Sharekhan Broker Research reports

We maintain BUY on TCS with revised PT of Rs. 5,230 (valued at 32x Sept 26E EPS). At CMP, the stock trades at 31.9/28.6/26.3x its FY25/26/27E EPS.

We maintain a Buy on KEC international with a revised target price of Rs. 1,050 factoring in the
incremental order inflows and margins accretion triggers. KEC currently trades at 33x/21.7x its
FY2025/2026 EPS, respectively.

We maintain Buy rating with revised price target (PT) of Rs 2,000 (valued at 27x Sep2026E EPS). At CMP, the stock trades at 27.3/25/22.7x its FY25/26/27E EPS.

We maintain Buy on LTTS with revised PT of Rs 6,500 (valuing at 38x Sep2026E EPS). At CMP, the stock trades at 44/35.7x its FY25/FY26E EPS.

CESC’s aggressive RE growth strategy with a plan to add 3.2GW (capex of ~Rs. 12-13k cr) in the next four years makes a good value proposition given the lower RE cost.

We maintain a Buy on Zydus Wellness Limited (ZWL) with an unchanged PT of Rs. 3,000. Stock has run up by 32% since our upgrade to Buy on May 14, 2024.

Strong retail flows led by buoyant equity markets and launch of new/innovative passive
schemes is driving strong performance.

ICICI Lombard remains confident of a continued growth trajectory led by the motor and health
segments.

Consolidated PAT at Rs. 1,971 crore was up 19% y-o-y and led by a beat in EBITDA margins due to decrease in royalty payments.

Q1 PAT of Rs. 86 crore, which is an 18% decline q-o-q, fell 22% short of our estimate due to weaker-than-expected revenue and higher raw material costs.