Buy

We initiate coverage of Cera Sanitaryware Ltd. with a BUY recommendation and a target price of Rs 8,500/share, implying a potential upside of 31% from the CMP.

We initiate coverage of Greenply Industries Ltd (GREENPLY) with a BUY recommendation and TP of 385/share, implying an upside potential of 26% from the CMP.

We recommend a BUY on the stock with a TP of Rs 1,680/share, implying an upside potential of 12% from the CMP.

Initiating Coverage Report

Quarterly Update Q1FY26

TCS reported a subdued performance in Q1FY26, primarily impacted by the rampdown of the BSNL contract and cautious client spending across key verticals. Despite these headwinds, the company delivered margin resilience, with EBIT improving, driven by deferred wage hikes, lower third-party expenses, and favourable currency movements. A robust deal pipeline driven by demand for cost optimization, vendor consolidation, and AI-led transformation, underscores sustained client interest. We expect the launch of AI-led platforms, deeper domain...

We reiterate our BUY recommendation on BAF, valuing it at 4.9x FY27E ABV and arriving at a Target Price of Rs 1,050/share, which implies an upside potential of 14% from the CMP.

HCL Tech reported revenues of $3,545 million, up 1.3% q-o-q/5.4% y-o-y in line with our estimate of $3,543 million. In CC terms, revenue growth in Q1FY26 was down 0.8% q-o-q/up 3.7% y-o-y.

HCL Technologies (HCLT) reported 1QFY26 revenue of USD3.5b, down 0.8% QoQ CC vs. our estimate of 1.2% QoQ CC decline.

In this note, we present the key insights from Mahindra & Mahindra (MM)’s Annual Report. Some of the company’s key achievements from the Auto segment in FY25 include: a 210bp YoY rise in revenue market share to 22.5%, and a segment RoCE of 45.2%.

MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product.

Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field.

With an 18% upside from the CMP, we maintain a BUY rating on the stock.

Diversifying to secured segments; rebalancing unsecured book to relatively high-yield IL from MGL

Hindustan Unilever (HUVR) announced that Ms. Priya Nair, current President of Beauty & Wellbeing at Unilever, will be appointed CEO and MD of the company, effective 1st Aug’25, for a period of five years.

The stock is currently trading at 24x/17x FY26E/27E EPS. We maintain our BUY rating on the stock with a TP of Rs 950/share, implying an upside of 10% from the CMP.

outlook, evident through weak Q1 deal TCV in BFS. We expect FY26 international growth largely to be flat CC, which translates to an ask-rate of ~0.6% CQGR, while we expect the BSNL add-on will support the growth in Q2/Q3 before it sees further ramp-down in Q4. On the margins, utilization and rationalizing employee pyramid are the major levers, however the low-margin add-on BSNL deal would continue to weigh on FY26 margins. We are adjusting our revenue estimates for the quarterly miss while keeping our margins broadly unchanged. We expect CC revenue to decline by 1.4% in FY26E followed by a...

AbbVie partnership signals a new era for Glenmark Pharma (GNP) GNP’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed an exclusive licensing agreement with AbbVie for its lead investigational asset, ISB-2001.

Ichnos Glenmark Innovation (IGI), a wholly-owned subsidiary of Glenmark
Pharmaceuticals, has entered into an exclusive global licensing agreement
with AbbVie for the development and commercialization of IGI’s lead
oncology asset, ISB 2001. This first-in-class CD38×BCMA×CD3 trispecific
antibody is currently in Phase 1 clinical trials for relapsed/refractory multiple
myeloma (R/R MM).

We have revised our FY26E/FY27E EPS estimate by -1.7%/-3.6% respectively, led by lower revenue conversion on the back of reduced demand. We value TCS at 25.0x Jun’27 EPS (~10-year avg NTM P/E), implying a target price of INR 4,067.