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With a diversified portfolio, presence over 73 countries, delivering world class engineering solutions to its clients with experienced team to successfully deliver complex one-of-a-kind projects. Its revenue grew 12.5% CAGR (FY22-25) whereas, EBITDA & PAT grew by 16.5% CAGR & 13.9% CAGR respectively over the same period Q3FY26 performance: KPIL reported a strong consolidated performance in Q3FY26, with revenue rising 16% YoY to 6,665 crore, driven by robust execution across T&D, Buildings & Factories, Oil & Gas and Urban Infrastructure. EBITDA increased 7% YoY to...
Accordingly, on 30th April 2026, Vedanta's stock price is expected to adjust for the demerger and trade in the range of ~300-325 per share (vs. current market price of ~720 per share). This estimate is indicative, as we await exact allocation of net debt across the resulting entities. The...
Vedanta Limited (VEDL) reported a consolidated revenue of INR467b (+19% YoY and +17% QoQ) against our est. of INR435b, driven by higher LME, better volume, and forex gains in 3QFY26.
Q3FY26 Performance: KPIT reported revenues of US$ 181 mn, flat QoQ/ up 2.8% YoY in USD terms (up 1.5% QoQ/ flat YoY in CC terms). On an organic basis it degrew 1.9% QoQ in CC terms. Adj. EBITDA (ex-one off from new labour code) stood at 19.5%, down ~70 bps QoQ/ 164 bps YoY. Adj. PAT (ex-one off from new labour...
KPIT Technologies (KPIT) reported revenue of USD181m in 3QFY26, up 1.5% QoQ in CC terms vs. our estimate of 2.8% growth. Growth was led by the commercial vehicles segment, up 10.5% QoQ, while the passenger car segment declined 1.2% QoQ.
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).
LTIMindtree (LTIM) reported a revenue of USD1.2b in 3QFY26, up 2.4% QoQ in constant currency (CC), above our estimate of 2.2% QoQ CC growth. EBIT margin at 16.1% was in line with our estimate of 16.0%.
Infosys (INFO) reported 3QFY26 revenue of USD5.1b, up 0.6% QoQ in CC/1.7% YoY in CC vs. our estimate of 0.3% QoQ in CC. Adj. EBIT margin stood at 21.2%, in line with our estimate of 21.1%. Adj. EBIT rose 3.1% QoQ/8.2% YoY to INR 96b (est. INR95b). Adj. PAT came in at INR76b, up 3.5% QoQ/12.0% YoY, above our estimate of INR73b.
BFSI momentum driving scalable, visible growth: The growth was driven by BFSI (16% mix) which expanded 23% QoQ, with rising share of revenue and strong scaling in recently added accounts. Management has guided for FY26 revenue of $119120 mn, implying ~1920% YoY growth. Financial Services is expected to remain the primary growth engine into FY27, supporting the long-term aspiration of reaching US$200 mn revenue by FY28. Renewals are healthy, pricing has held firm (including select price increases), and multistakeholder penetration in large BFSI accounts supports improving revenue...
Q3FY26 Performance: Revenue at US$ 1,208 mn, up 2.4% QoQ/6.1% YoY (up 2.4% QoQ CC/ 5.2% YoY CC). In rupee terms, revenue stood at 10,781 crore, up 3.7% QoQ and 11.6% YoY. Reported EBIT margin declined ~520 bps QoQ to 10.6% while adjusted EBIT margin (ex-one off from new labour code) expanded by ~20 bps QoQ to 16.1%. Reported PAT stood at 959.6 crore, down 31% QoQ/ 12% YoY while...
Despite furloughs, LTIMindtree (LTIM) delivered a solid performance in Q3FY26, with CC revenue rising by 2.4% q/q to $1.21bn and EBIT margin expanding by 20bps q/q to 16.1% LTIM saw a one-time labourcode impact of Rs5.9bn.
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%.
LTIMindtree is showing steady and improving fundamentals, supported by consistent execution and a clear AI-led strategy. Revenue grew 2.4% QoQ and 6.1% YoY in USD terms, despite a seasonally weak quarter, while EBIT margin improved by 20 bps sequentially to 16.1% due to cost discipline under the Fit for Future program. Order inflow remained strong at USD 1.7bn, reflecting healthy deal momentum and increasing wallet share from large global clients, especially in BFSI and manufacturing. Although the top five clients saw a temporary decline due to client productivity initiatives,...
AI traction strengthens medium-term growth visibility: AI remains a key growth driver, with annualized AI revenues reaching US$1.8 bn (~6% of the revenues), up 17.3% QoQ in CC terms (implying US$ 600 mn for Q3), and strong sequential momentum across all NextGen service lines. Client conversations around AI-led productivity, modernization and efficiency continue to strengthen, supported by a growing skilled workforce of 217,000+ AI-trained employees who possess higher-order AI skills (~3x increase YoY). This positions TCS well to benefit from a gradual demand recovery and rising...
KEC posted in-line results in 3QFY26. The performance could have been better, but it was impacted by labor constraints and lower margins in select segments. Order inflow for 9MFY26 remained strong at INR193b, resulting in OB of INR367b.
