ICICI Securities Limited Broker Research reports

Sagility hosted its first analyst meet (on 25th Mar’26). It highlighted that AI continues to be a key growth driver, woven into most of its solutions and platforms.

We remain positive on Aditya Vision (AVL), supported by low penetration of white goods in key markets, sustained demand and strong execution.

HDFC Bank’s part-time chairman, Mr. Atanu Chakraborty, has resigned (link), citing certain practices of the bank to be inconsistent with his personal values and ethics. On investors’ call addressed by the new interim chairman and some Board members, the bank mentioned that the outgoing chairman did not disclose any specifics.

We note that it remains well positioned to capitalise on a strong RAC-led upcycle, supported by favourable summer conditions, premiumisation and capacity expansion.

ICICI Lombard (ICICIGI) has reported healthy earnings growth of 25.4% between FY22–25 and 11.3% YoY growth in 9MFY26 (7.5% ex-capital gains).

We have liked KFIN Technologies (KFIN) for its business growth potential based on its core Indian MF RTA operations, alongside likely traction in international business (buoyed by acquisitions/partnerships), alternatives, and corporate registry.

DOMS Industries (DOMS) generates less than ~2% of its revenue from the Middle East. We believe that this could be absorbed by the domestic or other export markets.

We visited Aditya Infotech's (AIL) manufacturing facility at Kadapa, Andhra Pradesh. We note that the company has the world’s third-largest CCTV manufacturing capacity (ex-China) and largest in India.

Depositories remain a structural play on India’s capital markets, buoyed by higher retail participation and distinguished by a mix of annuity and transaction-based business.

Demand for transformers is surging in domestic and global markets, especially that for power transformers. As a result, transformer manufacturers are expanding their manufacturing footprint.

HDB Financial Services (HDBFS) – a blue-chip heritage paired with a formidable low-cost borrowing moat. The combination bestows an inherent advantage upon the company to command sustainable, scalable and high-margin growth.

Shadowfax is a key beneficiary of consolidation in India’s express parcel segment. Over the last year, it has emerged as the second largest player, gaining >1,000bps YoY market share.

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.

Suzlon has gained substantial ground in India’s wind power space over the last three years. As a vertically integrated wind energy solutions provider with highly localised manufacturing, its growth has been synonymous with India’s wind power growth.

A trifecta of growth drivers – electricity demand, transmission and renewables – is driving demand for conductors, cables and transformer oil.

PTC Industries’ (PTCIL) Q3FY26 EBITDA grew 62% YoY to INR 248mn (-4% YoY) aided by more-than-double sales growth. ATL and TARC registered good top-line growth but margins were under pressure due to product mix.

Ahluwalia Contracts’ (Ahluwalia) Q3FY26 result lagged our estimates and trajectory of the company’s FY26 revenue guidance. It reported revenue/EBITDA/adj. PAT of INR 10.6bn/1bn/0.55bn (YoY growth of 11%/15%/11%), falling short of our revenue estimate of INR 11bn.

Akums Drugs and Pharmaceuticals (Akums) had a strong show in Q3FY26 led by CDMO (~16% YoY) and international (~18% YoY) businesses. Volume for CDMO biz surged ~27.6% YoY, though unfavourable pricing and mix partially offset these gains.

We find the future prospects promising for Manappuram with a new strategic direction for the business, which entails new management, lower MFI mix, better asset quality management and high growth/low yield in core gold business.

Inox India reported a strong quarter with earnings ahead of our estimates. It reported revenues of INR 4.3bn (+29% YoY) and EBITDA of INR 0.9bn, with margins stable at 22%.