Published on: July 17, 2025
Indian markets remained largely range-bound and ended the session nearly unchanged on the back of a lack of fresh domestic or global catalysts. Investor sentiment was cautious, with attention centered on Q1 FY26 earnings from key companies.
Corporate Earnings and Stock-Specific Developments:
• Tech Mahindra reported a robust 34% year-on-year rise in consolidated net profit to ₹1,141 crore for Q1 FY26, compared to ₹851 crore a year ago.
• Angel One witnessed a steep 61% decline in net profit to ₹114 crore, with revenue also falling 19% to ₹1,140 crore.
• L&T Technology Services posted a marginal quarter-on-quarter profit growth, with net earnings rising to ₹316 crore.
• Reliance Power's board approved a major fundraising plan of ₹6,000 crore through QIP and other avenues.
• Godrej Properties expanded its land bank by acquiring 50 acres in Raipur, with an estimated 9.5 lakh sq. ft. of saleable area.
• Emcure Pharma partnered with Sanofi India to widen the reach of Sanofi's oral anti-diabetic products in India.
Stocks to Watch:
Shares of Axis Bank, Wipro, LTIMindtree, Jio Financial, Indian Hotels, Polycab, Tata Communications, and Sterling & Wilson Solar (SW Solar) will be closely watched as these companies are set to announce their Q1 earnings.
With no clear market-moving triggers in play, analysts expect continued consolidation in the near term, with quarterly earnings and stock-specific news driving short-term movements.
Published on: July 17, 2025
Indian stock markets closed in the red on Thursday, pressured by weak Q1 FY26 earnings sentiment and rising global trade uncertainties following comments from former US President Donald Trump regarding the India-US trade deal. The volatility was further heightened due to the weekly F&O expiry of the Nifty50.
The BSE Sensex declined 375.24 points or 0.45% to settle at 82,259.24, while the NSE Nifty50 slipped 100.6 points or 0.45% to close at 25,111.45.
Among the top performers were Trent, SBI, M&M, Tata Motors, Sun Pharma, NTPC, and Titan. In contrast, Tech Mahindra, Infosys, L&T, Bajaj Finance, ICICI Bank, and Zomato were the key laggards dragging down the indices.
Broader market performance was mixed, with the BSE Midcap index inching up by 0.07% and the BSE Smallcap index outperforming with a 0.3% gain, reflecting investor interest in select mid and small-cap counters.
Sector-wise, Nifty IT, Nifty Bank, and Nifty PSU Bank were among the major losers, down 1.49%, 0.59%, and 0.79%, respectively. On the other hand, Nifty Pharma rose 0.38% and Nifty Realty climbed 1.24%, showing relative strength amid the broader weakness.
Market experts anticipate heightened volatility in the near term as corporate earnings continue to roll in and global macroeconomic developments unfold.
Published on: July 17, 2025
Tech Mahindra reported a 34% year-on-year increase in consolidated net profit for Q1FY26, reaching ₹1,141 crore, up from ₹851 crore a year earlier. However, the result fell short of Street expectations of ₹1,211 crore, triggering a 2% drop in the stock price, which closed at ₹1,575 on the BSE on Thursday.
Revenue rose 2.7% YoY to ₹13,351 crore, also below estimates of ₹13,374 crore. The company’s EBIT surged 34% YoY to ₹1,477 crore, while EBIT margin expanded by a solid 260 basis points to 11.06%, marking the seventh consecutive quarter of improvement. Deal wins for the quarter totaled $809 million, with last twelve-month (LTM) total contract value (TCV) rising 44%.
Management emphasized structural levers such as cost optimization, portfolio integration, and governance improvements as key drivers of margin expansion. They reaffirmed the company’s FY27 EBIT margin target of 15%, despite challenging macro conditions.
Brokerage Reactions: Mixed Outlook
• Motilal Oswal reiterated its Buy rating with a target of ₹2,000, citing margin progress, strong deal wins, and turnaround visibility in the Communications vertical.
• Nomura maintained a Buy rating, slightly trimming its target to ₹1,810 from ₹1,840. It remains positive on margin outlook and transformation momentum despite the revenue miss.
• Emkay Global stuck to a Reduce rating with a ₹1,600 target, flagging high valuations and limited upside after EPS cuts.
• Nuvama also retained a Reduce call with a ₹1,300 target, citing structural concerns around margins and return ratios versus peers.
• Morgan Stanley reiterated an Underweight rating with a target of ₹1,555, noting deal conversion risks and macro weakness, especially in manufacturing.
• Jefferies stayed Underperform with a target of ₹1,400, cautioning that consistent margin expansion required to hit the 15% target may be unrealistic given expected wage hikes and tepid revenue growth.
While Tech Mahindra’s margin trajectory and deal pipeline offer encouragement, the stock's valuation and muted top-line growth have left analysts cautious. The outlook hinges on the company’s ability to convert strong deal wins into sustained revenue momentum amid a volatile macro environment.
Published on: July 16, 2025
Indian equity benchmarks closed marginally higher on Tuesday, maintaining a positive bias for the second consecutive day. The Nifty 50 rose 0.06% to end at 25,212, while the Sensex gained 63 points, closing at 82,634. Market sentiment remained stable ahead of ongoing Q1 FY26 earnings announcements, helping sustain bullish momentum in select sectors.
Wipro and Mahindra & Mahindra led gains on the Nifty, while SBI, HDFC Life, and Nestle also ended in the green. In contrast, Shriram Finance was the day’s biggest drag, slipping 2.05%, with weakness also seen in Sun Pharma, Tata Steel, JSW Steel, and Eternal.
Sectorally, Nifty PSU Bank was the standout performer, rising over 1%, with PNB and Punjab & Sind Bank among the top gainers. Nifty Auto, Media, Realty, and Financials extended their winning streaks to three days, while Nifty FMCG posted gains for a fourth straight session. However, Nifty Metal and Pharma snapped their recent positive runs.
The Nifty Midcap 150 and Smallcap 250 closed flat but continued their multi-day winning streaks. Meanwhile, the India Volatility Index (VIX) dipped 2%, reflecting reduced market uncertainty.
On the currency front, the rupee depreciated by 13 paise to close at 85.94 against the US dollar, making it the third-worst performer in Asia, according to Bloomberg.
With Q1 earnings in full swing, the market is expected to remain stock-specific in the near term. Investors are closely tracking updates from companies like Dixon Tech, SBI, and HDFC Life, which continue to influence market direction.
Published on: July 16, 2025
Axis Bank is set to report its Q1FY26 earnings on Thursday, with modest performance expected across key financial metrics. According to consensus estimates from five brokerages, the bank is likely to post a 2% year-on-year increase in both Profit After Tax (PAT) and Net Interest Income (NII), reflecting a cautious start to the fiscal year.
Analysts anticipate loan growth in the 7–8% range YoY, but only flat to 2% sequential growth, indicating limited momentum. The focus, however, remains on net interest margin (NIM) compression, elevated provisioning, and slippages—key indicators of the bank’s asset quality and profitability trajectory.
Key Brokerage Expectations:
• Motilal Oswal:
o NIMs to stay under pressure.
o Elevated slippages expected due to stringent provisioning policies.
o Stable cost ratios, but high credit cost likely.
• Kotak Equities:
o Expects loan growth of 7% YoY (flat QoQ).
o Predicts 20 bps QoQ decline in NIMs to ~3.5%.
o Weak fee income likely, given muted loan disbursal.
• Nuvama:
o Loan growth projected at 8.3% YoY / 2% QoQ.
o NII to grow 2.7% YoY, flat QoQ.
• Phillip Capital:
o Loan growth at 8% YoY.
o Margin contraction and elevated provisions anticipated.
o Strong treasury gains may offer partial offset.
• YES Securities:
o Sequential loan growth near 1%.
o NII growth to trail loan growth due to yield pressure.
o Higher opex from appraisal season.
o Slippages and provisions to rise sequentially after reversals in Q4.
Overall, Axis Bank’s Q1 performance is expected to reflect ongoing margin stress, high provisioning, and seasonal impact on slippages, even as growth remains modest. Investors will closely watch management commentary on asset quality, margins, and credit cost trajectory for cues on upcoming quarters.
Published on: July 16, 2025
State Bank of India (SBI) is likely to kick off a ₹25,000-crore Qualified Institutional Placement (QIP) as early as July 16, according to a report by CNBC-Awaaz, citing unnamed sources. This would mark SBI’s first equity fundraising via QIP in seven years, as the lender seeks to support credit growth, strengthen its balance sheet, and adhere to regulatory capital norms.
The Life Insurance Corporation of India (LIC) is expected to be the anchor investor, bidding approximately ₹7,000 crore, the report added.
The pricing range for the QIP is likely to be set between ₹790 and ₹800 per share, slightly below the current market price. As of 9:57 a.m. on July 16, SBI shares were trading 0.3% higher at ₹820.4 apiece. The bank has yet to issue an official statement regarding the QIP.
To manage the transaction, SBI has reportedly shortlisted six investment banks, including the Indian units of Citigroup, HSBC, Morgan Stanley, along with ICICI Securities, Kotak Investment Banking, and SBI Capital Markets, as reported earlier by Bloomberg News.
The fundraising is part of SBI’s broader capital strategy amid strong credit demand, and is expected to improve its capital adequacy and growth runway going forward.
Published on: July 16, 2025
A flurry of corporate announcements and earnings reports released after Tuesday’s market hours are expected to influence investor sentiment on Wednesday. Key stocks in focus include Anupam Rasayan, InterGlobe Aviation, MTNL, Yes Bank, and Kotak Mahindra Bank, among others.
>Anupam Rasayan will allot 39 lakh shares at ₹945.11 each upon warrant conversion.
>InterGlobe Aviation has appointed Michael G. Whitaker as an additional and independent director for five years.
>MTNL reported a loan default of ₹8,585 crore, raising concerns over its financial health.
>Yes Bank will hold a board meeting on July 19 to consider fundraising through equity or debt instruments.
>Jtekt India has proposed a rights issue worth ₹250 crore, while Spandana Sphoorty approved share issuance up to ₹400 crore via rights issue.
>Zydus Life received final USFDA approval for its Celecoxib capsules, a nonsteroidal anti-inflammatory drug (NSAID).
>Jupiter Wagons’ CFO, Sanjiv Keshri, resigned for personal reasons.
>Kotak Mahindra Bank's President & Chief Credit Officer, Phani Shankar, will step down effective July 21.
>Kalpataru Projects' subsidiary issued a termination notice to NHAI, ending a ₹351 crore concession agreement due to contractual defaults.
Earnings Highlights:
• HDFC Life Insurance (Q1 FY26)
o Net premium income rose 15% YoY to ₹14,466 crore.
o VNB up 12.7% to ₹809 crore; Net profit increased 14% YoY to ₹546 crore.
o VNB margin at 25.1%, aligning with expectations.
• HDB Financial Services (Q1 FY26)
o NII rose 18% YoY to ₹2,092 crore; Operating profit up 18% YoY.
o PAT declined 2% YoY to ₹568 crore.
o NPA ratios worsened slightly, with GNPA at 2.56% and NNPA at 1.11%.
o ROA dipped to 1.9%, while NIM improved to 7.7%.
• ICICI Lombard (Q1 FY26)
o Net profit jumped 28.7% YoY to ₹747 crore.
o Total income rose 13.7% to ₹6,083 crore.
o Combined ratio slightly up at 102.9%.
• Just Dial (Q1 FY26)
o Revenue increased 6.42% YoY to ₹298 crore.
o Net profit rose 13.47% YoY to ₹160 crore.
o Ebitda margin improved to 29.22%.
• Geojit Financial Services (Q1 FY26, QoQ)
o Revenue fell 13.33% QoQ to ₹153.15 crore.
o Net profit declined 11.63% to ₹27.29 crore.
These developments are likely to impact specific counters and broader market sentiment, with investor focus also turning to upcoming Q1 results from major financial institutions later this week.
Published on: July 16, 2025
ICICI Bank is expected to post a strong financial performance for the first quarter of FY26, with key growth metrics showing healthy year-on-year gains ahead of the results announcement scheduled for July 19.
As per estimates by the Zee Business research team, the bank’s Net Interest Income (NII) is projected to rise 7% YoY to ₹20,920 crore, compared to ₹19,553 crore in Q1FY25. Profit After Tax (PAT) is estimated at ₹12,000 crore, marking an 8.5% YoY increase from ₹11,059 crore in the corresponding quarter last year.
Provisions are expected to increase by 34% YoY to ₹1,790 crore, mainly due to prudential provisioning in retail and unsecured loan segments. Despite this, asset quality remains stable, with Gross NPA at 1.7% and Net NPA at 0.4%, suggesting limited stress on the loan book.
Analysts anticipate lower slippages and declining credit costs to aid margin expansion in upcoming quarters. Strong growth in retail and SME lending, along with healthy fee income from increased customer activity and cross-selling, are likely to support overall business performance.
However, investor focus will remain on the management’s commentary regarding the unsecured loan portfolio, amid rising concerns in the broader sector.
Overall, analysts say ICICI Bank is well-positioned to report resilient earnings, backed by strong fundamentals, stable asset quality, and positive growth momentum.
Published on: July 16, 2025
HDFC Bank Ltd., India’s largest private sector lender, announced that its board will consider a bonus share issue for the first time along with a special interim dividend during its upcoming meeting on July 19. The board will also declare financial results for the first quarter of FY26 on the same day.
Last month, the bank paid a final dividend of ₹22 per share for FY25, and it last issued a special dividend in 2019. The lender, which has a dividend yield of 1.1% and trades at a P/E of 21.7, is majority held by foreign investors (48.84%) and has over 36 lakh retail shareholders with a 10.3% equity stake.
In recent developments, HDFC Bank raised ₹10,000 crore by selling stake in its NBFC arm, HDB Financial Services, through the OFS route ahead of its IPO. A bonus issue, which provides free shares to existing shareholders, results in a proportional drop in share price but keeps the value of total holdings unchanged. The record date, ex-date, and allotment date will be declared post board approval.
The announcement has buoyed investor sentiment, pushing the stock up 1.4% to ₹2,022.7 intraday before settling 0.6% higher by 9:25 a.m., outperforming the Nifty 50, which was down 0.22%. HDFC Bank is also the top contributor to the index by points and has gained 24% in the past year and 12.5% year-to-date.
Published on: July 16, 2025
ITC Hotels, the recently demerged hospitality arm of ITC Ltd, reported a 53.41% YoY rise in net profit at ₹133.71 crore for the first quarter of FY26, compared to ₹87.16 crore in the same quarter last year. Revenue from operations grew by 15.54% to ₹815.54 crore, up from ₹705.84 crore in Q1FY25.
EBITDA came in at ₹246 crore, marking a 19% YoY increase, signaling strong operational performance. This marks the company’s third quarterly earnings report post-demerger.
Currently, ITC Hotels operates 140 properties with 13,000 rooms, 45% of which are company-owned. The company has set a target to scale up to 200 hotels and 18,000+ rooms by 2030, with 65% of the portfolio expected to shift to a managed model.
Shares of ITC Hotels rose 2.87% during intraday trade, reaching ₹234.80 as of 2:15 pm, reflecting investor optimism on the back of solid quarterly performance and ambitious growth plans.
Published on: July 16, 2025
Tech Mahindra reported a 12.6% attrition rate in the first quarter of FY26, with a notable reduction in overall employee headcount in key divisions like IT and Sales & Support. The total workforce stood at 1,48,517, reflecting a net YoY increase of 897 employees, but internal reshuffling shows divergent trends across departments.
The IT department, which has historically accounted for the largest chunk of employees, saw a decline of 430 jobs, with headcount falling from 80,417 in Q1FY25 to 79,987 in Q1FY26. Similarly, the Sales and Support division experienced a drop of 774 employees, down from 9,026 to 8,252 on a YoY basis.
In contrast, Business Process Services (BPS) emerged as the key growth area, adding 2,101 new employees YoY and 642 on a QoQ basis, showcasing the company’s pivot toward non-core IT operations for expansion.
These workforce changes come as Tech Mahindra adjusts its operational model to cope with evolving demand in the IT services sector. The attrition rate of 12.6%, though lower than pandemic-era levels, remains a point of focus as the company navigates a shifting talent landscape.
Published on: July 15, 2025
Jio Financial Services Ltd. (JFSL) is scheduled to report its Q1FY26 results on Thursday, July 17, 2025, during a Board of Directors meeting to approve the standalone and consolidated unaudited financials for the April–June quarter. The company, which was demerged from Reliance Industries and listed separately in August 2023, operates across lending, insurance, and payment services.
In accordance with regulatory norms, JFSL closed its trading window on July 1, and it will remain shut until 48 hours after the results release, barring insider trading by designated persons.
The company will also host an earnings presentation for analysts and investors on July 17 at 7:30 p.m. IST via JioEvents. A transcript and video recording of the session will be shared on the company’s website and with stock exchanges.
In the previous quarter (Q4FY25), Jio Financial reported a 1.8% YoY rise in net profit to ₹316.1 crore, while total income surged 24% to ₹518 crore. However, rising expenses – up 63% YoY to ₹168 crore – weighed on margins.
Stock performance has shown mixed trends: the stock is up 9.21% in the last month and 18% over six months, but it remains down 9.61% year-on-year. It hit a 52-week high of ₹363 in September 2024 and a low of ₹198.65 in March 2025.
Investors will closely watch the Q1 numbers for signs of sustained income growth, expense control, and business expansion across financial verticals.
Published on: July 15, 2025
AWL Agri Business reported its highest-ever first-quarter revenue of ₹17,059 crore in Q1FY26, marking a 21% year-on-year increase. The growth was primarily fueled by the edible oil segment, which surged 26% YoY to contribute ₹13,415 crore — accounting for 79% of the total revenue and 61% of volume mix.
The Food & FMCG segment recorded modest growth of 4%, reaching ₹1,414 crore, or 8% of overall revenue, supported by category-wide price hikes. Meanwhile, the Industry Essentials business posted a 12% rise in revenue, contributing 12% of the total.
AWL is strategically reinvesting ₹1,200–₹1,500 crore of annual cash flows from the profitable edible oil segment into expanding its Food & FMCG vertical, echoing ITC’s classic model of leveraging core business cash flows to build consumer brands.
Retail penetration also improved sharply, jumping 18% YoY to 8.7 lakh outlets, including 55,000 rural towns, marking a 10x expansion since FY22.
However, despite the revenue surge, net profit fell to ₹238 crore, impacted by a 25% increase in raw material costs. Analysts expect some margin relief in upcoming quarters, thanks to a recent over 10% correction in raw material prices. The company’s efforts to diversify and expand its consumer business remain a key long-term focus area.
Published on: July 15, 2025
Tech Mahindra is expected to report a modest sequential revenue decline in constant currency (CC) terms for Q1FY26, largely due to continued weakness in the hi-tech sector and seasonal softness in its BPO operations. Despite these headwinds, the company’s profit after tax (PAT) is projected to jump 42% year-on-year, driven by improved margins, cost efficiencies, and a strong deal pipeline.
According to estimates from multiple brokerages, CC revenue is expected to decline by 0.5%–1.0% QoQ, while USD revenue may grow slightly by ~1%. Analysts are encouraged by robust deal activity, with deal wins pegged at around $750 million — higher than both the previous quarter and year-ago levels. These wins are also expected to come at better margins, supporting future profitability.
Brokerages highlighted the following expectations:
>Kotak Equities sees the drag from core segments outweighing seasonal gains from Comviva, but anticipates a 30bps EBIT margin expansion helped by Project Fortius and rupee depreciation. Focus will be on margin roadmap to 15% by FY27 and revival in key verticals like telecom and BFSI.
>Nuvama expects a 0.8% QoQ decline in CC revenue and a 1% rise in USD terms, with 50bps margin expansion. The firm will be watching for management’s comments on FY27 margin and growth guidance.
>Motilal Oswal projects a 1% CC revenue decline, citing muted recovery in Telecom and Manufacturing (which contribute 50% of revenue). While deal wins have picked up, weak revenue growth may limit near-term upside. Margin improvement of 20bps is expected, aided by lower subcontractor costs and SG&A efficiency.
>Phillip Capital anticipates a 0.5% CC revenue dip, with margin expansion of 50bps. Attention is on CEO Mohit Joshi’s strategic initiatives, especially progress under Project Fortius, and commentary on discretionary spending and telecom outlook.
In summary, while revenue headwinds persist, Tech Mahindra's focus on operational efficiency, improved deal margins, and strategic realignment is expected to deliver strong bottom-line growth and build confidence in its long-term profitability path.
Published on: July 15, 2025
Shares of HCL Technologies fell over 4% on Tuesday after the IT major reported a 10% year-on-year drop in consolidated net profit to ₹3,843 crore for Q1FY26, missing market expectations of ₹4,224 crore. The stock was trading at ₹1,552.90, down 4.20% at the time of writing. Despite this weak start to the fiscal year, leading brokerages remain confident about HCL Tech's long-term prospects.
Motilal Oswal maintained a ‘Buy’ rating with a target price of ₹2,000, implying 23% upside, citing revenue outperformance and optimism about margin normalization post Q2. The firm noted that short-term margin pressure came from GenAI and SG&A investments (30bps) and lower utilisation (80bps), both expected to ease ahead.
Jefferies upgraded the stock to a ‘Buy’ with a target of ₹1,850 (+13% upside), attributing the profit miss to strategic investments that are expected to drive superior long-term growth. Jefferies values HCL Tech at 25x forward P/E, expecting it to outperform large-cap peers in both growth and valuation.
Nomura also reiterated its ‘Buy’ call with a price target of ₹1,810 (+11.7% upside), calling the margin dip "manageable and one-off", caused by delayed project ramp-ups, client-specific issues, and front-loaded investments. It expects EBIT margins to recover by FY27 and sees continued strength in revenue and deal pipeline, with two large deals expected to close in Q2FY26.
In summary, despite the Q1FY26 margin miss and profit decline, analysts remain bullish on HCL Tech, focusing on its revenue resilience, strategic investments, and healthy deal pipeline that point toward strong medium-to-long-term potential.