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 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>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

<ul><li>For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).</li><li>Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.</li><li>Observing trends in the reorganization of ownership structure has been the key focus area of this analysis</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.

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one year period (Q2FY24 to Q2FY25).Shareholding changes of various market participant categories have been tracked namely Promoters, FIIs, DIIs and public.Observing trends in the reorganization of ownership structure has been the key focus area of this analysisContent 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.

<ul><li>Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25E</li><li>INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized deals</li><li>Management commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI vertical</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.

Infosys: Infosys (INFO) delivered a strong Q2 top-line leading to the anticipated guidance increase for FY25EINFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large deals) and an uptick in short-cycle/small to mid-sized dealsManagement commentary pointed to a stable demand environment and an uptick in discretionary in parts of the BFSI verticalContent 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: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

India

Mphasis Limited is a global IT and BPO service provider to G2000 companies around the globe, assists its clients in innovating and streamlining their business processes by offering custom solutions for technology and operations outsourcing. The Company focuses on financial services, logistics and technology verticals.

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Mphasis Ltd (MPHL IN)

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

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

HSIE Results Daily: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large...

HDFC Securities

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

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

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

Share Holding Tracker (Q2FY25)

For our analysis, we have considered current NSE500 stocks as our universe. Further, shareholding pattern trends have been observed for last one...

HDFC Securities

HSIE Results Daily: Infosys, Axis Bank, Wipro, LTIMindtree, Mphasis, Karur Vysya Bank

INFO outperformed peers in Q2FY25 on anticipated lines (Infosys update: On your marks, get set…), driven by improved demand in BFSI (seven large...

HDFC Securities