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automotive vertical. Although the aerospace momentum continued through Q1, the weakness in the Heavy-Machinery segment led the decline (4.7% QoQ) in non-Auto business. The management anticipates recovery in Q2 on the back of strategic deals signings, while early green shoots are visible in term of improved client sentiment and robust order book, hinting to a better H2 over...
The revenue growth performance was tad below our estimates, largely attributed to the P&P business (down 7.1% QoQ CC), while Service business growth was flat CC QoQ despite macro volatility. The revenue guidance improvement at the lower band by 100bps eliminates the odds of hitting the worst, while improved discretionary spends on Financial Service and Technology verticals further boosts management confidence to deliver growth within the guidance band. However, the tariff sensitive verticals (Manufacturing, Retail, Healthcare) continue to see execution deferrals and...
ICICI Lombard’s (ICICIGI) gross written premium was up 2% YoY in 1QFY26 at INR81b (in line), impacted by 1/n regulation and its cautious approach to the motor segment.
ICICI Prudential Life Insurance (IPRU) reported a decline of 5% YoY in new business APE to INR18.6b (in-line) in 1QFY26, largely impacted by the base effect and a slowdown in ULIP momentum due to market volatility.
Oberoi Realty (OBER), a leader in the luxury segment, recently launched Elysian Tower D in 1QFY26 following the launch of its highly anticipated Thane project in FY25, which received a strong response.
Fine Organics Americas, a 100% subsidiary of Fine Organic (FINEORG), has acquired ~160 acres of land in South Carolina (USA) to set up a full-scale manufacturing facility.
TCS reported a subdued performance in Q1FY26, primarily impacted by the rampdown of the BSNL contract and cautious client spending across key verticals. Despite these headwinds, the company delivered margin resilience, with EBIT improving, driven by deferred wage hikes, lower third-party expenses, and favourable currency movements. A robust deal pipeline driven by demand for cost optimization, vendor consolidation, and AI-led transformation, underscores sustained client interest. We expect the launch of AI-led platforms, deeper domain...
HCLTech delivered 3.7% YoY revenue growth despite a seasonal 0.8% sequential dip, driven by strong demand in technology, telecom, retail, and financial services, with solid performance in Europe and the Rest of the World. Operating margins declined to 16.3% due to lower utilization from early hiring, a client bankruptcy, and continued investments in GenAI and go-to-market capabilities. Services grew 4.5% YoY, while software revenue declined 3%YoY. Bookings totaled USD 1.8bn, with two large deals delayed to Q2, supporting confidence in near-term growth. Company deepened its AI-led strategy through partnerships...
We reiterate our BUY recommendation on BAF, valuing it at 4.9x FY27E ABV and arriving at a Target Price of Rs 1,050/share, which implies an upside potential of 14% from the CMP.
Asian Markets are trading positively as investors appear to look past U.S. President Donald Trump's on-again-off-again tariffs and await a slew of economic data releases out of China. Nikkei, Hang Seng, and Shanghai are up by 0.29%, 1.2% and 0.07%, respectively.
We have rolled forward our valuation to Jun’27 estimates. We value HCL Tech at 23.0x Jun’27 EPS (at +1 SD to 7-year avg NTM P/E), implying a target price of INR 1,693. HCL Tech is currently trading at a 1-year fwd. P/E of 24.0x (in-line with its 1- year Avg. NTM P/E). We reiterate our “HOLD” rating on the stock.
In Q1FY26E, the Indian cement sector witnessed a strong sequential recovery in pricing, particularly in the southern and eastern markets, following an extended period of margin compression and weak realizations.
