Downgrades

We recommend a BUY with a near-term TP of Rs 405, implying an upside of 10% from the CMP.

Weak start for FY26 likely. Salary hike postponed due to uncertainty in the demand environment

we maintain our BUY rating on the stock

We recommend a BUY rating on the stock with a target price of Rs 530/share, implying an upside of 10% from the CMP.

TCS’s Q4FY25 revenue (-1.1%) came below our estimates. Revenue grew to INR 644,790 Mn (+0.8% QoQ /+5.3% YoY), driven by strong performance across the Asia Pacific, India and MEA region, which was partly offset by weakness in North America.

TCS reported revenue of USD7.5b in 4QFY25, down 1.0% QoQ in USD terms vs. our estimated decline of 0.8%. FY25 revenue stood at USD30.2b, up 4.2% YoY in CC.

TCS Q4FY25 reported revneue stood at $7,465 million, down 1% q-o-q/up 1.4% y-o-y, missing our estimate of $7,501 million. Revenue growth in constant currency (CC) terms stood at 2.5% y-o-y. Revenue in rupee terms stood at Rs. 64,479 crore, up 0.8% q-o-q/5.3% y-o-y.

Tata Steel (TSL) has embarked on a major transformation plan at Tata Steel Netherlands (TSN) – built on a multi-pronged approach to maximise production efficiencies, lower fixed costs, optimise product mix and margins.

The anti-dumping duty (ADD) on Acetonitrile (ACN) imports from China, Russia, and Taiwan may offer Alkyl Amines Chemicals (AACL) a margin and market share upside from 2HFY26.

Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments.

We met with KEII’s management to gain insights into near-term industry trends and the company’s growth outlook. Management indicated that demand remains strong for cables, led by an increase in government capex activities.

We recommend a BUY on the stock with a target price of Rs 900/share, implying an upside of 10% from the CMP.

We recommend a BUY rating on the stock with a TP of Rs 742 /share, implying an upside of 10% from the CMP.

Delhivery announced the acquisition of Ecom Express – the second largest 3PL B2C operator, for a cash consideration of Rs14bn, valuing the company at 0.6x EV/sales (on FY24 numbers).

We recommend a BUY rating on the stock with a target price of Rs 1,475/share, implying an upside of 10% from the CMP.

PEPL has a diverse portfolio with a presence in residential, office, retail, and hospitality segments. The company’s 9MFY25 incremental BD of 15msf and the launch pipeline of INR800b would result in a presales CAGR of 14% over FY24-27E to reach INR315b by FY27E.

We recently downgraded Dabur to REDUCE, given its weak execution. Dabur, in its Q4FY25 business update, noted a mid-single-digit decline in the domestic business, which is a key business concern in our view.