External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

External broker reports(aggregated public sources)

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.</li><li>Healthcare/BFSI led the growth (+4.5%/2.7% QoQ CC), while Communications and Technology were muted on CC basis.</li><li>EBIT margin was up 60bp QoQ at 10.2%, beating our estimate of 9.7%. Adj. PAT stood at INR9.8b (down 21.4% QoQ but up 36.8% YoY), in line with our estimate of INR10b. For 9MFY25, revenue/EBIT/PAT grew 1.2%/24.2%/16.3% vs. 9MFY24.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.Healthcare/BFSI led the growth (+4.5%/2.7% QoQ CC), while Communications and Technology were muted on CC basis.EBIT margin was up 60bp QoQ at 10.2%, beating our estimate of 9.7%. Adj. PAT stood at INR9.8b (down 21.4% QoQ but up 36.8% YoY), in line with our estimate of INR10b. For 9MFY25, revenue/EBIT/PAT grew 1.2%/24.2%/16.3% vs. 9MFY24.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra - Another Step in the Right Direction

External broker reports(aggregated public sources), Sharekhan

Sharekhan

Sharekhan is India's leading broking house providing services from easy online trading, research to wide array of financial products. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.</li><li>EBIT margin expanded by ~60 bps q-o-q to 10.2%, beating our estimate of 9.8%.</li><li>New deal win TCVs stood at $745 million, up 24% q-o-q/96% y-o-y.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.EBIT margin expanded by ~60 bps q-o-q to 10.2%, beating our estimate of 9.8%.New deal win TCVs stood at $745 million, up 24% q-o-q/96% y-o-y.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Prabhudas Lilladhar

Prabhudas Lilladhar

Prabhudas Lilladher is one of India's leading research based financial services organisation.

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>The quarterly performance exceeded our expectations on the topline with few verticals BFSI and Healthcare growing at 2.7% and 4.5% QoQ CC, above the consol level.</li><li>The turnaround is progressing well on the notable wins and balancing business mix from Telecom dominated earlier.</li><li>The robust deal TCV of USD745m is a combination of broad-based wins across verticals and geographies, derived through multiple channel partners, advisory and onboarding senior resources for scaling strategic accounts, translates to better win-rates.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The quarterly performance exceeded our expectations on the topline with few verticals BFSI and Healthcare growing at 2.7% and 4.5% QoQ CC, above the consol level.The turnaround is progressing well on the notable wins and balancing business mix from Telecom dominated earlier.The robust deal TCV of USD745m is a combination of broad-based wins across verticals and geographies, derived through multiple channel partners, advisory and onboarding senior resources for scaling strategic accounts, translates to better win-rates.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Tech Mahindra (TECHM IN) - Robust Performance, Strong Deal Wins Lays Foundation for Better FY26…

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/infosys-ltd" target="_blank" data-smartkarma-citation="entities:267:1" rel="noopener">Infosys Ltd (INFO IN)</a> (<a href="https://www.smartkarma.com/entities/infosys-ltd-sp-adr" target="_blank" data-smartkarma-citation="entities:268:1" rel="noopener">Infosys Ltd Sp Adr (INFY US)</a>) on 5-6 December <a href="https://www.bseindia.com/xml-data/corpfiling/AttachLive/757B8EEA-EB83-41B2-BC39-5380D9BE2EFB-175849.pdf" target="_blank" rel="noopener">announced</a> an on-market buyback of more than US$1.1bn. </li>
<li>The company has done buybacks before, and it is worthwhile looking at the details.</li>
<li>The buy-back looks small, and may be impactful near-term in near-space. </li>
</ul>



Infosys Ltd (INFO IN) (Infosys Ltd Sp Adr (INFY US)) on 5-6 December announced an on-market buyback of more than US$1.1bn. 
The company has done buybacks before, and it is worthwhile looking at the details.
The buy-back looks small, and may be impactful near-term in near-space. 


Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Q2FY26 results show a "stabilizing" sector, but this was a illusion. The 30-90 bps margin beat was gifted almost entirely by a 3.6% INR depreciation.</li>
<li>The aggregate numbers hide a structural bifurcation. Tier-1 players like TCS face GenAI "productivity headwinds", forcing "involuntary attrition". Agile Mid-Tiers like Coforge and Persistent are monetizing AI and winning share.</li>
<li>Investors can no longer buy "the IT sector." The Q2 results prove it's a tale of two industries, a choice between leaders facing a painful transition and high-growth, high-premium challengers.</li>
</ul>


Q2FY26 results show a "stabilizing" sector, but this was a illusion. The 30-90 bps margin beat was gifted almost entirely by a 3.6% INR depreciation.
The aggregate numbers hide a structural bifurcation. Tier-1 players like TCS face GenAI "productivity headwinds", forcing "involuntary attrition". Agile Mid-Tiers like Coforge and Persistent are monetizing AI and winning share.
Investors can no longer buy "the IT sector." The Q2 results prove it's a tale of two industries, a choice between leaders facing a painful transition and high-growth, high-premium challengers.


Thematic Report on The Great IT Bifurcation: Why TCS Is Downsizing While Coforge Soars

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

Tech Mahindra - Another Step in the Right Direction

Tech Mahindra (TECHM) reported 3QFY25 revenue of USD1.5b, up 1.2% QoQ in constant currency (CC) vs. our estimate of flat CC growth.

Motilal Oswal

Tech Mahindra - Good Quarter

Reported revenue stood at $1,568 million, up 1.2% q-o-q/ 1.3% y-o-y in CC terms, beating our modest estimates of 0.3% q-o-q growth in CC terms.

Sharekhan