Research Reports published by ICICI SECURITIES LIMITED

Name: Latest research reports of LTIMindtree Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: LTIMindtree Ltd.
Rating: 3
Author: ICICI Securities Limited

Latest research reports published by ICICI Securities Limited

LTIMindtree Ltd.

24 Apr 2025

4498.30

-0.78%

Healthcare slip impacts growth sharply

Hold: LTIMindtree Ltd.

Target

ICICI Securities Limited

LTIM reported muted performance with revenue growth down 0.6%/0.7% CC/USD QoQ, underperforming I-Sec estimates. Factors leading to slower growth were, Delayed ramp-up and deferral of deals, Ramp-down in healthcare vertical and Top-5 clients’ revenue declining from AI-led gain sharing.

ICICI Securities Limited decreased Hold price target of LTIMindtree Ltd. to 4410.0 on 24 Apr, 2025.

Au Small Finance Bank Ltd.

23 Apr 2025

675.15

-0.87%

Asset quality improved; credit cost to trend downward from hereon

Buy: Au Small Finance Bank Ltd.

ICICI Securities Limited

AU SFB’s Q4FY25 performance was mixed with sustained growth momentum and benefits from operational efficiency, but elevated credit cost in unsecured portfolios (MFI + credit card + PL).

ICICI Securities Limited released a Buy report for Au Small Finance Bank Ltd. with a price target of 725.0 on 23 Apr, 2025.

HCL Technologies Ltd.

23 Apr 2025

1578.20

-0.54%

FY26 guidance optimistic at top end; however, uncertainty prevails

Sell: HCL Technologies Ltd.

Target

ICICI Securities Limited

HCLT’s FY26 revenue organic guidance of 1–4% YoY CC appears optimistic at its upper end, implying -0.6% to 0.9% organic CQGR. It is supported by an exit growth rate of 1.6%. Management mentioned that it did not see any project deferral or rampdown due to tariff-related uncertainties in Q4FY25.

HCL Technologies Ltd. is trading below its 100 day SMA of 1718.3

Havells India Ltd.

23 Apr 2025

1599.80

-0.30%

Strong performance, partially led by higher trade up-stocking

Buy: Havells India Ltd.

Target

ICICI Securities Limited

Havells reported stronger-than-expected Q4FY25, partially led by higher trade inventory up-stocking in air conditioners. There is strong revenue growth of 39% in Lloyd. While there is healthy growth in primary sales, the company believes there is a possibility for slowdown in secondary sales in Q1FY26.

Havells India Ltd. is trading below its 150 day SMA of 1657.6

Solar Industries India Ltd.

22 Apr 2025

12757.00

-3.70%

Primed for a giant leap

Buy: Solar Industries India Ltd.

Target

ICICI Securities Limited

In the current volatile markets, Solar Industries’ (SOIL) stock has outperformed its peers. Its traditional India business continues to be on a stable footing and the exports and overseas segment is also expanding.

Promoters pledged 0.97% of shares in last quarter. Total pledge stands at 1.52% of promoter holdings

Just Dial Ltd.

20 Apr 2025

923.35

-3.85%

Muted growth in Q4FY25, as expected; all eyes on first earnings call since Q1FY25

Hold: Just Dial Ltd.

Recommendation Target

ICICI Securities Limited

Q4FY25 revenue growth slowed to 7% YoY. EBITDA margin declined sequentially for the first time after seven quarters. Given the sustained pressure on revenue growth and all-time high EBITDA margin, the earnings growth outlook remains weak for FY26.

Number of FII/FPI investors decreased from 167 to 160 in Mar 2025 qtr

HDFC Bank Ltd.

20 Apr 2025

1911.20

-0.29%

Healthy quarter with steady RoA led by stable core NIM and contained opex

Buy: HDFC Bank Ltd.

Target

ICICI Securities Limited

HDFC Bank (HDFCB) reported Q4FY25 PAT of INR 176bn (RoA steady at ~1.9%) led by stable core NIM QoQ and contained opex. Deposits growth (14% YoY) remains driven by term deposits (20% YoY) while CA grew 18% QoQ (up 1% YoY) due to seasonality.

HDFC Bank Ltd. is trading above all available SMAs

ICICI Prudential Life Insurance Company Ltd.

20 Apr 2025

Product and distribution initiatives adapting well to macros; valuation remains attractive

Buy: ICICI Prudential Life Insu...

Target

ICICI Securities Limited

ICICI Prudential (IPRU) has successfully accelerated volume growth (5%/15% growth in total APE FY24/FY25; 22.3% growth in retail WRP vs 17.4% growth for the private industry in 11MFY25) backed by well-executed distribution/product initiatives.

Number of FII/FPI investors decreased from 627 to 619 in Mar 2025 qtr

IDFC First Bank Ltd.

19 Apr 2025

66.08

-2.32%

Large potential capital buffer, likely RoA revival and inexpensive valuations to aid re-rating

Buy: IDFC First Bank Ltd.

Target

ICICI Securities Limited

We upgrade IDFC First Bank (IDFCFB) to BUY with a revised TP of INR 75, as the large proposed capital infusion (INR 75bn) improves visibility on superior loan growth/operating leverage (without any material dilution in book value) topped with inexpensive valuations.

Number of FII/FPI investors decreased from 636 to 624 in Mar 2025 qtr

Tata Elxsi Ltd.

18 Apr 2025

5612.50

-5.16%

In-line result; transportation vertical sees a sharp downturn

Sell: Tata Elxsi Ltd.

Recommendation Target

ICICI Securities Limited

Tata Elxsi (TELX) has reported a muted Q4FY25 print with revenue contraction of 5.3% QoQ CC, roughly in line with our estimate (of -5.9%) and falling below consensus.

Tata Elxsi Ltd. has an average target of 5451.00 from 3 brokers.