GOLDMAN SACHS ON

WIPRO Target ₹172

Recommendation Sell

KEY TAKEAWAYS

Near-term growth outlook remains subdued, client-specific issues persisting

Demand environment stable, but discretionary spending remains muted

Recently ramped-up deals should aid revenue growth

BFSI remains resilient with strong pipeline; Healthcare facing pressure from policy changes

GOLDMAN SACHS ON INFO EDGE

Target ₹1,410

Recommendation Buy

KEY TAKEAWAYS

Recruitment billings growth driven by premium hiring and new products

Recruitment business remains well diversified

Premium hiring growing 25-30% YoY

JobHai launched in May'26; aims to double revenue in FY27 vs FY26

CITI ON GAS COMPANIES

Revised HP/HT Gas Allocation Mechanism Positive For Larger CGDs

Allocation To Now Be Linked To Absolute Gas Requirement Based On CNG + Domestic PNG Shortfall

New Formula Better Aligns HP/HT Allocation With Actual Consumption Needs

Larger CGDs Like IGL & MGL Should Gain Better Access To Cheaper Gas

Previous Equal Allocation Methodology Benefited Smaller CGDs Disproportionately

Recent Retail Price Hikes Should Support CGD Margin

Sector Outlook Positive From A Medium-term Perspective

Pecking Order: MGL, IGL, GAIL, Gujarat Energy, Petronet LNG

📋 ORDER WINS | WEEKEND HIGHLIGHTS

RVNL 🚆
₹903.01 Cr railway siding project in Bihar

MARINE ⚡
₹80.77 Cr power distribution system orders

NLCINDIA 🔋
275 MW battery energy storage project

MAZDOCK 🛡️
₹117.99 Cr AI-based Infrasecure Project

ANURAS 🧪
6-year chemical supply contract with global major

DHRUV 🏗️
Highway amenities project secured

BCPL 🚆
₹37.36 Cr Eastern Railway infrastructure order

KALIND ⛏️
₹50 Cr Ghana mining equipment rental contract

REFEXRENEW 🌬️
80 MW wind power project for 25 years

BRGIL 🛣️
₹108.68 Cr NHAI work order

SBC 📦
US$2.3 Mn + ₹7.5 Cr export orders

ACCORDTS ⚡
Two transformer orders worth ₹1 Cr+

GRERENEW ☀️
₹24.88 Cr multiple solar EPC orders

AIRFLOA 🚆
₹31.08 Cr railway interior furnishing order

ARTSON 🚢
₹7.17 Cr order for 24 vessels from L&T

TEXRAIL 🏭
₹131.36 Cr two industrial equipment orders

JHACC ☀️
Solar power plant order secured

COMSYN 💰
₹9.2 Cr promoter warrant issue proposed

BORANA 💰
₹5 Cr loan agreement signed with Win Star Industries

TCS : HYPERVAULT TO INVEST UP TO ₹70,000 CR IN 1 GW AI DATA CENTRE CAMPUS IN TELANGANA 🚀

• TCS subsidiary HyperVault and partners plan to invest up to ₹70,000 Cr in a 1 GW AI data centre campus in Telangana.

• Proposed facility to be spread across 250+ acres in Future City.

• Project described as the largest single investment in Telangana’s AI and data-centre infrastructure sector.

• Development expected to create around 7,000 direct and indirect jobs.

• Telangana government and the company have signed an MoU for development of the campus.

• Project targeted for inauguration on June 2, 2028, coinciding with Telangana Formation Day.

Where's The Alpha?

GIC, India Assurance, IFCI-SEBI nod for NSE IPO

Kabra Extrusions Technik-Rs 750cr investment for battery manufacturing expansion.

Molbio Diagnostics, Dhoot Transmission-Strong Q1

TATA Tech-Carnelian buys 3.2lk shares

Godavari Biorefineries -European Patent Office grants patent application for 'A Biofiller for Rubber Reinforcement'

Natco Pharma-Board To Meet on Sept 9 To consider raising funds

AXISCADES Technologies - Board approved raising up to Rs 200 cr

SEAMEC-Vessel on-hired

Shankesh Jewellers: CRISIL upgrades outlook

SBC Exports, NLC India Renewables -Order wins

ASK Automotive-Control Cables JV commences production

RHETAN TMT-Positive strategic update

Anupam Rasayan-Chemical supply contract win

Cantabil Retail  - ICRA upgraded long-term bank facility

Data Patterns, Tejas Networks, Avantel , HFCL- To acquire 2,500 Software Defined Radios (SDR) (DAC Meet Today)

Tea Stocks🚀🚀🚀🚀

Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.

Key Trends +Commentaries

Goyal calls for pharma sector to attract more investment in clinical trials, R&D

CBIC eases documentation norms under Eligible Manufacturer Importer scheme

CEA proposes mandatory energy storage for future renewable projects

Mamaearth parent Honasa Consumer targets Rs 5,500 cr revenue by FY31

CBI registers FIR against Subhash Chandra over alleged Rs.1,322 Cr fraud+ CBI Case Against Subhash Chandra Over ₹980 Crore Loan from LIC Housing Finance

HUL aims 22-24 pc EBITDA margin in medium term; to hike capex to 3 pc: Nair

Difficult time for microfinance business behind us, Q2 to see growth, says IndusInd Bank MD

SAIL output grows 8 pc in Aug; sales up 13 pc

Auto component suppliers sit on Rs 98,000 cr inventory, says report

Novartis India to pursue therapy-aligned acquisitions; eyes expansion in Tier 2 and Tier 3 markets

BEML, UMPESL forge partnership to drive next-generation mining fleet productivity

Chalet Hotels targets 5,500 keys by FY30, bets on hybrid model

RPG Life Sciences to deploy Rs 500 cr in next 12 months to bolster manufacturing, API capabilities

Hyundai Motor India expects 30 pc sales to come from rural markets in 3-4 years: MD & CEO

NMDC to start commercial coal production next quarter; eyes 1 MT dry fuel sale in FY27: Chairman

Paint makers expect healthy FY27 demand amid price hikes; competition intensity remains high

DP Abhushan targets 51 stores, Rs 15,000 cr revenue by FY30

ISRO staff bodies seek clarification on trajectory of privatisation

Govt considering FDI liberalisation in plantation sector-100 per cent FDI under automatic route is permitted in the tea sector, including tea plantations, coffee, rubber, cardamom, palm and olive oil tree plantations.

SBI to hire 12,000 personnel, add 250 branches during FY27: Chairman Setty

Dixon Technologies eyes foray into aerospace, defence, medical electronics

China is facing a serious youth jobs crisis. A record 12.7 million young graduates are looking for work, while AI is increasingly replacing or reducing entry-level jobs. This means graduates are now competing not only with millions of other young people, but also with AI.

GOLDMAN SACHS ON LTIMINDTREE

NEUTRAL; target price maintained at ₹3,870

Revenue growth this year seen similar to last year, with 3Q expected to be stronger than 2Q

BFSI vertical improving month-on-month; tech vertical issues now behind

Some Al-led demand pressure flagged, while other growth areas remain supportive

EBIT margins expected to improve in FY27

NOMURA ON STEEL

Maintain Buy on Tata Steel - TP Rs 240

Maintain Buy on JSW Steel – TP Rs 1400

Maintain Buy on Jindal Steel – TP Rs 1300

HSBC on Steel

Coking coal prices have surged 26% in a month, in what is seasonally weak period

Expect domestic price hikes to offset cost increases

Further hikes from here require regional price hikes

Like TATA and JSW in Indian Steel – both Buy

Coking coal costs impact SAIL most – Hold

Jindal Steel impact is lower – Hold

Nomura on Avalon Tech ; Buy, TP Raised to Rs 2767

Zollner JV to expand into advanced EMS in EU

Longer-term growth visibility improved; it adds global customers, expansion into Europe & also aids entry into two new verticals – healthcare and lifesciences, test and
measurement which are high complexity manufacturing & long lifecycle products

Est a total investment of $D30-50mn by this JV.

Assuming midpoint of this range ($40mn), asset turn of 10x, & EBITDA margins of 15-17%, this would boost FY29F EPS by 21%.

CITI on C&W Cos

Ultratech’s announcement to become atleast the #2 player in Wires & Cables in the next 3-5yrs is ahead of their earlier guidance & is likely to weigh on near-term stock performance/multiples of Indian cables and wires players as this would imply higher capacity addition and increased competitive intensity

Ultratech had earlier guided investment of Rs18bn in capex (which in our view would generate Rs125bn revenue assuming 7x asset turn at 100% capacity utilization and implying 7-8% market share in 4-5yrs)

Believe disruption in Wires category (R R Kabel & Havells have higher exposure vs Polycab) is likely to be higher vs Cables given relatively longer lead time for approvals/certifications, SKUs and manufacturing complexity and technical know-how.

MOSL on NTPC
Neutral,

TP Rs 378

See a potential upside to sector’s 86GW thermal capacity addition requirement, supported by stronger-than-expected power demand growth

Base case now at 6% vs 5% earlier

As ISTS transmission charge waiver for RE projects is phased out in next four years, believe relative attractiveness of thermal tariffs vis-à-vis renewable tariffs should improve

NTPC focuses on brownfield expansion & can add 15GW capacity without retiring existing units, while existing thermal plants could achieve PLF of up to 80% during strong demand conditions

NTPC’s total capacity addition guidance remains unchanged at 9.5GW in FY27, including 8GW of renewables, although renewable target carries some downside risk

Nomura on Fortis Healthcare

Neutral, TP Rs 1030

Forensic audit is centred around Rs46.7bn transaction between RHT Health Trust and IHH, to acquire a 31% stake in Fortis.

Management has stated that the audit is investigative in nature, business operations are fully insulated, & growth/expansion plans of Fortis are intact.

Management expressed confidence that the forensic audit is unlikely to have any negative outcome.

Separately, during the call, IHH management stated:
1) its commitment to increase its stake in Fortis to 51% over the next 3-5 years from 31.2% currently, and
2) confirmed that Gleneagles India (unlisted), which houses IHH’s hospital operations in India outside of Fortis, shall be merged with Fortis at the appropriate time.

Both these commitments from IHH are aligned to the Street’s current expectations

WABAG : SECURES REPEAT ORDER FROM RIL FOR EFFLUENT TREATMENT PLANT 💧

• Customer: Reliance Industries Limited (RIL)

• Secured a Medium-sized order for Design, Engineering, Manufacturing, Supply, Erection & Commissioning of an Effluent Treatment Plant (ETP).

• Location: Dhirubhai Ambani Green Energy Giga Complex (DAGEGC), Jamnagar.

• ETP will use chemical & biological treatment technologies, along with low-temperature sludge drying.

• Execution Period: 13 months.

• Order strengthens WABAG’s long-standing relationship with RIL and reflects repeat business.

• Domestic Project | Related Party Transaction: No

CITI ON GAS CGD SECTOR | SEPTEMBER 07, 2026

Key Developments
• HP/HT Gas Allocation – Government has revised the HP/HT gas allocation mechanism for future auctions, which should benefit larger CGDs such as IGL & MGL.
• New Allocation Formula – HP/HT gas allocation will now be linked to a CGD’s absolute requirement, calculated as the shortfall between CNG + domestic PNG consumption and its utilisation of APM + NWG gas in the preceding quarter.
• Earlier Methodology – Previously, available HP/HT gas volumes were distributed equally among eligible bidding CGDs, meaning smaller CGDs could receive the same allocation as much larger players.
• Benefit to Large CGDs – The revised methodology better aligns gas allocations with actual consumption requirements, potentially improving access to cheaper HP/HT gas for larger CGDs.
• Margin Support – Recent retail price hikes by CGDs are likely to provide additional support to margins.
• Medium-Term Outlook – With improved gas allocation and better pricing, the CGD sector appears well positioned from a medium-term perspective.

Gas Value Chain Pecking Order
• MGL > IGL > GAIL > GEL > PLNG

Key Takeaway
• Revised HP/HT gas allocation should structurally favour large CGDs, particularly MGL & IGL, by aligning allocations with actual gas requirements. Combined with recent retail price hikes, the changes could support gas availability and margins, making the sector attractive from a medium-term perspective.

GS View on LTM – Neutral | TP: ₹3,870

Management Meet – Key Takeaways
• Revenue growth should match last year.
• 3Q expected stronger than 2Q.
• BFSI vertical shows monthly improvement.
• Technology vertical challenges are behind.
• AI creates pockets of demand pressure.
• Other growth opportunities remain available.
• FY27 EBIT margins should improve.
• Organic margins expected to improve.
• Randstad integration expected in 3QFY27.

Key Takeaway
• Growth recovery expected to remain gradual.
• BFSI improvement supports business momentum.
• AI pressures remain limited to pockets.
• FY27 margins expected to expand further.

CLSA View on HUL – Hold | TP: ₹1,804

Key Takeaways
• HUL is building stronger growth engines.
• Portfolio mix is becoming more desirable.
• Channel-specific execution should improve competitiveness.
• Superior products support stronger consumer demand.
• Quick commerce capabilities are being strengthened.
• Science-led innovation should boost competitiveness.
• Productivity savings fund future growth investments.
• Savings programme targets 500bp efficiency gains.
• Capex intensity rises toward 3% of sales.
• EBITDA margin range widens to 22%-24%.
• Company targets competitive volume-led growth.

Key Takeaway
• HUL is balancing growth investments.
• Productivity savings provide funding flexibility.
• Higher capex supports long-term growth.
• Margin framework remains structurally attractive.

Jefferies View on HUL – Buy | TP: ₹2,450

Key Takeaways
• HUL is shifting toward sharper growth.
• Focus is increasingly segment-led growth.
• Premiumisation should drive future growth.
• Category creation offers additional growth opportunities.
• Deeper distribution remains a key priority.
• AI-led execution should improve productivity.
• Self-funded reinvestment supports future growth.
• Management remains constructive on FY27 growth.
• Medium-term margin guidance raised slightly.
• EBITDA margin band stands at 22%-24%.

Key Takeaway
• HUL is targeting sharper, quality growth.
• Premiumisation and distribution remain key drivers.
• AI supports execution and productivity gains.
• Margin outlook remains positive at 22%-24%.