Buy

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.

Reported revenue stood at $7,421 million, down 0.6% q-o-q/1.1% y-o-y, missing our estimate of $7,587 million. Revenue growth in constant currency (CC) terms stood at -3.3% q-o-q, chiefly led by ramp-down of BSNL deal.

JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution.

Delhivery is India’s leading 3PL logistics player, catering to a wide network of ~19,000 pincodes. Its service offerings include express parcels, part truck load (PTL), supply chain services, and others.

We recommend a BUY rating on the stock, with a target price of Rs 242/share reflecting 10% upside potential from the CMP.

LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end.

We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas.

We recommend a BUY rating on the stock, with a target price of Rs 1,870/share reflecting 10% upside potential from the CMP.

Largest and most diversified infrastructure story is on the move

Siemens Energy India (ENRIN) reported 2QFY25/1HFY25 financials, which were better than our estimates. The comparable numbers for the previous period are not available.