Tactical IT floor trade
India's second-largest IT services exporter (FY26 revenue Rs 1,78,650 cr / Q1FY27 $5.08 bn) providing application services, cloud (Cobalt), AI (Topaz - 8.2% of revenue in Q1FY27), engineering and BPM to ~1,900 clients, mainly in North America and Europe (financial services, retail, manufacturing, communications). Operating margin 21.1%, FCF conversion 116% of PAT, and a policy of returning ~85% of FCF (FY26 dividend Rs 48/share; Rs 18,000 cr buyback completed Dec-2025).
Computing the scorecard…
| Line (₹ cr) | Q Jun-26 | YoY | QoQ |
|---|---|---|---|
| Net Sales | 48,211 | +14.0% | +3.9% |
| Operating Profit | 11,409 | +14.7% | +2.2% |
| Net Profit | 7,769 | +12.3% | −8.6% |
Reported vs internal estimate: internal quarterly estimates are not in the supplied package; consensus feed not licensed. YoY/QoQ per PRD §12.5 (transitions, not %, on non-positive bases).
General industrial/consumer/IT preset: growth, margins, ROCE/ROIC, working capital, FCF, net debt; P/E, EV/EBITDA.
Sell-side targets are third-party views, not Buoyant's; the upside is recomputed on our reference close, so it differs from the figure printed at the broker's price date.
No headline target on this page; the book quotes the thesis and the risk rather than a target.