The company's Q3FY26 performance highlighted disciplined execution amid macro uncertainty, with sustained CC growth and FY26 revenue guidance upgraded to 33.5%, reflecting recovery in discretionary spending. Large-deal momentum remains robust at USD 4.8bn with 57% net-new, indicates a strong demand visibility, particularly in financial services where Infosys is a preferred AI partner for 15 of the top 25 banking clients. The company has firmly positioned itself at the forefront of enterprise AI monetization, engaging 90% of its top-200 clients across 4.6k AI projects, supported by its differentiated Topaz and Fabric platforms coupled with...

L&T Technology Services (LTTS) deliberate exit from low-margin and commoditized portfolios in tech, mobility and select India operations led to a 3.2% QoQ revenue decline to USD 326mn, but significantly enhanced profitability, with expanded EBIT margin (up by 120bps to 14.6%). Sustainability, the company's highest-margin segment, delivered consistent double-digit growth with margins expanding to 28.8%, while mobility has bottomed out and is showing early recovery signals supported by large OEM wins and rising traction in software-defined vehicles (SDVs). Tech margins...

Wipro is slowly stabilizing after a long weak phase, but the recovery is gradual. Q3 FY26 showed modest improvement with 1.4% QoQ revenue growth in CC term, driven by better traction in BFSI, healthcare, Europe, and APMEA, while consumer and EMR remain soft due to macro uncertainty and delayed client spending. Operating margin improved to 17.6%, supported by tight cost control, restructuring benefits, and lower attrition, though near-term margin upside may be limited due to wage hikes, integration costs from the Harman DTS acquisition, and continued investments in growth. Deal momentum remains healthy with USD...

We maintain a HOLD rating on the stock.

Strong quarter with visible RoA expansion in medium term Q3FY26 performance: Federal Bank reported a strong performance in Q3FY26, driven by sustained margin expansion, robust fee income growth and improving asset quality. NIM expanded 12 bps QoQ to 3.18%, supported by lower funding cost, strong CASA accretion and continued shift towards mid-yield segments. Advances grew 10.9% YoY (4.5% QoQ) to 2,55,569 crore, led by commercial banking, business banking and gold loans, while deposits rose 11.8% YoY (3.1% QoQ) to 2,97,796 crore, with CASA ratio improving 106 bps QoQ to 32.07%. Credit...

The strong rebound in deal wins, expanding EBIT margins, and increasing contribution from large strategic clients provide better earnings visibility into FY27, supporting a gradual re-rating.

Management expects near-term growth to remain muted, with Q4FY26 IT Services revenue guided at 0–2% QoQ in constant currency, reflecting cautious client spending and deal ramp-up delays.

Strong deal momentum improves medium-term visibility: Infosys' strong large-deal performance in Q3, with large-deal TCV of US$4.8 bn (57% net new across 26 deals), improves revenue visibility into FY27. The traction reflects rising client confidence in Infosys' enterprise AI capabilities (Topaz), particularly in Financial Services (+3.9% YoY CC) and EURS (+0.5% YoY CC), where management expects growth acceleration in FY27 vs FY26. Manufacturing and Retail/CPG, however, remain under pressure, implying that deal wins may translate into revenue gradually rather than immediately. Backed by strong YTD...

Jio Financial Services’ Q3 FY26 marked a meaningful operational inflection, with a visible improvement in core earnings led by stronger lending and fee income, partially offset by higher scaling investments, full consolidation of Jio Payments Bank, and prudent credit provisioning.

Union Bank of India (UNBK) reported 3QFY26 PAT of INR50.2b (up 9% YoY/up 18% QoQ, 32% beat), led by NIMs expansion, and significantly lower-than-expected provisions.

Anand Rathi Wealth (ARWM) posted an operating revenue of ~INR2.9b in 3QFY26 (5% miss), up 22% YoY but down 3% QoQ. This was primarily driven by a 25%/20% YoY growth in revenue from the distribution of financial products/MF.

HCLT reported a beat on revenue, with growth of 4.2% QoQ CC (I-Sec: 2.2%, Cons: 2.8%) led by strong growth in its software products business aided by seasonal strength and continued healthy traction in ER&D and IT services despite seasonal headwinds from furloughs.

Eicher Motor's financial performance continues to demonstrate steady operational *over or under performance to benchmark index momentum across its key segments, providing a solid base for H2FY26. Royal Enfield is expected to sustain its growth trajectory as the company strengths its franchise through launches, platform upgrades and global market expansion. VECV's healthy performance, market by its record sales volume in the second quarter, reinforces confidence that the commercial vehicles segment will add to growth. The company's focus on enhancing product capability through new models and...

ease and festive demand kicks in. Margin trajectory should improve in H2FY26, supported by stable commodity prices, normalization of pricing actions, and scaling of premium launches. The company's innovation pipeline, including Dr. Wool and Ujala Young & Fresh, along with strong...

Consolidated revenue rose 31% YoY (normalized growth 12% excluding Golden Star & U.S. tariff) to Rs. 2,766cr. North America (~46% revenue mix), grew 47% YoY (16% normalized ), followed by India (30% mix) grew 13% YoY, Europe surged...

while domestic consumption and premiumization trends provide a strong growth runway. TTK is expanding capacity, talent, and distribution, targeting ~1,000 Xclusive stores and leveraging the Judge brand for mass portfolio. We value TTK at...

HCL Technologies delivered a standout Q3FY26, driven by resilient growth, strong deal bookings, and expanding AI leadership. Revenue rose 4.8% CC YoY to USD 3.8bn, supported by balanced momentum across services including engineering & software. ER&D services remained the key growth engine, reflecting rising demand for advanced AI, Physical AI, and custom silicon solutions. Net new bookings surged to USD 3bn, the highest in four years, highlighting sustained client confidence. Margins improved sequentially, backed by disciplined cost management and operating leverage which were partially offset by wage hikes and restructuring...

delivering industry-leading capabilities centered around digital, engineering, cloud and AI, powered by a broad portfolio of technology services and products. Q3FY26 Performance: HCLTech reported revenue of US$3,793 mn, up 4.1% QoQ/ 7.4% YoY (in CC terms up 4.2% QoQ/ 4.8% YoY). The services business was up by 1.8% QoQ/5% YoY CC. EBIT margin at 18.6% (ex-one-time impact from new labour code of 956 crore), was up ~118 bps QoQ, Services (IT & Business services and ER&D services) margin stood at 16.4%, down ~10 bps QoQ. PAT stood at 4,795 crore, up 13.2% QoQ/ 4.4% YoY while ex-one-time impact from new labour code of...

HCL Tech posted a strong Q3 FY26 with broad-based growth, solid deal wins, and margin expansion. The company reaffirmed its Services growth guidance to 4–5% YoY CC, maintaining overall guidance at 3–5% YoY CC, and EBIT margin at 17–18% despite near-term wage headwinds.

TCS reported a stable operational performance in Q3FY26, although reported profitability was impacted by exceptional items.