JSW Steel`s consolidated EBITDA beat BB consensus estimate by 5% as the overall performance in the standalone as well as the subsidiary level witnessed sharp improvement.

Nuvoco Vistas Corp’s (Nuvoco) current valuation (of 8.5x FY27E EV/EBITDA) appears quite compelling. Further, buoyant cement prices were instrumental in propelling its Q1FY26 EBITDA by an impressive 51% YoY (being 5% ahead of our estimate).

Shoppers Stop (SHOP) revenue grew 6% YoY in 1QFY25 (vs. +8%/+2% YoY in 3Q/4Q), led by 5% LFL growth in Departmental format and ~2x growth in INTUNE.

We have rolled forward our valuation basis to Jun’27 estimates. We value Wipro at 21.0x (~at its 3-year Avg. NTM P/E) Jun’27 EPS, implying a target price of INR 279 per share. Wipro is currently trading at 1-year NTM P/E of 21.0x, below the peer average of 25.5x, due to its weaker revenue and net profit growth. We reiterate our “ACCUMULATE” rating on the stock.

We value IPRU at 1.5x Mar’27 EVPS, implying a target price of INR 714. IPRU is
currently trading at 62.6x FY26 P/E, lower than the peer average of 68.6x FY26 P/E, led by lower growth in net profitability. We upgrade our rating from “HOLD” to “ACCUMULATE” on the stock.

We maintain our HOLD rating on the stock.

We resume our coverage with a HOLD rating on the stock.

We resume our coverage with a HOLD rating on the stock.

The company delivered a subdued Q1FY26, posting revenue of INR 3,207mn, falling short of expectations due to delays in large deal closures and cautious customer spending amid global uncertainty. Despite this, it maintained healthy profitability with a 15.5% of PAT margin, driven by a 19%YoY growth in recurring revenue streams like SaaS, ATS, and AMC. While license revenues declined due to smaller deal sizes and longer decision cycles, the addition of 12 new clients and growing interest from BFSI, insurance, and enterprise sectors show positive demand momentum. Its industry-specific, AI-driven low-code platforms continue...

Wipro's Q1 FY26 results reflect a company navigating short-term headwinds while positioning for long-term growth. Revenues declined 2.0% QoQ and 2.3% YoY in constant currency, mainly due to macro uncertainty and weak discretionary spending, particularly in Europe and sectors like consumer and manufacturing. Despite this, margins improved to 17.3% (IT services), within the aspirational 17% to 17.5% band, showcasing strong cost discipline. The standout positive was a robust USD 5bn in total contract value up 51% YoY, including USD 2.7bn in large deals, driven by AI-led transformation and vendor consolidation. Wipro's AI-first...