One 97 Communications

Peer numbers are shown only where the peer is in the security master (fundamentals pulled); "n/a" otherwise — a peer is not added to the data pull without a research request. Reasons are quoted from the one-pager (8 Sep 2026).

We do not own TCS, HCL Tech or Wipro because if we are going to hold a small tactical position in a sector with a capped upside we want the cheapest large franchise with the cleanest AI narrative — Infosys. Dixon (2.6–3% margins, PLI 1.0 expired, ROCE falling) is volume without value; Syrma and Amber are priced higher than Kaynes on trailing earnings with lower margins. PB Fintech is priced at 90x+ for an insurance-distribution model; Eternal is a quick-commerce cash-burn story we hold only in the AIFs. Persistent and Sagility lack Indegene's domain moat.

Kaynes (2.4%, Core) is India's highest-margin scaled EMS company (15–16% EBITDA vs 3% at Dixon) with the country's first private OSAT (chip packaging) and HDI-PCB plants ramping in FY27 — the stock is half its 2025 high on working-capital worries we think are transitional. Paytm (2.2%, Turnaround) turned profitable in FY26, is the only listed merchant-payments platform (device subscriptions, soundboxes, loan distribution) and should compound revenue 20–25% with operating leverage now that the payments-bank overhang is closed. Indegene (1.2%, Core) grows 15–20% with 15%+ ROE serving 20 of the top-20 global pharma companies at 30x FY27E. Infosys (0.7%, Core) is the tactical floor trade: 16.6x FY27E, a 3%+ dividend-plus-buyback yield, the best balance sheet in the sector.