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HDFC Securities Institutional Equities
Brokerage firm HDFC Securities Institutional Equities has shared its latest views on a set of large-cap stocks—SBI Life Insurance, Trent, Tech Mahindra, L&T Technology Services, and Havells India—following their Q4 FY26 earnings, highlighting mixed performance across sectors and selective investment opportunities.
SBI Life: BUY | Target Price Rs 2,400
HDFC Securities maintained a Buy rating on SBI Life Insurance Co Ltd., citing its strong distribution moat and improving product mix. While growth in annual premium equivalent (APE) and value of new business (VNB) came in slightly below expectations, margins remained resilient. The brokerage expects 14–15% CAGR in APE and VNB over FY26–28, supported by cost leadership and reduced dependence on ULIPs.
Tech Mahindra: Add | Target Price Rs 1,510
Tech Mahindra Ltd. reported a better-than-expected quarter, driven by growth in BFSI and communications segments, along with margin expansion. Deal wins remained strong, and the company is targeting industry-leading growth with improved margins. The brokerage retained its Add rating, reflecting a balanced risk-reward outlook.
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