New Research Reports

MARKET SNAPSHOT

Dmart’s Q2FY26 results were in line and soft. Standalone Rev/GP/EBITDA/APAT came in at 15.4/15.9/11.3/5.1% YoY. We believe Rev was impacted by monsoons, store cannibalization, shift to Qcom and price deflation.

TATA Elxsi (TELX) reported better-than-expected Q2FY26 performance on both revenue and margins fronts. However, signs of structural recovery in demand are yet to emerge.

TCS reported a 0.8% QoQ growth and 3.3% YoY decline in constant currency revenue driven by strong momentum across most verticals except Consumer Business and geographies excluding the UK. Operating margin expanded 70bps sequentially to 25.2% (excluding one-time severance), aided by currency tailwinds, utilization gains, and pyramid rebalancing, partially offset by wage hikes and ongoing AI investments. Net margin stood at 19.6%. TCS recorded its highest-ever quarterly TCV of USD 10bn (+16% YoY), with BFSI at USD 3.2bn and Consumer Business at USD 1.8bn. Management reiterated that FY26 international revenue...

We recommend a BUY rating on the stock.

Asian markets are trading in red, tracking the Wall Street losses. The Nikkei, Shanghai and Hang Seng were trading lower by 0.74%,0.42%, and 0.92%, respectively.

our Diwali Picks are: Kotak Mahindra Bank, Federal Bank, JSW Energy, Coforge Ltd, DOMS Industries, Chalet Hotel, Rainbow Children's Medicare, Minda Corp, and KEC International

OUR TOP 9 TRADING BUYs Earnings Play: Bajaj Finance, Dalmia Bharat, Kalpataru Projects, Kirloskar Brothers, TVS Motors, Coforge, Lupin, Fortis Healthcare and V-Mart

Ventura Securities Diwali Picks 2025

Newsletter

Strengthened Salesforce capabilities through ListEngage acquisition: TCS announced acquisition of US-based ListEngage for up to US$ 72.8 million (~640 crore), in order to enhance its Salesforce, Agentic AI, and marketing automation capabilities, along with addition of 100+ specialists. Combined with its expanding AI, cloud, and data modernization portfolio, these investments strengthen TCS's positioning for a gradual growth recovery...

Headcount optimization, stable attrition, and wage normalization supported margins in Q2. Combined with strong deal momentum and AI-led transformation investments, these factors are expected to drive margin resilience and revenue acceleration in H2FY26.

We have revised our FY26E/FY27E EPS estimates by 0.4%/-0.8% as we maintain a cautious near-term outlook, given the temporary impact of the cybersecurity incident, moderation in media and communications growth, and slower recovery in healthcare.

Eco Recycling Ltd. has demonstrated significant growth over the last three years, with revenue rising from INR 177 Mn in FY23 to INR 440 Mn in FY25, reflecting a robust CAGR of 57.4%, driven by increasing demand for sustainable recycling solutions.

END OF DAY SUMMARY

Retail Research

MARKET SNAPSHOT

Tata Elxsi (TELX) reported revenue of USD105m in 2QFY26, up 1% QoQ in CC terms, in line with our estimate. Growth was led by Media and Communications (up 3.7% QoQ CC), whereas Transportation/HLS declined 0.5%/4.6% QoQ CC.

TCS reported revenue of USD7.5b in 2QFY26, up 0.8% QoQ in CC terms vs. our estimate of 1.0%. Growth was led by the Life Science and Healthcare vertical (up 3.4% QoQ CC).