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Jefferies cuts revenue forecasts for Indian IT firms and assigns hold or underperform ratings on major players, while noting top picks may still outperform. The analysis highlights potential revenue declines in outsourcing and changing client engagement models as AI tools mature, with implications for valuations and long term growth.
Jefferies earmarks Cholamandalam Investment, SriRam Finance and Bajaj Finance as preferred NBFCs with Buy ratings, citing stronger loan growth, improving NIMs and disciplined risk controls, while noting valuation caution for FY27 projections.
A Jefferies analyst report forecasts a 15% increase in Indian mobile tariffs in June 2026, two years after the last hike, which could accelerate sector revenue growth to 16% YoY in FY27 from 7% in FY26.
The article reviews Jefferies’ positive outlook for Indian steel stocks, emphasising buy recommendations for Tata Steel, JSW Steel, Shyam Metalics, Coal India and Jindal Stainless, with expected profit growth through 2028 amid policy and market factors.
