External broker reports(aggregated public sources), Axis Direct

Axis Direct

External broker reports(aggregated public sources)

Axis Direct is the flagship brand under Axis Securities Limited, a subsidiary of Axis Bank in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

<ul><li>HCL Tech reported superior YoY growth compared to its Indian peers.</li><li>The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).</li><li>This diversified portfolio positions it for better growth in challenging times compared to its larger peers.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Tech reported superior YoY growth compared to its Indian peers.The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&amp;D business (16% of revenue), and product and platform business (10% of total revenue).This diversified portfolio positions it for better growth in challenging times compared to its larger peers.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

Global Emerging Market Equities, Propitious Research

Wium Malan, CFA

Global Emerging Market Equities

Independent, Fundamental Quantitative Research

Propitious Research

Fully independent, fundamental and quantitative equity research, focused on companies in the Telecommunication, Media, Technology, Internet and Healthcare sectors in the Global Emerging Markets. Idea generation focused on Quality stocks, trading below their intrinsic Value, with sound Corporate Governance.

<ul>
<li>Following <a href="https://www.smartkarma.com/entities/hcl-technologies-ltd" target="_blank" data-smartkarma-citation="entities:20025:1" rel="noopener">HCL Technologies (HCLT IN)</a>'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.</li>
<li>Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.</li>
<li>HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.</li>
</ul>


Following HCL Technologies (HCLT IN)'s fiscal 4Q2024 earning report last month, we have witnessed an acceleration in near-term earnings estimates downgrades.
Based on near-term momentum indicators, it seems that we are only at the beginning stage of a prolonged period of underperformance.
HCL Technologies currently trades roughly one standard deviation above its rolling 5-year historic average PE ratio.


HCL Technologies: Negative Technical Analysis Signals

<ul><li>In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.</li><li>The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.</li><li>Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during the</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations.The company’s operating profit stood at Rs 5,018 Cr, reporting a de-growth of 11% on a QoQ basis.Below our expectations, the company’s operating margins, too, declined by 40bps to 17.6%, which was largely led by lower services revenue margins and lower contribution from P&amp;P business during theContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

HCL Technologies - Results Miss Estimates; Skeptical Outlook

Market & Forensics Analyst, Beat the Street

Nimish Maheshwari

Market & Forensics Analyst

Beat the Street

Beat The Street was founded by Nimish Maheshwari and Sudarshan Bhandari, both of whom are Chartered Accountants by Profession, known for their expert analysis in the fields of Business, Sectoral analysis, and Corporate governance.

With a strong social media presence of 45,000+ Subscribers across various platforms, they are considered trusted voices in the industry. Their insights and analysis have been featured in some of India’s most prominent publications, including the Economic Times, Dalal Street Investment Journal, The Morning Context, and The Ken.

Their analysis on Bankrupt & Insolvent companies has been instrumental in saving investors from significant losses. They have a keen eye for identifying red flags and has identified exclusive redflags earlier in Vedanta, Nykaa, Dhani Services, Adani and many more.

Read Business Not Stock Prices

Thematic (Sector/Industry)

<ul>
<li>Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.</li>
<li>Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.</li>
<li>Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.</li>
</ul>


Trump’s reciprocal tariff plan imposes a 27% duty on Indian goods, sparing pharma and IT but impacting autos, textiles, chemicals, and solar exports.
Despite steep headline tariffs, India’s top export sectors, IT services and pharma, remain unaffected, preserving key revenue streams and softening near-term macroeconomic impact.
Investors will likely rotate into resilient sectors like pharma and IT while avoiding margin-sensitive names in textiles, chemicals, and auto ancillaries vulnerable to export-led earnings volatility.


Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

India Equity Analyst - Fundamental & Thematic, Beat the Street

Sudarshan Bhandari

India Equity Analyst - Fundamental & Thematic

<ul>
<li>
<a href="https://www.smartkarma.com/entities/accenture-plc-cl-a" target="_blank" data-smartkarma-citation="entities:13468:1" rel="noopener">Accenture Plc Cl A (ACN US)</a> released its Q2FY25 results on March 20, 2025, revealing strong topline growth but flat bookings that signal tightening client budgets and subdued tech spending.</li>
<li>This is significant because Accenture's performance often sets the tone for Indian IT, reflecting global demand sentiment and evolving investment priorities like Generative AI.</li>
<li>Indian IT firms may face growth pressure from constrained discretionary spending, weak deal momentum, and ongoing macroeconomic uncertainty across key global markets.</li>
</ul>



Accenture Plc Cl A (ACN US) released its Q2FY25 results on March 20, 2025, revealing strong topline growth but flat bookings that signal tightening client budgets and subdued tech spending.
This is significant because Accenture's performance often sets the tone for Indian IT, reflecting global demand sentiment and evolving investment priorities like Generative AI.
Indian IT firms may face growth pressure from constrained discretionary spending, weak deal momentum, and ongoing macroeconomic uncertainty across key global markets.


Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

India

HCL Technologies Limited provides software development and related engineering services.  The Group's technologies utilize a variety of technologies, including Internet and e-commerce, networking, internet telephony, embedded software, ASIC/VLSI design and testing, satellite and wireless communications, and component based object technologies, including COM, DCOM and COBRA.

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HCL Technologies (HCLT IN)

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&D business (16% of revenue), and product and...

Axis Direct

HCL Technologies: Negative Technical Analysis Signals

In this insight, we perform a technical analysis of HCL Technologies by looking at earnings forecast revision trends, momentum indicators, and...

Wium Malan, CFA

HCL Technologies - Results Miss Estimates; Skeptical Outlook

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations. The company’s operating profit stood...

Axis Direct

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...

Sudarshan Bhandari

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

HCL Tech Ltd. - Better Business Matrix to Aid in Growth

The company benefits from a well-diversified business matrix: IT Services (74% of total revenue), ER&D business (16% of revenue), and product and...

Axis Direct

HCL Technologies: Negative Technical Analysis Signals

In this insight, we perform a technical analysis of HCL Technologies by looking at earnings forecast revision trends, momentum indicators, and...

Wium Malan, CFA

HCL Technologies - Results Miss Estimates; Skeptical Outlook

In Q4FY24, HCL-Tech Ltd (HCLT) reported revenue of Rs 28,499 Cr, up 0.2% QoQ which stood below expectations. The company’s operating profit stood...

Axis Direct

Decoding Trump’s Reciprocal Tariffs: Limited Shock for India, Sector Rotation Ahead

​Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Nimish Maheshwari

Accenture’s Q2FY25 Results: Setting the Trend for Indian IT Sector’s Q4FY25 Earnings!

​Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...

Sudarshan Bhandari

Trump's reciprocal tariff plan on Indian goods spares pharma and IT, impacting autos, textiles, chemicals, and solar exports. Investors may shift...

Accenture's Q2FY25 results show strong topline growth but flat bookings, indicating tightening client budgets and subdued tech spending, impacting...