Harsha Jethmalani

So far in 2026, HCL shares are down 27%. It trades at FY28 PE multiple of 15 – a premium to larger peers TCS and Infosys, shows Bloomberg data. HCL's narrowing growth differential, coupled with data-centre investment risk, makes the risk-reward unattractive, said a Nuvama Research report.

L&T Technology's valuation is a steep premium to tier-1 IT companies and leaves no room for disappointment on earnings growth.

UltraTech gained market share and kept Ebitda per tonne above ₹ 1,200 despite higher costs, but monsoon-led demand softness and fuel inflation could weigh on margins in Q2.

Strong June-quarter earnings have lifted estimates for both, but Bajaj's next leg of growth hinges on exports while TVS is relying on market share gains and execution.

Weak revenue growth, a guidance cut and softer deal wins have raised concerns over Infosys' FY27 outlook, while AI-led pricing pressure threatens to widen its gap with larger peers.

Strong international demand and portfolio diversification helped offset a weather-hit domestic quarter, but rising competition and second-half seasonality pose key challenges.

Asian Paints delivered its strongest growth in four years in Q1, helped by pricing, product mix and margins. But rising competition, raw material volatility and rich valuations leave little room for complacency.

Muthoot reiterated its AUM growth guidance of about 15% in FY27 but will revise the target after Q2FY27 earnings.

As per DLF, FY28 would be an inflection point from a reporting perspective as large projects contribute to the P&L, and thus, unlock the significant gross margin potential of around

Both Berger and Asian Paints acknowledged intense competition in the paints market as new entrants like Birla Opus continue to gain grip