ICICI Securities Limited Broker Research reports

HCLT reported healthy deal TCV—one of the highest Q1 deal TCVs and mega deal win in the early part of Jul’26. Management retained its guidance, despite a slightly better-than-expected top line and strong deal wins.

Bajaj Consumer (BACO) reported a good Q1FY27, with revenue growth led by acceleration in Almond Drops (ADHO) volumes and continued traction across non-ADHO portfolio.

Revenue grew 9.9% YoY, driven by 3.5% YoY growth in paid campaigns and pricing-led improvements. Collections increased 13.7% YoY, while web traffic remained largely flat YoY.

Avenue Supermarts’ (DMART) Q1FY27 standalone revenue growth of ~15% YoY was subpar, while EBITDA margin of 8.3% was a tad better than our expectations.

L&T Finance (LTF) has demonstrated consistent performance, achieving YoY PAT growth of >20% and an average PAT growth of 25% for the past 14 quarters.

Scaling AI revenue—at a USD 150mn quarterly run-rate (~12% of revenue), strong growth in top 5 (4.5% QoQ USD) and top 6-10 accounts (3.8% QoQ USD) with productivity pass-through behind, and healthy margin expansion in Q1FY27, despite the partial impact of a wage hike and soft revenue growth.

Pfizer, in its FY26 annual report, has highlighted key brands like Prevenar-13, Eliquis and Zavicefta as primary revenue growth drivers.

TCS’ management is optimistic about demand recovery in Q2 on the back of pent-up demand and multiple net-new wins.

We upgrade GCPL to BUY (from Add) as we believe it is entering a phase of double-digit volume growth. The stock has declined ~14% in last one year and has delivered a CAGR of ~2.6% in last five years (EBITDA CAGR was ~5.5%).

Takeaways of the Engineering Intelligence (EI) showcase: LTTS launched the ‘Ainfonix’ platform, an AI-led offering that converts complex engineering drawings to usable data points and intelligence.

Torrent Pharma’s (Torrent) dominance in cardio-diabetes therapies, coupled with its varied portfolio and a dedicated field force, has helped the company garner 34–35% volume market share in GLP-1 in India.

We attended WeWork India Management’s (WeWork) maiden Analyst Meet, wherein management highlighted the company’s continued focus on its premium flexspaces offering.

Tata Motors Passenger Vehicles (TMPV) outlined its five-year strategy at its Investor Day, focusing on product interventions, cost reduction and accelerated EV/CNG penetration.

We hosted CA Grameen in Singapore for an investor roadshow. Takeaways: Management believes its business model is designed to benefit during an upcycle and withstand challenges with a relatively lower impact than the industry.

IndiGo’s FY26 result has underlined that demand remains strong, despite a host of challenges spanning internal/external disruptions and cost escalations throughout the year. The same has also been evident in the Q1FY27 yield outlook, based on trends in Apr/May’26.

FY26 saw Indian Hotels Co. Ltd. (IHCL) delivering resilient performance, with 16%/15% revenue/EBITDA growth against the backdrop of geopolitical disruptions in Q1FY26 and in Mar’26.

Jaguar Land Rover (JLR), at its investor day, laid out its product launch pipeline and market strategy for driving growth in the near term.

We recently met the management of Lemon Tree Hotels (LEMONTRE) to understand the demerger scheme for Lemon Tree and its 59% owned SPV, Fleur Hotels.

We hosted Aadhar Housing Finance in Singapore for an investor roadshow. Competition is intensifying but most players remain focused on the prime (>INR 3.5mn) and mid-income affordable (INR 1.5–3.5mn) housing segments; even so, AHFCs and Aadhar continue to dominate low-income affordable segment (<INR 1.5mn).

Coforge has rebuilt its offerings by embedding agentic AI across all its solutions. This is leading to AI deflation or cannibalisation of revenue, but concurrently is lifting revenue in new areas such as: AI-led application management services; tech modernisation; and AI-native product engineering.