Archive · 5 Oct 2026
HDFC Securities Names IT Stocks Ahead of Q2 Results
HDFC Securities has shared which Indian technology companies it thinks investors might consider before the next results season.
It gave buy ratings to 11 stocks and set target prices for them.
The targets suggest possible gains of 9% to 34%, but they are estimates, not guarantees.
Zen Technologies and Birlasoft have the biggest projected gains in the list.
The brokerage also estimated how quickly companies’ sales might grow this quarter.
It expects HCLTech and Tech Mahindra to do relatively well among larger companies.
Persistent Systems is expected to grow fastest among the mid-sized companies discussed.
Currency changes are expected to have only a small effect on results.
HDFC Securities assigned buy ratings to 11 IT stocks, with projected upside ranging from 9% to 34%.
Zen Technologies and Birlasoft have the highest stated potential upside at 34%; Mphasis is listed at 32%.
The brokerage expects currency movements to affect quarterly results by about 10–20 basis points on average.
Among large companies, HCLTech and Tech Mahindra are forecast to post the strongest quarterly constant-currency growth.
Persistent Systems is forecast to lead mid-sized peers at 6.3% growth, while Sonata Software is estimated at 0.6%.
- Who
- HDFC Securities and the Indian IT companies covered in its report.
- What
- The brokerage recommended 11 IT stocks with buy ratings and issued estimates for Q2 FY27 growth and margins.
- When
- Ahead of the Q2 FY27 earnings season.
- Where
- India.
- Why
- The report assesses potential stock performance and expected company results ahead of quarterly earnings.
Potentially attractive opportunities
Risks and weaker outlook
Stock upside projections
Potentially attractive opportunities
HDFC Securities assigned buy ratings and projected potential upside of 9% to 34% for the stocks covered.
Risks and weaker outlook
These are brokerage estimates; the article does not establish that the target prices or gains will be achieved.
Quarterly growth outlook
Potentially attractive opportunities
The brokerage expects HCLTech and Tech Mahindra to perform relatively well among large IT firms, with stronger growth forecasts for several mid-sized firms.
Risks and weaker outlook
It forecasts weaker-than-usual growth for TCS and Infosys in a seasonally strong quarter, a decline for Wipro, and low growth for Birlasoft and Sonata Software.
- Brokerage
- HDFC Securities
- Stocks with buy ratings
- 11
- Highest projected upside
- 34% for Zen Technologies and Birlasoft
- Mphasis target price and upside
- ₹2,840; 32%
- Expected currency impact
- About 10–20 basis points on average
- Large-company growth leaders
- HCLTech: about 2% QoQ constant-currency growth; Tech Mahindra: 0.9%
- Mid-sized growth leader
- Persistent Systems: 6.3% QoQ constant-currency growth