HDFC Bank

CLSA On HDFC Bank

Hold Call, Target At `1,785/Sh

Q3 Profit Before Tax In-line

Quarter Was More Of Same With Steady Deposit Growth

Curtailment Of Loan Growth, & Largely Stable NIM And Asset Quality

Bank Has Reduced Loan Growth To A 3% YoY & Has Brought LDR Down To 98%

Expect Loan Deposit Ratio To Reach 90% Only In FY27

NIM Moderated A Bit Sequentially, Which Is Par For Course In This Environment

On A YoY Basis, Gross Slippages Are 20 bps Higher - A Decent Performance

Macquarie On HDFC Bank

Outperform Call, Target At `2,300/Sh

Q3 Profit In-line: Decent Results In A Tough Macro Environment

Marginal Increase In Credit Costs Because Of Higher Agri Slippages

Management Expects NIM To Improve Once Macro Environment Improves

HSBC On HDFC Bank

Buy Call, Target Cut To `1,980/Sh From `2,130/Sh

Q3 Results In-line

NIM Compression & Stable Asset Quality Are Positives

Cut FY26-27 EPS Estimates By 4-5% To Reflect Lower Loan Growth

Inflection In Loan Growth Is Key

Bernstein On HDFC Bank

Outperform Call, Target At `2,300/Sh

Delivered A Good Set Of Numbers, Despite EPS Growth At 2% YoY

Decent NII Growth

Net Operating Income Growth Was Weak But Core Fee Income Remained Strong

Continued Opex Moderation Was Enough To Offset Weak NOI Growth

A YoY Profit Before Tax Growth Of 12% Leaves Us More Confident

Co May See Return To Mid-teens EPS Growth Trajectory In Quarters Ahead

Persistent Systems

Nomura On Persistent

Neutral Call, Target At `6,200/Sh

Resilient Growth In Q3 Driven By Strong Execution

Margin Improvement Provides Additional Comfort

Revenue Broadly In-line

Deal Wins Decent

Strong Execution Likely To Help Deliver Industry-Leading Growth

HSBC On Persistent

Hold Call, Target At `5,650/Sh

Co Successfully Accelerating Non-Healthcare Verticals, Which Is A Positive Surprise

Well Positioned To Grow At Industry-Leading Rate In FY26 As Well

Consensus Estimates Already Factor In This Both Growth & Margin Improvement

Citi On Persistent

Sell Call, Target Raised To `5,000/Sh

Reported Decent Q3; Revenue Was In-line, While Margin Was Better

Key Focus Areas Include 9-month CFO/EBITDA At 50%

Headcount Up 3% QoQ/ 2.5% YoY With Utilisation At Highest Ever Is Also Important

Revise FY25/FY26 EPS By 2-6% As Incorporate Earnings

Co Continues To Deliver Consistently

Valuations Are At 51x FY26 Cons EPS – Pricing In All Positives

HUL

GS On HUL

Neutral Call, Target At `2,480/Sh

Q3 Below Estimates On Volume & EBITDA Growth

Urban Slowdown Has Worsened, Downtrading To Small Packs Underway

Soap Volumes Decline Driven By High Price Increases And Grammage Cuts

EBITDA Margin Lower YoY Despite Low Ad Spends

CLSA On HUL

Underperform Call, Target Cut To `1,924/Sh

Weak Growth & Lower Margin In Q3

Three Of Four Segments See UVG Decline; Minimalist Acquisition Announced

FY25-27 EPS Cuts Of 4-6%

Margin To Weaken Especially For Beauty & Wellness As Growth In Focus

UBS On HUL

Neutral Call, Target At `2,700/Sh

Revenue Growth Broadly In-line; Weak Product Mix Impacts UVG

Volume Led Growth In-Home Care; Price Hike Impacts Personal Care

Expect Near-Term Demand To Remain Soft

Cut EPS Est For FY25-27 By 1-5% To Reflect Near-Term Demand Weakness