In a conversation with ET Now, market expert Nischal Maheshwari outlined a selective and valuation-conscious strategy across microfinance, banks, metals, autos, power and defence, arguing that while opportunities exist, investors must remain tactical.

On microfinance, which has seen renewed interest amid regulatory changes, Maheshwari said the recent state-level legislation signals both the sector’s importance and its structural challenges. “This is a very interesting thing brought in by a state. It shows how important microfinance is in the states,” he said, adding that the industry plays a key role in the MSME and lower-ticket economy. However, he flagged the issue of over-lending: “There are huge issues as far as multiple loans are concerned… people are giving more loans to the same borrowers and they in turn default.” The move to restrict borrowers to two loans, he believes, could help stabilise the system. “Some issues are getting sorted and this will help the industry overall,” he noted, describing the legislation as beneficial “for both sides.”

On banking, Maheshwari maintained that PSU lenders continue to hold an edge over private peers. “PSUs continue to outshine… valuations are much cheaper,” he said, pointing out that growth and asset quality are now comparable. He also linked volatility to foreign investor flows. “FIIs have been major holders in IT and banks, and that is where we are seeing the selling.”

Metals, in his view, demand agility rather than long-term conviction. “One year is too long a call on the metal sector… you have to play quarter by quarter,” he said, citing global volatility. While non-ferrous stocks have largely played out, “for the moment ferrous looks interesting,” he added, suggesting steel may offer better near-term opportunities.

On commercial vehicles, Maheshwari acknowledged early signs of recovery but urged caution on capex trends. “CV seems to be in a good spot,” he said, though private capex remains subdued. Replacement demand, however, could drive the cycle. “The five-year fleet renewal is coming up… replacement demand is going to be very strong,” he said, adding, “I am positive on the CV cycle.”

In the energy space, he sees a tactical opportunity in upstream PSUs amid geopolitical risks. “Upstream guys like Oil India, ONGC could be a good trading play,” he said, while suggesting a cautious stance on OMCs “for the moment.”
Maheshwari was blunt on so-called value retailers. “I do not know how you call them value because they are hugely overvalued,” he remarked, citing high multiples and moderating growth. “Anywhere the PEG is two or three, so nothing catches my focus in the sector.”On power, he differentiated between product and service plays. “Product-wise, there is nothing cheap out there… people are discounting well ahead two-three years of growth,” he said. However, “T&D players are reasonably priced,” making services a relatively better bet. He also highlighted data centres as a structural demand driver with “strong visibility for the next three to five years.”

Autos remain a relative outperformer. “One of the bright spots in the overall gloomy market… autos would be the top bet at the moment,” he said.

On defence, however, he advised restraint. “The outlook is very good but it is already getting priced in… prices are marked to perfection,” he cautioned, adding that while existing investors can hold, “I do not see any reason to buy it fresh.”

Q3: 2026-02-26 Earnings Summary

EPS of $0.73 beats by $0.08

 | Revenue of $449.88M (17.74% Y/Y) beats by $11.46M

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Kelly Osbourne forcefully denounced online body-shaming directed at her appearance, labeling the harsh remarks “disgusting” and a form of “abuse” in a series of Instagram Stories posts this week.

The 41-year-old television personality and former “The Osbournes” star shared a screenshot Monday, Feb. 23, of a particularly vicious comment on one of her recent posts. The anonymous user wrote that she “looks like a dead body,” described her as “tooooo thin and fragile,” and added, “Looks like she’s going to see her dad soon.” The reference alluded to the July 2025 death of her father, Black Sabbath frontman Ozzy Osbourne, at age 76.

“Literally can’t believe how disgusting some human beings truly are!” Osbourne wrote over the screenshot. “No one deserves this sort of abuse!”

In a follow-up Story, she added, “This too shall pass, but like, holy f—.”

The outburst came amid ongoing scrutiny of Osbourne’s dramatic weight loss, which fans and critics have noted since late 2025. She has appeared noticeably slimmer in public outings and social media photos, prompting a mix of concern, speculation and outright criticism.

Osbourne has addressed similar comments before. In December 2025, she posted that she was “ill right now” and grieving, saying her life had been “completely flipped upside down.” She questioned why people expected her to “bounce back and look like everything is just fine” and asserted that simply getting out of bed and facing each day should be commended.

The recent incident highlights persistent issues with body shaming in the public eye, particularly for women in entertainment. Osbourne has faced weight-related commentary since her teenage years, when tabloids labeled her “Ozzy’s chubby daughter.” She has spoken openly about past struggles with body image, eating disorders and public pressure.

Her mother, Sharon Osbourne, defended her daughter’s appearance in a prior interview on “Piers Morgan Uncensored,” attributing the changes to profound grief over losing her father. “She lost her daddy,” Sharon said, emphasizing the emotional toll.

Kelly’s response drew support from many followers, who condemned the original comment as lacking empathy. Some pointed out that grief manifests differently for everyone and criticized the cruelty of linking her appearance to her father’s death.

Others expressed genuine worry about her health, with discussions on platforms like Instagram and Reddit debating whether comments stemmed from concern or malice. A few referenced past controversies, including Osbourne’s own remarks on weight-loss medications like Ozempic, but most focused on the inappropriateness of the “dead body” jab.

Osbourne, who shares a son with ex-partner Matthew Mosshart, has maintained a public presence through television hosting, fashion commentary and social media. She has been more active online in recent months, sharing glimpses of daily life while navigating personal loss.

The episode underscores broader conversations about online harassment, mental health and the ethics of commenting on celebrities’ bodies during vulnerable periods. Mental health advocates have long warned that such remarks can exacerbate grief and body-image issues.

No further public statements from Osbourne emerged as of Friday, Feb. 27, but her Stories remained visible to followers. The posts garnered widespread coverage from outlets including People, E! News, Entertainment Tonight and Page Six, amplifying her message against abusive commentary.

Friends and family have rallied around her privately, sources close to the Osbourne circle told media. The family continues to process Ozzy’s passing, with tributes and memorials ongoing in the music community.

Osbourne’s candid clapback serves as a reminder that public figures, despite their visibility, deserve boundaries around personal health and grieving processes. Her words resonated with many who have faced similar online vitriol, reinforcing calls for kinder digital interactions.

As she continues to share updates, supporters hope the attention shifts from speculation about her appearance to respect for her journey through loss and recovery.

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Operator

Greetings, and welcome to the Willdan Group Fourth Quarter and Fiscal Year 2025 Financial Results Conference Call. As a reminder, this conference is being recorded. It is now my pleasure to introduce Al Kaschalk, Investor Relations. Please go ahead, sir.

Al Kaschalk
Vice President of Investor Relations

Thank you, Rochelle. Good afternoon, everyone, and welcome to Willdan Group’s Fourth Quarter 2025 Earnings Call. Joining our call today are Mike Bieber, President and Chief Executive Officer; and Kim Early, Executive Vice President and Chief Financial Officer.

Our conference call remarks will include both GAAP and non-GAAP financial results. Reconciliations between GAAP and non-GAAP measures can be found in today’s press release and in the presentation slides, all of which are available on our website. Please note that year-over-year commentary or variances on revenue, adjusted EBITDA and adjusted EPS discussed during our prepared remarks are on an actual basis unless otherwise specified.

We will make forward-looking statements about our performance. These statements are based on how things we see today. While we may elect to update these forward-looking statements at some point in the future, we do not undertake any obligation to do so. As described in our SEC filings, actual results may differ materially due to risks and uncertainties.

With that, I’ll hand the call over to Mike, who will begin on Slide 2.

Michael Bieber
CEO, Director & President

Thanks, Al. We closed 2025 with record financial performance and strong momentum across