ICICI Securities Limited Broker Research reports

ICICI Lombard (ICICIGI) reported a healthy earnings CAGR of 17%/15% over the last 3/6 years, highlighting the compounding potential of the stock.

ICICI Prudential (IPRU) witnessed a recovery in retail APE in H2FY26 (with Oct-Feb growth of 8.8%). However, weak growth in H1FY26 (a decline of 8%) and a macro-impacted Mar’26 (down 0.5%) led to muted volumes for FY26 (retail APE down 0.1%).

Execution converting into earnings, with BaCo delivering a decisive beat on both growth and margins in Q4FY26. Revenue was driven by healthy ADHO-led volume traction and continued strength across LUP and core packs, supported by rural recovery and an improving channel mix.

Yes Bank (Yes) delivered a strong Q4FY26, with an uptick in NIM and CASA, growth acceleration and improved retail slippages / SMA loans. Reported PAT of INR 10.7bn (up 45% YoY) was in line with our estimates, but significantly ahead when adjusted for INR 3.4bn of contingent provisions.

Top-line headwinds for Wipro continue with yet another weak organic guidance of -1.8% QoQ CC at the midpoint for Q1FY27. The disconnect between deal bookings growth and revenue growth could be due to higher AI-led deflation and market share loss.

Sumitomo Chemical India Ltd. (SCIL) stands out as a high-quality, high-growth entity within the Indian agrochemical (agri-chem) sector.

EPL has announced a merger of Indovida (a rigid packaging company) which allows Indorama Ventures to become the majority shareholder (with a 51.8% stake) in the merged entity.

We initiate coverage on Hyundai Motor India Limited (HMIL) with a BUY rating and a TP of INR 2,150 (based on 25x FY28E EPS).

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.