1. Dixon Technologies:
This consumer electronics maker rose over 5.4% on April 22 on reports that Alphabet may shift part of its Pixel smartphone production from Vietnam to India amid potential US tariff hikes. With India bit by lower US tariffs (26% vs. Vietnam’s 46%), it is emerging as a more cost-effective manufacturing hub. Dixon’s subsidiary Padget Electronics currently produces 43,000–45,000 Pixel units a month and is in talks with Foxconn to scale up output.
This move is part of a broader trend among global tech firms to diversify their manufacturing bases amid rising US-China trade tensions. Dixon is well-positioned to benefit from this shift away from China, as India becomes the preferred destination for component manufacturing.
In response to tariffs, China imposed curbs on capital equipment exports used in manufacturing electronic products. Analysts believe these curbs from China will largely impact Apple supplier Foxconn, and Lenovo in India. There are concerns that this move may also hurt Indian players like Dixon, Lava and Micromax.
During Q3, Dixon Technologies’ revenue surged 117.2% YoY to Rs 10,063.2 crore, driven by improvements in the mobile (which contributes 89% of the revenue), home appliances, and lighting products segments. Net profit grew 77.5%. Systematix projects a 159% YoY revenue growth for Q4, led by a sharp jump in the mobile segment. The growth was driven by a ramp-up in volumes at Ismartu, in which Dixon acquired a majority stake in July 2024.
Earlier in April, the Union Cabinet approved a Rs 23,000 crore production-linked incentive (PLI) scheme for electronics component manufacturing. Analysts expect the company to be a key beneficiary of the PLI scheme. They believe the company will ramp up its backward integration into display assembly, camera module assembly and mechanical components.
Meanwhile, on March 27, the company announced a 50:50 joint venture (JV) with Netherlands-based Signify, which owns lighting brands like Philips and EcoLink. The JV aims to manufacture lighting products and accessories in India. Commenting on this, Saurabh Gupta, the CFO, said, “This JV with Signify can drive our lighting segment revenue to Rs 2,000 crore from Rs 800 crore, within the next couple of years”.
Systematix has a buy rating on Dixon Technologies with a Rs 15,587 target price. The brokerage notes that the company is using its strong manufacturing base to expand into high-growth areas like display modules and IT hardware (laptops, tablets).
2. HCL Technologies:
This IT consulting firm rose 9.8% over the past week after announcing its Q4FY25 results. The company’s revenue grew 1.1% QoQ to Rs 30,695 crore in Q4, in line with Forecaster estimates. However, its net profit fell 6.2% QoQ due to higher employee benefits and tax expenses.
If we look at the revenue mix, the IT & Business Services segment, accounting for over 74% of the total revenue, witnessed a marginal growth of 0.3% on a QoQ basis. For FY26, HCL Tech has guided for a revenue growth of 2–5%, while aiming to maintain its EBIT margin in the range of 18–19%.
HCL Tech’s outlook for FY26 looks stronger than its peers, TCS and Infosys. Infosys expects a 0–3% revenue growth this year, while TCS said its FY26 will be better than FY25, but only in terms of international revenue. Analysts say that HCL Tech’s lower-end guidance growth assumes that demand may worsen. The higher end of its guidance depends on a few large deals, which the company expects to close in Q1FY26.
HCL Tech reported a total contract value (TCV) of $3 billion in new deals during Q4. This includes a major deal in the engineering and R&D segment from a US-based company, focused on AI chips and smart vehicles. MD & CEO, C. Vijayakumar, said, “AI-driven efficiency will lead to clients choosing fewer vendors. While this could put pressure on pricing, we are gaining a larger share of business — 95% of contract renewals came with additional work for us.”
However, Vijayakumar noted that the impact of tariffs will hit the manufacturing and consumer sectors first, and then spread more widely after about a quarter. Tariffs and de-globalization could increase costs for clients by making hardware, components, and cross-border operations more expensive. As a result, clients may cut IT budgets, delay major projects, or renegotiate existing contracts—shifting toward smaller or short-term contracts. This could impact revenue growth for Indian IT firms.
Motilal Oswal maintains its ‘Buy’ rating on HCL Tech with a Rs 1,800 target price, implying an upside of 14.1%. The brokerage believes HCL Tech’s guidance is encouraging, as it puts to rest concerns of a weak FY26. At the upper end of the guidance, HCL Tech is expected to outperform both TCS and Infosys. The brokerage expects an 18.5% EBIT margin in FY26, with further recovery likely in FY27 as growth improves.
3. HDFC Bank:
This bank surged to its all-time high of Rs 1,950.7 per share on April 21 as its net profit grew 6.7% YoY to Rs 17,616.1 crore in Q4FY25, helped by higher income and lower provisions. However, revenue declined 8.4% YoY to Rs 77,460 crore due to lower contribution from the treasury segment. It features in a screener of stocks with decreasing provisions.
The company’s revenue and net profit beat Trendlyne’s Forecaster estimates by 1.3% and 2.9%, respectively. Its net interest income rose 10.3% YoY to Rs 32,100 crore, helped by a growth in loan advances in the rural and commercial & rural banking (CRB) segments.
Net interest margin (NIM) expanded by 10 bps YoY to 3.5%, led by the bank’s focus on retail deposits and a rise in current account savings account (CASA) deposits. However, the bank's asset quality deteriorated slightly, as its gross and net non-performing assets (NPAs) rose by nine basis points (bps) and 10 bps YoY, respectively, during the quarter.
The firm’s loan-to-deposit ratio (LDR) improved by 790 bps YoY to 96.5% in FY25, helped by deposit growth (14.1% YoY) outpacing credit growth (5.4% YoY). The bank’s LDR surged to 110% after the demerger of HDFC with HDFC Bank in July 2023, compared to 86-87% pre-merger.
The management plans to bring the LDR down to pre-merger levels by focusing on increasing deposits compared to loans. Speaking on the bank’s LDR, its Chief Financial Officer, Srinivasan Vaidyanathan, said, “We do expect LDR to fall below the 90% mark in FY27-29. We plan on getting the right kind of deposits at the right price to keep that leadership position and gain market share and deposits.
Post results, Axis Direct maintains its ‘Buy’ rating on HDFC Bank with a higher target price of Rs 2,250 per share. This indicates a potential upside of 17.1%. The brokerage believes that, with the CD below 100% and the trajectory in line with the bank’s intention to bring it down to pre-merger levels over the medium term, credit growth will improve in FY26 and mirror systemic credit growth.
4. Waaree Energies:
This solar panel manufacturer surged 15% on April 23 following the announcement of its Q4FY25 results. Waaree Energies’ net profit grew 34.1% YoY to Rs 618.9 crore, beating Forecaster estimates by 24.7% and revenue increased 36.4% YoY to Rs 4,003.9 crore, driven by a 52.6% YoY surge in production volume of solar modules during the quarter.
Waaree Energies is a leading solar manufacturer in India, with a manufacturing capacity of approximately 15 GW, making it the largest in the country. The company has also commissioned a 5.4 GW cell manufacturing facility in Gujarat during FY25, which is also the largest in India.
In Q4FY25, the company reported a 1.2X YoY increase in EBITDA, reaching Rs 1,059.6 crore. Management attributed this growth to a sharper decline in raw material prices compared to solar panel prices. Amit Pelkar, CEO of the company, said, “We are confident of achieving our EBITDA guidance for 2026, which is between 5,500 and 6,000 crore.”
As of March 25, the company holds an order book worth approximately Rs 47,000 crore, which includes around 25 GW of solar modules and 3.2 GW of engineering, procurement, and construction (EPC) projects. The orders are spread across both domestic and international markets, with about 46% from India and 54% from overseas. A large share of international orders comes from the US.
The company plans to add 4.8 GW of additional module manufacturing capacity by FY27. In addition, a fully integrated 6 GW facility for ingots, wafers, cells, and modules is scheduled for completion by FY27, with a planned capital expenditure of Rs 9,000 crore.
The US has imposed tariffs of up to 3,521% on solar panel imports from Southeast Asian countries, primarily targeting Chinese companies that manufacture there. This affects more than 75% of the US solar module supply, opening the doors for other suppliers to fill the gap. Waaree Energies plans to take advantage of the situation by doubling its Texas manufacturing capacity to 3.2 GW.
Jefferies downgraded the stock to ‘Underperform’ even after strong results, pointing to expensive valuations, a shrinking overseas order book, high module inventory in the US, and potential demand slowdown from FY27 amid policy uncertainties.
5. Just Dial:
This internet software & services company rose by 6.7% after it announced its Q4FY25 & full year results on April 21. The company’s Q4FY25 net profit rose by 36.2% YoY to Rs 157.6 crore due to lower finance costs and employee benefit expenses. Revenue for the quarter rose by 10% YoY to Rs 397.9 crore on the back of 11.8% YoY rise in Total Traffic (Unique Visitors). The stock appears in a screener for undervalued growth stocks.
The company beat Trendlyne’s forecaster, Q4FY25 net profit estimate by 17.7%. However, it missed the revenue estimate by 1.2% due to flat growth in paid campaigns. Notably, the company’s employee headcount increased by 2.6% QoQ, mostly on account of hiring in tele-marketing staff and feet-on-street staff (for cold calling).
Abhishek Bansal, CFO of Just Dial, said, “We had aimed for around 25% margins by year-end but ended up exceeding 29%. This year, we're comfortable with our current margin levels, but our focus will be on accelerating top-line growth. Our advertising budget will remain to be around 2.5% to 3% of the top line at this point of time.”
Citing weaker recent revenue growth and collections, JM Financial has projected Just Dial's EBITDA margin estimates to grow by 10-90bps for FY26-27, and expects stable margins amid limited revenue growth and flat advertising spend. Nevertheless, JM Financial forecasts Just Dial's core PAT to roughly double to Rs 260 crore by FY27.
ICICI Securities maintains its ‘Hold’ rating on Just Dial. The brokerage notes that visibility on potential cash distribution to shareholders and future growth in paid campaign conversions will turn out to be positives for the company. The company has beaten the target price of Rs 968 given by the brokerage.
Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.
