Sharekhan Broker Research reports

Tech Mahindra’s (TechM’s) reported revenues stood at $1,564 million, up 1% q-o-q/0.4% y-o-y in-line with our estimate. In CC terms, revenue declined 1.4% q-o-q, missing our estimate of 0.7% decline.

HCL Tech reported revenues of $3,545 million, up 1.3% q-o-q/5.4% y-o-y in line with our estimate of $3,543 million. In CC terms, revenue growth in Q1FY26 was down 0.8% q-o-q/up 3.7% y-o-y.

Reported revenue stood at $7,421 million, down 0.6% q-o-q/1.1% y-o-y, missing our estimate of $7,587 million. Revenue growth in constant currency (CC) terms stood at -3.3% q-o-q, chiefly led by ramp-down of BSNL deal.

We retain a Buy rating on Marico with an unchanged PT of Rs. 825. The stock trades at 51x/44x its FY26E/FY27E EPS, respectively.

Vinati Organics delivered a robust FY25, with an 18.3% year-on-year revenue increase, a 23.7% rise in operating profit, and a 25.8% surge in net profit. Growth was primarily driven by ATBS and Antioxidants.

We interacted with Affle 3i’s (Affle’s) management to understand the business outlook and growth prospects of the company.

CIFC is expected to benefit from declining interest rates as the RBI has reduced repo rate by 100 bps over the last couple of quarters. The management expects a reduction of ~20–25 bps in cost of borrowings, hence improvement in NIM by ~10–15 bps in the current fiscal and some benefits would accrue in FY27.

Radico Khaitan Ltd (RKL) continues to focus on premiumisation and expects double-digit volume growth momentum in the Prestige & Above (P&A) category to continue.

Over the past three years, Axis Max life has posted strong industry leading APE growth of 18% with 13% VNB CAGR. The management aspires to continue to grow APE in mid-teens (300-400 bps higher than industry) with VNB margin at 24-25% in FY26.

LTFH remains assertive on reduction in credit cost and improvement in Asset quality in the MFI space from H2FY26. The MFIN Guardrails 2.0 will help build quality portfolios in the long term, also has limited impact in the short term.

In its analyst meet, Trent’s management provided insights about the company’s strategies and key focus areas, which will help the company to deliver strong double-digit growth in the coming years.

In a recent media interaction, Shree Cement’s management stated that cement demand was slightly subdued in May due to a heatwave and geopolitical uncertainty (IndiaPakistan tensions) in the North.

Indian defence forces are set to make emergency purchases worth Rs 40,000 crore to enhance combat readiness. The initiative focuses on acquiring key systems being prioritised under emergency powers, including surveillance drones, kamikaze drones, missiles, and various types of ammunition.

We interacted with management of Persistent Systems to understand the company’s business strategy and growth prospects.

Overall, FY25 has been tough owing to higher interest rates, tight liquidity, and high stress in unsecured loans. Profitability is expected to rebound from H2FY26 as headwinds recede on the margin and asset quality fronts.

We interacted with LTIMindtree’s management to understand the company’s business strategy and growth prospects. For Q1FY26, LTIMindtree expects strong order inflow to continue, bolstered by a landmark $450 million, seven-year deal, following robust order inflows of $1.68 billion in Q3FY25 and $1.6 billion in Q4FY25.

The demerger between ABFRL and ABLBL became effective from May 1, 2025. The demerged ABFRL reported high-single digit revenue growth and an improvement in profitability across businesses in Q4FY25.

Aarti Industries’ clocked revenue of Rs. 1,949 crore, marking a 6% q-o?q growth, largely driven by volume recovery across all end applications.

KPR’s Q4FY25 performance was soft and missed estimates on all fronts. Consolidated revenue grew by 4.3% y-o-y to Rs. 1,769 crore, versus our expectation of Rs. 1,877 crore.

Standalone revenue grew by 5.5% y-o-y to Rs. 1,738.8 crore in Q4FY25, driven by a 4.7% y-o-y rise in blended realisations.