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>Macro Headwinds: The quarter continued to remain sequentially better amid a lack of improvement in demand.</li><li>Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.</li><li>Deal Wins/Pipeline: Total large deals consist of $871 Mn. Overall deal bookings stood at $3.3 Bn, reflecting continued deal momentum.</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.

Macro Headwinds: The quarter continued to remain sequentially better amid a lack of improvement in demand.Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.Deal Wins/Pipeline: Total large deals consist of $871 Mn. Overall deal bookings stood at $3.3 Bn, reflecting continued deal momentum.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.

Wipro Ltd.  - Margin Pressure; Growth Remains Muted

<ul><li>Macro Headwinds: The quarter continued to remain sequentially better amid a lack of improvement in demand.</li><li>Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.</li><li>Deal Wins/Pipeline: Total large deals consist of $2.8 Bn, registering 31% YoY growth. </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.

Macro Headwinds: The quarter continued to remain sequentially better amid a lack of improvement in demand.Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.Deal Wins/Pipeline: Total large deals consist of $2.8 Bn, registering 31% YoY growth. 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.

Wipro Ltd. - In-Line Performance; Decent Deal Wins

Asia Pac ECM and Index Rebal, Shenton Research

Ke Yan, CFA, FRM

Asia Pac ECM and Index Rebal

Asia Pac IPO & Placement Research, China Biotech

Shenton Research

Shenton Research is an independent Asia Pacific equity specialist. Our quantitative research covers index rebalancing flows, alongside exchange data analytics accross Asia Pacific. On the equity capital markets side, we focus on Asia Pacific ECM, especially biotech and TMT. Our lead analyst is frequently cited by international media.

Index Rebalance

National Stock Exchange of India / Index Rebalance

National Stock Exchange of India (NSE IN)

<ul>
<li>NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.</li>
<li>In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.</li>
<li>We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.</li>
</ul>


NSE listed on BSE on 24 Sep 2026. It would rank 11th by full market cap among the Nifty 50 members.
In this note, we analyze its path into the Nifty 50 under the NIFTY methodology.
We cover its IWF and FF estimates, F&amp;O entry, the timeline to Nifty 50 entry, and the SEBI permission NSE needs to trade on NSE.


India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

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>Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.</li>
<li>AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.</li>
<li>The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.</li>
</ul>


Q4 FY26 results show that outcome-based and hybrid pricing models are now moving beyond pilots. Tech Mahindra’s “service token” model is already part of live client contracts.
AI is reducing effort needed per rupee of revenue by 25–30%, creating pressure on growth even as IT firms protect margins by avoiding weak deals.
The sector has moved past wait-and-watch. In FY27, the revenue mix, pricing models, and AI-led capex decisions will determine performance differentiation.


Thematic Report- Indian IT: AI Is Rewriting the Business Model

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

<ul>
<li>FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.</li>
<li>
FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.</li>
<li>
Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.</li>
</ul>


FIIs sold ~USD 46 billion in Indian equities (Jan 2024-Mar 2026). March 2026 alone saw record INR 97,000 crore (USD 11.7 billion) outflows, the highest ever in a single month.

FPI ownership fell to 16.9%, a 15-year low. DIIs now hold more than FPIs, indicating a structural shift in India’s equity ownership.

Capital has rotated to China, Taiwan, South Korea, and US Treasuries. Tracking these flows helps assess whether FII returns to India are near-term or delayed.


The $46 Billion Exodus: Where FIIs Are Parking Their Money?

India

Wipro Limited is an Indian multinational technology company that provides information technology, consulting, and business process services. Its services include cloud computing, cybersecurity, digital transformation, artificial intelligence, robotics, and data analytics. The company is headquartered in Bengaluru, India, and was founded on December 29, 1945.

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Wipro (WPRO IN)

Wipro Ltd. - Margin Pressure; Growth Remains Muted

Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.

Axis Direct

Wipro Ltd. - In-Line Performance; Decent Deal Wins

Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Thematic Report- Indian IT: AI Is Rewriting the Business Model

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Wipro Ltd. - Margin Pressure; Growth Remains Muted

Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.

Axis Direct

Wipro Ltd. - In-Line Performance; Decent Deal Wins

Clients continued to focus on cost optimisation and vendor consolidation, while also fast-tracking AI and modernisation initiatives.

Axis Direct

NSE: From Nifty 500 to Nifty 50

NSE listed on BSE on 24 Sep 2026 and is the 12th largest Indian listed company by full market cap. NIFTY entry needs trading on NSE, and so SEBI...

Ke Yan, CFA, FRM

Thematic Report- Indian IT: AI Is Rewriting the Business Model

​Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Sudarshan Bhandari

The $46 Billion Exodus: Where FIIs Are Parking Their Money?

​Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...

Nimish Maheshwari

Tech Mahindra's innovative "service token" model and AI-driven efficiencies are reshaping revenue mix and pricing models in the IT sector, setting...

Record outflows of USD 46 billion from Indian equities signal a shift in ownership from FIIs to DIIs, with capital moving to China, Taiwan, South...