Upgrades

Tata Elxsi’s Q3 performance was driven by growth in Transportation, supported by large deal ramp-ups, recovery of a strategic client and expansion into adjacencies, with margins improving materially on higher utilization.

Just Dial reported 6.4% YoY revenue growth in Q3FY26, with EBITDA margin expanding 102bps YoY driven by lower employee costs following Q2FY26’s headcount reductions.

We recommend a BUY rating on the stock.

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...

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...

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.

We believe GRASIM has a compelling structural long-term investment case underpinned by an improving VSF earnings cycle, a stable margin in the chemicals business due to the company’s focus on specialty chemicals, and a long-term growth opportunity in decorative paints.

HCL Technologies (HCLT) reported 3QFY26 revenue of USD3.8b, up 4.2% QoQ CC, above our estimate of 2.3% QoQ CC growth. EBIT margin came in at 18.6% vs. our estimate of 18.1%.

TCS reported revenue of USD7.5b in 3QFY26, rising 0.8% QoQ in CC terms, above our estimate of 0.5%. Growth was led by regional market and others (up 4.6% QoQ CC).

Avenue Supermarts (DMart) continues to operate as a business focused on stability rather than growth acceleration. Margins delivered a positive surprise, with EBITDA margin at 8.4%, driven by execution discipline and cost control despite an unfavourable mix.

transformation and green energy investment is expected to sustain efficiency and future growth. Strategic projects such as Bina and Andhra refineries, Mozambique LNG and retail modernisation should enhance scale and margin stability. Continued government support on LPG under...

HPCL exhibits strong operational agility, supported by efficient refinery utilisation, expanding clean energy portfolio and resilient domestic demand trends. A disciplined capex strategy toward refinery upgrades, CNG distribution and renewable integration underpin its structural growth outlook while maintaining prudent leverage...

Based on strong demand for petroleum products, improvement in IOCL's Q3 and Q4 performance is expected, driven by its aligned investments, government support, and cost-reduction initiatives like Project SPRINT. The company's ambitious target of achieving 31GW of renewable capacity by CY30 via Terra Clean, funded through a combination of equity participation and project-level joint ventures, is also a positive...

We believe the relief measures indicate GoI’s steadfast commitment to maintaining a 3+1 market structure in the Indian telecom industry.

We have argued in our recent upgrade note (Time to buy the next cycle, 24th Nov 2025) that 2026 will be the year when enterprises start deploying AI at scale, and Indian IT services stand to benefit from this.

We attended JSW Energy’s (JSWE) plant visit at Vijaynagar on 7-8th Jan’26, in which the company showcased its green hydrogen and floating solar plants.

Transformers and Rectifiers India Limited (TARIL) has a wide range of transformers, like Power & Distribution Transformers, Furnace Transformers, Rectifier Transformers & Special Transformers. Company has strong in-house design & technical expertise, along with...

We had the opportunity to test drive both the XUV7XO and the XEV9S. The XUV7XO comes with multiple feature upgrades, including best-in-class suspensions, a threescreen display layout, ambient lighting options, enhanced ADAS and electronics and computing system, Dolby Vision with Dolby Atmos, a 16-speaker Harman Kardon setup, and superior seating.