Brokerage Views: Citi On HCLTech, TCS, Tech Mahindra, Emkay On LIC, SBI Life And More
Here are all the top calls from analysts you need to know about on Monday.

Brokerages have shared insights on major IT companies and the life insurance sector this Monday. Citi Research retained its ratings on HCL Technologies Ltd., Tech Mahindra Ltd., Tata Consultancy Services Ltd., and LTIMindtree Ltd., but highlighted challenges in revenue growth and margin pressures across the information technology space.
Meanwhile, Emkay Global assessed the Indian life insurance sector, noting strong premium growth, but cautioning on persistently high operating expenses impacting profitability.
NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday.
Emkay On Life Insurance Firms
Retained a 'buy' rating on HDFC Life and an 'add' rating on ICICI Prudential Life Insurance Co., SBI Life Insurance Co., and Life Insurance Corp.
Continuously changing regulatory directions are causing uncertainties in the sector.
Life insurers’ share prices saw a 10-20% correction in the third quarter of fiscal 2025.
Weakness in insurance stocks is attributed to potential bancassurance regulations and the impending Insurance Amendment Bill 2024.
Expects volatility in life insurance company stocks to continue in the near term.
Cut annual premium equivalent and value of new business estimates for fiscals through March 2027 by 2-6%.
Emkay On Kalpataru Projects
Retained a 'buy' rating on the stock and raised the target price to Rs 1,550 apiece from earlier Rs 1,450, implying a potential upside of 18.8% from the previous close.
Order backlog of over Rs 60,000 crore provides strong revenue visibility.
Maintained a relatively lean balance sheet compared to peers with a focus on execution and cash collections.
Non-core divestment remains on track, expected to generate cash flows of Rs 650 crore from the projects.
Forecasts revenue, Ebitda, and profit after tax Compound Annual Growth Rates of 18%, 24%, and 39% respectively for the fiscals through March 2027.
Citi On HCL Technologies
Maintained a 'neutral' rating on the stock and a target price of Rs 1,815 apiece, implying a potential downside of 7.8% from the previous close.
Hosted Nitin Mohta, head of investor relations, for insights.
Eighty percent of the company’s United States workforce is visa-independent.
The Hewlett Packard Enterprise Consulting and Technology Group acquisition focuses on expanding its telecom client base.
The company aims to improve revenue growth from low single-digit to mid-to-high single-digit growth.
In the near term, expects the low single-digit revenue growth year-on-year trajectory to persist in the products segment.
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Citi On Tech Mahindra
Retained a 'sell' rating on the stock and a target price of Rs 1,475 apiece, implying a potential downside of 18.1% from the previous close.
Hosted Atul Soneja, chief operating officer, for discussions.
Aims to improve margins to 15%, primarily through gross margin optimisation.
Key margin improvement levers include optimising employee pyramid structure, pricing strategies, reducing subcontracting costs, and improving utilisation rates.
Citi On Tata Consultancy Services
Has a 'sell' rating on the stock and a target price of Rs 3,935 apiece, implying a potential downside of 12.1% from the previous close.
Hosted Nehal Shah, head of investor relations, for updates.
Increased optimism post United States elections, with clients expressing positive sentiment, but execution remains on hold awaiting policy clarity.
Estimates earnings to grow at an approximately 5.5% CAGR between the fiscals 2024 and 2026.
Cost optimisation initiatives have contributed to relatively good margin performance.
Nuvama On Power Sector
Power demand in November rose 4.3% year-on-year to 12,500 crore units after sluggish growth during August to October.
December power demand so far has increased 11% year-on-year.
All-India installed renewable energy capacity stood at 457 gigawatts in November.
Renewable energy capacity additions were 14.9 gigawatts from April–November.
Tendering pipeline includes solar, hybrid, wind, and thermal projects at 127 gigawatts, 475 gigawatts, 28 gigawatts, and 21 gigawatts respectively.
Jefferies On PI Industries
Retained a 'buy' rating on the stock and lowered the target price to Rs 4,865 apiece from earlier Rs 5,100, implying a potential upside of 22% from the previous close.
Innovator Kumiai has cut revenue guidance due to a 7% drop in pyroxasulfone sales, which is a herbicide.
Fiscal 2025 guidance already accounts for this decline, and margins remain unaffected due to softer raw material costs.
New products drove 30% year-on-year growth in the first half of fiscal 2025 and now contribute over 20% of custom synthesis manufacturing export revenue.
Cuts revenue and earnings per share estimates for fiscals 2026 and 2027 by 3-5% due to weaker pyroxasulfone sales.
Incred Equities On Persistent Systems
Retained a 'hold' rating on the stock and raised the target price to Rs 6,863 apiece from earlier Rs 6,260, implying a potential upside of 6.6% from the previous close.
Expects 18% revenue CAGR in dollar terms over fiscals 2025 through 2027, up from 17.6% earlier.
Growth leverage and absence of wage hike impact may help expand margins in the second half of fiscal 2025.
Traction in financial services and healthcare verticals may boost growth in the third and fourth quarters of fiscal 2025.
Green shoots in the high-tech vertical driven by deal wins could accelerate growth momentum in fiscal 2026.
Nirmal Bang On Data Patterns India
Retained a 'buy' rating on the stock and raised the target price to Rs 2,997 apiece, implying a potential upside of 17.8% from the previous close.
Expects revenue growth of 20-25% and margins of 35-40% for fiscal 2025.
Management is confident that revenues will more than double over the next four to five years.
Forecasts an order book CAGR of 19% between fiscals ending March 2025 and March 2027, reaching Rs 1,640 crore by March 2027.
Notes that the stock is trading at a one-year forward price-to-earnings ratio of 56.8 times, below its two-year average of 57.8 times.
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CLSA On Tata Power
Maintained an 'underperform' rating on the stock and raised the target price to Rs 351 apiece from earlier Rs 297, implying a potential downside of 18% from the previous close.
Valuations are expensive and ahead of fundamentals, with the stock up 36% in one year despite no material change in profitability, brokerage said.
Notes weak profitability in its key renewable energy independent power producer business.
Target price revision reflects forward rolled valuations, new renewable independent power producer order wins, and a solar factory.
Long-term positives include Odisha distribution companies and pump storage projects.
Citi On LTIMindtree
Retained a 'sell' rating on the stock and set a target price of Rs 5,710 apiece, implying a potential downside of 14.9% from the previous close.
Hosted company executives who highlighted adaptation to industry changes and better earnings before interest and taxes growth.
Assigned a discount to the three-year historical average of 29 times due to concerns about revenue growth and margin trajectory.
Goldman Sachs On Aurobindo Pharma
Recommended marketing authorisation for Zefylti, a biosimilar of filgrastim, by the Committee for Medicinal Products for Human Use under the European Medicines Agency.
Zefylti is used to treat neutropenia.
Two additional biosimilars are expected to receive EMA approval soon, while bevacizumab is under review in the United Kingdom. Bevacizumab is used for cancer treatment.
Aurobindo Pharma has invested $390-400 million in biosimilars since 2017 and plans significant spending in the next two quarters.
The stock has dropped 23% over the last three months due to weaker second-quarter margins.