Brokerages On Infosys
BofA
Maintains 'Buy' with Target Price (TP) of Rs 1,780.
The top end of the guidance implies a flattish CQGR for the second half.
The company potentially exits the fiscal year at about 3% year-over-year (yoy) organic growth.
Nuvama
Retain 'Buy' with lowered TP of Rs 1,800 compared to the earlier Rs 1,850.
In-line performance; valuations attractive.
Company continues to expect lower pass-through revenue in FY26 compared with FY25.
All verticals reported sequential growth except retail.
Retail and Communications faced cautious spending.
Near-term macro-outlook for the sector appears soft.
Brokerages On Wipro
Emkay
Retain 'Reduce' with TP of Rs 250.
Provision for client bankruptcy led to a miss on reported EBITM (EBIT Margin).
Deal intake remained strong.
Weakness in three of the five verticals.
Pressure on margins in the near term due to the anticipated ramp-up.
The company remains focused on converting strong backlog into revenue.
MOSL
Reiterate 'Sell' with TP of Rs 200.
Deal momentum sustained, but revenue acceleration still awaited.
Good traction in BFSI and healthcare.
Growth pickup still awaited.
Limited room for margin expansion from current levels.
Margins stable, but near-term headwinds likely as Harman integrates.
Brokerages On LTIMindtree
Nuvama
Maintain 'Buy' with TP hiked to Rs 6,900 from Rs 6,200.
Beats expectations on all counts.
Still far from achieving its true potential.
Co continues to target reaching double-digit USD growth in H2.
Delivered on the expectations the Street had built since the LTI-Mindtree merger.
Upgrades FY26E/27E EPS by 4% on higher margins.
Emkay
Retain 'Add' and hiked TP to Rs 6,200.
Margin beat; deal momentum to bolster growth.
Brokerage is negative about weakness in the top five clients.
Brokerages remain positive on Growth, margin beat, and healthy deal intake.
Raised FY26-28E EPS by 4-5%, given the Q2 performance.
Brokerages On Nestle India
Morgan Stanley
Maintain 'Underweight' with TP of Rs 1,010.
Good surprise on topline, in line margins.
Domestic revenues grew 11% YoY, marking double-digit growth after seven quarters.
Volume growth in high single digits versus poll of 1-2%.
Management expects: milk prices to soften, coffee prices to stabilise and edible oil prices to stay inflationary.
HSBC
Reiterate 'Hold' and a TP of Rs 1,260 compared to Rs 1,270 earlier.
Q2 performance was impressive, with 11% YoY revenue growth in a disrupted quarter
Three of four product groups (excluding milk products) reported volume-led double-digit growth.
Continue to view Nestle's portfolio as well-geared for further strength.
Retain target P/E multiple of 60x.
Goldman Sachs
Maintain 'Neutral' with a TP of Rs 1,225.
Q2 above estimates driven by double-digit top-line growth.
Revenue grew double-digit, led by volume growth in 3 of the 4 segments.
Margins are likely to improve from here on as key input costs have softened.
Implies sequential expansion in Nestle's gross margin in second half.
Brokerages On Eternal
Nuvama
Retain 'Buy' with a higher TP of Rs 400 versus Rs 320 earlier.
Healthy quarter with revenue above consensus estimate.
Ebitda margin at $1.8\%$ was below consensus estimate of 2.7%.
Quick commerce losses reduction is lower than expected due to higher marketing expenses.
Tweaking FY26E/27E by -57%/-9% due to lower margin expectations in near team
Management expects growth at 100% CAGR in Blinkit for the next two years.
Emkay
Maintain 'Buy' with TP of Rs 430 versus 330 earlier.
Better-than-expected revenue growth with strong NOV growth in Quick Commerce and an accelerated shift to the owned inventory model.
Weaker QCom Ebitda offset stronger food delivery Ebitda.
Increase NOV growth expectations, while keeping long-term QCom margins at 5%.
Believe Blinkit is well placed to capitalise on the large long-term QCom opportunity.
Stock trades at expensive valuations (50x FY28E EV/EBITDA).
QCom business is still logging suboptimal profitability.
BofA
Reiterate 'Buy' with TP of Rs 400.
Believe commentary from con-call was positive.
Believe QC losses are slightly higher than most investor expectations.
Management expects to get to 2,100 stores by December versus 2,000 earlier.
Consider this prudent strategy when competition is not adding dark stores.
Reiterates Buy on favourable risk-reward.
UBS
Maintain 'Buy' with TP of Rs 400.
Strong numbers with positive guidance across segments.
QC NOV growth expected to be 100% for the next 1-2 years.
Focus remains on growth, not immediate Ebitda breakeven.
NOV growth expected around 30% YoY.
Margins set to improve and losses to remain range-bound near term.
Macquarie
Maintain 'Underperform' with TP of Rs 200.
Management painted an optimistic yet measured outlook in the earnings call.
Constructive on TAM potential, but notes the face of rising competitive intensity.
Believe consensus overstates the turnaround and sustainability of profitability.
Fundamentals don't support $40 billion market cap (120x FY28 EV-EBITDA).
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