New Research Reports

We interacted with R Srikrishna, CEO of Hexaware Technologies (HEXT), to gauge the market pulse and assess the growth outlook. HEXT’s CY25 growth was impacted by weak macros, higher than usual client-specific challenges, and weak NN deal-wins in H1CY25. NN trends and overall growth started improving in H2CY25.

Mphasis' earnings remained resilient in Q3FY26, marked by continued momentum in strategic deal wins and robust execution across its core verticals. The quarter was supported by strong pipeline conversion, successful ramp-up of large deals and...

We initiate coverage on Hexaware with a BUY rating and TP of INR 570 based on 20x CY27E EPS of INR 29. We like Hexaware for its diversified vertical mix, expertise in select sub-segments across each vertical, broad-based service mix, early move into Generative and Agentic AI services, stable leadership and better cash flow conversion versus midtier peers.

We met with the CFO of Mphasis to discuss AI, demand trends, large deals, and the balance sheet. Management’s key message was that the current AI debate is running ahead of business reality.

*over or under performance to benchmark index Consolidated revenue increased 5.5% YoY to Rs. 23,556cr in Q3FY26 owing to growth in all segments. Revenue from the BFSI sector increased 6.2% YoY, health...

Navigating its next with an AI first value framework About the stock: Infosys is one of the leading IT players catering to BFSI, Retail, Infosys at its investor day, unveiled its AI First Value Framework and Topaz suite, targeting a US$300400 bn AI-first services opportunity by 2030 (Nasscom McKinsey). The strategy focuses on capturing new AI demand and augmenting...

We maintain our BUY rating on the stock at a 23x P/E multiple to its Dec'27 earnings to arrive at a TP of Rs 1,820/share, implying an upside of 31% from the CMP.

We attended Investor AI Day hosted by Infosys, where the management outlined its strategy of unlocking value from AI with the ongoing tech transition.

shifting from applications development or infrastructure management to a more complex role, training AI models or building orchestrating layer, even beyond the funnel the agentic deployment, establishing governance and...

We attended Infosys’ AI Day 2026 where management outlined its AI-first strategy and positioning for the next technology cycle.

The company has 3 core verticals including i) Tax services, ii) social security & welfare and iii) identity authentication. Further, it has ventured in new age businesses including Open Digital Ecosystem (ODE), Cloud & Infosec. Q3FY26 performance: Protean reported margin improvement in Q3 while revenue was broadly in line at 229 crore, registering a growth of 13.4% YoY while declining 8.8% QoQ. Segmentally, i) Tax services i.e pan card related business reported revenue of 107 crore (up 14% YoY, 6% QoQ) on the back of rise in overall PAN card issuances due to the extended deadline for Aadhaar and Pan card...

We maintain our BUY rating on the stock.

Reported profit after tax fell 11.7% YoY to Rs. 960cr despite strong revenue growth and margin expansion, impacted by a one-time labour code expense of Rs. 590cr. The company delivered a steady performance on the back of robust execution of its AI strategy, workforce upskilling initiatives and expansion of strategic partnerships. The management remains focused on launching next-generation platforms and industryspecific solutions, as well as enhancing operational efficiency and diversifying its global footprint. Ongoing investments in digital transformation and advanced analytics are expected to support growth, although the pace of improvement will depend on broader market dynamics and client adoption. However, we remain cautious on the rapid...

Q3FY26 Performance: International IT services (IITS) revenue came at US$ 82.3 mn, up 0.3% QoQ/ down 6.8% YoY in CC terms. IITS EBITDA margin at 19.5%, up ~220 bps QoQ. Consol revenue came at US$345.8 mn, up 42% QoQ while in rupee terms it stood at 3,080.6 crores, up 45.4% QoQ and 8.4% YoY with EBITDA margin...

Sonata Software delivered a resilient Q3 FY26 performance despite headwinds from a few large clients. Revenue grew marginally QoQ, but profitability improved sharply, with EBITDA rising to ~19.5%, driven by higher utilization, offshore mix improvement, AI-led productivity, and cost optimization, even after absorbing wage hikes and higher cloud costs. The company's strategy as a modernization engineering firm powered by platforms and AI is gaining traction, with AI-led deals now contributing 14% of the order book and cloud/data forming ~50% of the pipeline. Large deal momentum remains strong, with two...

Hexaware Technologies (HEXT) reported revenue of USD389m in 4QCY25, down 1.4% QoQ in CC terms vs. our estimate of 2.6% QoQ CC. In CY25, revenue grew 7.6%/7.1% YoY in USD/CC.

Q3FY26 Performance: Revenue at US$ 1,208 mn, up 2.4% QoQ/6.1% YoY (up 2.4% QoQ CC/ 5.2% YoY CC). In rupee terms, revenue stood at 10,781 crore, up 3.7% QoQ and 11.6% YoY. Reported EBIT margin declined ~520 bps QoQ to 10.6% while adjusted EBIT margin (ex-one off from new labour code) expanded by ~20 bps QoQ to 16.1%. Reported PAT stood at 959.6 crore, down 31% QoQ/ 12% YoY while...

Q3FY26 Performance: KPIT reported revenues of US$ 181 mn, flat QoQ/ up 2.8% YoY in USD terms (up 1.5% QoQ/ flat YoY in CC terms). On an organic basis it degrew 1.9% QoQ in CC terms. Adj. EBITDA (ex-one off from new labour code) stood at 19.5%, down ~70 bps QoQ/ 164 bps YoY. Adj. PAT (ex-one off from new labour...

The company delivered a strong performance, driven by robust deal momentum, improved execution and steady demand across key verticals, supported by a solution-led go-to-market strategy and deeper strategic client relationships. Management commentary remained constructive, highlighting continued focus on EBIT improvement through productivity initiatives, cost optimisation and operational efficiencies. The ramp-up of large multi-year deals, increasing adoption of AI-led and digital transformation offerings, and expansion in priority geographies are...

We recommend a HOLD rating on the stock.