Bernstein On Infosys

Outperform Call, Target At Rs 2,330/Sh

Co Delivered Another Round Beat Across Revenue, Margin & Earning In Q3

FY25 Revenue Growth Guide Was Raised By 60 bps To 4.5-5% YoY CC Ahead Of Street Estimates

Deal Momentum Was Healthy At $2.5 Bn TCV With ‘Netnew’ At Nearly 60%

Continue To See Upcycle In Large Cap IT Services With Co Delivering Best Earnings Of Season

Q3 Results Are Driven By Discretionary Recovery

MS On Infosys

Overweight Call, Target At Rs 2,150/Sh

Improving Deal Wins, Constructive Commentary On Discretionary Spending Drove Revenue Growth

Net Headcount Addition Drives View Of Reasonable Acceleration In Revenue Growth

Stock Should See Support Around Its Five-year Average Two-year Forward FCF Multiple (24.2x)

Free Cash Flow To Net Income Was One Of The Strongest In the Last Several Years

Jefferies On Infosys

Buy Call, Target At Rs 2,250/Sh

Q3 Beat Estimates With Strong Revenue Growth Being Key Positive Surprise

FY25 Growth Guidance Raised To Factor The Q3 Beat, Though Ask Rate For Q4 Remains Same

Strong Deal Wins, Improving Discretionary Spending Environment Bodes Well For Growth

Raise Est By 2-3% & Expect Co To Deliver 11% EPS CAGR Over FY25-27

HSBC On Infosys

Buy Call, Target Rs 2,120 /sh

Reported A Decent Q3; Both In Terms Of Revenue Growth & Margin Performance

Outlook Commentary Was Positive, Especially Green Shoots In Europe Banking & US Retail Biz

Sustainability Of Pass-Through Revenues In FY26 Remains Uncertain

Nomura On Infosys

Buy Call, Target Rs 2,220/sh

Q3 Was An All-Round Beat, Another Guidance Lift For FY25

Project Maximus’ Impact On Margin Continues To Play Out

Reiterate As Top Pick In Large Cap India IT Service

CLSA On Reliance Ind

Outperform Call, Target At Rs 1,650/Sh

Q3 EBITDA/Profit Was Ahead Of Forecast Driven By Better Upstream & Retail Performance

Jio Numbers Came Lower Due To A Miss On ARPU Even As Subscriber Addition Was Better Than Est

Retail’s EBITDA Came 8% Ahead As EBITDA/sqft & Rose To A 10-Quarter High

Consumer Grocery Business Saw 37% YoY Growth

Management Indicated That Streamlining Of Retail Operations May Be Nearing Completion

Plans In Online Grocery Commerce, FMCG, And AI Also Nearing Completion As Per The Co

MS On Reliance Ind

Overweight Call, Target At Rs 1,662/Sh

Co Back On A Growth Path After Six Months Of Challenges

Q3 Earnings Were Better Than Low Expectations

Q3 Results Had Elements For Stock To Re-rate Back To Mid-Cycle Multiples Risk As Result Downgrades Unwinds

Move Up One Notch To Number 2 In Preference Order

EBITDA Was Above Est As Energy EBITDA Was Higher & Retail Earnings Turned Around

Chemicals Margin Outperformed Industry Benchmarks.

Retail EBITDA Rose 9% YoY, Revenues Up 7% YoY Despite Store Rationalisation

Jefferies On Reliance Ind

Buy Call, Target At Rs 1,660/Sh

Q3 EBITDA 5% Ahead Of Estimates With Retail/O2C Ahead

Restoration Of Growth In Retail Signals That Worst Is Likely Behind

Jio's EBITDA Missed By 2% On Slightly Lower ARPU And Elevated Cost

O2C Profitability Was Aided By Refining, Where See Improved Outlook In FY26

Further Traction In Retail, Tariff Hike And Possible Listing Of Jio Could Be Triggers In FY26

HSBC On Axis Bank

Buy Call, Target Cut To Rs 1,170/Sh From Rs 1,350/Sh

Q3 Results Saw Lower-than-estimated Deposit & Loan Growth

Continued High Credit Costs Were Key Misses In The Quarter

Loan Growth Is Now At Risk Of Being Below Industry Levels In Medium-term With Tight Liquidity

Cut EPS Estimates By 5-11% Over FY25-27

Jefferies On Axis Bank

Buy Call, Target At Rs 1,400/Sh

Q3 Profit Was Ahead Of Estimates With Better PpOP Growth Of 15%

Deposit Growth Lags 10% For Sector, But Avg Growth Of 13% Is Reasonable & Better Benchmark

Slippages Were A Tad Higher & QoQ Rise Was Led By Agri/MFI Loans

Unsecured Loans Were Largely Stable QoQ, Which Is A Comforting Read

Sustaining Avg Deposit Growth Near Current Level & Moderation In Slippages Are Key To Re-rating

MS On Axis Bank

Overweight Call, Target At Rs 1,300/Sh

Stock Has Underperformed Going Into Results, Expect It To Remain Volatile

Revenue Miss & Higher Credit Costs Are Key Factors

Q3 Reflected Increased Macro Challenges

Management Expects Muted Growth, Near-term, Amid Continued Tight Liquidity Conditions

Co’s Focus Is On Prioritising Profitability Over Growth

On Asset Quality, Management Expects Near-term Slippage/Credit Costs To Remain Elevated

Stock Remains Most Levered For A Potential Cyclical Macro Recovery

CLSA On Axis Bank

Outperform Call, Target At Rs 1,400/Sh

Q3 Profit Beat Estimate By 5%, Solely Driven By Lower Expenses, While Its Topline Missed Slightly

Expected Credit Costs To Inch Up Given Environment, & Numbers In Line With Expectations

Loan Growth Is Slowing, Now Reaching Sub-10% As Bank Tries To Balance Profitability, LDR & Capital

Adjusted For Interest Reversals And Higher Liquidity, NIM Was Sequentially Stable

Opex Declined 5% QoQ Despite Festive Spending As Integration Costs For The Citi Merger Are Now Over

CLSA On Havells

Outperform Call, Target At Rs 2,120/Sh

Q3 EBITDA Was Below Estimates On Lower Margin While Revenue Was In-line

Growth Was Strong In Electrical Consumer Durables, Lloyd & Stable Elsewhere

Management Indicated Improving Consumer Demand, Helped By Festive Season

Industrial And Infrastructure Remain Strong

In Lighting, Price Deflation Continues

Cables Were Impacted By Inventory Destocking Due To Weak Copper Prices

Q3 Numbers Were Weak And Likely To Drive Another Round Of Estimate Downgrades

Commentary On Growth & Margin Will Be Key To Watch For

MS On LTIMindtree

Overweight Call, Target At Rs 6,800/Sh

Good Results And No Disappointment On Q4 Outlook Were Positives

Weakness On Margin Is Baked In Buyside Estimates

Debate On Productivity Benefits Passed On To Top Client Should Settle In Few Quarters Per Mgmt

Nomura On LTIMindtree

Reduce Call, Target At Rs 5,070/Sh

Q3 Results Saw Modest Beat At Revenue And Margin

Productivity Benefit Pass Through To Be A Near-term Headwind On Growth

Deal Pipeline Remains Strong

Margin Recovery To Be Slow, Significant Improvement Needs Sharp Growth Revival

HSBC On Dixon Tech

Buy Call, Target Raised To Rs 19,900/Sh

2024 Was A Strong Year With A Series Of New Client Additions In Mobile & IT Hardware Biz

2025 Should See Scaling Up Of Mobile & IT Hardware Businesses

Expansion Of New Products & Components

Continue To Expect FY26-27 Consensus EPS Upgrades

CLSA On Indus Towers

Upgrade To High Conviction Outperform Call, Target At Rs 575/Sh

Co Recently Received Further Rs 1,900 Cr Payment From Voda Idea For Past Dues

Overdue From Voda Idea Are Down Over 70% From Peak

Lower Overdue Are Adding Confidence To Planned 4G/5G Network Investment

Co Offers 10?ITDA CAGR, Strong Cashflows, FCF Yield Of 7% & 23% RoCE By FY27