External broker reports(aggregated public sources), HDFC Securities

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Thematic (Sector/Industry)

<ul><li>Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)</li><li>The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project Fortius</li><li>Margin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization efforts</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.

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ (strongest in the past 10 quarters)The EBIT margin expanded by 108bps QoQ to 12.1%, marking the eighth consecutive quarter of margin expansion and underscoring the deep operational discipline instilled under Project FortiusMargin improvement was driven primarily by gains in fixed-price project productivity, currency benefits, volume growth, and SG&amp;A optimization effortsContent 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: Tech Mahindra, ICICI Lombard General Insurance...

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

<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

Derivatives and Quantitative Strategist

Gaudenz Schneider

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/tata-consultancy-services-limited" target="_blank" data-smartkarma-citation="entities:18708:1" rel="noopener">Tata Consultancy Services (TCS IN)</a> is set to report Q2 FY 2027 results on Thursday, 8 October 2026. Consensus forecasts point to revenue growth of about 10% year on year.</li>
<li>Post-Earnings share-price moves have averaged 2.5% in absolute terms across the past 27 quarterly reports, with occasional moves exceeding 6%.</li>
<li>October options imply a move of approximately 4.5%. Buyers must contend with an expected drop in implied volatility after the announcement.</li>
</ul>



Tata Consultancy Services (TCS IN) is set to report Q2 FY 2027 results on Thursday, 8 October 2026. Consensus forecasts point to revenue growth of about 10% year on year.
Post-Earnings share-price moves have averaged 2.5% in absolute terms across the past 27 quarterly reports, with occasional moves exceeding 6%.
October options imply a move of approximately 4.5%. Buyers must contend with an expected drop in implied volatility after the announcement.


Tata Consultancy Services (TCS IN): October Options Price a 4.5% Earnings Move

India

Tech Mahindra Ltd. develops and markets computer software.  The Company markets software for telecommunications equipment manufacturers, telecom service providers, software vendors, and systems integrators.

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Tech Mahindra (TECHM IN)

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

HDFC Securities

HSIE Results Daily: Tech Mahindra, ICICI Lombard General Insurance, ICICI Prudential Life...

Tech Mahindra: Tech Mahindra delivered a robust performance, surpassing expectations on the top line, with a sequential CC growth of 1.6% QoQ...

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

Tata Consultancy Services (TCS IN): October Options Price a 4.5% Earnings Move

TCS’s 8 October results put its October options in focus: the term structure implies a 4.5% move, roughly twice the average reaction to its past 27...

Gaudenz Schneider

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