18x/17x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 400.

Read report - [Link]

February 2026 12 Equity ValueGuide

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EQUITY FUNDAMENTALS BIRD’S EYE VIEW

Recommendation Price Target/ Upside (%)

Date Company Report Type Reco Price (Rs.)
Latest Chg Latest Chg

Jan 30, 2026 Colgate Palmolive (India) Ltd Stock Update BUY 2,120 2,460

Summary
Š Colgate’s Q3FY26 revenue grew 1.7% y-o-y, OPM fell 134 bps y-o-y to 29.7% and adjusted PAT declined by 2.8% y-o-y to Rs. 314 crore.
Š Core portfolio reported early green shoots, while the premium segment sustained strong performance.
Š A better demand environment and strong focus on execution would drive growth going ahead.
Š Stock trades at 42x/39x/36x its FY26E/FY27E/FY28E EPS, respectively. We maintain a Buy with a revised PT of Rs. 2,460.

Read report - [Link]

Jan 30, 2026 Dixon Technologies (India) Ltd Stock Update BUY 10,337 14,500

Summary
Š Revenue grew 2% as mobile volumes fell 18% y-o-y (35% q-o-q) to 6.9 million units.
Š EBITDA rose 6%; margins improved 15 bps to 3.9% via cost optimization and backward integration.
Š FY26 volume guidance cut to 34–36mn units (from 40–42mn); FY27 recovery hinges on Vivo JV approval.
Š We retain a Buy rating with Rs. 14,500 PT, factoring 31%/38% revenue/PAT CAGR (FY25–28E). Stock trades at 40x/32x on FY26E/FY27E earnings respectively.

Read report - [Link]

Jan 30, 2026 Nippon Life India Asset Management Ltd Stock Update BUY 862 1,000

Summary
Š Revenue from operations grew 20% y-o-y and 7% q-o-q, meeting estimates, driven by healthy AUM growth and stable yields.
Š Other income of Rs. 75 crore beat our expectation, while total expenses declined on lower discretionary spending.
Š Calc. EBITDA margin rose 105 bps y-o-y and 139 bps q-o-q largely on better cost control. Net profit at Rs 403.7 crore was up 36.7% y-o-y and 7% above our
estimates.
Š With strong numbers keeping structural story intact, we maintain a Buy with a revised PT of Rs. 1000.

Read report - [Link]

Jan 30, 2026 V-Guard Industries Ltd Stock Update BUY 335 430

Summary
Š Revenue grew 12% y-o-y, led by strong growth in the electricals, aided by volume growth due to upstocking by retailers and higher copper prices.
Š EBITDA rose 16% y-o-y with margins improving of 23 bps to 7.2% on calibrated pricing actions across its product profile.
Š Sunflame’s operational integration has been completed and sales integration is under way. The whole integration would take another two quarters.
Š We retain a Buy with a revised PT of Rs. 430, given its positive business outlook factoring in the strong growth from Electricals and Electronics business.

Read report - [Link]

Jan 30, 2026 Mahindra Logistics Ltd Stock Update BUY 344 400

Summary
Š Revenue rose 19.1% y-o-y to Rs. 1,898 crore, led by 3PL, Freight Forwarding, and Mobility. EBITDA jumped 39.5% y-o-y to Rs. 103 crore.
Š Company clocked first positive adjusted net profit (Rs. 10.6 crore) after 11 consecutive quarters of losses.
Š Prioritising scaled profitability and committed to eliminating ~95% of operational whitespace by September 2026.
Š We maintain a Buy rating with a revised PT of Rs. 400, factoring in downwardly revised estimates.

Read report - [Link]

Jan 30, 2026 Lodha Developers Ltd Viewpoint POSITIVE 971 1,400

Summary
Š Revenue rose 14% y-o-y to Rs. 4,673 crore (8% above estimates); EBITDA grew 8.4% to Rs. 1,415 crore(11.4% above expectations).
Š Pre-sales hit Rs. 5,620 crore (+24.6% y-o-y), reaching 70% of the Rs. 21,000 crore FY26 target. Collections fell 17% to Rs. 3,560 crore.
Š Company added 11 projects (GDV Rs. 58,800 crore), exceeding annual guidance by 2.35x.
Š We maintain a “Positive” view with a revised PT of Rs. 1,400, on strong pipelines and demand.

Read report - [Link]

Mirae Asset Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

February 2026 13 Equity ValueGuide

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EQUITY FUNDAMENTALS SECTOR UPDATE

Sector View
Date Sector Report Type
Latest Chg

Jan 06, 2026 Q3FY2026 IT Results Preview Sector Update Positive 

Summary
Š Following a robust performance in Q2FY26,Q3FY26E results are expected to face headwinds from seasonal weakness, leading to muted sequential growth.
Š Investors are likely to keenly eye the pace of synergy realisation from recent AI-driven capability enhancements and the inorganic acquisition, early indications
on CY26 budget allocations, and revenue generated from the AI pipeline.
Š We expect revenue growth of -0.3% to 2.0% for Tier-1 IT companies while Tier-2 IT companies would continue to outperform ranging from 0.2% to 3.5% in CC
q-o-q. EBIT margin is likely to be a mixed bag, with currency benefits likely to be offset by wage hikes for selective companies.

Read report - [Link]

Jan 07, 2026 Q3FY2026 Banking Results Preview Sector Update Positive 

Summary
Š We expect NII growth to be modest as NIMs look to stabilize in Q3FY26. Yield pressure due to rate cuts would be largely balanced by CRR cut and liquidity.
Š Loan growth trajectory should improve on YoY basis as levers such as GST rationalisation, lower rates etc. to come into play. Deposits growth should be lower
than credit growth in Q3FY26.
Š Asset quality to improve on sequential basis in most credit segments.
Š Preferred Picks - Axis Bank, Kotak Bank, HDFC Bank, SBI, CUB.

Read report - [Link]

Jan 08, 2026 Q3FY2026 Capital Goods Results Preview Sector Update Positive 

Summary
Š The capital goods sector is comfortably positioned, supported by - 1) A strong order book providing healthy revenue visibility, 2) Strong balance sheet that
provides leeway for capex, and 3) Favourable government policies.
Š Our universe for the sector is likely to report a ~16% y-o-y revenue growth. Most project-based companies would post healthy double-digit revenue growth on
a strong order book. Product-based companies would see stable growth of ~15.9%. OPM is likely to remain flat at 11.6% showcasing a marginal improvement
of 38bps y-o-y. Net profit is expected to grow by ~28.4% y-o-y, driven by healthy revenues.
Š Power companies in our coverage are expected to report revenue/EBITDA/PAT growth of 3%/1%/1.4% y-o-y. Company-wise PAT growth estimates are as
follows: NTPC – 3.9% y-o-y, PowerGrid – 0.7% y-o-y, Tata Power – -12% y-o-y, CESC – 20% y-o-y.
Š Preferred Picks: Project-based companies - We prefer BEL, HAL, KOEL, Triveni Turbines, KEC International and Kalpataru Projects; Consumer electricals -
prefer, Amber Enterprises, Polycab India and KEI Industries. In the power segment, we like CESC, NTPC and Powergrid.

Read report - [Link]

Jan 08, 2026 Q3FY2026 Consumer Goods Results Preview Sector Update Positive 

Summary
Š Volumes to see uptick in Q3FY26 across companies as GST-led disruptions eased in later half of Q3. Further, a favorable winter drove sales of winter-centric
categories. Rural markets stood resilient, while urban markets continued to see signs of a recovery.
Š Revenue/PAT for our universe is expected to grow ~8%/~7% y-o-y. Paint players likely to see a gradual recovery, while alco-beverage companies will sustain a
strong show.
Š Stable input costs to aid gross margin expansion, while OPM should see y-o-y improvement across the sector, fuelled by enhanced operating leverage.
Š Stabilisation post GST-led transition, sustained rural recovery and improving urban sentiment would support demand in the near term. Preferred Picks: Asian
Paints, Marico, Godrej Consumer, Radico Khaitan and Allied Blenders & Distillers.

Read report - [Link]

Jan 09, 2026 Q3FY2026 Consumer Discretionary Results Preview Sector Update Positive 

Summary
Š Hotels to report a comeback after a muted Q2 led by multiple drivers such as a strong wedding season and good traction to leisure and corporate travel.
Jewellery companies world post strong growth led by robust wedding and festive demand.
Š Apparel retailers to see growth slow due to a shift in festive dates partly to Q2 (versus Q3 last year) and weak demand. QSR demand stays muted owing to
heightened competitive intensity and discretionary slowdown.
Š Demand would improve across categories on GST rate cuts, wedding and festive season and expectations of interest rate cut.
Š Preferred picks- Lifestyle fashion: Titan, V2 Retail; Out-of-home discretionary: Indian Hotels Company, Lemon Tree Hotels, Samhi Hotels, and Jubilant
FoodWorks; Textiles: Welspun Living and Gokaldas Exports

Read report - [Link]

Š Upgrade  Š No change  Š Downgrade 

Š Note: The arrow indicates change in call and price target, if any, vis-à-vis the previous report

February 2026 14 Equity ValueGuide

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EQUITY FUNDAMENTALS SECTOR UPDATE

Sector View
Date Sector Report Type
Latest Chg

Jan 09, 2026 Q3FY2026 Pharmaceuticals and Healthcare Results Preview Sector Update Positive 

Summary
Š Our universe of pharmaceutical companies is likely to clock~13% y-o-y revenue growth in Q2FY2026.
Š Domestic market remains strong and our coverage universe is expected to outperform the IPM while price erosion in the US and lack of new product launches
in the region will weigh down the performance of some of the export reliant companies.
Š Overall EBITDA growth seen at 12% y-o-y with companies such as torrent, Laurus, Divis and Lupin to witness significant margin expansion.
Š Sun Pharmaceuticals, Dr Reddy’s to lag on account of gRevelimid impact and lack of significant launches in the near term.

Read report - [Link]

NBFCs: Positive; Insurance: Neutral;

Jan 09, 2026 Q3FY2026 NBFCs, Insurance, AMC & Diversified Financials Results Preview Sector Update AMCs: Positive;
Diversified Financials: Positive

Summary
Š NBFCs: Loan growth trend is expected mix for NBFCs, however diversified and vehicle financers are expected to lead the growth. NIMs are expected to expand
on lower cost of funds, which will add up for profitability. Credit cost is expected to stay elevated on yearly basis though reduces sequentially. Overall, asset
quality is expected stable in most segments.
Š Insurers: APE growth is likely to be strong on account of tailwinds due to rationalisation of GST which is expected to drive protection and lower interest rates
will drive non-par segment. VNB margins are expected to have impacted due to ending of input tax credit post GST cuts. Though, it will be partially offset by a
favorable product mix, a cut in commissions and renegotiations.
Š AMCs and diversified: For NAM India, we have built in an ~7% q-o-q growth in AUM. BSE limited is expected to report healthy profitability aided by transaction
charges and improved contribution from listings and expanding co-location services.
Š Top Preferred Picks: NBFCs: Aditya Birla Capital, HFCs: PNB HFC, SBFC, HUDCO; Insurance: Max Financial; Others: Bajaj Finserv.

Read report - [Link]

Jan 09, 2026 Q3FY2026 Cement Results Preview Sector Update Positive 

Summary
Š Cement companies in our coverage (ex-Grasim) may clock a ~16.0% y-o-y revenue growth in Q3FY26, led by an ~13.0% y-o-y volume growth and a ~2.6% y-o-y
rise in realisations.
Š Weighted average EBITDA/tonne is likely to increase ~19.5% y-o-y to ~Rs. 917, supported by operating leverage, modest rise in realisations and cost optimisation.
Consequently, operating profit is estimated to grow ~35.0% y-o-y.
Š Average cement prices have estimated to have declined 1-2% q-o-q, reflecting weak demand in October-November due to festive disruptions, low construction
activities and labour shortages in certain regions.
Š Demand improved meaningfully in December, led by a pickup in infrastructure activity. We remain positive on the sector; UltraTech , Shree cement and JK
Lakshmi Cement are our preferred picks.

Read report - [Link]

Mirae Asset Sharekhan Limited, its analyst or dependant(s) of the analyst might be holding or having a position in the companies mentioned in the article.

February 2026 15 Equity ValueGuide

TECHNICALS Nifty

INDEX PAGE
EQUITY TECHNICALS TREND & VIEW

Poised for swift ascent

Daily view
• The Nifty 50 exhibits a highly constructive technical setup on the
daily chart, consistently sustaining above Budget Day’s high of
25450. This level has evolved into a formidable “floor,” and as long as
the index remains above this pivot, the “Buy on Dips” regime remains
the dominant strategy. A breach below this support would be the
first signal of a dampening bullish bias.
• Currently, the index is showing strong trend alignment, trading
comfortably above its short-term moving averages, i.e the 20-
day SMA and the 40-day EMA. This positioning confirms that the
immediate momentum is firmly in the bulls’ favour.
• Looking ahead, the 26,000–26,100 zone serves as a critical overhead
hurdle. A decisive breakout above this resistance is likely to trigger
a massive short-covering rally, as the trapped bears exit their
positions. Such a move would clear the path for a swift ascent toward
26,500 and 26,700 levels in the near term.

Trend Resistance Support

Up 26100 25700

Weekly view
• The Nifty has displayed significant technical resilience on the weekly
chart, successfully reclaiming the 25,700 breakdown level. This
recovery is a bullish signal, effectively flipping a previous resistance
zone into a reliable support floor for any near-term pullbacks.
• Currently, the index is maintaining a strong structural uptrend,
trading comfortably above both the 20-week Simple Moving Average
(SMA) and the 40-week Exponential Moving Average (EMA). This
alignment confirms that the medium-term strength remains intact
and the “path of least resistance” is skewed to the upside.
• The immediate focus now shifts to the weekly hurdle of 26,100 that
acts as the final gateway; a decisive close above it would likely trigger
a fresh round of short-covering and aggressive long build-ups,
propelling the index into uncharted territory to record new highs.

Trend Resistance Support

Up 26300 25450

Monthly view
• The Nifty 50 is currently exhibiting a “V-shaped” recovery on the
monthly timeframe. Following the post-Budget volatility, the index
successfully absorbed selling pressure at lower levels, staging a
sharp reversal that has brought it within striking distance of its All-
Time High (ATH).
• Structurally, the Budget Day high—specifically the 25,450 mark—has
transitioned from a psychological barrier into a pivotal floor for the
bulls. Sustaining price action above this level is critical; it confirms
that the recent dip was merely a “shakeout” rather than a trend
reversal.
• From a technical standpoint, the setup is highly constructive.
Momentum indicators (such as the RSI and MACD) have realigned
within the Buy Zone, suggesting that the underlying trend possesses
the “velocity” required for a breakout. Once the index clears
its previous ATH with conviction, we expect a swift momentum
expansion. This “blue sky zone” trajectory likely positions the Nifty
for a march toward the 27000 and 28000 milestones.

Trend Resistance Support

Up 26300 25200

February 2026 16 Equity ValueGuide

PMS DESK Prime Picks (Equity Strategy)

INDEX PAGE
PMS DESK PMS FUNDS

MASK PRIME PICKS (EQUITY STRATEGY)

OVERVIEW
Š MASK Prime Picks is multi-cap discretionary PMS scheme with an aim to generate superior risk adjusted returns across market
cycles through a well-defined stock selection process and balanced allocation between Quality and Alpha.
Š Performance benchmark : S&P BSE 500 TRI Index.
Š MASK Prime Picks follows a dual investment approach with two distinct portfolios, Quality and Alpha, to maintain disciplined
allocation between the core portfolio of proven structural growth companies (Quality) and an aggressive portfolio of midcap
companies (Alpha).
Š Assets Allocation: 0-100% in Equity stocks and excess cash balance if any, may be invested in mutual funds.
INVESTMENT STRATEGY
Š Maintain a disciplined investment approach by building a core portfolio of proven secular growth companies that provide steady
returns over a period of time.
Š Use allocation in the Alpha portfolio to generate outperformance through superior selection of stocks in the midcap space.
Š Investors get to choose allocation options between Quality and Alpha portfolios depending upon the risk profile and market
conditions.
RISK
Š Market Risk : As the portfolio created under Prime Portfolio product is invested in the equity market, if for reason the equity
market corrects, there will be associated risk with this product too.
Š Risk associated with full deployment of cash, so in the event of a market correction, there can be risk to the portfolio.

PRICING & PRODUCT FEATURES

MASK Prime Picks PMS
Particulars
Plan A Plan B Plan C Plan D
Minimum Investment Rs. 50 lakh Rs. 50 lakh Rs. 50 lakh Rs. 50 lakh
Additional Investments Multiples of Rs. 1 lakh Multiples of Rs. 1 lakh Multiples of Rs. 1 lakh Multiples of Rs. 1 lakh
Management Fees 0%-2% p.a. + taxes 0%-2% p.a. + taxes 0%-1% p.a. + taxes 2.5% p.a. + taxes
0.1%-0.5% + statutory
Brokerage 0.1% + statutory charges 0.1% + statutory charges 0.1% + statutory charges
charges
Hurdle Rate 18% (net of all the cost) 15% (net of all the cost) 12% (net of all the cost) Nil
20% profit sharing post 20% profit sharing post 20% profit sharing post
Profit Sharing Fees* Nil
hurdle rate hurdle rate hurdle rate
3% if exit within 1 year; 2% 3% if exit within 1 year; 2%
Exit Load Nil if exit within 2 years; 1% if if exit within 2 years; 1% if Nil
exit within 3 years exit within 3 years
Note : Management Fees are not charged upfront but in four installments at the end of each quarter. Fees are subject to overall regulatory caps as
may be specified in the Disclosure Document. *Subject to High Water Mark Principle.
MASK Prime Picks Portfolio Performance (as of 31 January 2026)
Duration MASK Prime Picks* S&P BSE 500 TRI Index NIFTY 50 TRI INDEX
1 Month -2.94% -3.34% -3.04%
3 Month -4.08% -2.64% -1.45%
6 Month -3.05% 0.98% 2.64%
1 Year -0.82% 7.74% 8.97%
2 Year (CAGR) 1.41% 8.72% 9.26%
3 Year (CAGR) 15.20% 16.39% 14.07%
5 Year (CAGR) 13.39% 16.43% 14.53%
Note :
1. Returns are net of all taxes and cost. Top 5 Stocks – MASK Prime Picks QUALITY
2. Returns are generated by Moneyware system and based on TWRR method of calculations as
mandated by SEBI
1 ICICI BANK
3. Above 1 year return is Compounded Annual Growth Rate (CAGR) 2 BHARTI AIRTEL
4. Performance related information provided herein is not verified by SEBI
5. Performance relative to other Portfolio Managers within the selected Strategy: Click Here. (as per 3 L&T
clause 2.13 of SEBI Circular SEBI/HO/IMD/IMD-PoD-2/P/CIR/2022/172, dated December 16, 2022)
4 M&M
Prime picks Strategy Sharpe(3Yrs) Sortino(3Yrs) 5 RELIANCE INDUSTRIES
Moderate Model 1.659 1.545 Top 5 Stocks – MASK Prime Picks ALPHA
Aggressive Model 1.665 1.489 1 AXIS BANK
Conservative Model 1.57 1.517 2 DELHIVERY LTD
Note : The Sharpe ratio measures the excess return earned per unit of total risk (volatility) taken 3 HINDUSTAN AERONAUTICS LTD
by the investment. The Sortino ratio measures the excess return earned per unit of downside
risk, focusing only on negative volatility. 4 SRF
5 APOLLO HOSPITAL

February 2026 17 Equity ValueGuide

 INDEX PAGE
PMS DESK PMS FUNDS

20%
16.39% 16.43%
15.20%
15% 13.39%

10% 8.72%
TWRR Returns

7.74%

5%
1.41%
0.98%
0%
-0.82%
-2.64% -3.05%
-2.94% -3.34%
-5% -4.08%

-10%
1 Month 3 Month 6 Month 1 Year 2 Year 3 Year 5 Year

Time frame
Prime Picks PMS S&P BSE 500 TRI Index

Disclaimer & Disclosure :

The Portfolio Manager provides an option for Direct On-boarding. Performance related information provided herein is not verified
by SEBI. For more details with regard to Portfolio Manager, investment approach, risks, conflicts and other terms, please read the
Disclosure Document carefully (available on [Link]) before making an investment decision. Investment in securities
market is subject to market risks, read all the related documents carefully before investing.
This document has been prepared by Sharekhan Limited (Sharekhan) and is not for any type of circulation. Any reproduction, review,
retransmission, or any other use is prohibited. Kindly note that this document does not constitute an offer or solicitation for the purchase or
sale of any financial instrument or as an official confirmation of any transaction. Sharekhan will not treat recipients as customers by virtue of
their receiving this document. This document is prepared for assistance only and is not intended to be and must not alone be taken as the basis
for an investment decision. The value of the portfolio investments may be affected generally by factors affecting financial markets, such as
price and volume, volatility in interest rates, currency exchange rates, changes in regulatory and administrative policies of the Government or
any other appropriate authority (including tax laws) or other political and economic developments. Consequently, there can be no assurance
that the objective of the Portfolio would achieve. The value of the portfolios may fluctuate and can go up or down. The inability of the Portfolio
Manager to make intended securities purchases due to settlement problems could cause the portfolio to miss certain investment opportunities.
No claims may be made or entertained for any variances between the performance depictions and individual portfolio performance. Neither
the Portfolio Manager nor Sharekhan, its Directors, Employees or Sponsors shall be in any way liable for any variations noticed in the returns
of individual portfolios. The Client shall not make any claim against the Portfolio Manager against any losses (notional or real) or against
any loss of opportunity for gain under various PMS Products. There is no assurance or guarantee that the objectives of the portfolio will be
achieved. Please note that past performance of the financial products, instruments and the portfolio does not necessarily indicate the future
prospects and performance thereof. Portfolio Manager’s investment decisions may not be always profitable, as actual market movements may
be at variance with anticipated trends. The investors are not being offered any guaranteed or assured returns. The services mentioned in this
document are not directed or intended for distribution to, or use by, any person or entity who is a citizen or resident of or located in any locality,
state, country or other jurisdiction, where such distribution, publication, availability or use would be contrary to law, regulation or which would
subject the Sharekhan and affiliates to any registration or licensing requirement within such jurisdiction. PMS is not offered in Commodity
Derivative Segment by Sharekhan Limited. Before investing in the asset class consider your investment objectives, level of experience and risk
appetite carefully. Brokerage will not exceed the SEBI prescribed limit.
Registered Office Address: 1st Floor, Tower No. 3, Equinox Business Park, LBS Marg, Off BKC, Kurla (West), Mumbai 400 070, Maharashtra,
India.
Correspondence Address: 10th Floor, Gigaplex Bldg. No. 9, Raheja Mindspace, Airoli Knowledge Park Rd, MSEB Staff Colony, TTC Industrial
Area, Airoli, Navi Mumbai, Maharashtra 400708, India. Tel: 022 6116 9000/ 6115 0000; Fax no. 6116 9699.
SEBI Regn. Nos.: BSE / NSE / (CASH / F&O / CD) / MCX Commodity: INZ000171337; CIN No. U99999MH1995PLC087498; DP: NSDL / CDSL - IN-
DP-365-2018; NSE Member ID 10733; BSE Member ID 748; MCX Member ID 56125. PMS: INP000005786; Sharekhan Ltd. (AMFI-registered Mutual
Fund Distributor) Mutual Fund: ARN 20669 (date of initial registration: 03/07/2004, valid till 02/07/2026); Research Analyst: INH000006183;
IRDAI Registered Corporate Agent (Composite) License No. CA0950, valid till June 13, 2027. For any complaints, email at igc@[Link]
Compliance Officer: Mr. Joby John Meledan; Email ID: complianceofficer@[Link]; Tel: 022-4657 3809.
This information is only for consumption by the client, and such material should not be redistributed. Sharekhan Limited shall not be responsible
or liable for any loss or shortfall incurred by the investors. Investors are not being offered any guaranteed or assured rate of return through
this document.

February 2026 18 Equity ValueGuide

 InvesTiger Stock Baskets

INDEX PAGE
INVESTMENT PORTFOLIOS INVESTMENT PORTFOLIOS

InvesTiger : Most Popular Portfolios

Return Matrix – Thematic Category - Economic Recovery Picks Return Matrix – Premier Category - Power Portfolio Picks

Portfolio Nifty 50 Portfolio

Time Period OP/UP Time Period Nifty Return OP/UP
Return Return Return

1 Month -4.2% -3.1% -1.1% 1 Month -1.7% -3.1% 1.4%

3 Month 1.3% -1.6% 2.9% 3 Month -2.2% -1.6% -0.6%

6 Month 6.2% 2.2% 4.0% 6 Month 2.4% 2.2% 0.2%

1 Year 8.7% 7.7% 1.0% 1 Year 15.0% 7.7% 7.3%

Since Inception
119.7% 54.8% 64.9% Since Inception 116.2% 52.7% 63.6%
(June 2022)

Source: Team InvesTiger Source: Team InvesTiger

Economic Recovery Pick vs Nifty 50 Power Portfolio vs Nifty 50

255.00 250.00
235.00 230.00
215.00 210.00

195.00 190.00

175.00 170.00

155.00 150.00
130.00
135.00
110.00
115.00
90.00
95.00
28-Feb-23
31-Mar-23

31-May-23

29-Feb-24
31-Mar-24

31-May-24

28-Feb-25
31-Mar-25

31-May-25
31-Jul-22

31-Jul-23

31-Jul-24

31-Jul-25
30-Jun-22

31-Aug-22
30-Sep-22

30-Nov-22
31-Dec-22
31-Jan-23

30-Jun-23

30-Nov-23
31-Dec-23
31-Jan-24

30-Jun-24

31-Dec-24
31-Jan-25

30-Jun-25

31-Dec-25
31-Jan-26
31-Oct-22

30-Apr-23

31-Aug-23
30-Sep-23
31-Oct-23

30-Apr-24

31-Aug-24
30-Sep-24

30-Nov-24
31-Oct-24

30-Apr-25

31-Aug-25
30-Sep-25

30-Nov-25
31-Oct-25
28-Feb-23
31-Mar-23

31-May-23

29-Feb-24
31-Mar-24

31-May-24

28-Feb-25
31-Mar-25

31-May-25
31-Jul-22

31-Jul-23

31-Jul-24

31-Jul-25
30-Jun-22

31-Aug-22
30-Sep-22

30-Nov-22
31-Dec-22
31-Jan-23

30-Jun-23
31-Oct-22

30-Apr-23

31-Aug-23
30-Sep-23

30-Nov-23
31-Dec-23
31-Jan-24

30-Jun-24
31-Oct-23

30-Apr-24

31-Aug-24
30-Sep-24

30-Nov-24
31-Dec-24
31-Jan-25

30-Jun-25
31-Oct-24

30-Apr-25

31-Aug-25
30-Sep-25

30-Nov-25
31-Dec-25
31-Jan-26
31-Oct-25

Economic Recovery Picks Nifty Power Portfolio Nifty

Source: Team InvesTiger Source: Team InvesTiger

Premier Category Portfolios

Power Portfolio Star Portfolio Top Picks Emerging Stars Portfolio

Portfolio Nifty 50 Portfolio Nifty200 Portfolio Nifty 50 Portfolio Nifty Midcap

Time Period OP/UP Time Period OP/UP Time Period OP/UP Time Period OP/UP
return Return return Return return Return return 100 Return

1 Month -1.7% -3.1% 1.4% 1 Month 0.3% -3.0% 3.3% 1 Month -4.2% -3.1% -1.1% 1 Month -6.9% -3.4% -3.5%

3 Month -2.2% -1.6% -0.6% 3 Month -1.3% -1.9% 0.6% 3 Month -0.8% -1.6% 0.8% 3 Month -12.1% -2.3% -9.8%

6 Month 2.4% 2.2% 0.2% 6 Month -0.3% 2.0% -2.3% 6 Month 5.0% 2.2% 2.7% 6 Month -10.9% 1.8% -12.7%

1 Year 15.0% 7.7% 7.3% 1 Year 12.6% 7.9% 4.7% 1 Year 9.9% 7.7% 2.1% 1 Year -6.3% 8.8% -15.1%

Since Since Since Since

Inception 116.2% 52.7% 63.6% Inception 129.7% 61.1% 68.5% Inception 84.2% 52.7% 31.5% Inception 61.2% 93.2% -32.0%
(June 2022) (June 2022) (June 2022) (Jan 2023)

Thematic Category Portfolios

Economic Recovery Picks Export Picks MNC Picks Green Model Portfolio
Portfolio Nifty 50 Portfolio Nifty 500 Portfolio Nifty MNC Portfolio Nifty 100
Time Period OP/UP Time Period OP/UP Time Period OP/UP Time Period OP/UP
return Return return Return return Return return ESG Return

1 Month -4.2% -3.1% -1.1% 1 Month 0.8% -3.3% 4.1% 1 Month -1.1% -0.5% -0.6% 1 Month -1.5% -2.1% 0.6%

3 Month 1.3% -1.6% 2.9% 3 Month 0.9% -2.7% 3.5% 3 Month 2.5% 0.7% 1.8% 3 Month -0.8% 0.1% -1.0%

6 Month 6.2% 2.2% 4.0% 6 Month 3.2% 0.7% 2.5% 6 Month 4.2% 5.8% -1.6% 6 Month 2.7% 3.8% -1.1%

1 Year 8.7% 7.7% 1.0% 1 Year 2.2% 6.9% -4.7% 1 Year 6.7% 10.8% -4.1% 1 Year 2.3% 10.2% -7.9%

Since Since Since Since

Inception 119.7% 54.8% 64.9% Inception 75.8% 78.2% -2.4% Inception 47.8% 62.1% -14.2% Inception 96.7% 53.4% 43.3%
(June 2022) (June 2022) (June 2022) (Jan 2023)

Note: Returns shown above pertain to Model Portfolio of each stock basket are as on January 2026.
Source: Team InvesTiger

February 2026 19 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

Top Equity Fund Picks

6 months Data as on December 31, 2025
Returns (%) < 1 Year absolute and > 1 Year
Scheme Track CAGR AUM
Fund Name NAV (Rs.) Riskometer*
Record 6 1 3 5 Since (In crs.)
Months Year Years Years Inception
Large Cap Funds

Nippon India Large Cap Fund More than 5Yrs 2.5 9.2 19.5 20.2 13.0 50,876 94.1 Very High

ICICI Prudential Large Cap Fund More than 5Yrs 3.5 11.3 18.3 18.0 14.9 78,502 115.5 Very High
DSP Large Cap Fund More than 5Yrs 1.5 8.4 18.3 14.9 18.6 7,285 487.3 Very High
Invesco India Largecap Fund More than 5Yrs 0.0 5.5 17.4 15.8 12.7 1,718 70.9 Very High
Kotak Large Cap Fund More than 5Yrs 2.3 8.7 15.8 15.1 17.7 11,087 594.9 Very High
WhiteOak Capital Large Cap Fund 2-5Yrs 1.9 7.7 17.1 - 14.9 1,143 15.4 Very High
Motilal Oswal Large Cap Fund Less than 2Yrs 1.7 8.5 - - 20.5 3,066 14.3 Very High
Large & Mid Cap Funds
Motilal Oswal Large and Midcap Fund (MOFLM) More than 5Yrs -3.3 -4.2 24.6 22.6 21.4 15,055 33.3 Very High
Invesco India Large & Mid Cap Fund More than 5Yrs -1.5 4.7 23.7 19.6 13.4 9,344 100.6 Very High
Bandhan Large & Mid Cap Fund More than 5Yrs 4.0 7.5 23.6 22.0 13.8 13,636 139.8 Very High
UTI Large & Mid Cap Fund More than 5Yrs 2.8 7.4 22.5 22.0 13.9 5,635 188.1 Very High
Nippon India Vision Large & Mid Cap Fund More than 5Yrs 1.4 5.5 21.2 19.5 18.0 6,896 1501.7 Very High
HDFC Large and Mid Cap Fund More than 5Yrs 0.9 6.1 20.4 22.0 12.9 28,980 349.2 Very High
Bajaj Finserv Large and Mid Cap Fund Less than 2Yrs 0.6 5.3 - - 13.1 2,340 12.6 Very High
Mid Cap Funds
Edelweiss Mid Cap Fund More than 5Yrs 0.8 3.8 25.9 25.1 13.9 13,650 104.5 Very High
HDFC Mid Cap Fund More than 5Yrs 3.5 6.8 25.7 25.5 17.7 92,642 203.5 Very High
Motilal Oswal Midcap Fund More than 5Yrs -5.5 -12.1 25.1 27.5 21.3 36,880 98.9 Very High
Nippon India Growth Mid Cap Fund More than 5Yrs -0.2 3.6 25.0 24.8 22.1 42,124 4224.4 Very High
HSBC Midcap Fund More than 5Yrs 1.7 -1.3 24.5 20.5 18.9 12,440 402.5 Very High
Sundaram Mid Cap Fund More than 5Yrs 3.1 4.1 24.5 22.7 23.6 13,293 1436.2 Very High
WhiteOak Capital Mid Cap Fund 2-5Yrs 3.3 5.2 25.7 - 23.4 4,448 20.1 Very High
Small Cap Funds
Bandhan Small Cap Fund More than 5Yrs -1.7 -1.1 29.5 25.5 30.0 18,990 46.4 Very High
Invesco India Smallcap Fund More than 5Yrs -2.2 -2.9 24.4 25.4 22.1 9,225 41.7 Very High
Nippon India Small Cap Fund More than 5Yrs -4.0 -4.7 21.4 27.1 20.2 68,287 166.3 Very High
HDFC Small Cap Fund More than 5Yrs -1.7 -0.6 20.1 24.5 16.0 37,753 138.3 Very High
Tata Small Cap Fund Reg Gr More than 5Yrs -9.5 -12.5 15.4 23.2 20.0 11,324 36.8 Very High
JM Small Cap Fund Less than 2Yrs -6.4 -8.4 - - -2.1 703 9.7 Very High
Bajaj Finserv Small Cap Reg Gr Less than 2Yrs - - - - -8.9 1,575 9.6 Very High
Abakkus Small Cap Fund NFO Tentative - Feb 2026 Very High
Flexi Cap Funds
Parag Parikh Flexi Cap Fund More than 5Yrs 2.1 7.8 22.2 19.8 18.7 1,33,309 87.1 Very High
Motilal Oswal Flexi Cap Fund More than 5Yrs -5.1 -5.6 21.7 15.0 16.6 13,862 60.3 Very High
HDFC Flexi Cap Fund More than 5Yrs 3.7 11.4 21.6 23.7 18.8 96,295 2072.3 Very High
Aditya Birla Sun Life Flexi Cap Fund More than 5Yrs 4.2 11.2 18.4 16.4 21.1 25,098 1893.3 Very High
Franklin India Flexi Cap Fund More than 5Yrs -0.3 3.3 18.0 19.4 17.8 19,972 1665.7 Very High
Mirae Asset Flexi Cap Fund 2-5Yrs 3.7 8.9 - - 19.2 3,542 16.5 Very High
Bajaj Finserv Flexi Cap Fund 2-5Yrs 0.8 6.5 - - 18.4 6,342 14.9 Very High
NJ Flexi Cap Fund* Less than 2Yrs -1.2 -2.9 - - 13.0 2,506 13.4 Very High
Dividend Yield Funds
LIC MF Dividend Yield Fund More than 5Yrs -1.2 2.6 21.4 18.2 17.5 689 31.0 Very High
Aditya Birla Sun Life Dividend Yield Fund More than 5Yrs 1.6 2.3 19.3 19.5 18.3 1,511 461.0 Very High
HDFC Dividend Yield Fund More than 5Yrs 0.4 3.3 18.3 20.2 20.2 6,105 25.3 Very High

February 2026 20 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS
6 months Data as on December 31, 2025
Returns (%) < 1 Year absolute and > 1 Year
Scheme Track CAGR AUM
Fund Name NAV (Rs.) Riskometer*
Record 6 1 3 5 Since (In crs.)
Months Year Years Years Inception
Value & Contra Funds
HSBC Value Fund More than 5Yrs 2.0 7.0 23.4 22.6 16.5 14,753 114.9 Very High
Nippon India Value Fund More than 5Yrs 1.2 4.2 22.0 21.5 16.5 9,153 231.7 Very High
Kotak Contra Fund More than 5Yrs 3.3 7.4 21.0 19.9 14.4 5,136 156.9 Very High
Invesco India Contra Fund More than 5Yrs 0.9 3.1 20.0 18.4 15.1 20,658 138.2 Very High
Axis Value Fund 2-5Yrs 3.7 5.0 23.5 - 16.6 1,372 19.3 Very High
Mahindra Manulife Value Fund Less than 2Yrs 3.2 - - - 24.5 660 12.0 Very High
Multi Cap Funds
Nippon India Multi Cap Fund More than 5Yrs -0.7 4.1 21.8 25.2 17.8 50,352 300.6 Very High
ICICI Prudential Multicap Fund More than 5Yrs 0.6 5.7 20.0 19.8 15.1 16,263 806.0 Very High
Baroda BNP P Multi Cap Reg Gr More than 5Yrs 0.3 -2.8 18.7 19.1 16.3 3,142 288.3 Very High
WhiteOak Capital Multi Cap Fund 2-5Yrs 2.0 5.6 - - 21.0 2,957 15.4 Very High
Mirae Asset Multicap Fund 2-5Yrs 1.9 8.3 - - 18.0 4,594 14.8 Very High
Franklin India Multi Cap Fund Less than 2Yrs 3.2 5.0 - - 4.3 5,062 10.6 Very High
Bajaj Finserv Multi Cap Reg Gr Less than 2Yrs -0.2 - - - 18.0 1,110 11.5 Very High
Focused Funds
Invesco India Focused Fund More than 5Yrs -7.1 -6.9 21.4 18.1 20.6 4,912 26.8 Very High
DSP Focused Fund More than 5Yrs 1.8 7.3 19.5 14.8 11.7 2,687 56.1 Very High
Bandhan Focused Fund More than 5Yrs -0.6 -1.6 18.9 14.8 11.6 2,059 87.9 Very High
ICICI Prudential Focused Equity Fund More than 5Yrs 5.7 15.4 23.3 22.0 14.7 14,569 97.9 Very High
Aditya Birla Sun Life Focused Fund More than 5Yrs 3.1 10.1 17.2 15.4 14.3 8,209 149.2 Very High
SBI Focused Fund More than 5Yrs 6.6 15.7 18.3 16.7 18.6 43,173 381.1 Very High
ITI Focused Fund 2-5Yrs 2.5 7.7 - - 20.2 573 15.9 Very High
Old Bridge Focused Equity* Less than 2Yrs 2.9 7.4 - - 12.5 2,395 12.6 Very High
ELSS Funds
SBI ELSS Tax Saver Fund More than 5Yrs 2.3 6.6 24.0 21.7 12.4 32,609 454.1 Very High
Motilal Oswal ELSS Tax Saver More than 5Yrs -5.4 -9.1 22.6 19.9 16.0 4,341 50.5 Very High
HDFC ELSS Taxsaver Fund More than 5Yrs 2.3 10.3 21.2 21.6 21.7 17,163 1458.5 Very High
DSP ELSS Tax Saver Fund More than 5Yrs 2.2 7.5 20.1 19.6 15.2 17,609 145.2 Very High
Mirae Asset ELSS Tax Saver Fund More than 5Yrs 3.4 9.7 17.8 17.2 17.7 27,196 51.2 Very High
Parag Parikh ELSS Tax Saver Fund More than 5Yrs -1.3 5.0 17.2 18.2 19.8 5,915 32.0 Very High
WhiteOak Capital ELSS Tax Saver Fund 2-5Yrs 0.1 3.2 20.5 - 19.5 448 17.7 Very High
Sectoral & Thematic Funds
ICICI Prudential Manufacturing Fund More than 5Yrs 1.8 9.2 25.0 25.0 19.4 6,549 35.9 Very High
SBI Banking & Financial Services Fund More than 5Yrs 5.7 20.4 19.5 16.8 15.1 10,106 45.8 Very High
Tata India Consumer Fund More than 5Yrs 2.6 -2.1 18.9 16.7 16.3 2,671 45.4 Very High
Mirae Asset Great Consumer Fund More than 5Yrs 2.3 3.4 17.2 18.1 16.5 4,754 95.0 Very High
Sundaram Consumption Fund More than 5Yrs -0.5 -0.1 16.1 15.3 12.3 1,584 98.0 Very High
Tata Banking And Financial Services Fund More than 5Yrs 1.7 17.5 16.0 15.3 16.3 3,225 45.2 Very High
Nippon India Consumption Fund More than 5Yrs -0.8 3.0 15.8 18.5 15.1 2,761 199.2 Very High
Mirae Asset BSE India Defence ETF FOF NFO Issue Open - 02 Feb 2026 and issue close on -16 Feb 2026 Very High
Kotak Services Fund NFO Issue Open - 04 Feb 2026 and issue close on -18 Feb 2026 Very High
LIC Technology Fund NFO Issue Open - 10 Feb 2026 and issue close on -24 Feb 2026 Very High
Baroda BNP Paribas ESG Best-in-Class Strategy Fund NFO Issue Open - 12 Feb 2026 and issue close on -26 Feb 2026 Very High
Fund of Funds
ICICI Prudential Thematic Advantage Fund (FOF) More than 5Yrs 2.0 9.1 19.3 21.1 15.3 8,562 232.4 Very High

Mirae Asset Diversified Equity Allocator Passive FOF 2-5Yrs 2.1 8.5 16.1 16.0 19.8 990 25.9 Very High

Souce :- Morningstar Direct, * This addition represents a tactical opportunity identified in light of current market dynamics.
Note:- The above-mentioned performance relates to the “Regular – Growth” option.

February 2026 21 Equity ValueGuide

Top Hybrid, Gold and Debt Picks

INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

Top Hybrid and Gold-Silver Picks

Data as on December 31, 2025
Returns (%) < 1 Year absolute and > 1 Year
CAGR AUM NAV
Fund Name Scheme Track Record Riskometer*
6 3 5 Since (In crs.) (Rs.)
1 Year
Months Years Years Inception
Aggressive Hybrid Funds
UTI Aggressive Hybrid Fund More than 5Yrs 2.35 6.42 16.91 17.11 14.98 6,758 419.46 Very High
Edelweiss Aggressive Hybrid Fund More than 5Yrs 0.77 5.96 16.89 16.41 12.12 3,480 65.03 Very High
Mahindra Manulife Aggressive Hybrid Fund More than 5Yrs 1.33 8.15 16.88 16.78 17.28 2,108 27.93 Very High
DSP Aggressive Hybrid Fund More than 5Yrs 0.66 6.76 16.33 13.73 14.48 12,162 364.54 Very High
Bandhan Aggressive Hybrid Fund More than 5Yrs 4.51 7.66 16.18 15.20 11.67 1,576 27.01 Very High
Invesco India Aggressive Hybrid Fund More than 5Yrs -1.30 -0.22 15.91 13.26 11.51 828 22.65 Very High
Balanced Advantage Funds
HDFC Balanced Advantage Fund More than 5Yrs 1.99 7.24 18.01 19.79 18.02 1,08,205 534.92 Very High
Axis Balanced Advantage Fund More than 5Yrs 2.65 6.96 14.67 11.69 9.62 3,816 21.67 Very High
Baroda BNP Paribas Balanced Advantage Fund More than 5Yrs 2.26 7.82 14.49 12.40 13.92 4,748 25.32 Very High
ICICI Prudential Balanced Advantage Fund More than 5Yrs 4.57 12.22 13.66 12.78 11.39 70,535 77.62 Very High
Aditya Birla Sun Life Balanced Advantage Fund More than 5Yrs 2.30 10.09 13.18 11.37 9.79 8,944 109.99 Very High
Mirae Asset Balanced Advantage Fund 2-5Yrs 2.51 8.61 12.57 - 11.69 2,021 14.57 Very High
WhiteOak Capital Balanced Advantage Fund 2-5Yrs 1.62 7.00 - - 14.18 2,119 14.67 Very High
Multi Asset Funds
Nippon India Multi Asset Allocation Fund More than 5Yrs 10.15 19.56 20.80 16.75 17.73 10,661 23.91 Very High
UTI Multi Asset Allocation Fund More than 5Yrs 6.21 11.08 20.09 15.12 12.82 6,720 79.55 Very High
ICICI Prudential Multi-Asset Fund More than 5Yrs 7.83 18.60 19.58 21.90 20.95 78,179 820.58 Very High
SBI Multi Asset Allocation Fund More than 5Yrs 9.87 18.58 18.49 14.78 9.84 13,033 65.53 Very High
WhiteOak Capital Multi Asset Allocation Fund 2-5Yrs 7.44 16.94 - - 17.23 5,562 15.17 Moderately High
Sundaram Multi Asset Allocation Fund Less than 2Yrs 8.15 18.91 - - 15.92 3,090 13.28 High
DSP Multi Asset Omni Fund of Funds NFO Issue Open - 05 Feb 2026 and issue close on - 19 Feb 2026 Very High
Conservative Hybrid Funds
ICICI Prudential Regular Savings Fund More than 5Yrs 2.94 7.92 10.21 9.11 9.89 3,359 77.89 Moderately High
Kotak Debt Hybrid Fund More than 5Yrs 1.82 5.26 10.13 9.55 8.42 3,108 59.62 Moderately High
SBI Conservative Hybrid Fund More than 5Yrs 2.20 6.70 9.94 9.64 8.44 9,851 74.33 High
HDFC Hybrid Debt Fund More than 5Yrs 1.45 5.54 9.92 9.80 10.12 3,354 83.55 Moderately High
UTI Conservative Hybrid Fund More than 5Yrs 1.35 6.07 9.63 9.03 9.27 1,703 70.60 Moderately High
Aditya Birla Sun Life Regular Savings Fund More than 5Yrs 2.08 7.13 9.06 9.15 9.31 1,541 68.44 Moderately High
Parag Parikh Conservative Hybrid Fund 2-5Yrs 2.11 7.43 11.17 - 9.82 3,212 15.39 Moderately High
Equity Savings Funds
HSBC Equity Savings Fund More than 5Yrs 4.01 0.88 13.56 11.65 9.07 786 34.33 Moderately High
Kotak Equity Savings Fund More than 5Yrs 4.36 7.93 11.72 10.59 9.36 9,651 27.28 Moderately High
SBI Equity Savings Fund More than 5Yrs 1.16 5.05 11.40 9.78 8.78 5,919 24.41 High
Edelweiss Equity Savings Fund More than 5Yrs 3.95 7.95 11.39 9.77 8.93 1,195 26.10 Moderate
Sundaram Equity Savings Fund More than 5Yrs 1.76 6.39 11.39 11.20 8.73 1,207 72.06 Moderate
Mirae Asset Equity Savings Fund More than 5Yrs 2.78 8.69 11.33 10.61 11.02 1,865 20.93 Moderately High
UTI Equity Savings Fund More than 5Yrs 3.64 8.41 11.06 10.68 9.15 810 19.01 Moderate
Income Plus Arbitrage (Fund of Fund)
HDFC Income Plus Arbitrage Active FOF More than 5Yrs 2.57 1.31 11.99 12.88 10.47 2,461 39.93 Moderate
ICICI Prudential Income plus Arbitrage Active FOF More than 5Yrs 2.92 6.61 11.08 10.12 8.81 2,473 64.26 Moderate
Axis Income Plus Arbitrage Active FOF More than 5Yrs 2.67 7.80 7.77 6.32 6.89 2,268 14.84 Moderate
HSBC Income Plus Arbitrage Active FOF More than 5Yrs 2.49 5.40 7.35 5.59 6.98 670 21.97 Moderate
Bandhan Income Plus Arbitrage Fund of Funds More than 5Yrs 2.58 7.12 7.22 5.61 7.31 1,993 44.94 Moderate
Arbitrage Funds
Kotak Arbitrage Fund More than 5Yrs 2.84 6.42 7.21 6.01 6.89 72,153 38.54 Low
SBI Arbitrage Opportunities Fund More than 5Yrs 2.89 6.52 7.16 6.00 6.72 41,714 34.79 Low
UTI Arbitrage Fund More than 5Yrs 2.93 6.54 7.14 5.85 6.79 10,465 36.07 Low
Invesco India Arbitrage Fund More than 5Yrs 2.97 6.46 7.13 5.99 6.58 27,400 32.85 Low
Edelweiss Arbitrage Fund More than 5Yrs 2.83 6.35 7.06 5.86 6.17 16,270 19.93 Low

February 2026 22 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS
Data as on December 31, 2025
Returns (%) < 1 Year absolute and > 1 Year
CAGR AUM NAV
Fund Name Scheme Track Record Riskometer*
6 3 5 Since (In crs.) (Rs.)
1 Year
Months Years Years Inception
ICICI Prudential Equity - Arbitrage Fund More than 5Yrs 2.86 6.45 7.05 5.83 6.86 32,297 35.29 Low
Bandhan Arbitrage Fund More than 5Yrs 2.76 6.24 6.96 5.70 6.53 8,968 33.34 Low
Gold/Silver Schemes
SBI Gold Fund More than 5Yrs 37.61 71.51 32.80 20.00 9.95 10,775 38.81 High
Nippon India Gold Savings Fund More than 5Yrs 37.39 71.17 32.54 19.83 11.58 5,301 50.75 High
Kotak Gold Fund More than 5Yrs 37.03 70.37 32.14 19.68 11.63 5,213 50.79 High
Mirae Asset Gold ETF Fund of Fund Less than 2Yrs 37.61 71.48 - - 54.93 284 16.78 High
ICICI Prudential Silver ETF Fund of Fund 2-5Yrs 107.51 154.33 46.44 - 36.70 5,907 33.98 Very High
HDFC Silver ETF Fund of Fund 2-5Yrs 108.41 154.62 46.48 - 50.89 3,281 36.93 Very High
Souce :- Morningstar Direct
Note:- The above-mentioned performance relates to the “Regular – Growth” option.

Top Debt Picks

Data as on December 31, 2025
Returns (%) (Simple Annualised) YTM % Expence AUM
Fund Name NAV (Rs.) Riskometer*
3 Months 6 Months 1 Yr (Dec -25) Ratio (%) (In crs.)

Dynamic Bond Funds

360 ONE Dynamic Bond Fund 6.23 5.59 8.46 7.28 0.52 646 23.31 Moderately High
ICICI Prudential All Seasons Bond Fund 5.38 4.48 7.20 7.62 1.28 14,944 37.87 Moderately High
Nippon India Dynamic Bond Fund 5.20 2.81 7.10 6.96 0.75 4,388 38.09 Moderate
Axis Dynamic Bond Fund 6.88 4.06 7.08 6.70 0.63 1,175 30.29 Moderate
UTI Dynamic Bond Fund 5.24 2.94 6.03 6.99 1.55 430 31.49 Moderate
Corporate Bond Funds
HSBC Corporate Bond Fund 5.55 5.68 8.00 6.82 0.60 6,254 75.39 Moderate
ICICI Prudential Corporate Bond Fund 6.72 5.94 7.95 7.02 0.57 33,871 30.80 Moderate
Kotak Corporate Bond Fund - Std 5.87 5.23 7.82 7.04 0.69 18,841 3,886.70 Moderate
Aditya Birla Sun Life Corporate Bond Fund 6.21 4.93 7.37 7.12 0.52 29,856 116.00 Moderate
HDFC Corporate Bond Fund 5.62 4.79 7.33 7.13 0.62 34,805 33.43 Moderate
Short Duration Funds
ICICI Prudential Short Term Fund 6.65 5.98 7.98 7.32 1.06 23,473 62.13 Moderate
HDFC Short Term Debt Fund 6.17 5.57 7.83 7.11 0.73 18,079 33.02 Moderate
SBI Short Term Debt Fund 5.56 5.37 7.76 7.12 0.87 17,516 33.09 Moderate
Mirae Asset Short Duration Fund 5.18 4.88 7.37 6.77 1.08 589 16.17 Moderate
Kotak Bond Short Term Fund 5.39 4.71 7.29 7.04 1.12 18,022 53.56 Moderate
Low Duration Funds
UTI Low Duration Fund 6.27 6.26 7.55 7.02 0.41 2,667 3,664.89 Moderate
Axis Treasury Advantage Fund 6.19 6.21 7.50 6.93 0.67 5,979 3,194.93 Low to Moderate
Bandhan Low Duration Fund 5.81 5.79 7.20 6.48 0.66 6,613 39.76 Low to Moderate
Tata Treasury Advantage Fund 5.91 5.80 7.18 6.61 0.57 3,935 4,051.53 Low to Moderate
SBI Low Duration Fund 5.49 5.63 7.04 6.50 0.95 16,163 3,597.45 Moderate
Ultra Short Duration Funds
Aditya Birla Sun Life Savings Fund 6.32 6.41 7.39 6.81 0.61 23,615 566.27 Moderate
Mirae Asset Ultra Short Duration Fund 6.16 6.27 7.18 6.32 0.42 2,067 1,349.71 Low to Moderate
SBI Ultra Short Duration Fund 6.04 6.08 6.99 6.49 0.56 14,639 6,159.38 Low to Moderate
HDFC Ultra Short Term Fund 5.93 6.04 6.95 6.82 0.70 17,235 15.62 Low to Moderate
UTI Ultra Short Duration Fund 5.72 5.75 6.65 6.78 1.00 3,655 4,362.51 Moderate
Liquid Funds
Axis Liquid Fund 6.00 5.93 6.56 6.06 0.21 35,653 2,992.51 Low to Moderate
Tata Liquid Fund 5.98 5.92 6.52 6.08 0.31 18,946 4,232.59 Low to Moderate
DSP Liquidity Fund 6.00 5.92 6.52 6.09 0.19 17,777 3,836.76 Low to Moderate
Kotak Liquid Fund 5.91 5.88 6.50 6.01 0.31 29,817 5,430.87 Moderate
Nippon India Liquid Fund 5.92 5.87 6.49 6.09 0.33 27,591 6,557.37 Moderate
Souce :- Morningstar Direct”
Note:- The above-mentioned performance relates to the “Regular – Growth” option.

February 2026 23 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

Top Index Picks

Data as on December 31, 2025
CAGR Performance
Scheme Name (ICRA) Expense Ratio % AUM (Crs) Tracking Error %
1Yr 2Yr 3Yr

Broad Market
Nifty 50
UTI Nifty 50 Index Fund 0.31 26,947 0.02% 11.6 10.6 13.9
HDFC Nifty 50 Index Fund 0.35 22,718 0.02% 11.5 10.5 13.8
ICICI Prudential Nifty 50 Index Fund 0.36 15,405 0.03% 11.4 10.5 13.8
Nifty 50 TRI 11.9 11.0 14.3
BSE SENSEX
HDFC BSE Sensex Index Fund 0.36 9,187 0.02% 9.9 9.5 12.8
ICICI Prudential BSE Sensex Index Fund 0.28 1,998 0.03% 10.0 9.6 12.9
Nippon India Index Fund - BSE Sensex Plan 0.49 992 0.03% 9.8 9.3 12.6
BSE SENSEX TRI 10.4 9.9 13.3
Nifty Next 50
SBI Nifty Next 50 Index Fund 0.71 1,832 0.05% 2.2 14.0 17.9
HDFC NIFTY Next 50 Index Fund 0.66 2,159 0.06% 2.1 13.8 17.8
DSP Nifty Next 50 Index Fund 0.67 1,153 0.07% 2.4 14.0 18.1
Nifty Next 50 TRI 2.9 14.9 18.9
Nifty 100
BANDHAN NIFTY 100 INDEX FUND 0.61 227 0.03% 9.5 10.8 13.9
HDFC NIFTY 100 Index Fund 0.75 404 0.05% 9.4 10.7 13.7
Nifty 100 TRI 10.2 11.6 14.7
Nifty Large Midcap
ICICI Prudential Nifty LargeMidcap 250 Index Fund 0.76 249 0.05% 7.3 - -
HDFC NIFTY LargeMidcap 250 Index Fund 0.7 421 0.04% 7.3 - -
NIFTY Large Midcap 250 TRI 8.2 13.3 19.4
Nifty Midcap 150
SBI Nifty Midcap 150 Index Fund 0.82 974 0.05% 5.1 13.8 22.8
Nippon India Nifty Midcap 150 Index Fund 0.8 2,153 0.13% 5.1 13.8 22.9
HDFC NIFTY Midcap 150 Index Fund 0.77 490 0.06% 5.0 13.7 -
Nifty Midcap 150 TRI 6.0 14.9 24.0
Nifty Smallcap 250
SBI Nifty Smallcap 250 Index Fund 0.83 1,509 0.07% -6.4 8.4 20.1
HDFC NIFTY Smallcap 250 Index Fund 0.75 565 0.08% -6.3 8.4 -
ICICI Prudential Nifty Smallcap 250 Index Fund 0.84 562 0.12% -6.5 8.4 20.0
Nifty Smallcap 250 TRI -5.5 9.7 21.5
Nifty 500
Motilal Oswal Nifty 500 Index Fund 0.88 2,821 0.06% 6.9 10.8 15.6
Nifty 500 TRI 7.8 11.9 16.7

Sectoral
Scheme Name Expense Ratio % AUM (Crs) Tracking Error % 1Yr 2Yr 3Yr
Bank
Motilal Oswal Nifty Bank Index Fund 0.99 667 0.04% 16.9 10.9 11.3
ICICI Prudential Nifty Bank Index Fund 0.76 683 0.05% 17.1 11.1 11.4
Nifty Bank TRI 18.1 12.0 12.4
PSU, Private Bank & Financial Services
Kotak BSE PSU Index Fund 1.03 78 0.10% 10.9 - -
UTI Nifty Private Bank Index Fund 1.03 228 0.05% 15.3 - -
Tata Nifty Financial Services Index Fund 1.11 87 0.22% 16.8 - -
Nifty Financial Services TRI 18.6 14.5 14.4
Auto
ICICI Prudential Nifty Auto Index Fund 0.94 194 0.07% 23.3 22.8 30.3
Nifty Auto TRI 24.6 24.1 31.8
IT
Nippon India Nifty IT Index Fund 0.86 208 0.10% -11.2 - -

February 2026 24 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

ICICI Prudential Nifty IT Index Fund 0.88 619 0.14% -11.1 4.6 11.0
NIFTY IT TRI -10.4 5.6 12.1
Realty
HDFC NIFTY Realty Index Fund 0.85 112 0.08% -17.0 - -
Nifty Realty TRI -16.3 6.2 27.1
Healthcare
Tata Nifty MidSmall Healthcare Index Fund 1.11 159 0.10% -1.5 - -
ICICI Prudential Nifty Pharma Index Fund 0.98 94 0.11% -3.2 15.6 20.8
Nifty Pharma TRI -2.2 17.0 22.6
Thematic
HDFC Nifty India Consumption Index Fund Issue Open - 04 Feb 2026 and issue close on -13 Feb 2026

Strategy
Scheme Name Expense Ratio % AUM (Crs) Tracking Error % 1Yr 2Yr 3Yr
Nifty 100 Quality 30
Edelweiss Nifty 100 Quality 30 Index Fund 1.04 163 0.15% 6.4 8.4 15.4
NIFTY200 Quality 30
UTI Nifty 200 Quality 30 Index Fund 1.04 659 0.10% 3.6 - -
Nifty Midcap 150 Quality 50
UTI Nifty Midcap 150 Quality 50 Index Fund 1.04 246 0.08% -1.5 8.4 14.4
DSP Nifty Midcap 150 Quality 50 Index Fund 0.93 471 0.09% -1.4 8.3 14.4
Nifty Smallcap250 Quality 50
DSP Nifty Smallcap250 Quality 50 Index Fund 0.85 285 0.24% -12.3 4.9 -
NIFTY 50/ Top 10 Equal Weight Index
HDFC NIFTY50 Equal Weight Index Fund 0.86 1,630 0.05% 13.7 11.8 17.4
SBI Nifty50 Equal Weight Index Fund 0.94 1,028 0.05% 13.6 - -
DSP Nifty Top 10 Equal Weight Index Fund 0.93 1,467 0.08% 8.4 - -
NIFTY 100 Equal Weighted Index
HDFC NIFTY 100 Equal Weight Index Fund 0.87 421 0.06% 8.4 12.3 17.7
Nifty 100 Low Volatility 30
HDFC NIFTY100 Low Volatility 30 Index Fund 0.9 298 0.06% 10.4 - -
BANDHAN NIFTY100 LOW VOLATILITY 30 INDEX FUND 1.04 1,912 0.06% 10.2 10.5 16.5
BSE Low Volatility
UTI BSE Low Volatility Index Fund 0.9 570 0.09% 7.7 8.9 15.4
Motilal Oswal BSE low Volatility Index Fund 1.04 115 0.17% 7.4 8.6 15.0
Nifty Alpha Low-Volatility 30
Nippon India Nifty Alpha Low Volatility 30 Index Fund 0.88 1,404 0.21% -0.9 7.4 16.5
Nifty50 Value 20
ICICI Prudential Nifty50 Value 20 Index Fund 0.68 110 0.06% 0.2 - -
Nippon India Nifty 50 Value 20 Index Fund 0.78 1,051 0.08% 0.0 8.1 14.5
Nifty 500 Value 50
UTI Nifty 500 Value 50 Index Fund 1.08 560 0.10% 15.7 17.5 -
BSE Enhanced Value
Motilal Oswal BSE Enhanced Value Index Fund 1.07 1,283 0.21% 20.9 20.0 31.9
Nifty Alpha 50
Bandhan Nifty Alpha 50 Index Fund 1.02 508 0.34% -11.6 7.3 -
Nifty200 Alpha 30 Index
Tata Nifty200 Alpha 30 Index Fund 1.11 198 0.32% -6.3 0.0 -
Nifty 200 Momentum 30
Kotak Nifty 200 Momentum 30 Index Fund 0.73 519 0.23% -5.2 6.8 -
UTI Nifty 200 Momentum 30 Index Fund 0.9 8,683 0.17% -5.5 6.8 17.1
Nifty 500 Momentum 50
Nippon India Nifty 500 Momentum 50 Index Fund 0.88 1,077 0.25% -8.8 - -
Motilal Oswal Nifty 500 Momentum 50 Index Fund 1.1 760 0.40% -9.0 - -
Nifty Midcap 150 Momentum 50
Edelweiss Nifty Midcap150 Momentum 50 Index Fund 1.11 1,407 0.23% -4.9 11.6 23.0
Kotak Nifty Midcap 150 Momentum 50 Index Fund 0.93 312 0.20% -4.7 - -
Souce :- Morningstar Direct
Note:- The above-mentioned performance relates to the “Regular – Growth” option.

February 2026 25 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

Mirae Asset Mutual Fund Schemes

6 months Data as on December 31, 2025

Returns (%) < 1 Year absolute and > 1 Year CAGR

AUM NAV
Scheme Name Category Riskometer*
6 1 3 5 (In crs.) (Rs.)
Since Inception
Months Year Years Years

Equity Schemes

Mirae Asset Large Cap Fund Large Cap Fund 3.3 10.2 13.7 13.8 14.9 41,802 117.8 Very High

Mirae Asset Nifty 50 Index Fund Index Funds 2.5 10.8 - - 6.2 43 10.7 Very High

Mirae Asset Large & Midcap Fund Large & Mid Cap Fund 4.1 9.2 17.7 17.5 19.5 43,766 158.0 Very High

Mirae Asset BSE 200 Equal Weight ETF Fund of Fund FoF - Domestic 1.6 - - - 17.6 6 11.5 Very High

Mirae Asset Multi Factor Passive FOF FoF - Domestic - - - - 18.3 20 10.6 Very High

Mirae Asset Nifty200 Alpha 30 ETF Fund of Fund FoF - Domestic -4.4 -6.3 - - -10.6 203 8.7 Very High

Mirae Asset Nifty LargeMidcap 250 Index Fund Index Funds 1.6 7.1 - - 4.9 31 10.6 Very High

Mirae Asset Nifty Smallcap 250 Momentum Quality Very High

FoF - Domestic -9.4 -12.8 - - -1.7 213 9.7
100 ETF Fund of Fund

Mirae Asset Midcap Fund Mid Cap Fund 4.7 8.8 20.5 22.2 23.2 18,409 38.1 Very High

Mirae Asset Small Cap Fund Small cap Fund 2.0 - - - 17.4 3,038 11.6 Very High

Mirae Asset Nifty MidSmallcap400 Momentum Very High

FoF - Domestic -7.7 -8.2 - - -2.0 237 9.5
Quality 100 ETF Fund of Fund

Mirae Asset Flexi Cap Fund Flexi Cap Fund 3.7 8.9 - - 19.2 3,542 16.5 Very High

Mirae Asset Multicap Fund Multi Cap Fund 1.9 8.3 - - 18.0 4,594 14.8 Very High

Mirae Asset Nifty Total Market Index Fund Index Funds 0.7 6.0 - - 4.3 48 10.5 Very High

Mirae Asset Focused Fund Focused Fund 0.2 2.4 11.7 12.7 15.5 7,785 26.0 Very High

Mirae Asset ELSS Tax Saver Fund ELSS 3.4 9.7 17.8 17.2 17.7 27,196 51.2 Very High

Mirae Asset Great Consumer Fund Thematic 2.3 3.4 17.2 18.1 16.5 4,754 95.0 Very High

Mirae Asset Infrastructure Fund Thematic - - - - 8.0 340 2.4 Very High

Mirae Asset Healthcare Fund Sectoral 0.1 -3.4 21.7 15.0 19.3 2,771 38.2 Very High

Mirae Asset Banking and Financial Services Fund Sectoral 4.5 19.3 17.2 16.3 16.9 2,216 22.0 Very High

Mirae Asset Nifty 100 ESG Sector Leaders Fund of Very High
FoF - Domestic 2.0 10.3 13.0 12.3 13.9 95 19.3
Fund

Mirae Asset Diversified Equity Allocator Passive FOF FoF - Domestic 2.1 8.5 16.1 16.0 19.8 990 25.9 Very High

Mirae Asset Nifty India Manufacturing ETF Fund of Very High

FoF - Domestic 6.1 11.4 22.7 - 18.3 115 19.3
Fund

Mirae Asset Nifty India New Age Consumption ETF Very High
FoF - Domestic -0.1 -2.6 - - -2.5 19 9.7
Fund of Fund

Mirae Asset BSE Select IPO ETF Fund of Fund FoF - Domestic -7.3 - - - 11.7 7 11.2 Very High

Mirae Asset S&P 500 Top 50 ETF Fund of Fund FoF - Overseas 29.1 21.6 39.4 - 24.0 773 25.0 Very High

Mirae Asset NYSE FANG Plus ETF Fund of Fund FoF - Overseas 19.9 23.7 64.2 - 31.2 2,282 35.3 Very High

Mirae Asset Global Electric & Autonomous Vehicles Very High

FoF - Overseas 38.8 39.3 15.5 - 9.8 59 13.6
Equity Passive FOF

Mirae Asset Global X Artificial Intelligence & Very High

FoF - Overseas 22.2 38.0 39.9 - 34.8 381 26.9
Technology ETF Fund of Fund

Mirae Asset Hang Seng TECH ETF Fund of Fund FoF - Overseas 15.3 36.5 19.2 - 6.6 90 13.0 Very High

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MUTUAL FUNDS DESK TOP PICKS

6 months Data as on December 31, 2025

Returns (%) < 1 Year absolute and > 1 Year CAGR

AUM NAV
Scheme Name Category Riskometer*
6 1 3 5 (In crs.) (Rs.)
Since Inception
Months Year Years Years

Hybrid Schemes

Mirae Asset Aggressive Hybrid Fund Aggressive Hybrid Fund 3.1 9.7 14.1 13.5 12.3 9,538 33.5 Very High

Mirae Asset Balanced Advantage Fund Balanced Advantage 2.5 8.6 12.6 - 11.7 2,021 14.6 Very High

Mirae Asset Multi Asset Allocation Fund Multi Asset Allocation 8.7 18.3 - - 15.8 2,815 13.2 Very High

Mirae Asset Equity Savings Fund Equity Savings 2.8 8.7 11.3 10.6 11.0 1,865 20.9 Moderately High

Mirae Asset Income plus Arbitrage Active FOF FoF - Domestic - - - - 5.6 20 10.3 Low to Moderate

Mirae Asset Arbitrage Fund Arbitrage Fund 2.8 6.1 6.9 5.6 5.4 4,154 13.4 Low

Debt Schemes

Mirae Asset Long Duration Fund Long Duration Fund 0.1 3.0 - - 2.9 29 10.3 Moderate

Mirae Asset Banking and PSU Fund Banking and PSU Fund 2.2 6.9 7.1 5.4 5.4 45 13.3 Moderate

Mirae Asset CRISIL IBX Gilt Index April 2033 Index Moderate
Index Funds 1.7 7.5 8.1 - 8.4 227 13.0
Fund

Mirae Asset Dynamic Bond Fund Dynamic Bond 2.5 7.0 6.6 4.7 6.0 117 16.6 Low to Moderate

Mirae Asset Corporate Bond Fund Corporate Bond Fund 2.4 7.3 7.2 - 5.8 48 13.1 Moderate

Mirae Asset Short Duration Fund Short Duration Fund 2.4 7.4 7.1 5.5 6.4 589 16.2 Moderate

Mirae Asset Nifty SDL Jun 2027 Index Fund Index Funds 2.8 7.8 7.7 - 6.5 531 12.7 Low to Moderate

Mirae Asset Nifty SDL Jun 2028 Index Fund Index Funds 2.5 8.1 - - 7.8 71 12.3 Low to Moderate

Mirae Asset Low Duration Fund - Regular Savings Low to Moderate

Low Duration Fund 2.9 7.1 7.0 5.6 4.9 2,562 2,327.6
Plan

Mirae Asset CRISIL-IBX Financial Services 9-12 Low to Moderate

Index Funds 3.0 - - - 6.0 139 10.3
Months Debt Index Fund

Mirae Asset Nifty AAA PSU Bond Plus SDL Apr 2026 Low to Moderate
Index Funds 2.8 7.1 7.1 - 7.2 77 12.5
50:50 Index Fund

Mirae Asset Ultra Short Duration Fund Ultra Short Duration 3.1 7.2 7.3 6.0 5.9 2,067 1,349.7 Low to Moderate

Mirae Asset Money Market Fund Money Market Fund 2.9 7.2 7.2 - 6.2 3,025 1,300.0 Low to Moderate

Mirae Asset Liquid Fund Liquid Fund 2.9 6.5 7.0 5.8 6.3 15,757 2,817.8 Low to Moderate

Mirae Asset Overnight Fund Overnight Fund 2.7 5.7 6.3 5.4 5.0 1,262 1,356.4 Low

Others

Mirae Asset Gold ETF Fund of Fund FoF - Domestic 37.6 71.5 - - 54.9 284 16.8 High

Mirae Asset Gold Silver Passive FoF FoF - Domestic - - - - 267.4 804 15.6 Very High

Source: Morningstar Direct

Note:- 1- The above mentioned schemes are not selected based on “Q square menthodology” and these are total schemes offered by “MIRAE ASSET Mutual Fund”.
2- The above-mentioned performance relates to the “Regular – Growth” option.

February 2026 27 Equity ValueGuide

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MUTUAL FUNDS DESK TOP PICKS

ETF Picks
Data as on December 31, 2025

Expense Average Traded volume ([Link]) Tracking Performance %

Scheme Name (ICRA) AUM (Crs)
Ratio % (Jan-25 to Dec-25) Error % 1Yr 2Yr 3Yr
Broad Based
Nifty 50
ICICI Prudential Nifty 50 ETF 0.02 37,425 1,779 0.02% 11.85 10.93 14.28
Nippon India ETF Nifty 50 BeES 0.04 56,571 16,276 0.02% 11.84 10.92 14.27
SBI Nifty 50 ETF 0.04 2,18,215 2,174 0.02% 11.83 10.90 14.25
UTI Nifty 50 ETF 0.05 70,245 803 0.02% 11.86 10.92 14.26
Mirae Asset Nifty 50 ETF 0.04 4,815 672 0.02% 11.83 10.91 14.26
Nifty 50 TRI 11.88 10.98 14.32
Nifty Next 50
ICICI Prudential Nifty Next 50 ETF 0.10 2,041 565 0.04% 2.86 14.83 18.77
Mirae Asset Nifty Next 50 ETF 0.05 1,002 175 0.05% 2.82 14.81 18.71
Nippon India ETF Nifty Next 50 Junior BeES 0.17 7,051 2,537 0.05% 2.76 14.72 18.69
Nifty Next 50 TRI 2.90 14.93 18.89
Nifty Midcap
Motilal Oswal Nifty Midcap 100 ETF 0.22 755 301 0.06% 6.22 15.00 24.91
Mirae Asset Nifty Midcap 150 ETF 0.05 1,366 524 0.04% 5.93 14.76 23.88
Nippon India ETF Nifty Midcap 150 0.21 2,812 1,694 0.12% 5.77 14.58 23.73
Nifty Midcap 100 TRI 6.36 15.08 25.02
Nifty Midcap 150 TRI 5.98 14.85 24.02
Nifty Small Cap
HDFC Nifty Smallcap 250 ETF 0.25 1,591 1,806 0.09% -5.79 9.21 -
Nifty Smallcap 250 TRI -5.48 9.66 21.48
BSE 500 /NIFTY 500
Motilal Oswal Nifty 500 ETF 0.21 195 98 0.03% 7.60 11.69 -

Sectoral
Bank
ICICI Prudential Nifty Bank ETF 0.15 3,223 642 0.02% 17.91 11.83 12.27
SBI Nifty Bank ETF 0.19 4,060 947 0.02% 17.88 11.79 12.23
Nippon India ETF Nifty Bank BeES 0.19 8,007 4,164 0.03% 17.83 11.76 12.22
Kotak Nifty Bank ETF 0.15 6,566 754 0.03% 17.88 11.80 12.21
PSU Bank
Nippon India ETF Nifty PSU Bank BeES 0.49 3,935 2,559 0.09% 30.56 22.42 25.68
Mirae Asset Nifty PSU Bank ETF 0.19 56 21 0.08% 31.00 - -
Nifty Private Bank
HDFC NIFTY Private Bank ETF 0.15 347 37 0.02% 16.37 7.93 10.07
ICICI Prudential Nifty Private Bank ETF 0.15 3,379 439 0.03% 16.37 7.93 10.06
Healthcare
Nippon India Nifty Pharma ETF 0.21 1,027 939 0.02% -2.46 16.69 22.33
ICICI Prudential Nifty Healthcare ETF 0.15 134 150 0.05% -1.62 17.83 22.92
IT
Mirae Asset Nifty IT ETF 0.10 144 154 0.04% -10.54 5.44 -
ICICI Prudential Nifty IT ETF 0.20 522 435 0.05% -10.60 5.34 11.83
Nippon India ETF Nifty IT 0.22 3,009 3,456 0.05% -10.65 5.28 11.79
Auto
Nippon India Nifty Auto ETF 0.22 432 851 0.06% 24.19 23.72 31.45
Groww Nifty EV & New Age Automotive ETF 0.47 274 90 0.10% 6.15 - -
Mirae Asset Nifty EV and New Age Automotive ETF 0.39 165 87 0.04% 6.37 - -

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MUTUAL FUNDS DESK TOP PICKS

Thematic
CPSE ETF 0.07 28,704 1,473 0.06% 7.18 17.14 34.07
ICICI Prudential Bharat 22 ETF 0.07 13,445 488 0.05% 10.02 14.04 27.53
ICICI Prudential Nifty Infrastructure ETF 0.50 371 232 0.04% 14.02 15.09 22.66
Nippon India ETF Nifty India Consumption 0.31 204 204 0.03% 8.86 13.95 18.28
ICICI Prudential Nifty FMCG ETF 0.20 690 649 0.07% -0.65 0.34 9.52
Motilal Oswal Nifty India Defence ETF 0.41 1,028 1,882 0.10% 19.48 - -
ICICI Prudential Nifty Metal ETF 0.40 641 678 0.04% 29.35 - -
Mirae Asset BSE India Defence ETF NFO Issue Open - 02 Feb 2026 and issue close on -10 Feb 2026

Strategy
DSP Nifty 50 Equal Weight ETF 0.20 1,025 195 0.06% 14.49 12.46 18.21
ICICI Prudential Nifty 100 Low Volatility 30 ETF 0.41 3,847 551 0.04% 10.95 11.39 17.64
ICICI Prudential Nifty 200 Momentum 30 ETF 0.30 596 468 0.24% -5.08 6.97 17.25
Motilal Oswal Nifty 500 Momentum 50 ETF 0.41 270 268 0.49% -8.64 - -
Kotak Nifty Alpha 50 ETF 0.30 736 702 0.26% -10.82 8.66 18.74
Nippon India ETF Nifty 50 Value 20 0.26 158 72 0.06% 0.66 8.71 15.14
ICICI Prudential Nifty 200 Quality 30 ETF 0.30 175 65 0.04% 4.35 9.08 -
Mirae Asset Nifty Smallcap 250 Momentum Quality 100 ETF 0.47 748 796 0.12% -12.07 - -
Mirae Asset Nifty MidSmallcap400 Momentum Quality 100 ETF 0.46 380 161 0.13% -7.32 - -
Gold & Silver
ICICI Prudential Gold ETF 0.50 17,769 4,370 0.22% 72.49 43.63 32.55
HDFC Gold ETF 0.59 18,488 4,031 0.28% 72.19 43.58 32.42
SBI Gold ETF 0.70 17,401 4,672 0.24% 72.07 43.38 32.28
KOTAK GOLD ETF 0.55 12,162 1,635 0.27% 72.14 43.48 32.44
Aditya Birla Sun Life Silver ETF 0.35 2,895 1,926 0.53% 161.38 74.65 45.96
ICICI PRUDENTIAL SILVER ETF 0.40 14,828 7,190 0.50% 161.71 74.73 46.01
HDFC Silver ETF 0.45 6,074 4,391 0.58% 160.81 75.43 45.75
International
Mirae Asset NYSE FANG + ETF 0.65 3,457 607 0.04% 25.99 39.43 56.10
Motilal Oswal NASDAQ 100 ETF 0.58 11,211 1,939 0.05% 26.05 27.29 35.71
Mirae Asset S&P 500 Top 50 ETF 0.60 1,008 170 0.04% 24.72 30.45 32.68

Nippon India ETF Hang Seng BeES 0.93 1,021 859 0.13% 37.07 31.26 15.35
Mirae Asset Hang Seng TECH ETF 0.55 413 321 0.12% 29.81 26.46 13.53
Debt - Bharat Bond
BHARAT Bond ETF April 2031 0.01 13,387 156 1.28% 8.45 8.86 8.34
BHARAT Bond ETF April 2030 0.01 25,246 279 0.91% 8.49 8.75 8.28
BHARAT Bond ETF - April 2033 0.01 6,331 81 1.49% 7.79 8.92 8.29
Debt Liquid
Kotak Nifty 1D Rate Liquid ETF 0.19 1,625 4,154 0.01% 5.15 5.47 -
DSP BSE Liquid Rate ETF 0.30 1,867 7,298 0.31% 5.49 - -
Bajaj Finserv Nifty 1D Rate Liquid ETF 0.19 678 3,060 0.10% 5.45 - -
ICICI Prudential BSE Liquid Rate ETF - IDCW 0.25 1,586 2,905 0.31% 5.31 5.79 5.97
Mirae Asset Nifty 1D Rate Liquid ETF-IDCW 0.27 500 2,096 0.03% 4.84 5.39 -
Source: Morningstar Direct, NSE, AMFI

February 2026 29 Equity ValueGuide

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MUTUAL FUNDS DESK TOP PICKS

Mirae Asset Mutual Fund - ETF

Data as on December 31, 2025

Performance %
Expense AUM Average Traded volume ([Link]) Tracking
NSE Symbol Scheme Name
Ratio % (Crs) (Jan-25 to Dec-25) Error %
1Yr 2Yr 3Yr

Broad Based

MIDCAPETF Mirae Asset Nifty Midcap 150 ETF 0.05 1,366 524 0.04% 5.93 14.76 23.88

NEXT50 Mirae Asset Nifty Next 50 ETF 0.05 1,002 175 0.05% 2.82 14.81 18.71

NIFTYETF Mirae Asset Nifty 50 ETF 0.04 4,815 672 0.02% 11.83 10.91 14.26

SENSEXETF Mirae Asset BSE Sensex ETF 0.05 20 13 0.02% 10.30 9.83 0.00

MULTICAP Mirae Asset Nifty500 Multicap 50:25:25 ETF 0.15 62 44 0.08% 5.08 0.00 0.00

Sectora / Thematic

ESG Mirae Asset Nifty 100 ESG Sector Leaders ETF 0.4 114 11 0.06% 11.13 11.39 13.73

BFSI Mirae Asset Nifty Financial Services ETF 0.12 482 116 0.05% 18.40 14.29 14.28

MAKEINDIA Mirae Asset Nifty India Manufacturing ETF 0.53 220 48 0.05% 11.73 18.34 23.40

BANKETF Mirae Asset Nifty Bank ETF 0.1 245 56 0.02% 17.95 11.88 0.00

Mirae Asset Nifty EV and New Age Automotive

EVINDIA 0.39 165 87 0.04% 6.37 - -
ETF

SELECTIPO Mirae Asset BSE Select IPO ETF 0.34 19 21 0.18% - - -

BANKPSU Mirae Asset Nifty PSU Bank ETF 0.19 56 21 0.08% 31.00 - -

INTERNET Mirae Asset Nifty India Internet ETF 0.23 18 17 0.49% - - -

Mirae Asset Nifty India New Age Consumption

CONSUMER 0.31 41 27 0.09% 0.83 - -
ETF

ITETF Mirae Asset Nifty IT ETF 0.1 144 154 0.04% -10.54 5.44 -

METAL Mirae Asset Nifty Metal ETF 0.3 157 143 0.07% 29.45 - -

Strategy

EQUAL200 Mirae Asset BSE 200 Equal Weight ETF 0.35 16 17 0.54% - - -

Mirae Asset Nifty MidSmallcap400 Momentum

MIDSMALL 0.46 380 161 0.13% -7.32 - -
Quality 100 ETF

LOWVOL Mirae Asset Nifty 100 Low Volatility 30 ETF 0.33 50 10 0.05% 11.05 11.57 -

ALPHAETF Mirae Asset Nifty 200 Alpha 30 ETF 0.47 419 200 0.25% -5.53 9.42 -

Mirae Asset Nifty Smallcap 250 Momentum

SMALLCAP 0.47 748 796 0.12% -12.07 - -
Quality 100 ETF

EQUAL50 Mirae Asset Nifty 50 Equal Weight ETF 0.11 93 6 0.18% - - -

International

MAFANG Mirae Asset NYSE FANG + ETF 0.65 3,457 607 0.04% 25.99 39.43 56.10

MASPTOP50 Mirae Asset S&P 500 TOP 50 ETF 0.6 1,008 170 0.04% 24.72 30.45 32.68

MAHKTECH Mirae Asset Hang Seng TECH ETF 0.55 413 321 0.12% 29.81 26.46 13.53

Debt

GSEC10YEAR Mirae Asset Nifty 8-13 yr Gsec ETF 0.1 94 8 0.12% 7.26 8.36 -

LIQUIDPLUS Mirae Asset Nifty 1D Rate Liquid ETF - Growth 0.15 368 968 0.01% 5.60 - -

LIQUID Mirae Asset Nifty 1D Rate Liquid ETF-IDCW 0.27 500 2,096 0.03% 4.84 5.39 -

Gold / Silver

GOLDETF Mirae Asset Gold ETF 0.35 2,061 915 0.36% 71.94 43.43 -

SILVRETF Mirae Asset Silver ETF 0.34 561 417 0.61% 160.87 74.37 -
Source: Morningstar Direct, NSE, AMFI

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MUTUAL FUNDS DESK TOP PICKS

Available SIF Strategies

Provider SIF Strategy Portfolio Construction Redemption Investment Strategy Scheme
Frequency & Exit Load Status

Equity Strategies
SBI Magnum Hybrid ReIT & InVITs – 0 to 10% * Twice in a week An interval investment strategy investing Open for
Long Short Fund Debt – 25 to 35% (Monday and Thursday) predominantly in equity and debt securities, Subsription
Unhedged derivatives – 0 to 25% * Nil after 1 Month including limited short exposure in equity and
Covered Equity Exposure – 55% to 75% debt through derivatives
Gross Equity – 65% to 75%
Quant qsif Equity Ex-Top Equity and equity related instruments * Exit Load: 1% for <15 To generate long-term capital appreciation by Open for
100 Long-Short excluding the top 100 companies by market days. investing primarily in equity and equity-related Subsription
Fund capitalization:- 65-100% * Nil thereafter instruments of stocks outside the top 100 by
Equity and equity related instruments - top 100 market capitalization, while utilizing limited short
companies by market capitalization:- 0-35% exposure through derivatives to enhance returns
Debt & Money Market Instruments:-0-35% and manage risk.
ReITS and InVITS:- 0-20%
Quant qsif Equity Long Equity / equity arbitrage - 65 - 100% * Daily A Flexi cap long-short strategy that will benefit Open for
Short Fund unhedged derivative strategies (Long)- 0 - 35% * Nil after 15 Days from an unconstrained flexi approach - market Subsription
unhedged derivative strategies (Short) - 0 - capitalization agnostic portfolio along with long
25% & short option via extensive usage of derivative
Hedging - 0 - 100% strategies within SEBI’s prescribed regulatory
Margins ( Cash, T-bills, G-secs ) - 0 - 15% limits
ITI Diviniti Equity Long Equity & Equity-Related Instruments - 80% * Daily Long-term capital appreciation from a diversified Open for
Short Fund -100% Equity & Equity equivalent * Nil upto 10% units & portfolio that dynamically invests in equity and Subsription
Debt & Money Market - 0% -20% 0.5% upto 6 Months equity-related securities, including
Unhedged Derivative - Up to 25% * Nil exit load after 6 limited short exposure in equity through
REITs & InvITs - 0% -20% Months derivative instruments of companies across
Derivatives for Hedging - Up to 100% various market capitalization
iSIF by iSIF Equity Ex Top Ex-Top 100- 65-100% (*Includes 25% * Daily iSIF Equity Ex-Top 100 Long-Short Fund is an open Open for
ICICI 100 Long-Short unhedged equity) * 1% <12Months & Nil ended investment strategy investing in equity and Subsription
Prudential Fund Top 100 & Debt (0-35%) thereafter equity
MF Others (0-20%) related instruments including limited short
exposure in equity through derivative
instruments, of stocks other than large cap stocks
Dyna by Dyna SIF Equity * Equity -80%-100% (25% unhedged equity) * Daily Investing in listed equities and derivatives with NFO
360 ONE Long-Short Fund * Debt - 0%-20% * 0.5% <3 Months & Nil an aim Period: -
Asset (SIF) * InvITs - 0%-20% thereafter to generate alpha through selective long and Issue Open
short positions, while managing risk via hedging. - 06 Feb
It aims to deliver better risk-adjusted performance to 20 Feb
across market cycles while maintaining strong risk 2026
discipline.
Arudha by Arudha Equity * Equity -80%-100% (25% unhedged equity) * Daily An equity long–short strategy built on four NFO
Bandhan Long-Short Fund * Debt - 0%-20% differentiated return engines—Debt, Long Equity, Period: -
MF (SIF) * InvITs - 0%-20% Short Equity, and Tentative
Covered Call—designed to enhance performance 16 to 28th
while mitigating downside risk. Feb
Hybrid Strategies
Quant qsif Hybrid Long- Equity and equity related instruments - 25 - * Daily The scheme dynamically adjust allocations based Open for
Short Fund 75% * Nil after 15 Days on market conditions, economic outlook, and Subsription
Debt & Money Market instruments - 25 - 75% rigorous asset selection, the strategy emphasizes
REITs and InVITs - 0 - 20% high-quality equities, investment-grade debt, and
stable REITs/InVITs, while utilizing hedging and
derivatives to mitigate volatility and capitalize on
opportunities.
TATA Titanium Hybrid Equity (Incl Derivatives) - 65-75% * Once a month Generate medium to long term capital Open for
Long Short Fund REITs and InVITs - 0-10% * 1% upto 1Yr & Nil appreciation by investing in equity and equity Subsription
Fixed Income - 25-35% thereafter related instruments as well as debt and money
market instruments, including limited short
exposure in equity and debt through derivatives.
Arudha by Arudha Hybrid Debt & Money Market instruments 35-65% Twice a week ( The investment objective of the strategy is Open for
Bandhan Long-Short Fund Equities & Equity related instruments 35-65% Monday & Thursday) to generate optimal returns by investing Subsription
MF Units issued by REITs and InvITs 0-20% redemption predominantly in
equity and debt securities, including limited short
exposure in equity and debt through derivatives.
iSIF by iSIF Hybrid Long * Equity - 65%-75% (25% unhedged equity) * Twice a week The scheme is an interval investment strategy Open for
ICICI Short Fund * Debt - 25%-35% * 1% <12Months & Nil investing in equity, debt securities, including Subsription
Prudential * Others - 0-10% thereafter limited short exposure in Equity and Debt through
MF derivatives.
Debt Strategies
Edelweiss Altiva Hybrid Long- Arbitrage strategies - 20-40% * Twice in a week An interval investment strategy investing in Open for
AMC Short Fund Debt - 40-60% (Monday and equity and debt securities, including limited short Subsription
Special Situation - 0-10% Wednesday) exposure in equity and debt through derivatives.
Derivative strategies - 10-20% * Nil after 6 Months
Source: Respective product provider

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MUTUAL FUNDS DESK TOP PICKS

Top PMS Picks

Data as on December 31, 2025
PMS Schemes Returns (%) < 1 Year absolute and > 1 Year CAGR
Benchmark AUM (in Rs cr)
1Yr 2Yr 3Yr 5Yr
Equity PMS Strategies

Large Cap

Renaissance Opportunities Portfolio BSE 500 TRI 643 1.6% 12.5% 17.2% 19.3%

Multi Cap

Buoyant Opportunities Scheme BSE 500 TRI 8,019 16.6% 17.7% 24.8% 27.7%

Abakkus All Cap Approach BSE 500 TRI 7,710 11.1% 12.3% 19.8% 23.8%

ICICI- Growth Leaders Strategy BSE 500 TRI 1,678 6.3% 14.6% 19.1% 18.6%

ABSL India Special Opportunities Portfolio BSE 500 TRI 264 0.5% 8.6% 16.3% 17.6%

Sharekhan Prime Picks BSE 500 TRI 326 -0.5% 5.4% 15.3% 13.1%

Purnartha - Pratham Fund BSE 500 TRI 1,604 -4.2% 8.5% 14.0% 9.3%

Sharekhan Diversified Equity BSE 500 TRI 5 1.1% 5.9% 12.4% 12.5%

Motilal Oswal Founders Portfolio BSE 500 TRI 3,601 -11.9% 14.1% - -

Mid and Small Cap

Motilal Oswal Mid to Mega BSE 500 TRI 1,963 -8.3% 13.3% 26.0% 18.8%

ABSL Select Sector Portfolio BSE 500 TRI 66 1.8% 16.2% 21.0% 23.1%

Abakkus Emerging Opportunities Approach BSE 500 TRI 5,829 -2.9% 12.2% 24.2% 27.0%

Equirus Long Horizon Fund BSE 500 TRI 343 -7.3% 5.0% 16.6% 17.3%

Purnartha Dynamic Mid cap BSE 500 TRI 306 7.2% 12.8% - -

NIFTY 50 TRI 11.9% 11.0% 14.3% 14.7%

BSE 500 TRI 7.6% 11.6% 16.4% 16.8%

Debt PMS Strategies

Phillip Conservative Credit Portfolio New Fund

Source: APMI

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INDEX PAGE
MUTUAL FUNDS DESK Top Picks
TOP PICKS

Top AIF Picks

Scheme Name Type Investment Strategy

AIF CAT I

35North - India Close-ended Investment Strategy: Diversified

Discovery Fund–II The investment strategy is centered on providing growth capital to early-stage, innovative, asset-light companies across diverse
(IDF–II) sectors.
Investment Objective
* Focus on early-stage growth companies that are asset-light and innovation-driven.
* Sector-agnostic approach, targeting businesses with scalable models.
*Aim to generate wealth for investors while fostering inclusive employment opportunities.
* Invest in companies with proven business models and promoters with a strong track record.

AIF CAT II

Private Equity Strategies

Oister Global Close-ended Investment Strategy: Diversified

Scheme III (ACE * Focus on acyclical, secular, recession-resilient businesses transforming legacy sectors.
Fund II) * Strong fundamentals with 30–40% CAGR revenue growth, improving margins, robust internal systems, and institutional-grade
financial discipline.
* Majority of capital (up to ~75%) is deployed into a Glass-Box structure, where most portfolio names are pre-identified, diligenced
and visible upfront, reducing blind-pool risk and compressing deployment timelines.
* Secondaries as an asset class have historically delivered higher median net IRRs with lower volatility versus primary PE globally,
with faster capital deployment and earlier distributions.
* Engineered for outcomes: Estimated IPO in 12–36 months; for ACE, an IPO signifies maturity rather than an exit event.
* The portfolio includes 6-8 companies and average holding period is 3-4 years.
* Fund Tenure: 5 years from first close, extendable by up to 2 years

Sixth Sense India Close-ended Investment Strategy: Thematic

Opportunities * It is Consumer focused venture fund managed by [Link] Vora
Series IV * The fund Invest in challengers disrupting large consumer categories
* The fund Invest in the early lifecycle of the company

Bharat Value Fund Close-ended Investment Strategy: Thematic

- Series 4 Targets growth stage businesses on the verge of a big bang breakout
Fund theme
* Focus Sectors: - Make in India and Make for world, Consumer goods & trade (especially rural consumption & Impact investing
(Profitable, sustainable models)
* Target Stage: - Growth stage businesses with preferably first institutional investor.
* Ownership Approach: - Participate in strategy & business development, Corporate governance, CXO hiring and operational advisory.
* Exit Focus: IPO/ strategic exit within 3.5 years
* Focus on IPO Ready, Not Speculative Businesses: - The fund backs companies that are already strong, profitable, and structurally
sound - not high risk or experimental ideas.

Private Debt Strategies

Aditya Birla Real Close-ended * ABRECOF–II aims to provide investors with senior secured credit, backed by real estate project cash flows, with quarterly coupon
Estate Credit payouts from the very first quarter post investment by fund.
Opportunities * The strategy focuses on post-approval, brownfield projects in Mumbai, Bengaluru, Pune, NCR, Hyderabad and Chennai, where
Fund Series II markets have deeper demand, higher liquidity and more transparent underwriting data.
* Deals are structured as senior secured credit with target loan to value of up to 55%, supported by a robust security package
(mortgage over land and development rights, hypothecation of cash flows, pledge of SPV shares, escrow control, guarantees and post
dated cheques).
* Project Lifecycle:- The project lifecycle should align with the fund’s tenure, with a focus on achieving financial closure for the project.
* Fund tenure is 36 to 48 months, with a 12 to 18-month lock-in period.

UTI Structured Close-ended * Key use-of-proceeds areas include capex funding, last mile funding, core working capital and strategic capital (acquisition finance,
Debt bridge finance, facilitating PE exits).
Opportunities * Robust Governance & Risk Management: A structured investment process is followed, including multi-level diligence, legal review,
Fund – IV and regular portfolio monitoring supported by an experienced investment committee and management team.
* The investment process involves preliminary underwriting, in-principle approval, detailed due diligence, and Investment Committee
review, followed by term sheet finalization, legal documentation, and compliance checks. It concludes with document execution and
Management Committee approval along with a pre-funding checklist. Portfolio monitoring involves real-time tracking of news and
industry events, regular management interactions, periodic financial reviews, sectoral analysis, and meetings with promoters.
* Potential for regular distribution of returns: Fund seeks investments where portfolio companies have ability for periodic payment of
coupon, with a large part of the coupon being monthly/quarterly; income is distributed periodically while capital may be reinvested
during the reinvestment period.
* Superior credit risk management: Cash flow-based underwriting, investments secured by collateral, internal and external vendor-
aided due diligence, and regular post-investment monitoring.
* Robust diversification: Target limits are 10% single issuer, 20% group, and 30% sector.

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MUTUAL FUNDS DESK TOP PICKS

Real Estate Strategies

ICICI Prudential Close-ended * Invest primarily in companies which own or will own completed commercial properties with 100% ownership and with high quality
Office Yield tenants.
Optimiser Fund * Investment strategy focuses on high-quality, pre-leased commercial properties in prime locations with credible tenants and strong
AIF II* growth potential, while avoiding greenfield projects, low-quality tenants, high-vacancy or off-market locations, and assets with
maintenance issues.
* Indicative Investment Guidelines: Investment Preference to invest in companies owning pre-leased commercial real estate with
potential for capital appreciation; limit exposure to built-to-suit or vacant properties to 30%. The strategy to invest maximum 25%
exposure per tenant/company; typical investment horizon of 36–60 months with leverage up to 50% at SPV level.
* Pre-leased and completed CRE reduces approval, construction, and leasing risk while assets are managed to deliver stable and
predictable cash flows to investors.
* At least 70% of investments in stabilized, core assets; up to 30% in tactical opportunities.
* Ownership of underlying SPVs: 100% by the fund’s portfolios managed by the Investment Manager.

ASK Real Estate Close-ended Fund Highlights

Special Situations * Part of the ASK Group, a Blackstone portfolio company, with 20 years of experience in real estate investments and INR 8,700 crore
Fund III – Debt of fund under management.
Fund III * Focus on the top six Indian cities: MMR, Pune, Chennai, NCR, Bangalore, Hyderabad.
* Investment approach centers on development stage, conservative underwriting, distressed opportunities, control investments,
aligned with sustainable goals as per GRESB guidelines.
* Strong in-house asset management team driving quality, sustainability, and cost optimization.
Investment Strategy
* Targeting equity acquisition with margin of safety through value acquisition and haircuts to existing investors/lenders.
* Providing performing credit solutions including Low cost debt from banks, construction finance, working capital funding, and lease
rental discounting.
* Emphasizing projects with cash flow debt mismatch, replacing existing lenders, and acquisitions by stronger players from weaker
developers.

AIF CAT III

Abakkus Flexi Open Ended Investment Strategy: Diversified
Edge Fund – 1 * Flexi-Cap Strategy: Invests across large, mid, and small-cap segments, offering portfolio diversification and adaptability to market
shifts.
* Open-Ended Structure: Offers liquidity with fortnightly subscription windows and monthly redemption opportunities.
* Rigorous Research: Driven by the proprietary MEETS framework and a 300-year experienced team led by Sunil Singhania.
* Disciplined Risk Management: Diversified portfolios, strict exposure limits (max 10% per stock, 30% per sector), and a disciplined
exit framework.
* Performance Focus: Track record of strong alpha generation from Abakkus-managed AIFs and PMSs across market

ICICI Prudential Close-ended Investment Strategy: Diversified

Growth Leaders * Investing in listed securities across market capitalisation
Fund – VI * The Scheme aims to invest in domestic companies across all sectors
* Invest in companies with a track record of sustainable growth and a clear strategy to dominate niche markets
* Target firms with sustainable competitive advantages and specialized products or services
* Favor companies known for good competence and governance practices, ensuring effective leadership and strategic
decisionmaking
* Companies focused on innovation, actively launching new products to drive growth and increase market share

Vedartha Equity Open Ended Investment Strategy: Diversified

Opportunities Investment Framework and Portfolio Construction
Fund The scheme uses a systematic, five-stage framework to identify and capitalise on market inefficiencies in a simple, timely, and
efficient manner. It evaluates:
* Management – vision, growth trajectory, corporate governance standards and execution track record.
* Business – ability to grow earnings faster than inflation, market size, competition, scalability and long-term sustainability.
* Valuation – margin of safety, return on capital employed, free cash flow, and risk–return profile.
The portfolio aims to:
* Invest in quality companies focusing on industry structure, growth drivers and value migration.
* Construct a portfolio of 20–30 stocks across sectors with a 3–5 year investment horizon and low churn.
* Actively seek catalysts that can lead to stock re-rating.

Karma Capital Open Ended Investment Strategy: Diversified

Jasmine Fund Strategy that seeks to provide superior returns over longer time frames (3 to 7 years) by investing in listed equities through a bottom-
up, growth at reasonable price (GARP) approach.
* Strategy: Market cap and benchmark agnostic; benchmark – BSE 500 TRI.
* Investment approach: Identifying investment ideas through bottom-up research focusing on specific characteristics and micro
attributes of individual stocks.
* Objective: To deliver superior risk-adjusted returns through a differentiated portfolio with high active share.
* Number of stocks: Typically 20–25.

Motilal Oswal Mid Open Ended Investment Strategy: Mid & Small Cap Companies
to Mega The Mid to Mega strategy focuses on companies ranked between 101 to 400 by market capitalization, which represent the sweet spot
of Indian equities. These companies provide a balance between growth potential and demonstrated management success and have
the opportunity to transition into mega-cap stocks over time.
The strategy employs a disciplined framework combining revenue growth, well- established track records, reasonable valuation, long
term relevance of business, stable business and strong management quality.

February 2026 34 Equity ValueGuide

 INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS

WhiteOak Capital Close-ended Investment Strategy: Mid & Small Cap Companies
Equity Fund Market Cap-wise Equity Exposure of the fund (Under Normal Circumstances):
* Small & Mid Caps (SMID): Minimum 60% of the portfolio
* Large Caps: Up to 40% of the portfolio
* The fund may also invest in select Pre-IPO opportunities across sectors and market capitalization.
Key Highlights of the Fund Management Approach:
* High Active Share: A necessary ingredient for potential alpha generation.
* Substantial Allocation to Small and Mid Cap Segment: Higher alpha generation opportunities in this segment.
* Factor-Diversified Balanced Portfolio: Designed for a better investing experience with low alpha volatility.
Balanced Portfolio Construction:
No particular Style performs consistently every year. Likewise, Sector and Market Cap performance keeps rotating year on year.
Furthermore, there may be prolonged cycle of out performance and under performance
Fund Tenure: 5 years from the date of initial closing; extendable by 1 year

TCG Equity Close-ended Investment Strategy: Mid & Small Cap Companies
Opportunities AIF Investing predominantly in mid cap and small cap companies.
– Scheme 1 Investment objective & strategy highlights
* Strategy focus: Around 15–25 stocks across at least 4–5 sectors, with market capitalisation of more than INR 1,000 Cr at the time of
investment and not more than 10% allocation to a single stock at initiation.
* Investment style: Blend with mid-cap and small-cap ≥50%.
* Investment Approach: Aim to generate alpha by investing relatively early in companies with non-linear earnings growth and
discovery premium, - ahead-of-curve thesis building, - closer to private equity style with intent to generate outsize multiple on
investment, - Avoid extreme diversification; put capital in few high-conviction ideas and monitor closely, with patient mindset, long
investment horizon and limited churn.

Motilal Oswal Open & Close Investment Strategy: Thematic

Founders Portfolio Ended Motilal Oswal’s investing process builds Hi-Quality & Hi-Growth portfolios focusing on growth oriented themes of China+1,Marke in
India, Financialization, Tech & Tech Services, Urbanization, Healthcare ecosystem which could be potential leaders of the cycle. The
portfolio focuses on companies with strong promoters who are deeply involved in the business, demonstrating skin in the game and
a will to create exponential growth, aligned with the overall vision of creating long-term wealth.

ABSL India Special Close-ended Investment Strategy: Thematic

Opportunities * Investing in special opportunities refers to addressing unique challenges that a business, sector, or economy may face.
Fund * Company Specific Factors:- Events that typically arise out of firm specific restructuring or investor sentiment.
* Industry Specific Factors:- Events that arise from business cycles and macro economic factors
* Regulatory Factors:- Events arising from changes in fiscal and monetary policies
* Geopolitical Factors:- Government intervention causing economic distress
* Technological Factors:- Changes in consumer psychology and preferences
* Special Opportunities leads to temporary dislocation in price, creating investing opportunity.

WhiteOak Capital Close-ended Investment Strategy: Sectoral

Healthcare * The fund focuses on selecting great businesses that are well-managed, scalable, and capable of delivering superior returns on
Opportunities capital.
Fund * The fund also emphasizes valuation by assessing the intrinsic value of companies and evaluating the excess returns on capital
relative to capital employed.
* Pure play in Multi-Year Structural Growth Theme for India
* Potential to create wealth over the long term with Low Correlation with Broader Market Indices
* Heterogeneous Business Model: Opportunity for Active Fund Managers
Fund Tenure: 5 years from initial close, extendable by two additional 1-year periods

Finideas Growth Open Ended * Invest in Nifty & Bank Nifty (75:25)
Fund – Scheme 1 * Growth using leverage (Futures for low cost leverage up to 2X exposure)
* Hedging through short & long term options for protection

Gift City Strategies

Mirae Asset Global Close-ended Gift City: Outbound

Allocation Fund * Portfolio Allocation - Core Allocation upto 50-70% and Tactical Allocation upto 30-50%
* The core allocation is to focus on High Growth Markets (Developed Markets such as US)
* The tactical allocation focuses on selective themes with allocation upto 10-15% (AI, Semiconductorsm, Block chain and Any other
promising themes)
* The tactical allocation also focuses on selective emerging markets with allocation upto 20% (China & Taiwan)

Mirae Asset India Open Ended Gift City: Inbound

Equity Allocation * Inbound Funds : Feeding into Indian equity markets and bonds
Fund (GIFT City * The scheme can allocate 70%-100% of its investments based on market capitalization (Large, Mid, and Small-cap) and 0%-30% in
AIF) thematic investments
* The proposed large cap allocation would be in Mirae Asset Large Cap Fund, Mid cap allocation in Mirae Asset Midcap Fund and
small cap allocation in Mirae Asset Nifty Smallcap250 Momentum Quality 100 ETF FOF.
* As per recent investment strategy, the thematic allocation is in Mirae Asset Great Consumer Fund and Mirae Asset Nifty India
Manufacturing ETF FOF

Source: Respective product provider; * The minimum investment of ICICI Prudential Office Yield Optimiser Fund AIF II revised to Rs.2 Crs.

Top Corporate FD Picks

Sr FD Provider Credit How to invest
No Rating

1 Bajaj Finance Ltd AAA Online (click to Invest)

2 LIC Housing Finance AAA Visit nearest Mirae Asset Sharekhan branch

3 Mahindra Finance AAA Visit nearest Mirae Asset Sharekhan branch

Source: Respective product provider

February 2026 35 Equity ValueGuide

 Mutual Fund Taxation & Methodology
INDEX PAGE

INDEX PAGE
MUTUAL FUNDS DESK TOP PICKS
Mutual Fund Taxation
Holding Period for
Long Term
Long
Term
Short
Term
Mutual Funds powered by Q Square Analysis
Equity MF (A 360-degree quantitative and qualitative analysis of mutual fund
Equity Oriented MF* (>65% Indian Equity) >12 Months 12.50% 20% schemes to help you choose the right fund.)
Debt MF Our Philosophy -
Acquired before 1st Apr 23 The Investment Product Selection team at Mirae Asset Sharekhan
Sold between 1st April 2024 and 22nd July 2024 >36 Months 20% Slab rate follows a comprehensive approach of looking at the Quantitative
Sold on or after 23rd July 2024 >24 months 12.50% Slab rate and Qualitative parameters of funds to arrive at a quality shortlist
Acquired after 1st April 2023 of funds.
Sold on or after 1st April 2024 No period of holding Slab rate Slab rate Q Square Analysis -
Hybrid MF Quality powered by Quantitative and Qualitative Analysis: the Mirae
Hybrid MF with >=65% Equity >12 Months 12.50% 20% Asset Sharekhan Mutual Fund selection emphasises on an in-depth
Hybrid MF with >=65% Debt No period of holding Slab rate Slab rate understanding of mutual funds, taking into account the qualitative
Hybrid MF (>35% and < 65% Indian equity) >24 months 12.50% Slab rate and quantitative parameters.
FOFs We accomplish this through three stages
Underlying MFs <65% Debt >24 months 12.50% Slab rate 1. Filtering - Here, we select only those fund houses which satisfy
Underlying MFs >65% Debt No period of holding Slab rate Slab rate our criteria for due diligence. The due diligence process helps us
Underlying ETFs>90% Equity (Domestic) understand an AMC’s investment process, investment strategy
Acquired before 1st Apr 23 and sold after 23 July 24 >12 Months 12.50% 20%
and gives us confidence before we add any fund to our Top Picks
list.
Acquired after 1st Apr 23 and sold after 23 July 24
No period of holding Slab rate 20%
but upto 31 march 2025 2. Qualitative Analysis - We identify funds with reasonable
Sold after 1st Apr 2025 >12 Months 12.50% 20% market share within its category. We do consider fund managers
Underlying MFs/ETFs of Silver, Gold or International experience if the fund has less than a five-year track record.
Acquired before 1st Apr 23 and sold after 23 July 24 >24 months 12.50% Slab rate 3. Quantitative Analysis - We take into account the return and
Acquired after 1st Apr 23 and sold after 23 July 24 risk parameters of a fund on an absolute and relative basis to its
No period of holding Slab rate Slab rate
but upto 31 march 2025
category peers.
Sold after 1st Apr 2025 >24 months 12.50% Slab rate
o Risk - We assess the fund’s consistency and volatility to capture
Gold ETF, Silver ETF & International ETF (Except Debt ETF)
risk. while for debt schemes, we consider the size of the
Acquired before 1st Apr 23 and sold after 23 July 24 >12 Months 12.50% Slab rate scheme and scheme-level attributions like allocation to lower
Acquired after 1st Apr 23 and sold after 23 July 24
No period of holding Slab rate Slab rate credit instruments and Macaulay duration.
but upto 31 march 2025
o Returns - We analyse scheme’s performance over long & short
Sold after 1st Apr 2025 >12 Months 12.50% Slab rate
term horizons using our internal methodology.
No Indexation benefit available on any capital gains after July 23, 2024
* Annual LTCG exemption increased from Rs.1Lakh to Rs.1.25Lakh for Equity & Equity Oriented Funds
Source: Union Budget 2025

Disclaimer
Investments in the securities market are subject to market risks. Please read all the related documents carefully before investing. Please refer the Risk Disclosure Document issued by SEBI and
go through the Rights and Obligations and Do’s and Don’ts issued by Stock Exchanges and Depositories before trading on the Stock Exchanges. For commodities derivatives, please note that
Commodities Derivatives are highly leveraged instruments. PMS is not offered in Commodity Derivative Segment by Sharekhan Limited. Before investing in the asset class consider your investment
objectives, level of experience and risk appetite carefully. Brokerage will not exceed SEBI prescribed limit.
All mutual fund and ETF investments are subject to market risks. Please read all scheme-related documents carefully before investing. Past performance is not an indicator or guarantee of future
returns. The information provided here is for educational purposes only and should not be construed as investment advice. Investors should conduct their own due diligence or consult a qualified
financial advisor before making any investment decisions. The provider of this information may or may not hold positions in the funds mentioned.
Sharekhan Ltd (‘Sharekhan’) is a distributor/referrer/facilitator for third party non-Broking products/services such as Mutual Funds, Portfolio Management Services, Corporate Fixed Deposits (FDs),
Alternative Investment Funds, Insurance and any other third-party products thereby only facilitating investments for customers based on customer’s eligibility, request and discretion. Third party
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The information mentioned herein or the third-party products/services displayed on our website or offered to the customers shall not be construed to be or treated as an advice, offer of solicitation or
sale. The information contained herein is from sources believed reliable viz; Corporate FD issuers or other third-party product issuers/manufacturers, publicly available information & Rating Agencies
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The information contained herein is obtained from publicly available data or other sources believed to be reliable, and Mirae Asset Sharekhan has not independently verified the accuracy and
completeness of the said data and hence it should not be relied upon as such. While we would endeavour to update the information herein on a reasonable basis, Mirae Asset Sharekhan, its
subsidiaries and associated companies, their directors, and employees (“Mirae Asset Sharekhan and affiliates”) are under no obligation to update or keep the information current. Also, there may be
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not alone be taken as the basis for an investment decision. The investment discussed or views expressed may not be suitable for all investors. We do not undertake to advise you as to any change
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For detailed Mutual Fund disclaimer visit - [Link]
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Registered Office: 1st Floor, Tower No. 3, Equinox Business Park, LBS Marg, Off BKC, Kurla (West), Mumbai 400 070, Maharashtra, India. Tel: 022-6750 2000.
Correspondence/Administrative Office Address - Gigaplex IT Park, Unit No 1001, 10th floor, Building No.9, TTC Industrial Area, Digha, Airoli-West, Navi Mumbai – 400708. Tel: 022 61169000 / 61150000.
Registration and Contact Details: Name of Entity - Sharekhan Limited - (AMFI-registered Mutual Fund Distributor), Entity Regn No.: INH000006183. CIN: U99999MH1995PLC087498. SEBI Regn. Nos.:
BSE / NSE (CASH / F&O / CD) / MCX - Commodity: INZ000171337; BSE – 748, NSE – 10733, MCX – 56125, DP: NSDL/CDSL-IN-DP-365-2018; PMS: INP000005786; Mutual Fund/SIF: ARN 20669 (date of initial
registration: 03/07/2004, and valid till 02/07/2026); IRDAI Registered Corporate Agent (Composite) License No. CA0950, valid till June 13, 2027. Compliance Officer: Mr. Joby John Meledan; Tel: 022-4657
3809; email id: complianceofficer@[Link] For any complaints/ grievances, email us at igc@[Link] or you may even call the Customer Service desk on 022- 41523200/ 022-61151111
February 2026 36 Equity ValueGuide
DISCLAIMER
This research report (“Report”) has been issued by Sharekhan Limited (“Mirae Asset Sharekhan”), and is intended for use only by the person or entity to which
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Compliance Officer: Mr. Joby John Meledan; Tel: 022-4657 3809; email id: complianceofficer@[Link]
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