2 weeks Ago By NDTV Profit Research
HCLTech Ltd. and Mahindra & Mahindra Financial Services Ltd. were among those featured in Monday’s brokerage notes, with analysts commenting on quarterly results and guidance.
While Macquarie and Citi remained constructive on HCLTech, citing strong deal wins and relatively better revenue guidance versus peers, the tone was more cautious around Mahindra Finance—Morgan Stanley flagged a miss on core profitability and tempered its earnings view for the coming years despite an improvement in asset quality.Swiggy also made it to analysts’ radars, with Ambit initiating coverage with a bearish view, flagging challenges in quick commerce and market share pressures. NDTV Profit tracks what analysts are saying about various stocks and sectors.
Here are the key brokerage calls to watch on Wednesday.Stock Market Today: All You Need To Know Going Into Trade On April 23On HCLTechJPMorgan Upgrades rating to ‘overweight’ from ‘neutral’ and raises target price to Rs 1,750 apiece from earlier Rs 1,700. Maintains that HCLTech demonstrates growth leadership and rare visibility in the current environment.
Services have either outperformed or kept pace with the fastest-growing scaled peers for three consecutive years.Deal signings have been strong despite macroeconomic uncertainty.Large deal ramps offer earnings visibility, reinforcing the company’s organic growth outlook.
Guidance has been de-risked at both low and mid-points to account for potential demand weakness.Portfolio heavily skewed towards non-discretionary spending could act as a buffer in a weak or muddling market.Stock is trading at a 4% dividend yield and a 6% free cash flow yield.
Despite a 2% cut in earnings per share estimates driven by margin pressures, sees value in HCLTech as a scale growth leader in the fiscal year ending March 2026.Macquarie Retains an ‘outperform’ rating on the stock with a target price of Rs 2,160 apiece.Continues to lead peer group in growth.
Guides for fiscal year 2026 revenue growth of 2% to 5% versus 0% to 3% for Infosys Ltd.No impact seen in the fourth quarter from United States tariffs.About 50% of fourth-quarter deal bookings were closed in March 2025.
HCLTech Announces Interim Dividend Of Rs 18 Per Share; Check Record Date And Other DetailsInvestec Retains a ‘hold’ rating on the stock and lowers target price to Rs 1,550 apiece from earlier Rs 1,552.Guidance is better than feared.Lower end of revenue guidance assumes worsening environment.
Midpoint assumes deterioration along with large deal closures in the first quarter.Upper end of the guidance range assumes improvement in market conditions.CitiRetains a ‘neutral’ rating on the stock and lowers target price to Rs 1,510 apiece from earlier Rs 1,610.
New total contract value in the fourth quarter remained strong.Management noted the operating environment remains highly uncertain.Citi continues to prefer HCLTech along with Infosys over other large-cap peers.
HCLTech Q4 Profit Falls 6%, Guides For Up To 5% Revenue Growth In FY26On Mahindra & Mahindra Financial ServicesMorgan StanleyRetains an ‘equal-weight’ rating on the stock and raises target price to Rs 290 apiece from earlier Rs 277. Profit after tax miss was driven by pre-provision operating profit miss.Outlook remains muted.
Bad loan formation and credit costs were better than estimates.Cuts earnings estimates for the fiscal year ending March 2026 due to lower loan growth and higher credit costs.Gradual decline in funding costs expected to drive higher earnings in the fiscal year ending March 2027.
Moderates cost of equity assumptions in view of lower interest rates.InvestecRetains a ‘hold’ rating on the stock and raises target price to Rs 300 apiece from earlier Rs 285.Notes lacklustre growth trends and quarter-on-quarter decline in net interest margins.
Asset quality remains stable.Diversification and fee income identified as key growth drivers.Mahindra Finance Q4 Results: Profit Falls, Margin NarrowsOn AU Small Finance BankMorgan Stanley Retains an ‘overweight’ rating on the stock and raises target price to Rs 750 apiece from earlier Rs 685, implying a potential upside of xx% from the previous close.
Sees strong potential for earnings rebound after the first half of the fiscal year ending March 2026.Reports return on assets of 1.5%, significantly higher than peers.
Bank delivered a strong performance despite high interest rates, tight liquidity and asset quality stress.Return on assets expected to expand over the next two years as rate cycle turns and microfinance institution asset quality improves.Remains the only ‘overweight’ rated bank in Morgan Stanley’s mid-sized private bank coverage.
Citi Retains a ‘neutral’ rating on the stock with a target price of Rs 625 apiece.Accelerated provisions resulted in 2.5% credit cost, expected to normalise in the second half of the fiscal year ending March 2026.
Management flagged risk of pressure on net interest margins in the first half.Funding cost benefits are expected to reflect with a lag.Universal banking licence under regulatory review, with approval expected in calendar year 2026.
AU Small Finance Bank Q4 Results: Profit, Net Interest Income Meet EstimatesAmbit Capital On SwiggyInitiates coverage with a ‘sell’ rating and a target price of Rs 310 apiece, implying a potential downside of xx% from the previous close.Describes Swiggy as a first mover that is now playing catch-up in multiple areas.Food delivery market share appears to have stabilised, and the profitability gap with peers is expected to narrow.
Sees a steeper uphill climb in the quick commerce segment, where Swiggy lags across key metrics.Prefers Zomato Ltd. over Swiggy in the broader online food and grocery delivery space.
Blinkit, Swiggy Instamart Expand Dark Stores Rapidly; Zepto Slows Down: JP Morgan On Havells India Morgan StanleyRetains an ‘overweight’ rating on the stock and lowers target price to Rs 1,884 apiece from earlier Rs 1,942.Revenue beat was led by strong performance in Lloyd.Ebit margins were above expectations across all segments.
Consumer demand remains subdued.Inflationary pressures are affecting demand in the real estate sector.Havells India Q4 Results: Net Profit Rises 16%, Board Announces Rs 6 DividendJefferiesRetains a ‘hold’ rating on the stock and raises target price to Rs 1,800 apiece from earlier Rs 1,740.
Fourth-quarter beat was driven by healthy sales and steady margins.Inflation and commodity price volatility remain key monitorables.Slower growth seen in summer products in April 2025 due to delayed summer onset.
CitiRetains a ‘neutral’ rating on the stock and raises target price to Rs 1,900 apiece from earlier Rs 1,750.Fourth-quarter performance driven by Lloyd brand.Warns that delayed summer could impact seasonal product sales.
Expects profitability pressures due to slower growth in high-margin switchgear and faster growth in low-margin segments.Recommends awaiting a better valuation entry point.Waaree Energies Q4 Results: Profit Rises 34%.
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