HDFC Securities maintained its existing ratings on all six stocks while revising its earnings estimates and valuations. The brokerage remains constructive on select companies benefiting from strong deal wins, improving margins and healthy loan growth, although it flagged risks including weak near-term demand, asset quality concerns and cost pressures.
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HDFC Securities Institutional Equities
Wipro, Tech Mahindra, Indian Bank and Persistent Systems are among the stocks for which HDFC Securities has raised its target prices following the September-quarter earnings season. The brokerage has also revised its price targets for Karur Vysya Bank and Orient Electric, citing improving business momentum, earnings growth and company-specific operational developments.
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Tech Mahindra: Target Price Raised To Rs 1,800 On Strong Deal Wins
HDFC Securities increased its target price for Tech Mahindra to Rs 1,800 from Rs 1,660, retaining its 'Add' recommendation. The revised target suggests approximately 9% upside from the stock's reference price of Rs 1,650. The brokerage highlighted Tech Mahindra's broad-based earnings beat in Q2 FY27, with constant-currency revenue growing 2.4% sequentially and 7.2% year-on-year.
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Operating margin expanded by 34 basis points sequentially to 14.8%, marking the company's 12th consecutive quarter of margin improvement. The figure is now close to management's FY27 target of 15%.
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