Deven Choksey Broker Research reports

Consolidated PAT stood at INR 830 Cr, up 156% YoY and 205% QoQ, largely driven by a one time dividend of INR 509 Cr arising from the RSHL step down consolidation.

Revenue growth to remain range bound near term with Q2 guided at minus 1.5% to plus 0.5% CC. Americas BFSI deal ramps and Europe EMR wins entering delivery should provide sequential improvement from Q3.

Revenue growth to hold within management's high single digit aspiration for FY27 as large deal ramp ups in comms and healthcare come through from Q2. Manufacturing should sustain on aerospace momentum even after the European auto pull forward reverses.

Valuation: Caliber Mining & Logistics has delivered a strong financial performance, reporting a Revenue/EBITDA/PAT CAGR of 32.7%/33.1%/30.6% during FY24–26.

We expect Jaro to deliver a strong earnings trajectory over the medium term, supported by sustained enrolment growth, improving monetisation and operating leverage.

Anthem Biosciences has established one of India's most comprehensive integrated CRDMO platforms, offering end-to-end services across the entire pharmaceutical value chain from target identification and lead optimization to preclinical development, clinical trial manufacturing (Phase I, II & III) and commercial manufacturing.

We expect Wipro to report a soft Q1FY27 with USD revenue declining ~1.4% QoQ to USD 2,613 Mn (+1.0% YoY), implying broadly flat CC growth QoQ.

AUM growth remains the key variable to monitor over the next 2 to 3 quarters. The muted Q1FY27 AUM growth was partly attributable to debt fund redemptions arising from interest rate, crude oil, and currency volatility, as highlighted by management.

We expect Tech Mahindra to report a steady Q1FY27 with USD revenue of USD 1,643 Mn (+1.1% QoQ, +5.0% YoY), implying CC growth of ~1.0 to 1.2% QoQ.

We expect revenue to grow to INR 74,944 Mn, supported by healthy momentum across the domestic formulations, Europe, and Emerging Markets businesses.

We expect Cyient DLM to report revenue of INR 3,552 million in Q1FY27, reflecting 28% YoY growth but a 4% QoQ decline, primarily due to seasonal weakness in the first quarter.

We expect revenue at INR 81,451 Mn, as the quarter is likely to witness a normalization in the US business following the decline in Lenalidomide sales, which had been a key earnings driver over the last few quarters. The lower contribution from this high-margin product is expected to weigh on overall revenue growth.

We expect DCX Systems to report sales of INR 2,089 in Q1FY27 (flat compared
to last quarter and 6% down YoY, reflecting the seasonally weaker first quarter and slower than-expected execution of its order book.

We expect revenue at INR 16,040 Mn, with growth primarily driven by higher raw material prices following geopolitical disruptions, which have led to an increase in realizations.

At CMP of INR 3,700, Tata Elxsi trades at ~25.5x FY28E EPS of INR 145.1. The stock has de rated sharply from its peak of ~55x FY26E (at CMP INR 5,793 in Jan 2026) and now trades at a ~15% discount to the ER&D peer median of ~30x FY28E (KPIT, Coforge, Newgen).

We estimate core PBT excluding Other Income at INR 8,268mn for Q1FY27, up 0.5% QoQ and 9.7% YoY. QAAUM grew 0.8% QoQ to INR 9,35,081cr, the softest sequential increase in several quarters.

We expect the company to grow its Revenue/EBITDA/PAT at a CAGR of 25% / 46.9% / 57.5% for the period of FY26-FY28E. The company is currently trading at 31x FY28E and we value the company at a PE of 33x FY28E EPS, implying a target price of INR 1,471 with the upside of 6.6%.

SBI Funds Management Limited (SBIFML) is India's largest asset management company by mutual fund QAAUM, with a 15.4% market share as of Dec 2025, and the largest by total AUM across mutual funds, PMS, AIF, and SIF at approximately INR 29.0 lakh crore as of Dec 2025.

Our investment case rests on the strength of the core business and its ability to generate cash.

Order Book: Suzlon strengthened its execution visibility by securing new WTG and EPC orders from Sunsure Energy and Tata Power Renewable Energy.