External broker reports(aggregated public sources), HDFC Securities

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External broker reports(aggregated public sources)

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Thematic (Sector/Industry)

<ul><li>The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K range</li><li>The new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sector</li><li>However, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoring</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 newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the previous ~4-5K rangeThe new fee applies only to new applications (~22% of total applications) and existing H-1B renewals remain unaffected, providing some relief for the IT sectorHowever, increased visa costs are expected to gradually disrupt onsite effort mix, pushing companies to shift delivery to near-shore locations like Canada and Mexico and increase offshoringContent 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.

IT Sector: H1B visa fee shock, shifts in delivery model

<ul><li>The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growth</li><li>There is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQ</li><li>The companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertainty</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 IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver strong growthThere is a huge cross-currency tailwind in the quarter which will result in strong USD growth QoQThe companies will maintain their full-year FY26E guidance amid the ongoing global economic uncertaintyContent 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.

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

Equity Analyst - Fundamental & Thematic, Sree Capital

Sreemant Dudhoria

Equity Analyst - Fundamental & Thematic

Fundamental Research on Listed Indian Companies

Sree Capital

Sree Capital is a platform to share fundamental research on listed Indian companies. We do this research for our own investment

<ul>
<li>Insider buying activity often signals that a positive shift in the business cycle may be approaching for certain businesses.</li>
<li>As January 2025 was a month of earnings season,very few companies reported insider transactions. However,given the correction in Indian market,we should expect increased buy transactions once the earnings season concludes.</li>
<li>
<a href="https://www.smartkarma.com/entities/cyient-ltd" target="_blank" data-smartkarma-citation="entities:17956:1" rel="noopener">Cyient Ltd (CYL IN)</a> witnessed significant buying by the company's promoters</li>
</ul>


Insider buying activity often signals that a positive shift in the business cycle may be approaching for certain businesses.
As January 2025 was a month of earnings season,very few companies reported insider transactions. However,given the correction in Indian market,we should expect increased buy transactions once the earnings season concludes.

Cyient Ltd (CYL IN) witnessed significant buying by the company's promoters


India: Monthly Insider Buying Update - January 2025

<ul><li>UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with a revised target price of INR 12,100 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q3FY25, UTCEM delivered industry-leading 12% volume growth and the all-round cost reduction QoQ drove unit EBITDA up by INR 220/MT to INR 944/MT</li><li>We estimate the consolidation of India Cements and Kesoram to drive 21/9% YoY volume growth in FY26/27E</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.

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with a revised target price of INR 12,100 (valuing it at 17x Mar-27E consolidated EBITDA)In Q3FY25, UTCEM delivered industry-leading 12% volume growth and the all-round cost reduction QoQ drove unit EBITDA up by INR 220/MT to INR 944/MTWe estimate the consolidation of India Cements and Kesoram to drive 21/9% YoY volume growth in FY26/27EContent 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.

HSIE Results Daily: UltraTech Cement, Bharat Petroleum Corporation

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

Equity Bottom-Up

<ul>
<li>Strong Q1 execution: Revenue grew 34%, EBITDA 56% and PAT 118% YoY, with EBITDA margin reaching 10.5%.</li>
<li>Record order visibility: Order book reached INR 2,599 crore with 1.5x book-to-bill, supported by strong Aerospace, Industrial and Defence demand.</li>
<li>New growth engines: AI infrastructure, robotics, data centres and B2S could support the next leg of growth and improve margins.</li>
</ul>


Strong Q1 execution: Revenue grew 34%, EBITDA 56% and PAT 118% YoY, with EBITDA margin reaching 10.5%.
Record order visibility: Order book reached INR 2,599 crore with 1.5x book-to-bill, supported by strong Aerospace, Industrial and Defence demand.
New growth engines: AI infrastructure, robotics, data centres and B2S could support the next leg of growth and improve margins.


Cyient DLM: The Pivot from Board Assembly to Build-To-Spec Engineering

India

Cyient is an Indian multinational technology company specializing in engineering, manufacturing, and digital transformation solutions. It provides services across various industries, including aerospace, defense, transportation, communications, and healthcare. Cyient was established in 1991 in Hyderabad, India.

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Cyient (CYL IN)

IT Sector: H1B visa fee shock, shifts in delivery model

The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the...

HDFC Securities

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver...

HDFC Securities

India: Monthly Insider Buying Update - January 2025

Insider buying signals positive shift in business cycle, expect increased transactions post earnings season, Cyient Ltd sees significant promoter...

Sreemant Dudhoria

HSIE Results Daily: UltraTech Cement, Bharat Petroleum Corporation

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with a revised target price of INR 12,100 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

Cyient DLM: The Pivot from Board Assembly to Build-To-Spec Engineering

Cyient DLM delivers a strong Q1 with record order book, improving margins and new growth engines across AI infrastructure, robotics and high...

Nimish Maheshwari

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IT Sector: H1B visa fee shock, shifts in delivery model

The newly announced H-1B visa rule imposes a steep hike, requiring companies to pay USD100K per new application, a significant jump from the...

HDFC Securities

IT Sector (Q1FY26E Results Preview): Resilience Amidst Challenges

The IT sector is expected to post mixed revenue growth in Q1, with tier-1 reporting muted CC revenue growth while mid-tier is expected to deliver...

HDFC Securities

India: Monthly Insider Buying Update - January 2025

​Insider buying signals positive shift in business cycle, expect increased transactions post earnings season, Cyient Ltd sees significant promoter...

Sreemant Dudhoria

HSIE Results Daily: UltraTech Cement, Bharat Petroleum Corporation

UltraTech Cement: We maintain ADD on UltraTech (UTCEM) with a revised target price of INR 12,100 (valuing it at 17x Mar-27E consolidated EBITDA)

HDFC Securities

Cyient DLM: The Pivot from Board Assembly to Build-To-Spec Engineering

Cyient DLM delivers a strong Q1 with record order book, improving margins and new growth engines across AI infrastructure, robotics and high...

Nimish Maheshwari

Insider buying signals positive shift in business cycle, expect increased transactions post earnings season, Cyient Ltd sees significant promoter...