External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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.

Equity Bottom-Up

<ul><li>Mastek organic growth is set to recover to double digits, followed by an expansion in margins to the high teens</li><li>Mastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to revive to low teens over FY24-27E</li><li>The growth will be triggered by (1) revival in UK geography, which is ~60% of the revenue and is witnessing traction in both UK government and UK private segment, (2) increase in UK government’s digital spends in areas like defence and healthcare, (3) early signs of recovery in the NHS(the company expects to win net new deals), (4) incremental revenue from the defence deal which will add ~USD 50-60mn over the next three years, (5) revival in the US and growth will be led by more managed services deals, revival of client-specific issues, and investments in areas like Oracle, Salesforce, and Data services, and (6) a strong 12-month order book of USD 262mn (+11% YoY).</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.

Mastek organic growth is set to recover to double digits, followed by an expansion in margins to the high teensMastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to revive to low teens over FY24-27EThe growth will be triggered by (1) revival in UK geography, which is ~60% of the revenue and is witnessing traction in both UK government and UK private segment, (2) increase in UK government’s digital spends in areas like defence and healthcare, (3) early signs of recovery in the NHS(the company expects to win net new deals), (4) incremental revenue from the defence deal which will add ~USD 50-60mn over the next three years, (5) revival in the US and growth will be led by more managed services deals, revival of client-specific issues, and investments in areas like Oracle, Salesforce, and Data services, and (6) a strong 12-month order book of USD 262mn (+11% YoY).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.

Thematic (Sector/Industry)

<ul><li>The IT sector is expected to report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spending</li><li>Clients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarter</li><li>The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.</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 report subdued revenue growth in an otherwise seasonally strong quarter, as persistent global macroeconomic uncertainty and recent US tariff measures continue to dampen discretionary spendingClients remain cautious, resulting in slower growth and intensified pricing pressure, although deal activity witnessed some improvement towards the end of the quarterThe overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.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.

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

<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>UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)</li><li>In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidation</li><li>Unit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricing</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 BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)In Q1FY26, UTCEM’s delivered 10% volume growth (sub-par +3% LTL), aided by India Cements (ICEM) consolidationUnit EBITDA expanded INR 72/MT QoQ to INR 1,197/ MT on healthy pricingContent 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, Havells India, JK Cement, Can Fin Homes, Mastek

<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

India

Mastek Limited provides software solutions and integration services for the financial services, insurance, manufacturing, telecom and retail sectors.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Mastek Ltd (MAST IN)

Mastek: Recovery in sight. Maintain ADD

Mastek delivered a five-year average organic YoY CC revenue growth of ~10%, which slowed down to ~7% in FY24, we expect the organic growth to...

HDFC Securities

IT Sector (Q2FY26E Results Preview): Steering through uncertainty

The overall deal pipeline remains steady, with deal wins in cost optimization, infrastructure modernization, and AI-led initiatives.

HDFC Securities

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

HSIE Results Daily: UltraTech Cement, Havells India, JK Cement, Can Fin Homes, Mastek

UltraTech Cement: We maintain BUY on UltraTech (UTCEM) with a revised target price of INR 12,800 (valuing it at 17x Mar-27E consolidated EBITDA)

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

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)