Motilal Oswal Broker Research reports

Anand Rathi Wealth (ARWM) reported operating revenue of ~INR3b in 2QFY26 (in line), up 23% YoY/9% QoQ, primarily driven by 28% YoY growth in revenue from the distribution of financial products and 16% YoY growth in MF revenue.

Tech Mahindra (TECHM) reported 2QFY26 revenue of USD1.6b, up 1.6% QoQ in CC vs. our estimate of 1.0% CC growth. Retail/Manufacturing/BFSI grew 9.0%/5.3%/3.8% QoQ, whereas Communications/Others fell 2.0%/8.8% QoQ (in USD terms).

Persistent Systems (PSYS) reported 2QFY26 revenue of USD406m (vs. est. USD404m), up 4.2% QoQ in USD terms and 4.4% in CC (est. +3.5%). EBIT margin stood at 16.3% (est. 15.7%).

ICICI Prudential Life Insurance (IPRU) reported APE of INR24.2b (in-line), reflecting a decline of 3% YoY. In 1HFY26, APE declined 4% YoY to INR42.9b.

ICICI Lombard’s (ICICIGI) gross written premium rose 2% YoY in 2QFY26 to INR70.6b (in line), impacted by the 1/n regulation. NEP grew 12% YoY to INR56.5b (16% beat).

Cyient DLM’s (CYIENTDL) 2QFY26 consolidated revenue/EBITDA declined ~20%/1% YoY to INR3.1b/INR312m. However, EBITDA margins expanded 190bp YoY to 10% (est. 9.7%), led by a better business mix (higher Aerospace mix of 37%).

Cholamandalam Investment and Finance (CIFC) is currently navigating a cyclical soft patch, reflected in moderation in business volumes and AUM growth.

High industry growth potential; holds leadership position: India’s home appliances and consumer electronics market (excluding mobile phones) is estimated to post a CAGR of ~14% over CY24-29. LG Electronics India (LGEIL), with its leadership across key product categories, is well-positioned to capitalize on this growth opportunity.

HCL Technologies (HCLT) reported 2QFY26 revenue of USD3.6b, up 2.4% QoQ CC vs. our estimate of 1.7% QoQ CC growth. EBIT margin came in at 17.4% vs. our estimate of 16.8%.

We upgraded Swiggy to BUY (see our report dated, 4th September, Internet: A buffet of tailwinds), reflecting an inflection in growth of the food delivery (FD) business and improved unit economics in the quick commerce (QC) business.

The regulator is considering measures to increase the tenure of the options segment. One of the measures could be shifting from weekly to monthly expiries for index contracts.

Tata Elxsi (TELX) reported revenue of USD105m in 2QFY26, up 1% QoQ in CC terms, in line with our estimate. Growth was led by Media and Communications (up 3.7% QoQ CC), whereas Transportation/HLS declined 0.5%/4.6% QoQ CC.

TCS reported revenue of USD7.5b in 2QFY26, up 0.8% QoQ in CC terms vs. our estimate of 1.0%. Growth was led by the Life Science and Healthcare vertical (up 3.4% QoQ CC).

According to the RBI, total electronic payments surged to INR11.3t on 22nd Sep’25, nearly ten times higher than the INR1.18t recorded the previous day.

SBI Cards (SBICARD) is the second-largest player in the card segment in terms of cards-in-force (CIF), with a 19.1% market share in CIF and 16.6% share in total industry spends.

As per media reports and our channel checks, Indraprastha Gas (IGL) could see a potential EBITDA/scm upside of 16-20% due to a change in the tax rate on gas sourced from Gujarat (official confirmation is awaited).

Endurance (ENDU) has consistently outperformed core industry growth, both in India and Europe, over the last five years. Given its healthy order backlog of INR36.1b worth of new orders, we expect ENDU to sustain its outperformance over FY25-27.

Demand has remained steady but has yet to show material pickup. JUBI expects demand recovery to begin from 3QFY26, supported by GST reforms.

We met with the management team of Amara Raja to get an update on the business. OE demand has picked up after GST rate cuts, while replacement is yet to pick up, lead costs, excl. currency depreciation, remain stable QoQ.

Acme Solar (ACME) remains our top pick in the Power/Renewables space, with the stock up 45% in the last six months.