Sell

ACC reported revenue of INR 58,080 Mn, down 4.3% YoY and 18.7% QoQ, primarily due to seasonally weaker demand during the quarter.

Infosys cut its organic revenue growth guidance to 0.55% YoY CC (at mid-point) for FY27 (vs. 2.2% earlier) due to weaker-thanexpected growth in seasonally strong Q1.

Cyient’s (CYL) DET business reported 1QFY27 revenue of USD163m, down 0.5% QoQ in constant currency (CC) terms, above our estimate of 1% decline.

We change our recommendation from HOLD to SELL on the stock.

: Leading manufacturer of transformers of up to 1200 kV class. Transformers and Rectifiers India Limited (TARIL) have 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 technical collaboration/JV relationship for...

India Cements’ (ICEM) 1QFY27 EBITDA increased ~90% YoY to INR1.6b (~47% beat), led by lower-than-estimated opex/t. EBITDA/t grew ~61% YoY to INR604 (vs. est. INR424).

Tata Technologies (TTL) reported revenue of USD175m in 1QFY27, up 4.3% QoQ in CC terms and above our estimate of 2% QoQ in CC.

Top-line headwinds for Wipro continue with yet another weak organic guidance of -1.5% to +0.5% QoQ CC (-1.3% organic at the midpoint, as per our estimate) for Q2FY27, implying a decline as management factored in continued macro uncertainty and geopolitical instability.

TATA Elxsi (TELX) reported Q1FY27 revenue growth largely in line with I-Sec estimate, with the media vertical leading growth. Margin was affected on higher deal execution/transition costs and several one-time costs.

We expect DCX Systems to report sales of INR 2,089 in Q1FY27 (flat compared
to last quarter and 6% down YoY, reflecting the seasonally weaker first quarter and slower than-expected execution of its order book.

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.

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.

The Ramco Cements continues to focus on improving profitability through premiumisation, higher green energy adoption, and operational efficiency initiatives.

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

Dr Reddy's has disclosed that it has halted commercial supplies of Semaglutide with the recently scaled-up batch being found to be out of specification due to an issue associated with an impurity.

Dr Reddy’s’ Form 20-F disclosures indicate that gRevlimid sales in FY26 were closer to our base-case estimate (~$300mn). However, assuming muted growth in the company’s base oncology portfolio since FY22, gRevlimid contribution would have been higher by ~$100mn in FY26 vs our base case.

On 27 June 2026, PSYS announced a very large acquisition (Nagarro - 75% of current revenue) and a large net new deal

15% volume CAGR (half of the same achieved in FY21-26) that will drive a 5-6% rise in market share to 20%, structural cost reduction, with an aim to reduce costs by 5-6%.

We attended JLR’s Annual Investor Day held online today, where management outlined its FY27 guidance, including: GBP26b in revenue, implying a 13% YoY growth, an EBIT margin of 4%, rising 400bp YoY, OCF break-even vs a GBP2.3b loss in FY26.

Cyient's FY26 annual report highlights strategic transformation, with a focus on three complementary growth vectors—DET (engineering services and tech-led transformation), DLM (engineering-led manufacturing), and the newly carvedout semicon business (IP-led, AI-driven silicon innovation).