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Buy Clean Science and Technology Ltd For Target Rs. 1,780 By JM Financial Services Slightly weak quarter a blip Clean Science’s 1QFY26 EBITDA was in line with JMFe and 5% below consensus. During the quarter, although the company faced demand issues, it continued to retain its market share across its key products. We expect the subsidiary to start contributing positively from 3QFY26 driven by the ramp-up of value-added HALS grades. Besides HALS, the company’s two new performance chemical capacities are on-track to be commercialised with one set to see commerci...
Buy Clean Science and Technology Ltd For Target Rs. 1,780 By JM Financial Services
Buy Clean Science and Technology Ltd For Target Rs. 1,780 By JM Financial Services
Source: JM Financial Services
2025-07-18 04:51:52 pm
Buy Polycab India Ltd For Target Rs. 7,900 By JM Financial Services 1QFY26: A beat on all fronts; maintain BUY Polycab’s 1Q performance was a beat on all fronts. While 33% YoY growth in the C&W business was a key highlight, the FMEG portfolio also reported steady growth and improved profitability (revenue +18% YoY, EBITDA margin at 4.2%, +250bps YoY). The C&W business benefitted from increased government expenditure and rising commodity prices, while the FMEG business maintained its growth momentum owing to demand from real estate. Another ke...
Buy Polycab India Ltd For Target Rs. 7,900 By JM Financial Services
Buy Polycab India Ltd For Target Rs. 7,900 By JM Financial Services
Source: JM Financial Services
2025-07-18 04:27:03 pm
Buy Wipro Ltd For Target Rs. 320 By JM Financial Services On the front foot now WPRO’s 1Q performance met expectations. Revenues, though down 2% cc QoQ (JMFe: - 2%), came in the upper half of its -3.5% to -1.5% guide. EBIT margin at 17.3% (-20bps; JMFe: 17.3%) remained in a narrow range, offsetting revenue contraction – a common theme in recent history. With margins now in WPRO’s target band of 17-17.5%, its focus has pivoted decisively to growth. TCV of USD 5bn at book-to-bill of 1.9x, highest across peer group, offers strong e...
Buy Wipro Ltd For Target Rs. 320 By JM Financial Services
Buy Wipro Ltd For Target Rs. 320 By JM Financial Services
Source: JM Financial Services
2025-07-18 04:21:21 pm
Buy Axis Bank Ltd For Target Rs. 1,330 By JM Financial Services PAT miss driven by higher provisions Axis Bank reported a disappointing 1Q26 numbers with PAT decline of 4% YoY, ~9% lower than JMFe, driving lower RoA/RoE (calc.) of ~1.45%/12.7%. Miss on PAT was mainly driven by higher credit cost (annualised) of ~1.5% (JMFe: 1%) due to change in NPA recognition norms. Adjusting for this change in norms, PAT was in-line with JMFe. Gross/net slippages spiked to 3.2%/2.3% (vs. 1.9%/0.8% in 4Q25), largely driven by technical impact (~INR 27.1bn). Operationa...
Buy Axis Bank Ltd For Target Rs. 1,330 By JM Financial Services
Buy Axis Bank Ltd For Target Rs. 1,330 By JM Financial Services
Source: JM Financial Services
2025-07-18 04:08:21 pm
Buy Wipro Ltd For Target Rs.280 By Emkay Global Financial Services Ltd Steady performance marred by one-off restructuring costs 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. Overall EBITM declined by 120bps QoQ due to one-off restructuring costs of ~Rs2.5bn in Europe, missing our estimates, while EBITM for IT Services matched our expectations. Deal intake remained strong at ~USD5bn in Q1 (incl...
Buy Wipro Ltd For Target Rs.280 By Emkay Global Financial Services Ltd
Buy Wipro Ltd For Target Rs.280 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-18 03:13:52 pm
Buy Axis Bank Ltd For Target Rs. 1,400 By Emkay Global Financial Services Ltd Prudent provisioning depresses earnings The in-line NII and higher treasury income notwithstanding, Axis Bank reported a 10% miss on PAT (at Rs58bn) and 1.5% RoA, primarily due to significantly higher provisions as it tweaked its stress recognition policy on cash credit/overdraft (CC/OD) facility and owing to one-time settlement accounts. Adjusted for this technical impact, 1Q PAT is likely log at ~Rs64bn. Though the management had earlier given guidance for this policy change to ensure in...
Buy Axis Bank Ltd For Target Rs. 1,400 By Emkay Global Financial Services Ltd
Buy Axis Bank Ltd For Target Rs. 1,400 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-18 02:39:29 pm
Buy Marico Ltd For Target Rs. 810 By Emkay Global Financial Services Ltd Inflationary copra prices, a near-term concern We maintain our long-term positive view on Marico with Jun-26E TP of Rs810 (on 50x P/E), given improved execution. However, the company’s near-term performance is likely to be impacted by the inflationary copra prices in both, India and Indonesia. Amid unprecedented surge in copra prices, Marico’s nearterm margin in India (1/3rd of revenue) and in Bangladesh (3/5th of revenue) is likely to be stressed. However, we expect cyclical p...
Buy Marico Ltd For Target Rs. 810 By Emkay Global Financial Services Ltd
Buy Marico Ltd For Target Rs. 810 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-18 02:25:45 pm
Add LTIMindtree Ltd For Target Rs.5,400 By Emkay Global Financial Services Ltd Steady quarter; deal wins to unlock growth LTIM reported a mostly in-line operating performance in Q1. Revenue grew 2% QoQ to USD1,153.3mn (0.8% cc), meeting our expectations. Revenue growth was broad-based across verticals, led by Consumer, Healthcare, Life Sciences & Public services, and BFSI. EBITM expanded by 50bps QoQ to 14.3% on the back of savings from the Fit4Future program (100bps), negating the seasonal visa cost and forex headwinds. Deal wins remained strong, with TCV of USD...
Add LTIMindtree Ltd For Target Rs.5,400 By Emkay Global Financial Services Ltd
Add LTIMindtree Ltd For Target Rs.5,400 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-18 02:06:45 pm
Buy MTAR Technologies Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd Fueling the next orbit of growth for MTARTECH MTAR Technologies (MTARTECH) has been a key player in India’s aerospace industry with a longstanding association with ISRO, supplying critical assemblies for several key space missions. Leveraging this expertise and established credibility, the company is consistently onboarding global MNC aerospace clients. The aerospace segment currently contributes ~11% to MTARTECH’s total revenue, and this share is expected to rise to 16% by FY2...
Buy MTAR Technologies Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd
Buy MTAR Technologies Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 12:30:52 pm
Neutral Clean Science & Technology Ltd for the Target Rs.1,350 by Motilal Oswal Financial Services Ltd Stable growth amid mixed segment performance EBITDA Inline, PAT miss led by higher than expected Tax * Clean Science (CLEAN)’s reported EBITDA in line with our estimate at INR1b (+5% YoY), with a gross margin of 65.5% (vs. 65.4% in 1QFY25). EBITDAM contracted to 41.1% from 42.3% in 1QFY25 due to higher other expense YoY (+13% YoY). * While the non-established products face demand softness, we expect the established products which contribute to ~83% of standalone sales to contin...
Neutral Clean Science & Technology Ltd for the Target Rs.1,350 by Motilal Oswal Financial Services Ltd
Neutral Clean Science & Technology Ltd for the Target Rs.1,350 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 12:09:54 pm
Buy Angel One Ltd for the Target Rs.3,200 by Motilal Oswal Financial Services Ltd Volume recovery and distribution boost revenue * Angel One (ANGELONE) reported a total income of INR8.9b (+7% QoQ/- 20% YoY) in 1QFY26, in line with our estimate. Sequential growth was driven by a slight recovery in F&O activity, strong improvement in cash realization, and robust traction in credit distribution. * Total operating expenses grew 23% QoQ (flattish YoY), driven by higherthan-expected employee costs. Excluding IPL costs (INR1,117m), the company’s admin expenses dec...
Buy Angel One Ltd for the Target Rs.3,200 by Motilal Oswal Financial Services Ltd
Buy Angel One Ltd for the Target Rs.3,200 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 11:57:04 am
Buy 360ONE WAM Ltd for the Target Rs.1,450 by Motilal Oswal Financial Services Ltd RM exit hurts flows; synergy integration remains key * 360ONE WAM (360ONE) reported an operating revenue of INR6.6b (in line), reflecting 10% YoY growth in 1QFY26. This was driven by a 36% YoY growth in ARR income to INR5.1b (7% beat), offset by a 32% YoY decline in TBR income to INR1.5b (8% miss). * ARR AUM rose 30% YoY to INR2.9t (10% beat), while TBR AUM grew 36% YoY to INR2.1t (10% beat), taking the total AUM to INR5t (+33% YoY). * The cost-to-income ratio at 52.9% improved 880bp...
Buy 360ONE WAM Ltd for the Target Rs.1,450 by Motilal Oswal Financial Services Ltd
Buy 360ONE WAM Ltd for the Target Rs.1,450 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 11:42:23 am
Buy Godrej Properties Ltd for the Target Rs.2,843 by Motilal Oswal Financial Services Ltd Healthy presales, steady margin improvement to continue GPL has delivered a strong presales CAGR of 50% over FY21-24 and outperformed all its peers. However, its presales are estimated to clock an 8% CAGR over FY25-27 due to the high base effect. Recently, GPL raised INR60b via QIP and is set to raise further INR20b via NCD to support its aggressive business development (BD) activities and debt reduction initiative. As of 4QFY25 end, GPL’s net debt-to-EBITDA (D/E) ratio stood at 0.19...
Buy Godrej Properties Ltd for the Target Rs.2,843 by Motilal Oswal Financial Services Ltd
Buy Godrej Properties Ltd for the Target Rs.2,843 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 11:30:35 am
Buy Indian Hotels Ltd for the Target Rs.900 by Motilal Oswal Financial Services Ltd Industry tailwinds continue to drive performance Operating performance in line with our estimate * Indian Hotels (IH) reported strong consolidated revenue growth of 32% YoY in 1QFY26, led by healthy RevPAR growth of 11% (ARR up 12% and OR down 90bp YoY) in its standalone business. Like-for-like consol hotel revenue/TajSATS grew ~13%/20% YoY. Management contract revenue rose 17% YoY to INR1.3b. * IH maintains its double-digit revenue guidance for FY26, supported by strong MICE activit...
Buy Indian Hotels Ltd for the Target Rs.900 by Motilal Oswal Financial Services Ltd
Buy Indian Hotels Ltd for the Target Rs.900 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 11:17:14 am
Buy HDFC AMC Ltd for the Target Rs.6,400 by Motilal Oswal Financial Services Ltd Strong growth in other income leads to beat on PAT estimate * HDFC AMC’s operating revenue grew 25% YoY/7% QoQ to INR9.7b (in-line). Yields for the quarter came in at 46.7bp vs 46.2bp in 1QFY25 and 46.6bp in 4QFY25. * Total opex rose 8% YoY/14% QoQ to INR 2b (in-line), driven by 8% YoY growth in employee costs (in-line) and 7% YoY growth in other expenses (inline). * EBITDA for the quarter was at INR7.7b, up 30% YoY. EBITDA margins were at 80% vs 77% in 1QFY25 and 81% in 4QFY25...
Buy HDFC AMC Ltd for the Target Rs.6,400 by Motilal Oswal Financial Services Ltd
Buy HDFC AMC Ltd for the Target Rs.6,400 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 11:05:14 am
Buy LTIMindtree Ltd for the Target Rs.6,000 by Motilal Oswal Financial Services Ltd A steady quarter Margin trajectory improving * LTIMindtree (LTIM) reported revenue of USD1.1b in 1QFY26, up 0.8% QoQ CC, below our estimate of 1.5% QoQ CC growth (in line with consensus). EBIT margin at 14.3% was in line with our estimate of 14.4%. PAT stood at INR12.5b, up 11.2% QoQ/10.5% YoY and in line with our estimate of INR12b. In INR terms, revenue/EBIT/PAT grew 7.6%/2.6%/10.5% YoY. In 2QFY26, we expect revenue/EBIT/PAT to grow 8.8%/4.2%/2.1% YoY. We value LTIM at 30x FY27E EPS w...
Buy LTIMindtree Ltd for the Target Rs.6,000 by Motilal Oswal Financial Services Ltd
Buy LTIMindtree Ltd for the Target Rs.6,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 10:50:25 am
Sell Wipro Ltd for the Target Rs.230 by Motilal Oswal Financial Services Ltd Deals deliver; conversion a key monitorable Margins likely to remain range-bound * Wipro (WPRO) reported 1QFY26 IT Services revenue of USD2.5b, down 2.0% QoQ CC, above our estimate of 2.5% QoQ decline. It posted an order intake of USD4.9b (up 25.6% QoQ), with a large deal TCV of USD2.6b (up 51% QoQ). EBIT margin of IT Services was 17.3% (est. 17.5%). PAT stood at INR33b (up 6.7% QoQ/10.8% YoY) vs. our est. of INR32b. In INR terms, revenue was flat YoY, EBIT declined 1%, and PAT grew 9.8...
Sell Wipro Ltd for the Target Rs.230 by Motilal Oswal Financial Services Ltd
Sell Wipro Ltd for the Target Rs.230 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 10:38:39 am
Neutral Axis Bank Ltd for the Target Rs.1,250 by Motilal Oswal Financial Services Ltd Weak quarter; slippages surge on technical impact Controlled opex and treasury gains offset higher provisions * Axis Bank (AXSB) reported 1QFY26 net profit of INR58.1b (down 4% YoY, in line) as lower opex and higher other income offset higher provisions. * NII was flat YoY at INR135.6b (down 2% QoQ, in line). NIMs declined by 17bp QoQ to 3.80% (in line). * Provisioning expenses spiked 190% QoQ to INR39.5b (49% higher than est.). Other income grew by 25.5% YoY/7.1% QoQ to INR72.6b ...
Neutral Axis Bank Ltd for the Target Rs.1,250 by Motilal Oswal Financial Services Ltd
Neutral Axis Bank Ltd for the Target Rs.1,250 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-18 10:21:49 am
Reduce LTIMindtree Ltd For Target Rs. 5,360 By Choice Broking Ltd Q1FY26 slightly better than expected; AI led cost program drives margins • Reported Revenue for Q1FY26 stood at USD 1,153Mn up 2% Q0Q (vs CIE est. at USD 1,151Mn). The CC growth was 0.8% QoQ, while the cross-currency tailwind of 1.2% further gave Topline boost. In INR terms, revenue stood at INR 9.8Bn, up 0.7% QoQ. • EBIT for Q1FY26 came at INR 14.0Bn, up 4.5% QoQ (vs CIE est. at INR 14.0Bn). EBIT margin was up 52bps QoQ to 14.3% (vs CIE est. at 14.3%). • PAT for Q1FY2...
Reduce LTIMindtree Ltd For Target Rs. 5,360 By Choice Broking Ltd
Reduce LTIMindtree Ltd For Target Rs. 5,360 By Choice Broking Ltd
Source: Choice Broking
2025-07-18 10:03:57 am
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd Q1FY26 Revenue & PAT meets estimates, EBIT misses expectations • Reported Revenue for Q1FY26 stood at USD 2,587Mn down 0.3% Q0Q (vs CIER est. at USD 2,560Mn). In INR terms, revenue stood at INR 221.3Bn, down 1.6% QoQ. • EBIT for Q1FY26 came at INR 35.5Bn, down 8.5% QoQ (vs CIER est. at INR 37.4Bn). EBIT margin was down 90bps QoQ to 16.1% (vs CIER est. at 17.0%). • PAT for Q1FY26 came at INR 33.3Bn, down 7.0% QoQ (vs CIER est. at INR 32.5Bn)   Wipro eyes ...
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd
Source: Choice Broking
2025-07-18 09:55:06 am
Buy Bajaj Finance Ltd for the Target Rs. 1,050 - Axis Securities Ltd Delivering Strong Growth While Navigating Headwinds Summary FY25 was marked by yet another consistent and strong performance delivery by BAF across operational parameters. The company resumed its growth trajectory post the lifting of the restrictions on 2 of its products (eCOM and InstaEMI) in early FY25 (May’24). AUM growth was strong across segments, while the company did not shy away from holding back growth in segments where elevated stress was visible. Asset quality challenge...
Buy Bajaj Finance Ltd for the Target Rs. 1,050 - Axis Securities Ltd
Buy Bajaj Finance Ltd for the Target Rs. 1,050 - Axis Securities Ltd
Source: Axis Securities
2025-07-17 01:57:24 pm
Add L&T Technology Services Ltd For Target Rs. 4,750 By Emkay Global Financial Services Ltd Weak Q1; double digit growth guidance retained LTTS reported softer than expected operating performance in Q1. Revenue declined 2.9% QoQ to USD335.3mn (down 4.2% in CC terms), impacted by SWC seasonality, macro headwinds, and softness in Auto, and missed our estimate. EBITM recovered by a marginal 10bps QoQ to 13.3%, a tad lower than our expectations. LTTS continued to steer the large deal momentum in Q1, registering a 3rd consecutive quarter of large-deals TCV of over USD200mn, including ...
Add L&T Technology Services Ltd For Target Rs. 4,750 By Emkay Global Financial Services Ltd
Add L&T Technology Services Ltd For Target Rs. 4,750 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 01:48:28 pm
Reduce Tech Mahindra Ltd For Target Rs. 1,600 By Emkay Global Financial Services Ltd Modest miss; margin roll-up continues in succession TechM’s 1Q operating performance was slightly below expectations. Revenue grew 1.0% QoQ to USD1.56bn (down 1.4% CC), marginally missing estimates. With EBITM expanding by 60bps QoQ to 11.1%, TechM logged the 7th quarter of margin expansion, on disciplined execution and benefits accruing from Project Fortius, albeit a tad lower than estimated. Deal intake stayed strong for a 3rd straight quarter, with TCV of USD809mn driving 44% grow...
Reduce Tech Mahindra Ltd For Target Rs. 1,600 By Emkay Global Financial Services Ltd
Reduce Tech Mahindra Ltd For Target Rs. 1,600 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 12:47:56 pm
Reduce Firstsource Solutions Ltd For Target Rs. 370 By Emkay Global Financial Services Ltd Strong FY25; upside hinges on further acceleration FSOL’s FY25 annual report provided progress made on the growth strategy encompassing the ‘One Firstsource’ framework, with focus on seven strategic levers, including organizational structure simplification and expanding multitower relationships with cross-selling/up-selling in potential growth accounts. Consistent execution of this framework, coupled with initial traction in the UnBPO approach, instills confidence in the ...
Reduce Firstsource Solutions Ltd For Target Rs. 370 By Emkay Global Financial Services Ltd
Reduce Firstsource Solutions Ltd For Target Rs. 370 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 12:17:12 pm
Buy Puravankara Ltd For Target Rs. 400 By Emkay Global Financial Services Ltd Slow start, though likely to catch up Puravankara’s pre-sales grew 6% YoY to Rs11.2bn in Q1FY26 which is better than expected (Emkay estimate: Rs10bn). The sluggish growth rate is due to lack of any meaningful launch during the quarter. Hence, ability to manage growth from sustenance sales is comforting. The company has lined up a healthy set of launches for FY26, with higher focus on the West which would drive strong pre-sales growth. We expect 36% pre-sales CAGR during FY25- 27E. P...
Buy Puravankara Ltd For Target Rs. 400 By Emkay Global Financial Services Ltd
Buy Puravankara Ltd For Target Rs. 400 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 12:06:55 pm
Buy Suprajit Engineering Ltd For Target Rs. 550 By Emkay Global Financial Services Ltd Valuations attractive; global business available virtually for free We upgrade Suprajit Engineering (SEL) to BUY with a revised SoTP-based TP of Rs550 (22% increase). We highlight that against its current valuations (~Rs61bn market capitalization), ~21x PER for standalone/India business (vs ~28x domestic peer average) itself provides healthy upside/downside protection, even as global business (52% of revenue) is available virtually for free despite strategic groundwork over the past 5Y. SE...
Buy Suprajit Engineering Ltd For Target Rs. 550 By Emkay Global Financial Services Ltd
Buy Suprajit Engineering Ltd For Target Rs. 550 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-17 11:59:49 am
Buy Glenmark Pharmaceuticals Ltd For Target Rs. 2,545 By Choice Broking Ltd ISB 2001 Licensing and Core Expansion to Drive Glenmark 3.0 Ichnos Glenmark Innovation (GNP’s wholly owned subsidiary) recently signed a licensing deal with AbbVie for its multiple myeloma asset, ISB 2001, valued at USD 1.925 Bn, including a significant upfront payment of USD 700 Mn—globally one of the largest of its kind. The deal makes IGI self-sustaining, easing GNP’s innovation funding burden and supporting a robust EBITDA margin expansion, with management guiding for...
Buy Glenmark Pharmaceuticals Ltd For Target Rs. 2,545 By Choice Broking Ltd
Buy Glenmark Pharmaceuticals Ltd For Target Rs. 2,545 By Choice Broking Ltd
Source: Choice Broking
2025-07-17 11:38:20 am
Add L&T Technology Services Ltd For Target Rs. 4,850 By Choice Broking Ltd LTTS reported Q1FY26 performance in-line with consensus estimates • Revenue for Q1FY26 came at INR 28.6Bn, up 13.6% YoY but down 2.8% QoQ (vs Consensus est. at INR 29.1Bn). • EBIT for Q1FY26 came at INR 3.8Bn, down 0.6% YoY and 3.2% QoQ (vs Consensus est. at INR 3.9Bn). EBIT margin was down 228bps YoY but up 10bps QoQ to 13.3% (vs Consensus est. at 13.4%). • PAT for Q1FY26 stood at INR 3.1Bn, up 0.7% YoY and 1.5% QoQ (vs Consensus est. at INR 3.1Bn).   Mixed...
Add L&T Technology Services Ltd For Target Rs. 4,850 By Choice Broking Ltd
Add L&T Technology Services Ltd For Target Rs. 4,850 By Choice Broking Ltd
Source: Choice Broking
2025-07-17 11:27:35 am
Buy Tech Mahindra Ltd For Target Rs. 1,931 By Choice Broking Ltd Q1FY26 better than expected; FY27E growth & margin aspirations intact • Reported Revenue for Q1FY26 stood at USD 1,564Mn up 1% Q0Q (vs CIER est. at USD 1,550Mn). The CC de-growth was 1.4% QoQ, however on expected lines, the cross-currency tailwind of 2% mitigated the further top-line deceleration. In INR terms, revenue stood at INR 133.5Bn, down 0.2% QoQ. • EBIT for Q1FY26 came at INR 14.7Bn, up 7.2% QoQ (vs CIER est. at INR 13.9Bn). EBIT margin was up 77bps QoQ to 11.1% (...
Buy Tech Mahindra Ltd For Target Rs. 1,931 By Choice Broking Ltd
Buy Tech Mahindra Ltd For Target Rs. 1,931 By Choice Broking Ltd
Source: Choice Broking
2025-07-17 11:19:23 am
Neutral L&T Technology Ltd for the Target Rs.4,300 by Motilal Oswal Financial Services Ltd Muted start to the year Vertical-specific headwinds weigh on 1Q performance * L&T Technology’s (LTTS) 1QFY26 revenue declined 2.8% QoQ in USD terms vs. our estimate of ~1.1% QoQ decline. In CC terms, revenue was down 4.2% QoQ. Sustainability grew 4.1% QoQ, while Hi-Tech/Mobility was down 8.5%/1.5% QoQ. * EBIT margin stood at 13.3% vs. our estimate of 12.8%. Adj. PAT stood at INR3.1b (est. INR3.0b), up 1.5% QoQ/1.0% YoY. * For 1QFY26, revenue/EBIT declined 3.9%/1.0%, whil...
Neutral L&T Technology Ltd for the Target Rs.4,300 by Motilal Oswal Financial Services Ltd
Neutral L&T Technology Ltd for the Target Rs.4,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-17 10:41:40 am
Buy JSW Steel Ltd for the Target Rs.1180 by Motilal Oswal Financial Services Ltd Favorable macros to revive margins; long-term outlook remains robust Driving volume growth through strategic capacity expansion * JSTL is investing INR600b over the next three years to enhance steelmaking and downstream capacities, operational efficiency, and raw material resources. * By Sep’27, Phase-I expansion will increase JSTL’s domestic crude steel capacity by 17% to 41.9mtpa. This phase includes major projects like Vijayanagar, BPSL and Dolvi. * As of now, the 5...
Buy JSW Steel Ltd for the Target Rs.1180 by Motilal Oswal Financial Services Ltd
Buy JSW Steel Ltd for the Target Rs.1180 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-17 10:19:12 am
Buy Tech Mahindra Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd A step in the right direction Telecom stabilizes, margin performance on track * Tech Mahindra (TECHM) reported 1QFY26 revenue of USD1.6b, down 1.4% QoQ in constant currency (CC) vs. our estimate of 1.0% cc decline. Communications/Manufacturing grew 2.8%/4.0% QoQ. BFS/Retail were down 0.6%/1.0% QoQ. EBIT margin was up 60bp QoQ at 11.1%, beating our estimate of 10.7%. PAT stood at INR11.4b (down 2.2% QoQ/up 33% YoY), below our estimate of INR12b. In INR terms, revenue/EBIT/PAT grew 2.7%/3...
Buy Tech Mahindra Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Buy Tech Mahindra Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-17 10:01:42 am
Add HCL Technologies Ltd For Target Rs. 1,685 By Choice Broking Ltd Q1FY26 margins miss on delayed ramp-ups, client bankruptcy & investments * Reported Revenue for Q1FY26 stood at USD 3,545Mn up 1.3% Q0Q (vs CEBPL est. at USD 3,545Mn). The CC de-growth was 0.8% QoQ, however the cross-currency tailwind of 2.1% mitigated the further top-line deceleration. In INR terms, revenue stood at INR 3.03Bn, up 0.3% QoQ. * EBIT for Q1FY26 came at INR 49Bn, down 9.2% QoQ (vs CEBPL est. at INR 54Bn). EBIT margin was down 171bps QoQ to 16.3% (vs CEBPL est. at 17.8%...
Add HCL Technologies Ltd For Target Rs. 1,685 By Choice Broking Ltd
Add HCL Technologies Ltd For Target Rs. 1,685 By Choice Broking Ltd
Source: Choice Broking
2025-07-16 12:45:47 pm
Buy ICICI Prudential Life Ltd For Target Rs. 760 By JM Financial Services Strong results ICICI Prudential Life Insurance reported strong 24.5% VNB margins for 1QFY26 (+170bps QoQ, +50bps YoY, +50bps JMFe). With 5% decline in total APE for 1QFY26, in line with JMFe, VNB declined 3% to INR 4.5bn, +2% JMFe. Margin expansion was led by an improvement in cost structures, with cost to premiums at 21.2%, down 280bps YoY, and strong growth in non-linked savings products at the expense of lower-margin ULIPs. Amongst other products, annuity APE declined 53% on a strong ba...
Buy ICICI Prudential Life Ltd For Target Rs. 760 By JM Financial Services
Buy ICICI Prudential Life Ltd For Target Rs. 760 By JM Financial Services
Source: JM Financial Services Ltd
2025-07-16 12:21:14 pm
Buy ICICI Lombard General Insurance Ltd For Target Rs. 2,250 By JM Financial Services Strong result, growth remains the concern ICICI Lombard (ICICIGI) reported strong results with a PAT of INR 7.5bn, +25% JMFe. Claims Ratio came in line with JMFe at 73.0% (a 100bps YoY improvement); even as commercial lines of fire and engineering saw elevated claims. Combined Ratio (COR) was reported at 102.9%. Adjusting for 1/n norms, COR improved 10bps on a like-to-like basis to 102.2%. Against 0.6% reported GDPI growth in 1Q, like-to-like growth came in at 5% while Net Earned Premiums ...
Buy ICICI Lombard General Insurance Ltd For Target Rs. 2,250 By JM Financial Services
Buy ICICI Lombard General Insurance Ltd For Target Rs. 2,250 By JM Financial Services
Source: JM Financial Services Ltd
2025-07-16 12:12:06 pm
Buy HDFC Life Insurance Ltd For Target Rs. 855 By JM Financial Services In line results HDFC Life reported another quarter of steady 13% VNB growth, in line with JMFe. Total APE of INR 32bn was in line, while margins were a very slight disappointment at 25.1%, flattish YoY, against JMFe of 20bps expansion. The company saw a 39% contraction in non-par APE with customers taking to new par variants offered and more attractively priced products from peer insurers. We believe the product mix shift from ULIPs to non-par is only delayed and the company has multiple l...
Buy HDFC Life Insurance Ltd For Target Rs. 855 By JM Financial Services
Buy HDFC Life Insurance Ltd For Target Rs. 855 By JM Financial Services
Source: JM Financial Services Ltd
2025-07-16 12:05:15 pm
Neutral Oberoi Realty Ltd for the Target Rs.1,850 by Motilal Oswal Financial Services Ltd Valuation in-line with visible growth outlook Oberoi Realty (OBER), a leader in the luxury segment, recently launched Elysian Tower D in 1QFY26 following the launch of its highly anticipated Thane project in FY25, which received a strong response. The company has a robust launch pipeline for the next 12-24 months, positioning it to achieve a 46% CAGR in pre-sales over FY25-27E. Collections are also expected to follow a strong growth trajectory, with a projected CAGR of 30% during the same ...
Neutral Oberoi Realty Ltd for the Target Rs.1,850 by Motilal Oswal Financial Services Ltd
Neutral Oberoi Realty Ltd for the Target Rs.1,850 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 11:35:02 am
Buy ICICI Prudential Life Insurance Ltd for the Target Rs.780 by Motilal Oswal Financial Services Ltd APE and VNB largely in line; margin expands to 24.5% Cost optimization and favorable product mix support margins * ICICI Prudential Life Insurance (IPRU) reported a decline of 5% YoY in new business APE to INR18.6b (in-line) in 1QFY26, largely impacted by the base effect and a slowdown in ULIP momentum due to market volatility. * VNB margin for the quarter stood at 24.5% vs. our estimate of 23% (24% in 1QFY25). Absolute VNB declined 3% YoY to INR 4.6b (in-line). * For 1QFY26, IPRU...
Buy ICICI Prudential Life Insurance Ltd for the Target Rs.780 by Motilal Oswal Financial Services Ltd
Buy ICICI Prudential Life Insurance Ltd for the Target Rs.780 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 11:25:33 am
Buy ICICI Lombard Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd Investment income boosts PAT; miss in combined ratio * ICICI Lombard’s (ICICIGI) gross written premium was up 2% YoY in 1QFY26 at INR81b (in line), impacted by 1/n regulation and its cautious approach to the motor segment. NEP grew 14% YoY to INR51.4b (in line). * The claims ratio stood at 73% (in line) vs. 74% in 1QFY25. The commission ratio increased to 16.8% (our est. 16%) vs. 15% in 1QFY25 and the opex ratio came in at 13.2% (our est. 12.5%) vs. 13.3% in 1QFY25. * The incre...
Buy ICICI Lombard Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd
Buy ICICI Lombard Ltd for the Target Rs.2,400 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 11:03:17 am
Buy HDFC Life Insurance Ltd for the Target Rs.910 by Motilal Oswal Financial Services Ltd APE in line; VNB margin flat on YoY basis * HDFC Life Insurance (HDFCLIFE) reported APE of INR32.3b (in-line) in 1QFY26, up 13% YoY, driven by 13%/12% YoY growth in individual/group APE. * VNB grew 13% YoY to INR8.1b in 1QFY26 (5% below our estimates). Margins stood at 25.1%, a 90bp decline from our estimate of 26%, primarily due to the shift in the product mix towards lower yield offerings. * For 1QFY26, HDFCLIFE reported a 14% YoY growth in shareholders’ PAT to INR 5.5b, (11%...
Buy HDFC Life Insurance Ltd for the Target Rs.910 by Motilal Oswal Financial Services Ltd
Buy HDFC Life Insurance Ltd for the Target Rs.910 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 10:52:05 am
Buy Trent Ltd for the Target Rs.6,650 by Motilal Oswal Financial Services Ltd Aggressive expansion continues to drive growth We pored over Trent’s FY25 annual report to get insights about its performance and other key developments. Here are the key takeaways:   Stellar growth continued, albeit with some moderation in LFL * Trent reported revenue growth of 40% YoY, aided by footprint expansion (29%/40% YoY store/area additions) and double-digit LFL (SPSF up 4% YoY). * Trent added 16/220 net Westside/Zudio stores and consolidated four other form...
Buy Trent Ltd for the Target Rs.6,650 by Motilal Oswal Financial Services Ltd
Buy Trent Ltd for the Target Rs.6,650 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 10:36:44 am
Buy Vishal Mega Mart Ltd for the Target Rs.165 by Motilal Oswal Financial Services Ltd A play on rising aspirations in Tier 2+ India Vishal Mega Mart (VMM) is one of India’s largest offline-first value retailers, catering to a population of ~1b across the middle- and low-income segments. VMM is a unique Indian retailer with: 1) a strong presence in tier 2+ cities (696 stores in 458 cities); 2) well-diversified exposure to key consumption baskets—Apparel (44%), General Merchandise (GM) & Fast-Moving Consumer Goods (FMCG; both ~28%); 3) a strong and affordable ...
Buy Vishal Mega Mart Ltd for the Target Rs.165 by Motilal Oswal Financial Services Ltd
Buy Vishal Mega Mart Ltd for the Target Rs.165 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-16 10:15:24 am
Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd Non-MF businesses gaining traction; MF yields under pressure * MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product. Direct investing through discount brokers has also gained traction, and with MF penetration still at just 4%, we expect this trajectory to sustain. CAMS is well-positioned to benefit from this trend. * CAMS continues to reinforce its posi...
Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd
Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 04:41:48 pm
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd Well placed to outperform auto and farm segments Healthy launch pipeline to drive market share gains in Auto segments In this note, we present the key insights from Mahindra & Mahindra (MM)’s Annual Report. Some of the company’s key achievements from the Auto segment in FY25 include: 1) a 210bp YoY rise in revenue market share to 22.5%; and 2) a segment RoCE of 45.2%. MM’s similar achievements in the FES segment included market share improvement of 170bp+ to reach ...
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:40:55 pm
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd Margin pressure lingers, CoR remains high * Avenue Supermarts (DMART) posted another weak set in 1QFY26 as standalone EBITDA grew 8% YoY (5% miss) due to weaker gross margin (GM; -25bp YoY) and higher cost of retailing (CoR; up 9% YoY on a per sqft basis). * Standalone revenue grew ~16% YoY, driven by ~14% store area addition. Like-for-like (LFL) growth for over two-year-old stores moderated to 7.1% (vs. 8.1%/9.1% in 4QFY25/1QFY25) due to deflation. * DMART added 9 stores in 1QFY26 (...
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 04:23:38 pm
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd Continues to impress despite margin hiccup Tightens guidance as growth visibility improves * HCL Technologies (HCLT) reported 1QFY26 revenue of USD3.5b, down 0.8% QoQ CC vs. our estimate of 1.2% QoQ CC decline. EBIT margins came in at 16.3% vs. our estimate of 17.5%. New deal TCV stood at USD1.8b (down 8% YoY) in 1QFY26. For FY26, revenue growth guidance was increased to 3%-5% YoY CC (from 2%-5% earlier), implying a CQGR range of 1.4%-2.7% for the next three quarters. EBIT margin guidan...
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:18:39 pm
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd Navigating through challenges Weak near-term earnings; estimate gradual recovery from 2HFY26 * Axis Bank’s (AXSB) stock has significantly underperformed key private peers, led by concerns on muted growth, elevated credit cost, and a decline in RoE. The bank is strategically shifting toward secured, better yielding segments amid a cautious stance on unsecured retail and aims to outpace system growth by ~3% CAGR over the coming years. * AXSB continues to focus on strengthening it...
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:09:09 pm
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd Leadership transition – opportunity in disguise * Hindustan Unilever (HUVR) announced that Ms. Priya Nair, current President of Beauty & Wellbeing at Unilever, will be appointed CEO and MD of the company, effective 1st Aug’25, for a period of five years. Ms. Nair will replace Mr. Rohit Jawa, who will step down on 31st Jul’25 to pursue the next chapter in his personal and professional journey, the company said. * We are surprised by the move because Mr. Jawa is leav...
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 03:59:07 pm