We value IPRU at 1.5x Mar’27 EVPS, implying a target price of INR 714. IPRU is currently trading at 62.6x FY26 P/E, lower than the peer average of 68.6x FY26 P/E, led by lower growth in net profitability. We upgrade our rating from “HOLD” to “ACCUMULATE” on the stock.
We reiterate our “BUY” rating on the stock, as we expect strong premium growth, stable margins, and a resilient product mix to underpin sustainable profitability and market share gains in FY26E.
We have rolled forward our valuation basis to Jun’27 estimates. We value Wipro at 21.0x (~at its 3-year Avg. NTM P/E) Jun’27 EPS, implying a target price of INR 279 per share. Wipro is currently trading at 1-year NTM P/E of 21.0x, below the peer average of 25.5x, due to its weaker revenue and net profit growth. We reiterate our “ACCUMULATE” rating on the stock.
In Q1FY26, AWL experienced a challenging quarter led by muted consumer demand, strategic consolidation of regional rice operations, one-off G2G rice business in the base year, and fluctuations in edible oil prices.
Q1FY26 revenue came in at INR 1,33,512 Mn. (-0.2% QoQ /+2.7% YoY), in-line with our estimates (-0.9%), driven by growth traction across BFSI, Communication and Retail segments. USD Revenue stood at 1,564 Mn. (+1.0% QoQ CC/ +0.3% YoY CC), better than our expectations of +0.8% QoQ CC growth.
We have rolled forward our valuation to Jun’27 estimates. We value HCL Tech at 23.0x Jun’27 EPS (at +1 SD to 7-year avg NTM P/E), implying a target price of INR 1,693. HCL Tech is currently trading at a 1-year fwd. P/E of 24.0x (in-line with its 1- year Avg. NTM P/E). We reiterate our “HOLD” rating on the stock.
In Q1FY26E, the Indian cement sector witnessed a strong sequential recovery in pricing, particularly in the southern and eastern markets, following an extended period of margin compression and weak realizations.
Consumption trends in Q1FY26E remained uneven, with rural markets continuing to outperform urban counterparts. Improved monsoon sentiment and widespread distribution of government-sponsored benefits supported rural demand, which remained resilient across staples and personal care categories.
We have revised out FY26E/FY27E EPS estimates by -28.1%/-25.9% on account of slower-than-anticipated recovery in media and healthcare, weak revenue visibility, and a delayed margin normalization trajectory, with EBIT margins now expected to remain below FY25 levels over near to medium term. Persistent macro headwinds and muted vertical traction warrant a cautious stance until greater clarity emerges on growth and profitability recovery.
India’s life insurance industry saw a decrease in new business premiums in June 2025, with total collections decreasing 3.1% YoY to INR 4,11,171 Mn, compared to INR 4,24,337 Mn in June 2024. The Life Insurance Corporation of India (LIC) reported a 14.7% YoY decrease in number of policies sold. The decline reflects industry-wide challenges, including regulatory changes, economic conditions, and shifting consumer preferences. Insurers are focusing on expanding distribution channels and introducing new products.
