1. TBO Tek:

Anand Rathi retains a ‘Buy’ call on this travel platform with a higher target price of Rs 2,000 per share, an upside of 32%. TBO Tek’s stock price fell by 9.2% over the past year. Analysts Shobit Singhal and Sagarika Chetty believe the company is well-positioned for growth in the global travel distribution market after acquiring Classic Vacations.

Management expects EBITDA margins to improve from Q4FY26 onward as spending on account managers comes down, reducing administrative costs. Analysts believe the company’s expansion of its hotel portfolio and growing international presence will drive revenue growth. In addition, a stabilising Indian business and higher contributions from new sales partners are expected to support further growth.

Singhal and Chetty emphasise that the Classic Vacations acquisition gives TBO Tek a strong foothold in the North American luxury travel market, aligning with management’s focus on the higher-margin hotel business. They project that the company will achieve revenue CAGR of 24.7% and EPS CAGR of 43.2% between FY26-28, driven by the completion of hiring in Q3FY26 and improved margins from Classic Vacations.

2. HCL Technologies: 

Axis Direct upgrades this software company to a ‘Buy’ rating, with a target price of Rs 1,880, an upside of 11.4%. The software company's Q3FY26 revenue grew by 5.9% QoQ, driven by strong demand in key markets and effective deal execution across all business segments.

Management reports stabilising demand, with India and other global markets recovering. Deal momentum remained strong, with new bookings totalling $3 billion for the quarter. They expect quarterly deal wins to normalise around $2.5 billion. Management sees Generative AI as a crucial growth driver for modernisation in sectors like financial services and healthcare over the next two to three years. HCL Technologies adjusted its FY26 revenue growth guidance to 4-4.5% and maintained an EBIT margin forecast of 17–18%.

Analysts Kuber Chauhan and Abhishek Bhalotia highlight improving earnings visibility due to better execution and consistent order inflows. Long-term contracts with international clients provide stable revenue, while a gradual increase in client spending has reduced uncertainty regarding new deal wins. They anticipate that AI-related projects, telecom engineering work from the HPE acquisition, and a diverse service portfolio will support steady growth and help protect margins in the medium term.

3. HDFC Life Insurance Co:

ICICI Direct maintains its ‘Buy’ call on this life insurance provider, with a target price of Rs 860 per share, a 17.5% upside. HDFC Life’s stock dropped 4.5% over the past month and 1.9% over the past quarter, and the company reported mixed Q3FY26 results. Revenue surged by 71.4% YoY, supported by GST-led improvements in protection and insurance demand.

However, net profit saw a marginal 0.7% decrease due to higher commissions and employee benefits expenses. The value of new business (VNB) margin fell by 10 basis points, impacted by the loss of input tax credit under GST and new labour codes.

Analysts Vishal Narnolia and Parth Chintkindi believe the GST-related margin challenge is temporary. Management actions like repricing, optimising the product mix, and negotiating with distributors have already reduced the margin impact to about 200 basis points. Management aims to reduce this impact by continuously improving the product mix and selecting higher-quality savings businesses.

Narnolia and Chintkindi note that strong momentum in protection, increasing demand for non-participating savings, and deeper penetration into Tier-2/3 markets offer medium-term visibility for net premium income growth. They expect HDFC Life to achieve a VNB CAGR of 14.4% from FY26-28, with margins reaching 26% by FY28.

4. Infosys:

Deven Choksey retains its ‘Buy’ call on this IT consulting & software stock, with a higher target price of Rs 1,852 per share, an 11.6% upside. Infosys’ stock price has fallen by 8.6% over the past year. The company reported mixed Q3FY26 results; revenue grew 2.5% QoQ, but net profit declined 9.6%. Improvements in the banking, financial services & insurance (BFSI) and energy & utilities segments drove revenue growth, while higher growth investments and new labour codes reduced profitability.

Analyst Yogesh Tiwari remains positive on the stock despite the market reaction, citing the ramp-up of the $1.6 billion NHS contract, strong conversion of large deals, and a recovery in client spending in BFSI and energy. He also notes that Europe drove revenue growth, supported by deal wins in banking and public sector projects.

Management says it is confident about medium-term growth, led by demand for AI-based solutions and sustained momentum in large deals. Tiwari adds that efficiency initiatives, AI-driven productivity, favourable currency movements, and better workforce utilisation should support margin expansion. He expects revenue and net profit to grow at about 8.5% annually between FY26 and FY28.

5. ICICI Prudential Life Insurance Company:

Motilal Oswal maintains its ‘Buy’ rating on this insurance company with a target price of Rs 800, an upside of 22.7%. The company delivered a solid Q3FY26, with net profit increasing by 19.2% YoY. The value of new business (VNB) rose by 19%, and margins expanded by 320 bps, thanks to an improved product mix.

Management attributes the margin improvement to a higher share of retail protection plans (term insurance) and non-investment policies, boosted by the GST exemption. Protection plans now contribute 18.4% of business, up from 16% last year, while retail business made up 83.8% of total new sales.

Though persistency (policy renewal rates) decreased by 460 basis points to 81% in Q3FY26, management expects it to rebound to over 85% next year. Assets managed for policyholders grew by 7%, showing steady growth in customer savings.

Analysts Prayesh Jain and Nitin Aggarwal expect strong profitability to continue, driven by increased sales of protection plans, tax benefits, and better cost control. Despite weaker sales of large group and one-time premium products and higher expenses during the quarter, analysts believe stable finances and consistent growth in protection sales will support future earnings.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

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