External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

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>LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to transform business models, accelerate innovation, and maximise growth by harnessing digital technologies.</li><li>The company offers services which include cloud &amp; infrastructure, consulting, customer success, data &amp; analytics, digital engineering across BFSI, Technology, Media &amp; Communication, Manufacturing and Resources, Consumer Business, and Healthcare, Life sciences &amp; Public Services.</li><li>LTIMindtree reported robust deal wins of $1.6 Bn in Q2FY26, up from $1.3 Bn in the prior year, reflecting sustained traction in large and transformation-led programs.</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.

LTIMindtree is a global technology consulting and digital solutions company that enables enterprises across industries to transform business models, accelerate innovation, and maximise growth by harnessing digital technologies.The company offers services which include cloud &amp; infrastructure, consulting, customer success, data &amp; analytics, digital engineering across BFSI, Technology, Media &amp; Communication, Manufacturing and Resources, Consumer Business, and Healthcare, Life sciences &amp; Public Services.LTIMindtree reported robust deal wins of $1.6 Bn in Q2FY26, up from $1.3 Bn in the prior year, reflecting sustained traction in large and transformation-led programs.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.

PICK OF THE WEEK : LTIMindtree Ltd - 1 St November, 2025

External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

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>LTIM revenue declined by 0.7% QoQ, but margins were maintained through operational efficiencies</li><li>As the company enters Q1, global macro uncertainties persist while demand is currently driven by cost cutting, vendor consolidation, and AI</li><li>The productivity passthrough for a top client, factored in Q3, was successfully completed in Q4, with no impact expected in Q1</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.

LTIM revenue declined by 0.7% QoQ, but margins were maintained through operational efficienciesAs the company enters Q1, global macro uncertainties persist while demand is currently driven by cost cutting, vendor consolidation, and AIThe productivity passthrough for a top client, factored in Q3, was successfully completed in Q4, with no impact expected in Q1Content 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.

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 Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>Q2 revenue (INR 680 billion, +10% YoY) missed estimates on transient issues, but order inflows surged 45%, leading to a record INR 6.67 lakh crore (approx. US$80 billion) order book.</li>
<li>L&amp;T is successfully exiting its largest legacy drag (Hyderabad Metro) and capturing a dominant share of the Middle East hydrocarbon boom and the domestic private capex wave.</li>
<li>The strategic pivot to new-age manufacturing and green energy, funded by a booming core, is building a more resilient, higher-growth L&amp;T for the future.</li>
</ul>


Q2 revenue (INR 680 billion, +10% YoY) missed estimates on transient issues, but order inflows surged 45%, leading to a record INR 6.67 lakh crore (approx. US$80 billion) order book.
L&amp;T is successfully exiting its largest legacy drag (Hyderabad Metro) and capturing a dominant share of the Middle East hydrocarbon boom and the domestic private capex wave.
The strategic pivot to new-age manufacturing and green energy, funded by a booming core, is building a more resilient, higher-growth L&amp;T for the future.


L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.

APAC IPOs & Placements, Aequitas Research

Akshat Shah

APAC IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

CleanMax Enviro Energy Solutions Ltd / Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/cleanmax-enviro-energy-solutions-ltd" target="_blank" data-smartkarma-citation="entities:45702:1" rel="noopener">CleanMax Enviro Energy Solutions Ltd (8382406Z IN)</a> (CEESL) is looking to raise about US$586m in its upcoming India IPO.</li>
<li>CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



CleanMax Enviro Energy Solutions Ltd (8382406Z IN) (CEESL) is looking to raise about US$586m in its upcoming India IPO.
CEESL is a provider of commercial and industrial renewable energy, specializing in delivering decarbonization solutions, including supplying renewable power and offering energy services and carbon credit solutions to customers.
In this note, we talk about the not-so-positive aspects of the deal.


CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

India

LTIMindtree Limited provides information technology services and solutions. The Company offers analytics and information management, enterprise integration, applications management, cloud computing, testing, and consulting services, as well as geographical information and manufacturing execution systems. LTIMindtree serves customers worldwide.

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LTIMindtree (LTIM IN)

PICK OF THE WEEK : LTIMindtree Ltd - 1 St November, 2025

LTIMindtree reported robust deal wins of $1.6 Bn in Q2FY26, up from $1.3 Bn in the prior year, reflecting sustained traction in large and...

Axis Direct

LTIMindtree - Gradual Growth Progression

As the company enters Q1, global macro uncertainties persist while demand is currently driven by cost cutting, vendor consolidation, and AI

HDFC Securities

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

Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...

Nimish Maheshwari

L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.

L&T's Q2 revenue missed estimates but order inflows surged, leading to a record order book. Strategic pivot to new-age manufacturing and green...

Sudarshan Bhandari

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Price Gauge

52-week Range

Market Cap (USDm)

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Dividend (Yield)

PICK OF THE WEEK : LTIMindtree Ltd - 1 St November, 2025

LTIMindtree reported robust deal wins of $1.6 Bn in Q2FY26, up from $1.3 Bn in the prior year, reflecting sustained traction in large and...

Axis Direct

LTIMindtree - Gradual Growth Progression

As the company enters Q1, global macro uncertainties persist while demand is currently driven by cost cutting, vendor consolidation, and AI

HDFC Securities

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

​Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...

Nimish Maheshwari

L&T’s Q2FY26: Don’t Mind the Margins, Watch the ₹6.67 Lakh Crore Backlog.

​L&T's Q2 revenue missed estimates but order inflows surged, leading to a record order book. Strategic pivot to new-age manufacturing and green...

Sudarshan Bhandari

CleanMax Enviro Energy Solutions Pre-IPO - The Negatives - Elevated Debt Amid Inconsistent Growth

CleanMax Enviro Energy Solutions Limited (CEESL) is looking to raise around US$586m in its upcoming India IPO. In this note, we will talk about the...

Akshat Shah

Q2FY26 results reveal a deceptive stability in the IT sector, with Tier-1 players facing challenges while agile Mid-Tiers capitalize on AI,...

L&T's Q2 revenue missed estimates but order inflows surged, leading to a record order book. Strategic pivot to new-age manufacturing and green...