New Research Reports

Loan growth guidance maintained in mid teens, loan growth robust this quarter 20% YoY, ex FCNR 18% YoY

Full - stack proprietary technology and AI : Jio runs an end-to-end proprietary stack, from radio network and core to operating systems and applications, including the only nationwide 5G standalone deployment globally. Backed by 7,220 patent filings and 12,477 employees, its Jio- Brain AI drives autonomous...

CCL Products' Q2FY27 performance was below our expectations on all fronts. Sales grew 7% YoY to Rs12.2bn on 1015% volume growth, partly offset by lower realisations as green coffee prices eased. Gross margin expanded 379bps YoY to 37.9% on lower input costs and improved mix. EBITDA rose 8% YoY to Rs2.2bn, trailing volume growth for the first time in nine quarters. Margin was broadly flat at 17.5% because other overheads rose 36% YoY on higher freight, insurance and A&P spends, while forex gains were lower than a year ago. PAT...

Tech Mahindra delivered a clean beat, with revenue of USD 1,693mn (+2.4% QoQ CC, +7.2% YoY CC) and EBIT margin of 14.8%, up 40bps QoQ and 260bps YoY, now within 20bps of the 15% FY27 target. This marks the 12th consecutive quarter of margin expansion, driven by Project Fortius and fixed-price productivity. TCV of USD 1.023bn lifts LTM deal wins 34.8% to USD 4.27bn, while USD 20mn+ accounts grew 11.7% YoY, signalling a share-gaining growth. Management sees headroom of 3-4% from pyramid rationalisation, which is likely to...

Wipro delivered a steady quarter, with IT services revenue of USD 2.61bn, flat QoQ and up just 0.6% YoY in constant currency, while the operating margin of 16.5% improved 0.5% on operational gains and rupee depreciation. Q3 guidance of -1.5% to +0.5% CC (USD 2.571-2.625bn) implies another soft print on furloughs, and management declined to give a timeline for returning to the 17-17.5% margin band given AI-native unit investments. TCV of USD 2.6bn fell sharply QoQ as two large...

Record order book provides multi-year revenue visibility: The order book stood at Rs 2,575,710 Mn as on 30 September 2026, up 17.3% YoY from Rs 2,196,410 Mn. Order inflows in H1FY27 totalled ~Rs 300,000 Mn, including ~Rs 40,000 Mn in Q2FY27, with key Q2 wins including the Heo and Tato-I hydro packages, 265 main traction transformers, an FR6B gas turbine, and green-ammonia and recycle-gas compressors. The backlog is increasingly diversified, with sizeable non-thermal orders in transportation (~Rs 164,000 Mn), transmission (~Rs 136,000 Mn), nuclear (~Rs 128,000 Mn), coal...

IPO Note

News Letter

Revenue grew 10.3% YoY, driven by double digit volume-led growth across categories and sustained market share gains in key brands

15% margin delivery is largely in the bag. Management commentary indicates it will be more focused on growth from here on

Revenue/EBITDA/Adj. PAT grew 53%/40%/44% YoY, well ahead of our estimates; EBITDA margin contracted 130bps YoY to 14.4%

Revenue grew 25.2% YoY; ECD and Lighting & Switchgear both grew ~25%, and fans continued to gain share

PSYS has rarely cited macro as the reason for a weakish TCV/ACV. It did post 2Q as decisions apparently got delayed

HDFC AMC reported steady operating performance, with margin expansion on account of decreased other expenses

Strong NII growth on the back of strong advances growth, guiding for 18-20% loan growth in FY27, NIMs guidance revised upward to 4%+

Strong trailing deal bookings support revenue visibility despite quarterly moderation: Quarterly TCV and ACV declined 44.7% QoQ (up 4% YoY) and 10.4% QoQ (up 7.4% YoY). While TCV moderated from US$1.15 bn in Q1FY27 (which included a US$650 mn large deal), management attributed the moderation partly to deal slippages & slower decision-making amid macroeconomic & Middle East uncertainty and on a TTM basis, TCV and ACV bookings grew a healthy 36.3% and 21.9% YoY, respectively. We expect the reported US $ revenue to grow at...

Core franchise steady, focus on opex to support earnings : HDFC AMC is among the largest and profitable mutual funds with closing AUM of 9.6 lakh crore+ as on Q2FY27. Higher presence in equityoriented schemes and stable yields enable it to maintain market share. Strong distribution network with 280 branches and over 1,13,000 empanelled distribution partners Q 2F Y2 7 performance : HDFC AMC reported healthy performance, with QAAUM growing 10% YoY (4% QoQ) to 9.69 lakh crore, with overall market share at 11.1%. Actively managed equity-oriented QAAUM grew 14% YoY (67.1% of QAAUM...

High backlog visibility trumps near-term operational headwinds : Cyient DLM (CDLM) is an integrated Electronics Manufacturing Services (EMS) provider and Design-Led Manufacturing (DLM) provider. As a subsidiary of Cyient Limited, CDLM specializes in design-led manufacturing, printed circuit board assemblies (PCBA), box builds and mission-critical systems. It serves highly regulated sectors with a FY26 diversified revenue mix: aerospace &...

Broad-based revenue growth with improving client wallet share: TechM reported 7.2% YoY CC revenue growth, supported by ramp-up of large deals (Orange deal) and expansion across most verticals led by Communications (33.5% of mix) and Retail, Logistics & Transport (8.7% of mix) which grew 5.8% and 9.9% QoQ. However, Manufacturing remains a near-term watchpoint as revenue declined 3.9% QoQ following accelerated execution of a large European automotive programme in the previous quarter, and management expects a further, albeit much smaller ~50 bps, sequential revenue headwind in Q3. Strength in large...

Strong H1; Rising commodity costs to keep H2 margins under check... : Nestle India (Nestle) is a subsidiary of NESTL S.A. of Switzerland. The company has 9 manufacturing facilities across India for various product segments. The company's product portfolio includes renowned international brands such as NesCafe, Maggi, Milkybar, Milkmaid and Nestea. Q 2F Y2 7 performance : Nestle recorded consolidated revenue growth of 20.5% YoY to Rs.6,788.3cr in Q2FY27 largely aided by double-digit domestic business volume growth (~13-14%). Gross margins improved by 236bps YoY to 56.9% aided by...