Market Overview - Indian stocks opened lower but quickly trimmed losses in morning trading, indicating a cautious market mood [1] - The BSE Sensex index rose to 82,802, gaining 175 points or 0.21% at 10 AM [2] - The NSE Nifty50 increased to 25,523, up by 51 points or 0.2% [2] Top Gainers and Losers - Top gainers in the Sensex included Power Grid, HDFC Bank, Sun Pharma, NTPC, Kotak Bank, Bajaj Finserv, HCL Tech, ITC, and Axis Bank [2] - Top losers were Infosys, Adani Ports, Titan, HUL, SBI, Tech Mahindra, Bajaj Finance, and ICICI Bank [2] Sector Performance - The Nifty MidCap and Nifty SmallCap indices were down 0.06% each, indicating a slight decline in broader market segments [3] - The Nifty Pharma index gained 1%, reflecting positive performance in the pharmaceutical sector [3] - The Nifty Auto index added 0.06%, showing modest gains in the automotive sector [3] - The Nifty IT and PSU Bank indices both slipped by 0.4%, indicating challenges in these sectors [3]

Core Insights - The net profits of listed companies grew 14.7% year-on-year in Q3FY26, marking the fastest growth in the last eight quarters [1] Financial Performance - Adjusted net profits of the 3,353 companies in the Business Standard sample increased to approximately ₹3.97 trillion in Q3FY26 from ₹3.47 trillion in Q3FY25 and ₹3.67 trillion in Q2FY26, reflecting a growth of 14.7% year-on-year [2] - Reported net profits showed a slower growth of 9.5% year-on-year in Q3FY26, down from 11.9% in Q3FY25 and 33.4% in Q2FY26 [5] Sector Contributions - Indian Oil Corporation (IOC) was the largest contributor to earnings growth in Q3FY26, accounting for 22.4% of incremental earnings growth, with net profits rising nearly eightfold to ₹13,007 crore from ₹1,630 crore a year earlier [6][7] - The State Bank of India reported a 24.5% year-on-year increase in net profits, contributing 8.1% to corporate earnings growth [8] - Other significant contributors included Bharat Petroleum Corporation (6.8%), Tata Steel (4.8%), and HDFC Bank (3.8%), with these five companies together accounting for nearly 46% of incremental earnings growth [9][10] Sector Performance - Cyclical sectors accounted for 56.2% of corporate profits in Q3FY26, up from 53.3% a year earlier and 55.8% in Q2FY26 [12] - Traditional earnings leaders like Reliance Industries, Tata Consultancy Services, and Infosys underperformed with below-par earnings growth [13] Revenue and Cost Analysis - Net sales of all companies increased by 8.9% in Q3FY26, reaching around ₹41.17 trillion, the fastest growth in the last 11 quarters [16] - Non-cyclical sectors saw net sales growth of 10.9% year-on-year in Q3FY26, slightly up from 9.2% in Q3FY25 [17] - The Ebitda margin for companies outside the BFSI sector decreased by 20 basis points year-on-year to 17.9% of revenues [19] - Interest expenses as a percentage of revenues fell to 2.7% in Q3FY26 from 2.9% in Q3FY25, indicating a decline in interest burden [21]

Financial Data and Key Metrics Changes - In 2025, reported earnings per common share were CAD 3.40, an increase of CAD 0.16 compared to 2024, while adjusted EPS was CAD 3.53, up CAD 0.25 from the previous year [13][17] - The company achieved a one-year total shareholder return of nearly 24%, with average annual total shareholder returns of approximately 10% over the past 20 years [6][11] - The company maintained a strong liquidity position with CAD 2.7 billion of long-term debt issued in 2025 and nearly CAD 4 billion available on credit facilities at year-end [17][18] Business Line Data and Key Metrics Changes - Western Canadian utilities contributed a CAD 0.10 increase in EPS, driven by rate-based growth, including earnings from FortisBC's investment in the Eagle Mountain Pipeline Project [13][14] - U.S. electric and gas utilities delivered an eight-cent increase in EPS, with Central Hudson's growth attributed to rate-based growth and cost rebasing [14][15] - ITC's continued capital investments and related rate-based growth increased EPS by CAD 0.04, moderated by higher stock-based compensation and finance costs [16] Market Data and Key Metrics Changes - The Arizona Corporation Commission approved an energy supply agreement for approximately 300 MW to support a planned data center, with a 10-year contract including a 75% minimum billing requirement [9][24] - The company is negotiating for an additional 300 MW of capacity for the data center and exploring further capacity at a second site in the range of 500-700 MW [10][24] - The company is also focused on energy efficiency programs to help customers lower their bills and provide assistance to low-income customers [6][11] Company Strategy and Development Direction - The company rolled out a CAD 28.8 billion five-year capital plan, primarily focused on transmission and distribution assets, expecting a rate base increase of CAD 16 billion and average annual rate base growth of 7% [7][8] - The company aims to support 4%-6% annual dividend growth through 2030, continuing its commitment to increasing dividends for 52 consecutive years [11][21] - The company is actively pursuing incremental growth opportunities, including customer connections and MISO LRTP projects, while evaluating competitive bidding opportunities [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the regulatory environment, noting that the new chair of FERC is focused on improving the commission's operations and providing regulatory certainty [30][31] - The company is committed to addressing affordability concerns and ensuring that growth is achieved in a responsible manner for customers [25][62] - Management highlighted the importance of maintaining a strong focus on safety and reliability, with 2025 being one of the best years on record for these metrics [5][21] Other Important Information - The company was recognized for its governance practices, ranking number one in governance out of 206 companies in the S&P/TSX Composite Index [4] - The company has not utilized its CAD 500 million ATM program to date, which remains available for funding flexibility [17][18] Q&A Session Summary Question: Data center opportunity in Arizona - Management explained that the energy supply agreement is structured to ensure affordability and stability for customers, with the data center covering costs without requiring additional investments [24][25] Question: Updates from FERC - Management noted that while there has been chatter about potential updates, no specific information has been received, but there is optimism for movement on ongoing matters [29][30] Question: UNS Gas rate case - Management indicated that the upcoming ACC open meeting could provide clarity on the formulaic rate structure, but it is advisable to wait for the meeting for more information [69][70]

Q4 2025 EARNINGS CONFERENCE CALL February 12, 2026 FORWARD-LOOKING INFORMATION Fortis includes forward-looking information in this presentation within the meaning of applicable Canadian securities laws and forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (collectively referred to as "forward-looking information"). Forward-looking information reflects expectations of Fortis management regarding future growth, results of operations, performance and business ...

Market Overview - Markets traded in a narrow range with both benchmark indices showing marginal losses, as investors remained cautious ahead of the January CPI data release. The Sensex was down 156.23 points or 0.19% at 84,117.69, while the Nifty 50 slipped 26 points or 0.10% to 25,909.15 [1] Stock Performance - Eicher Motors led the gainers on the Nifty 50, rising 5.98% to ₹7,732.50, followed by Apollo Hospitals, which gained 4.55% to ₹7,547.50. Max Healthcare added 2.56% to ₹1,047.65, while State Bank of India climbed 2.36% to ₹1,171.10. Titan Manufacturing and Processing advanced 1.49% to ₹385 [2] - On the losing side, Coal India declined 2.38% to ₹420.70, making it the top loser on the index. Tata Consultancy Services dropped 1.90% to ₹2,928, while ONGC fell 1.45% to ₹268.20. ITC shed 1.37% to ₹317, and HCL Technologies declined 1.34% to ₹1,552 [3] Market Breadth - Market breadth remained negative, with 2,259 stocks declining against 1,701 advances on the BSE, while 200 stocks remained unchanged. A total of 95 stocks hit 52-week highs, while 54 touched 52-week lows. The session saw 159 stocks in the upper circuit and 116 in the lower circuit [4] Sector Performance - Sectoral indices showed mixed performance, with Nifty Next 50 up 0.07% at 69,894.10 and Nifty Financial Services gaining 0.07% to 28,206. Bank Nifty was marginally lower by 0.01% at 60,639.60. Broader markets underperformed, with Nifty Midcap 100 down 0.27% at 60,574.25 and Nifty Smallcap 100 declining 0.21% to 17,413.80 [5] Institutional Activity - Foreign institutional investors remained net buyers for the third consecutive session, purchasing ₹69 crore on Tuesday, while domestic institutional investors bought around ₹1,174 crore. Analysts noted the Nifty continues to hold above key moving averages with support near 25,800 and resistance around 26,000 [6]

Market Performance - Markets closed sharply higher, with the Sensex gaining 485.35 points or 0.58% to settle at 84,065.75, and the Nifty advancing 173.60 points or 0.68% to end at 25,867.30, driven by optimism around an interim India-US trade framework and strong earnings from State Bank of India [1] - The broader market outperformed benchmarks, with the Nifty Midcap 100 index surging 1.58% to 60,441.15 and the Nifty Smallcap 100 index jumping 2.64% to 17,385.90, indicating a positive market breadth with 3,062 stocks advancing against 1,308 declines [4] Company Highlights - State Bank of India emerged as the top gainer on the Nifty50, surging 7.63% to ₹1,147.80 after reporting better-than-expected third-quarter earnings and upgrading its full-year loan growth guidance [2] - Other notable gainers included Shriram Finance, which rose 6.03% to ₹1,063.00, Grasim Industries up 3.11% to ₹2,925.00, Titan Company increasing 3.04% to ₹4,267.00, and Dr Reddy's Laboratories climbing 2.80% to ₹1,276.00 [2] Sector Performance - All 12 main NSE sectors ended in the green, with Nifty Media leading gains at 4.4%, while IT stocks closed nearly flat at 0.02% [5] - The Nifty Bank index gained 548.80 points or 0.91% to close at 60,669.35, and the Nifty Financial Services index advanced 346.95 points or 1.25% to 28,154.05 [5] Currency and Economic Factors - The rupee traded marginally weaker by 6 paise at 90.70 against the dollar, influenced by rising gold and silver prices, which increased the overall import bill [7] - The evolving India-US trade dynamics are adding near-term strain on the currency, with expectations for the rupee to trade in a range of 90.25-91.25 in the near term [7]

Market Overview - Benchmark equity indices Sensex and Nifty extended gains for the second consecutive session, driven by optimism over the India-US trade deal and strong buying in public sector banks, consumer durables, and realty stocks [3][10] - The 30-share BSE Sensex increased by 485.35 points, or 0.58%, closing at 84,065.75, while the NSE Nifty rose by 173.60 points, or 0.68%, settling at 25,867.30 [3][7] Sector Performance - Key sectors attracting investor interest included cement, capital goods, textiles, and consumer discretionary, supported by favorable trade deals and union budget proposals [11] - Public sector banks showed stronger-than-expected performance, contributing to the outperformance of the PSU bank index [10] Stock Performance - Notable gainers included State Bank of India, Titan, UltraTech Cement, Tata Steel, and Kotak Mahindra Bank, while laggards comprised PowerGrid, NTPC, and Infosys [4][9] - The benchmark index reached an intraday high of 84,314.68, reflecting a surge of 734.28 points, or 0.87% during the session [6] Foreign Investment - Foreign institutional investors (FIIs) purchased equities worth ₹1,950.77 crore, indicating a return of foreign capital to the market [12]

Benchmark indices maintained their upward momentum in afternoon trade on Monday, with the Sensex trading at 83,983.84, up 403.44 points or 0.48 per cent from its previous close of 83,580.40. The Nifty 50 was at 25,838.90, up by 145.20 points or 0.57 per cent from its previous close of 25,693.70.State Bank of India continued to drive the rally, advancing 6.66 per cent to ₹1,137.40, while Shriram Finance gained 4.20 per cent to ₹1,044.60. Tata Steel rose 2.35 per cent to ₹201.69, Grasim Industries climbed 2. ...

Market Overview - Domestic equity markets experienced subdued trading before a late recovery, driven by selective buying in FMCG and private banking stocks [9] - The BSE Sensex closed at 83,580.40, up by 266.47 points or 0.32%, while the NSE Nifty ended at 25,693.70, gaining 50.90 points or 0.20% [3][4] Central Bank Policy - The Reserve Bank of India (RBI) maintained its benchmark interest rate at 5.25%, as inflation remained manageable and growth concerns eased due to increased government spending and reduced tariff pressures [4][7] - The RBI's Monetary Policy Committee voted unanimously to keep the repo rate unchanged, signaling a neutral policy stance for the foreseeable future [7] Sector Performance - ITC was the top gainer among Sensex firms, rising by 5.09%, with other notable gainers including Kotak Mahindra Bank, Hindustan Unilever, and Bajaj Finance [5][6] - In contrast, major laggards included Tata Consultancy Services, Tech Mahindra, and Adani Ports [8] Real Estate Financing - The RBI proposed allowing banks to lend to Real Estate Investment Trusts (REITs) with certain prudential safeguards to enhance financing for the real estate sector [3][11] - This regulatory clarity is expected to improve long-term funding visibility for the real estate and credit ecosystem [11] Foreign Investment - Foreign institutional investors sold equities worth ₹2,150.51 crore on Thursday, indicating a potential shift in investment sentiment [10]

Stock market benchmark indices Sensex and Nifty continued to trade lower on Friday after the RBI decided to pause on the policy rate front, with IT heavyweights facing selling pressure amid weak trend in the US equities. Fresh foreign fund outflows also dented investors' sentiment. Extending its previous day's decline, the 30-share BSE Sensex further edged lower by 368.37 points to 82,945.56 in morning trade. The 50-share NSE Nifty dropped 146.7 points to 25,496.10. After a 25 basis point rate cut in Decemb ...