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Wipro (WPRO) grew marginally better than expected at -2% CC, within its guided range for Q1FY26. Growth was led by the healthcare and technology verticals. Guidance for Q2FY26 is flat at the midpoint.

Glenmark Pharmaceuticals’ (Glenmark) subsidiary Ichnos Glenmark Innovation (IGI) has out-licensed its oncology asset ISB 2001 to Abbvie in a deal valued at USD 1.925bn, including USD 700mn upfront, USD 1.225bn in milestones and tiered doubledigit royalty on net sales.

Wipro reported steady operating performance in Q1, though one-off restructuring costs led to a miss on reported EBITM. IT Services revenue declined 0.3% QoQ to USD2.59bn (down 2% CC), in line with our expectations.

remains in a bright spot with a steady recovery in Telco despite the negative seasonality in Comviva. Automotive within Manufacturing remains a Considering the Q1 weakness, the ask-rate for the rest of the year to achieve flat FY26 CC growth is ~0.8% CQGR, which we believe is a little challenging, given the underlying macro uncertainties. Although Communication has improved, it is difficult to draw a trend, given the conversion on deal TCV also tends to be slower than anticipated. However, we believe the cost optimization efforts would continue at a similar pace of FY25 with continued efforts to...

TechM’s 1Q operating performance was slightly below expectations. Revenue grew 1.0% QoQ to USD1.56bn (down 1.4% CC), marginally missing estimates.

automotive vertical. Although the aerospace momentum continued through Q1, the weakness in the Heavy-Machinery segment led the decline (4.7% QoQ) in non-Auto business. The management anticipates recovery in Q2 on the back of strategic deals signings, while early green shoots are visible in term of improved client sentiment and robust order book, hinting to a better H2 over...

Tata Technologies’ (TATATECH) revenue declined 7.6% QoQ CC in its core services segment. Growth was impacted as OEMs delayed ramp-ups and paused R&D spends amid tariff-led challenges.

We have revised out FY26E/FY27E EPS estimates by -28.1%/-25.9% on account
of slower-than-anticipated recovery in media and healthcare, weak revenue
visibility, and a delayed margin normalization trajectory, with EBIT margins now
expected to remain below FY25 levels over near to medium term. Persistent macro headwinds and muted vertical traction warrant a cautious stance until greater clarity emerges on growth and profitability recovery.

Margins declined sharply due to missing operating leverage in Q1 The revenue de-growth was in line with our estimates, largely attributed to M&C and H&L, while Transportation business reported flat QoQ CC vs -9.7% QoQ CC in Q4. The transportation business growth is negatively impacted by Tier-1 suppliers, otherwise the deal ramp ups on the Auto OEMs have improved of late and compensating the weakness against Tier-1. The management sounded optimistic to drive growth within Transportation from Q2, while M&C would recover from Q3 led by large deal ramp up. The timely ramp ups of the...

TATA Elxsi (TELX) reported a disappointing print vs I-Sec’s already muted estimates. Q1FY26 marks the fourth straight quarter of muted revenue performance.