Downgrades

HCLT reported healthy deal TCV—one of the highest Q1 deal TCVs and mega deal win in the early part of Jul’26. Management retained its guidance, despite a slightly better-than-expected top line and strong deal wins.

Revenue grew 9.9% YoY, driven by 3.5% YoY growth in paid campaigns and pricing-led improvements. Collections increased 13.7% YoY, while web traffic remained largely flat YoY.

Order Book: Suzlon strengthened its execution visibility by securing new WTG and EPC orders from Sunsure Energy and Tata Power Renewable Energy.

We expect HCLT to report a weak Q1FY27 with USD revenue declining ~2.0% QoQ to ~USD 3,608 Mn (+1.8% YoY). Our estimates are below street consensus, which expects -0.6% to - 1.2% QoQ CC decline.

Avenue Supermarts’ (DMART) Q1FY27 standalone revenue growth of ~15% YoY was subpar, while EBITDA margin of 8.3% was a tad better than our expectations.

LTM reported revenue of USD1.2b in 1QFY27, up 0.3% QoQ in constant currency (CC) vs. our estimate of flat revenue QoQ CC. EBIT margin at 15.5% was above our estimate of 15.1%.

Avenue Supermarts (DMART) revenue growth moderated to ~15% YoY in 1QFY27, as like-for-like (LFL) growth decelerated to 5.5% (vs. 10.8% in 4QFY26).

LTM opened FY27 with revenue of $1,224mn (+0.3% q/q, +6.4% y/y cc), EBIT margin of 15.5% (+40bps q/q) despite absorbing a ~100bps wage hike, and a stable order book of US$1.7bn (+3.1% y/y) including 2 large deals.

Scaling AI revenue—at a USD 150mn quarterly run-rate (~12% of revenue), strong growth in top 5 (4.5% QoQ USD) and top 6-10 accounts (3.8% QoQ USD) with productivity pass-through behind, and healthy margin expansion in Q1FY27, despite the partial impact of a wage hike and soft revenue growth.

MAS Financial (MAS) has delivered a steady and resilient performance in FY26 despite a challenging macroeconomic environment, underscoring the strength of its business model.

Pfizer, in its FY26 annual report, has highlighted key brands like Prevenar-13, Eliquis and Zavicefta as primary revenue growth drivers.

TCS’ management is optimistic about demand recovery in Q2 on the back of pent-up demand and multiple net-new wins.

Revenue growth should accelerate from Q2 as the USD 9.5 billion TCV backlog converts, three of four soft verticals recover, and BFSI sustains. Margin trajectory is upward from the Q1 trough toward 25%+ exit.

TCS reported 1QFY27 USD revenue of USD7.6b, up 0.4% QoQ in CC and above our estimate of flat QoQ CC growth. 1Q growth was led by Hi-tech/BFSI/regional markets, up 1.7%/1.6%/4.0% QoQ cc, while consumer/healthcare fell 4.0%/1.0% QoQ cc.

The delay in the commercial supply of semaglutide, due to an out-of-specification impurity issue in the semaglutide formulation, is expected to postpone the product ramp-up, with supplies likely to resume only by late Oct'26/early Nov'26.

We expect revenue to grow 2.4% YoY to INR 71,269 Mn, supported by steady growth across the India and One Africa businesses.

growth in interest income, fees and commission income across core businesses. Net interest income grew 48.4% YoY and reached Rs. 720cr, led by robust loan-book growth and higher interest income from Jio Credit's expanding lending operations....

Tata Steel's performance during the strong quarter reinforced its strategic transformation and operational resilience amid a challenging environment. The company focused on controlling costs, optimising capacity and shifting its product mix towards higher-value segments, which gradually strengthened its earnings. Strategic investments in new projects and ongoing cost transformation have helped the company absorb input cost pressures, while boosting operational margin. Efforts to improve supply chain efficiency and proactive engagement with regulators further support the company's long-term growth potential. Progress in optimising both downstream and brownfield operations is...

Event Update: KPIT issued two exchange filings on June 30 & July 1, 2026, providing a preliminary business update on Q1FY27 financial performance and a clarification on revenue outlook for the remainder of the year....

We value the company at 49x FY28E EPS and maintain our BUY recommendation on the stock with a TP of Rs 1,680/share.