A host of global brokerages have rolled out fresh views on L&T, Infosys, Delhivery, Sagility and several sectors including capital goods, banks and pharma, as analysts assess macro risks, AI trends and the evolving earnings outlook.
Jefferies on Capital Goods
India sentiment weighed by AI concerns and currency volatility
L&T – One month of no work in the Middle East could impact annual EPS by 6–8%
NTPC and JSW Energy – Power demand revival and execution to drive upside
Siemens Energy and Hitachi Energy – Margin expansion expected to support growth
Cummins – Visible 21% EPS CAGR over FY25–28 and 30%+ ROE
Defence – Prefer Bharat Electronics as core holding; some contra buying seen in Hindustan Aeronautics
KEI Industries – Multiple end-market exposure remains key strength
Citi on Infosys
Maintain Neutral with TP of Rs 1,395
Announces acquisitions of Optimum Healthcare IT and Stratus
Acquisitions may add ~1.6% to revenues annually
Expect rise in M&A activity across the sector
Key monitorables include profitability and sustainability of acquired businesses
Integration risks remain given mixed track record of Indian IT firms
MS on Infosys
Maintain Equal-weight with TP of Rs 1,760
Acquisitions estimated to contribute ~1.2% of FY27 revenues
Deal likely neutral to slightly dilutive to earnings
Optimum deal pending regulatory approval
Strategy turning more aggressive with focus on niche, tuck-in acquisitions
Nomura on Infosys
Maintain Buy with TP of Rs 1,810
Acquisitions worth $560 million could add ~225 bps to FY27 revenue growth
Strengthens capabilities in life sciences and healthcare
Retains Infosys as top large-cap IT pick
Citi on IT Sector
Risk of macro headwinds rising into early FY27
Fourth consecutive year of subdued growth expected
Q4FY26 revenue growth seen at -1% to +1% QoQ
Monitoring Middle East impact, deal wins and AI trends
Recovery expected to be slow and uneven
Remain cautious; prefer Infosys and HCL Tech among large caps
Jefferies on Banks
Q4 trends improving; expect stable results
Prolonged conflict could impact NIMs, growth and asset quality
Working capital demand rising, but capex slowing
No signs of moratoriums yet
Collections in April remain key monitorable
Nifty Bank valuations near lows; risk-reward seen favourable
Jefferies on Sagility
Maintain Buy with TP of Rs 53
Confident of sustaining double-digit growth
US payer pressure driving outsourcing demand
AI-led workflow solutions and outcome-based pricing to support growth
Expansion across large accounts and mid-market segment key drivers
Nomura on Sagility
Maintain Buy with TP of Rs 55
Structural demand from US healthcare payers and strong execution to support growth
Expect ~20% EPS CAGR over FY26–28
MS on L&T Technology Services
Maintain Equal-weight with TP of Rs 4,420
Divests SWC business
Business underperformed expectations and was a drag on margins
Exit seen as slightly positive, adding ~1.5–2% to market cap
Aligned with strategy to exit non-core segments
JPMorgan on L&T Technology Services
Maintain Neutral with TP of Rs 3,500
SWC divestment at a haircut
Positive for margins and reduces revenue volatility
Overall EPS impact expected to be neutral
Jefferies on Pharma (GLP-1 Theme)
Semaglutide launches accelerating with 40+ brands expected
Injectable pricing ranges from Rs 1,290 to Rs 4,500 per month
Supply shortages visible amid high demand
Strict prescribing norms favour established players
Sun Pharma, Lupin and Torrent best placed to gain share
GS India Strategy – Amorita Goel
Downgrade India to Market-weight
Higher-for-longer energy prices to weaken macro outlook
Earnings growth forecasts cut by 9 percentage points over two years
Expect further consensus downgrades
Lower Nifty 12-month target to 25,900
Prefer defensive sectors: banks, staples, telecom, defence and energy
Downgrade cyclicals including autos, durables and NBFCs
UBS on Delhivery
Maintain Buy with TP of Rs 600
Headwinds largely behind; focus shifts to profitable growth
Limited competition due to funding constraints
Margin expansion potential in part-truckload (PTL) segment
Nomura on Consumer Durables
Second round of price hikes (7–12%) expected from April
Cost inflation being passed on gradually
Strong summer demand remains key for sustaining growth
Margins and demand outlook contingent on seasonal strength
Kotak India Strategy
Short-term volatility but medium-term risk-reward improving
Conflict impact manageable if short-lived
Adds Coforge, Embassy REIT, Eureka Forbes, Federal Bank, Home First, Jubilant Food and Vishal Mega Mart to mid-cap portfolio
Adds DLF, Godrej Consumer and Info Edge to large-cap portfolio
Reduces weight on Reliance; increases allocation to M&M
Jefferies Greed & Fear – Chris Wood
Introduces HSBC with 4% weight, removes HDFC Bank from portfolio
Cuts allocation to India and Australia; increases Taiwan exposure in Asia Pacific portfolio
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