Loved Reading it – also your PF update. I liked most of the companies you have mentioned
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Decent numbers from Muthoot Microfinance
18% YoY, 3% QoQ AUM growth
49% AUM growth
JLG part reduced to 76%
Collection efficiency at 97.97% (157 bps QoQ improvement)
X bucket CE- 99.89%
Started Gold loan business (co-lending with Muthoot fincorp)
Part-1 Some Q1FY27 results
**Nothing is a Buy/Sell recommendation, consider me naive and baised.
1. G M Breweries-
The co. is posting 20%+ topline growth with operating leverage since last 4 quarters. But lack of investor presentation and con-call makes it difficult to track.
2. TCS-
Some con-call snippets
In this quarter, our associates invested 15 million hours in building expertise in emerging technologies, enabling them to lead the transformation journey for our customers. It is gratifying to note that TCS now has 114,000 people with higher order AI skills.
In America, BFSI clients are cautious with tech investments as they assess the current economic uncertainty. Growth is being driven by rapid advancements in GenAI adoption, platform modernization, and automation.
The pharmaceutical sector is grappling with pricing, supply chain issues and export risk. Companies are prioritizing R&D, profit margin and operational efficiency. Leading firms in the U.S., U.K., Europe and Japan, are consolidating vendors and business services while leveraging AI.
In this quarter, AI has established itself as a fundamental driver of product innovation across all sub-segments under TechSS
TCS is leaning into this inflection with new offerings in Agentic AI, and AI infusion in our services.
there are instances where large deals are coming up for re-negotiation, there is a demand for productivity, either – we don’t see much coming as a pure discount, but coming as AI-infused productivity or generic otherwise also a normal productivity.
employee costs at 47%, should we be trying to optimize it? Yes, we’ll look towards optimizing that and bringing that as a percentage of revenue downwards.
The point being, the giant is up from sleep and has started to implement AI. But the shift of revenue model from head count based to outcome based will pinch them for sure.
3. Indian Bank-
The bank has revised its advance growth guidance slightly from 11-13% to 15%.
Q4FY26 con-call
Q1FY27 con-call
4. Bank of Maharastra-
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The co. outperform its advance growth guidance by achieving 27% growth but the guidance remains same at 18%.
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But deposits grew by mere 13% suggesting there is still competition for deposits, and it de-grew squentially which is evident from COD and COF.
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Decreasing yield is suggesting that the co. is moving from unsecued to secured loans.
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GNPA, NNPA has been stable.
5. L&T Finance-
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Lakshya 2031 guidance remains the same- 20% growth, <2% credit cost, 3-3.2% ROA, 16-18% ROE.
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Good disbursemt growth across sectors which MFI is back in the game.
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GNPA, NNPA has improved slightly.
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“chose prudence over maximum growth” “proactively tightened our… guard rails… deliberately letting go of about 1000 to 1200 crores in potential disbursements”
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Planning to add 500 new gold loan branches
6. Just Dial-
Change in CEO after 3 years was taken very positively by the market, succeeded by former Flipkart executive- Dinkar Ayilavarapu. CFO changed as well- Dinesh Taluja, working with Reliance retail (LinkedIn profile) .
7. Bajaj Consumer-
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The co. continued its growth momentum with 25% topline, 85% bottomline growth. But there was no PEAD and the street was already anticipating it and the one-time P/E re-rating has been done.
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Prices already hiked, MLH already reduced and there is hardly any scope of margin expansion, paraffin (raw material) price is up 40% compared to Q4.
we see gross margin slightly more under stress in Q2 as compared to Q1
8. Krishana Phoschem-
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As always, the co. is growing constantly 30-40% with higher OPM. For this year too, the co. is guiding for 40%.
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PAT margin looking depressed because of high deprication, finance cost.
9. HCL Tech-
We began FY27 with a focus to grow our advanced AI-led offerings, increase our relevance with clients, capitalize on the full range of AI-related market opportunities in our pursuit of becoming the world’s best AI solutions provider.
our intent is very clear, benefit disproportionately from the AI-native and AI-amplified opportunities, which together represent the fastest-growing pool of enterprise spend, while in AI-disrupted services, we intend to innovate faster than the market to stay ahead of the deflationary curve rather than be defined by it. The fruition of this is reflected in our growing advanced AI revenue. Advanced AI revenue for the quarter stood at $171 million, marking 10.6% QoQ and 62.1% YoY growth.
I would also like to share an important strategic initiative for HCLTech where we are entering the AI datacenter business.
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Sequential employee reduction.
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HCL has recently acquired 10% stake in Sarvam AI.
10. TAC Infosec-
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Revenue and profit for the co grew 97% and 137%.
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But more interestingly it grew 33% QoQ.
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the co. This is guiding for 20% QoQ growth for FY27.
- Great revenue guidance-75%. However, EBITDA margin to reduce to 40% and tax rate for FY25, FY26 was 5%. So, those will be key monitorables.
