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.

Thematic (Sector/Industry)

<ul><li>Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC terms</li><li>This robust start was accompanied by a large deal TCV of USD 3.8bn, with a notable 55% being net new deals and over USD 1bn in TCV originating from multiple vendor consolidation deals</li><li>A key enabler of this differentiated performance is Infosys's leadership in enterprise AI, driving faster decisions and operational efficiencies</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 delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC termsThis robust start was accompanied by a large deal TCV of USD 3.8bn, with a notable 55% being net new deals and over USD 1bn in TCV originating from multiple vendor consolidation dealsA key enabler of this differentiated performance is Infosys's leadership in enterprise AI, driving faster decisions and operational efficienciesContent 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, Dr Reddy’s Laboratories, Persistent Systems...

External broker reports(aggregated public sources), Axis Direct

Axis Direct

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.

<ul><li>The Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.</li><li>These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.</li><li>Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. </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 Q1FY26 earnings season was marked with interesting events such as 1) Geopolitical tension, 2) Volatility in Crude Prices, 3) Interest rate cuts, 4) Unseasonal Rainfall, 5) Supply chain disruptions, and 6) Improving liquidity.These developments indicate Q1FY26 earnings season is expected to exhibit a mix trend, similar to the patterns observed in previous quarters.Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators. 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.

<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>Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were soft</li><li>PSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31E</li><li>PSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progress</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.

Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal bookings were softPSYS’ programmatic consistency in growth, backed by its software development pedigree, positions it well towards its aspiration of reaching USD 5bn by FY31EPSYS remains our preferred pick in the midcap space, combining growth and quality, even as margin improvement remains a work in progressContent 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: Persistent Systems, Dalmia Bharat, Zensar Technologies

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.</li><li>The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.</li><li>We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.</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.

Persistent Systems (PSYS) reported a strong quarter on all fronts – 1) revenue; 2) deal TCV; and 3) margins.The company can address a key investor concern of its ability to improve margins in FY26 given one-off gains in FY25 led by levers of – 1) slower pace of sales and marketing investments; 2) pricing and right shoring; and 3) growing revenue share from higher-margin platform-based services.We largely maintain our FY26–27E EPS and increase our FY25 estimate by ~3%, factoring in the beat in Q2.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.

Persistent Systems - On-Track to Deliver Industry Leading Growth

India

Persistent Systems Limited offers outsourced software product development. The Company offer services that include testing, support, and professional services.

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Persistent Systems (PSYS IN)

HSIE Results Daily: Infosys, Dr Reddy’s Laboratories, Persistent Systems...

Infosys: Infosys delivered strong Q1FY26 performance, delivering market-leading sequential growth of 2.6% QoQ (organic ~2.2%) and 3.8% YoY in CC terms

HDFC Securities

Q1FY26 - Consolidated Earnings Preview

Some breather is expected in Q1FY26 on account of sequential improvement in some of the pockets of high-frequency indicators.

Axis Direct

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: Persistent Systems, Dalmia Bharat, Zensar Technologies

Persistent Systems: Persistent Systems’ (PSYS) Q3 print was exemplary, delivering growth (in-line) and an improving margin profile, though new deal...

HDFC Securities

Persistent Systems - On-Track to Deliver Industry Leading Growth

Outlook We continue to value the stock at 51x on Q2FY26E to Q1FY27E EPS of INR 121 to arrive at a TP of INR 6,140 with a potential upside of ~19%.

ICICI Securities Limited

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