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Looking ahead, the management remains confident about credit cost normalisation in the coming quarters. Margins are also expected to improve from Q2FY26, supported by the higher proportion of fixed-rate loans (over 75%) and a large share of borrowings linked to the External Benchmark Lending Rate (EBLR).

HDB Financial posted a soft Q1FY26, with net profit declining on a year-on-year basis. Disbursements were also lower both YoY and sequentially. Brokerage firm Emkay Global has maintained a ‘Buy’ rating on the stock with an unchanged price target of ₹900, saying that one weak quarter does not alter its investment thesis.

Tech Mahindra’s margins are expected to further expand by 40 basis points to 10.9%, aided by cost optimisation efforts.

Margins, which bottomed out in Q2FY24, are expected to continue to improve. Goal is 15% by FY27-end.

Tech Mahindra’s constant currency revenue is expected to decline 0.7% sequentially. This would be the second quarter of decline in revenue. In Q1 revenue dropped by 1.5% due to delay in deal closures and a renewal deal in hi-tech space got delayed. This quarter there will be weakness in hi-tech vertical and seasonal weakness in the Comviva business.

Q1FY26e QoQ (CNBC-TV18 poll)

– USD revenue up 1% at $1,565 million vs $1,549 million

– Rupee revenue up 0.1% at ₹13,392 crore vs ₹13,384 crore

– EBIT at ₹1,463 crore vs ₹1,378 crore

– EBIT % at 10.9% vs 10.5%

– PAT up 0.3% at ₹1,170 crore vs ₹1,167 crore

HDB Financial Services, the unit of India’s largest private sector lender, HDFC Bank reported its June quarter results, which was its first as a listed entity. Net profit for the quarter declined on a year-on-year basis, as did disbursements, which also declined compared to the March quarter. Net Interest Margins saw a marginal improvement compared to the same quarter last year.

Just Dial reported earnings after market hours on Tuesday, July 15.

– Net Profit Up 13% At ₹160 Cr Vs ₹141 Cr (YoY)

– Revenue Up 6.2% At ₹298 Cr Vs ₹281 Cr (YoY)

– EBITDA Up 7.2% At ₹86.4 Cr Vs ₹80.6 Cr (YoY)

– Margin At 29% Vs 28.7% (YoY)

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