Research notes

The note says RBL Bank posted strong headline PAT growth and NIM expansion driven by equity infusion and FCNR(B) mobilization, but flags structural handicaps in its deposit franchise and asset side profit pools.

The note says HCLTech's Services and ER&D beat expectations on strong Advanced AI traction, with record H1 TCV and margin expansion, though guidance implies no H2 acceleration and estimates remain largely unchanged.

The report notes DMART's standalone revenue grew 18.4% YoY to INR192bn with SSSG of 9.5%, but EBITDA margin contracted 28bps YoY to 7.3% and APAT grew only 7.6% YoY to INR8bn, lagging revenue growth and estimates, and maintains an ADD rating with a reduced DCF-based target price of INR4,000/share (from INR4,100 previously).

The report cuts the target to Rs 135 from Rs 150 while maintaining BUY, expecting ~10.5% overall revenue growth with Trent outperforming it.

The report maintains BUY with an unchanged target of Rs 140, expecting ~16% YoY revenue growth driven by store expansion.

The report raises the target to Rs 395 from Rs 390 while maintaining BUY, expecting Eternal to continue gaining market share in food delivery and quick commerce.

The report cuts the target to Rs 460 from Rs 470 while maintaining BUY, expecting rising quick-commerce losses as it attempts to recoup market share.

The report raises the target to Rs 240 from Rs 230 while maintaining SELL, expecting ~29% revenue growth but continued margin pressure relative to peers like Myntra.

The report cuts the target to Rs 200 from Rs 215 while maintaining REDUCE, flagging weak outlook with EBITDA margin declining ~120bps YoY.

The report trims the target to Rs 540 from Rs 550 while maintaining ADD, expecting ~190bps gross margin contraction in Q2.

The report cuts the target to Rs 2,900 from Rs 3,000 while maintaining ADD, expecting ~200bps gross margin contraction due to raw material inflation.

The report upgrades Metro Brands to BUY from ADD with a DCF-based target of Rs 1,030, citing a 30% stock price correction with no meaningful fundamental damage.

The report trims the target to Rs 400 from Rs 420 while maintaining ADD, expecting 10.4% YoY revenue growth on a low base.

The report cuts the target price to Rs 610 from Rs 720 while maintaining REDUCE, expecting Bata to underperform peers MBL on channel-specific issues.

The report downgrades V-Mart to ADD from BUY and cuts target to Rs 850 from Rs 875, citing limited upside after the stock rally despite 18% YoY revenue growth.

The report maintains a REDUCE rating and unchanged target of Rs 360, expecting ~7% YoY revenue growth and weak profitability.

The report keeps an ADD rating with target raised to Rs 3,100 from Rs 3,060, noting Trent is likely to outperform ABLBL and estimating ~23% YoY revenue growth.

The report raises the target price to Rs 4,500 from Rs 4,350 while maintaining a REDUCE rating, estimating ~25% YoY revenue growth driven by jewelry and other segments.

The report maintains an ADD rating with an unchanged target price of Rs 4,100.

The report says PFL's earnings beat estimates on NIM reflation but credit costs remain elevated, and it maintains a REDUCE rating with a revised target price of INR395 as the RoE profile is likely to stay sub-par.

The report notes Cognizant was among the eight companies suspended from the PERM program alongside the four Indian IT firms.

The report lists Happiest Minds in its valuation comparison table without specific commentary on the PERM issue.

The report lists Mastek in its valuation comparison table without specific commentary on the PERM issue.

The report lists Sonata Software in its valuation comparison table without specific commentary on the PERM issue.

The report lists Birlasoft in its valuation comparison table without specific commentary on the PERM issue.