Deven Choksey Broker Research reports

Fractal Analytics is positioning itself as a tech play, serving as bridge between "AI potential" and "Enterprise performance enhancement.“

Aye Finance Limited, founded in 1993, is a professionally managed non-banking financial company (NBFC) specializing in small-ticket business loans to micro, small, and medium enterprises (MSMEs).

Back to Basics (Balancing Growth with Fiscal Prudence): The defining characteristic of Budget 2026-27 is its adherence to fiscal prudence despite the political temptation to expand revenue expenditure.

CreditAccess Grameen’s Q3 reflected a decisive shift from asset quality repair to growth as Management highlighted a sharp improvement in collections and early delinquency trends, supporting a recovery in profitability and operating momentum.

Cyient DLM is expected to see a gradual recovery in performance over the coming quarters, supported by execution of its healthy order backlog, ramp-up of recently won industrial and medical programs, and an increasing contribution from box-build and B2S revenues.

Poonawalla Fincorp reported a strong quarter, driven by sharp growth in AUM and a significant improvement in profitability. Asset quality continued to improve, with lower stress levels and a higher proportion of standard assets.

Near-term performance is likely to be shaped by the bank’s ability to sustain deposit momentum and defend margins in a competitive funding environment, keeping NIMs range-bound despite steady loan growth.

The near-term headwinds—muted domestic demand, elevated employee costs, and gestation-led pressure from new capacities—are likely to keep earnings growth and return ratios subdued over the next few quarters.

HDFC Bank delivered a resilient Q3 performance characterized by steady balance- sheet expansion and stable asset quality, albeit with margin pressures.

The strong rebound in deal wins, expanding EBIT margins, and increasing contribution from large strategic clients provide better earnings visibility into FY27, supporting a gradual re-rating.

Management expects near-term growth to remain muted, with Q4FY26 IT Services revenue guided at 0–2% QoQ in constant currency, reflecting cautious client spending and deal ramp-up delays.

Jio Financial Services’ Q3 FY26 marked a meaningful operational inflection, with a visible improvement in core earnings led by stronger lending and fee income, partially offset by higher scaling investments, full consolidation of Jio Payments Bank, and prudent credit provisioning.

HDFC AMC delivered a strong operating performance in Q3 FY26, supported by healthy momentum in equity flows and sustained retail participation through SIPs. Asset growth remained robust, with equity continuing to be the primary driver of incremental AUM.

Infosys raised its FY26 CC revenue growth guidance to 3–3.5% while maintaining a 20–22% margin band, reflecting modest growth amid H2 seasonality and macro caution.

Tata Elxsi’s Q3 performance was driven by growth in Transportation, supported by large deal ramp-ups, recovery of a strategic client and expansion into adjacencies, with margins improving materially on higher utilization.

HCL Tech posted a strong Q3 FY26 with broad-based growth, solid deal wins, and margin expansion. The company reaffirmed its Services growth guidance to 4–5% YoY CC, maintaining overall guidance at 3–5% YoY CC, and EBIT margin at 17–18% despite near-term wage headwinds.

TCS reported a stable operational performance in Q3FY26, although reported profitability was impacted by exceptional items.

The Indian specialty chemicals sector is anticipated to experience modest demand growth in Q3FY26, primarily driven by domestic consumption and gradual recovery in select export markets.

BCCL benefits from vast reserves, strategic locations, and CIL backing amid rising coking coal demand driven by steel production.

Q3FY26 is expected to mark the start of a meaningful recovery for the FMCG sector as the September GST impact fully normalises and trade restocking improves.