The Chatter: Threads and Tensions
Edition #42
Welcome to the 42nd edition of The Chatter — a weekly newsletter where we dig through what India’s biggest companies are saying and bring you the most interesting bits of insight, whether about the business, its sector, or the wider economy. We read every major Indian earnings call and listen to the interviews so you don’t have to.
We’re always eager to improve—please share your ideas on how else we can innovate “The Chatter” format to better serve your needs.
In this edition, we have covered 15 companies across 6 industries, along with international features.
Software Services
Infosys
Tata Consultancy Services
HCL Technologies
Tata Elxsi
L&T Technology Services
Miscellaneous
BharatRohan Airborne Innovations
Financial Services
Union Bank
HDFC Life Insurance
Media & Entertainment
GTPL Hathway
Healthcare
SPARC
Tourism & Hospitality
Lemon Tree Hotels
International
Delta Air Lines
JPMorgan Chase & Co
WD-40 Company
Bank of America Corporation
Software Services
Infosys | Large Cap | Software Services
Infosys is a global leader in next-generation digital services and consulting, facilitating clients worldwide in their digital transformation journey. With over 40 years of experience, Infosys leverages cloud and AI technologies to empower businesses with agile digital solutions and continuous improvement. The company is dedicated to promoting diversity, sustainability, and innovation in an inclusive work environment.
[Concall]
Infosys has raised its FY26 revenue guidance to 3% to 3.5% in constant currency, reflecting strong performance in Q3.
“With the strong performance in this quarter, we have revised our revenue guidance for the fiscal year. The new revenue growth guidance for this fiscal year is 3% to 3.5% growth in constant currency.”
— Salil Parekh, CEO and MD
Infosys anticipates accelerated growth in FY27 for financial services and energy/utilities sectors, driven by strong deal wins and increased discretionary spending.
“In financial services, we see good traction in large deals and discretionary projects. In financial services and in energy, utilities, resources, and services vertical, we expect acceleration in FY27 over FY26.”
— Salil Parekh, CEO and MD
A $1.6 billion deal with the UK’s NHS signifies Infosys’s growing footprint in the healthcare sector and its capability in deploying AI for operational improvements.
“One of the most significant large deals we won was with the National Health Service in the UK. This $1.6 billion deal expands our work in the healthcare sector. We will help NHS leverage AI to streamline operations and improve patient care for UK citizens.”
— Salil Parekh, CEO and MD
Infosys has achieved significant AI adoption across its top clients, demonstrating tangible progress in AI-driven code generation and agent development.
“Today we work with 90% of our 200 largest clients to unlock value with AI. Our teams have generated over 28 million lines of code using AI. We built over 500 agents.”
— Salil Parekh, CEO and MD
The impact from new labor law regulations is mostly a one-time event in Q3, with a minor recurring operating margin impact of approximately 15 basis points going forward.
“Whatever is known at this point regarding the regulation is in this quarter. We don’t expect any further impact unless regulations change. The recurring impact would be approximately 15 basis points on an ongoing basis.”
— Jayesh Sanghrajka, CFO
Infosys increased subcontractor usage due to skill gaps and the rapid ramp-up of new large deals, indicating a strategy to meet immediate capacity demands.
“Subcontracting is always a factor of where the skill gaps are based on geography and tenure. In our scenario, some large deals started ramping up and we needed to dip into subcontractors to fulfill those requirements, which is reflected in the optic.”
— Jayesh Sanghrajka, CFO
Infosys is observing a strong surge in discretionary spending and AI-related activities, particularly within financial services and energy/utilities, indicating accelerated growth opportunities in these sectors.
“In financial services, we see discretionary work that is more prevalent. We also see much more activity on AI. In the AI area, what we are starting to identify as the six value pools are areas where we can drive faster growth. We are seeing traction on that and on some of the partnerships we’ve announced. So, we are seeing good momentum in financial services and energy/utilities, and significantly more activity in AI compared to this time last year.”
— Salil Parekh, CEO and MD
Infosys states that AI projects and Project Maximus are positively impacting its pricing, leading to accretive pricing rather than a headwind.
“On pricing, our consistent commentary has been that our pricing is accretive. We have seen our pricing going up because of various factors including AI and Project Maximus, which includes how we price these new AI projects and agents. We don’t really see an impact or a headwind coming because of the AI projects on pricing especially.”
— Jayesh Sanghrajka, CFO
Infosys improved its Days Sales Outstanding (DSO) by five days to 82, partly attributed to the effective deployment of AI agents in its collections process.
“Our razor-sharp focus, aided by the deployment of AI agents on our order-to-receivable cycle, has resulted in a decline of five days in DSO to 82 days sequentially.”
— Jayesh Sanghrajka, CFO
Infosys reported a decline in attrition rates, indicating improved employee retention and a positive impact from market conditions and upskilling efforts.
“LTM attrition declined by 2% sequentially and 1.4% on a year-on-year basis, reflecting both market conditions and our focus on employee retention and upskilling.”
— Jayesh Sanghrajka, CFO
Tata Consultancy Services (TCS) | Large Cap | Software Services
Tata Consultancy Services (TCS) is a global IT services company with deep industry expertise. They offer a wide range of services including application development, digital transformation, AI, data and cloud services, engineering, cybersecurity, and products. TCS has been a trusted partner for many global businesses in their transformation journeys.
[Concall]
Europe showed strong performance while North America experienced slow growth in Q3 FY26.
“Amongst major markets, Europe continued to do well while North America was sluggish.”
— K. Krithivasan, Chief Executive Officer and Managing Director
TCS’s AI services business is a significant and rapidly growing revenue stream, reaching $1.8 billion annually with strong sequential growth.
“Our AI services now generate $1.8 billion in annual revenue and are growing at 17.3% quarter-on-quarter in constant currency.”
— K. Krithivasan, Chief Executive Officer and Managing Director
TCS secured substantial deal wins totaling $9.3 billion, including a major deal in North America, indicating strong sales momentum.
“In Q3, we continue to win several large deals across markets and industries including one mega deal win in North America. We achieved an overall TCV of $9.3 billion.”
— K. Krithivasan, Chief Executive Officer and Managing Director
TCS is establishing dedicated AI labs for key clients to develop specialized agentic AI solutions for critical financial operations like KYC and AML.
“We set up two AI labs in India: one for a leading US insurer and another for a regional US bank for agentic AI-led operations in KYC and AML.”
— Arati Subramanian, Executive Director, President and Chief Operating Officer
TCS has significantly scaled its AI-skilled workforce, reflecting a strategic focus on building new AI-centric capabilities and roles.
“We now have 217,000 plus employees with higher-order skills in AI, which is a 3x increase over last year. AI is creating new roles such as rapid build engineers.”
— Sudip Kunummel, Chief Human Resources Officer
The continued growth trend is supported by an increasing number of AI rapid build projects across all industries, driven by clear ROI and contributing to revenue.
“In Q3, that trend continued. As mentioned, the number of rapid build projects in AI is increasing, where decision-making is based on ROI. We see this reflected in our revenue. This is across all industry segments, with AI and data continuing to drive growth for us.”
— K. Krithivasan, Chief Executive Officer and Managing Director
Despite seasonal weakness in BFSI and some retail sub-segments, strong deal momentum and general pickup across retail verticals indicate an expected return to growth.
“In BFSI, the seasonality impacted us this quarter, but the deal momentum excluding the mega deal gives us confidence we will return to growth. In retail, we are seeing growth across most sub-verticals, though there are still pockets of weakness in UK fashion and specialty. Generally, we are seeing a pick-up.”
— K. Krithivasan, Chief Executive Officer and Managing Director
TCS made a significant one-time provision of 2,128 crores for past service costs related to changes in the India wage code, with a minor ongoing margin impact expected.
“Regarding the labor code, we made a provision of 2,128 crores based on new guidance. This covers past service costs for gratuity (1,800 crores) and leave liability (300 crores). On an ongoing basis, the impact should be in the range of 10-15 basis points.”
— Samir Seksaria, Chief Financial Officer
TCS is undergoing ongoing workforce restructuring, involving both new hiring for future skills and releasing around 1,800 employees who cannot be redeployed, which is expected to continue.
“Regarding restructuring, we continue to hire top talent while releasing people where redeployment into future roles isn’t successful. We released approximately 1,800 people this quarter and expect this to continue into the next quarter as well, though it’s a process-driven review rather than chasing a specific number.”
— Sudip Kunummel, Chief Human Resources Officer
TCS’s robust order book, projected to be one of its highest for the year, provides confidence in supporting growth beyond the current fiscal year into FY27.
“Our order book for the first three quarters is in the range of $28-29 billion. If this continues, we will be near $38-39 billion for the year, which is one of our highest. We are comfortable this will help us in FY27 as well.”
— K. Krithivasan, Chief Executive Officer and Managing Director
TCS’s data center operations are still in the build-out phase, with revenue generation expected to commence approximately 18 months after an anchor customer is secured.
“Regarding data centers, we will first announce an anchor customer. Typically, the build-out requires about 18 months before revenue starts kicking in.”
— K. Krithivasan, Chief Executive Officer and Managing Director
While contract renewals include productivity clauses, the overall top-line value often increases due to expanded scope, and TCS is proactively leveraging AI to offer additional productivity benefits to clients.
“Most renewals have productivity built in, traditionally 10-15% over the contract term. However, every time a renewal happens, it usually increases the scope. Net-net, the top-line value often doesn’t decrease because the volume of work we deliver increases. With AI, we proactively offer productivity benefits to customers to secure these renewals.”
— K. Krithivasan, Chief Executive Officer and Managing Director
HCL Technologies | Large Cap | Software Services
HCL Technologies provides IT, business, engineering, and R&D services along with software products. The company serves various verticals including finance, manufacturing, healthcare, public services, retail, technology, telecom, media, and entertainment through its three business units: IT and Business Services (ITBS), Engineering and R&D Services (ERS), and Products and Platforms (P&P).
Client discussions around AI have matured from point solutions to holistic organizational transformation, indicating a broader adoption but potentially slower initial implementation due to complexity.
“Compared to last year, there is definitely a much more holistic conversation on how AI will change the entire organization. Last year we were talking about point solutions and proving value. Now conversations have matured as clients realize they need to reimagine business processes for holistic benefit.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech is seeing significant acceleration in foundational “day-minus-one” AI services, including custom silicon engineering and AI factory implementations, particularly with technology companies building large-scale AI infrastructure.
“The real acceleration we are seeing is in day-minus-one services, which are foundational for enabling AI. This includes engineering services like custom silicon for edge inferencing. Similarly, for technology companies, the AI factory—which involves AI data centers and professional services around design and implementation—is a big area.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech anticipates a major multi-year opportunity for its infrastructure business from the upcoming technology refresh of private data centers driven by AI workloads, alongside current demand from tech companies for large-scale AI data center capacity.
“This is a very significant opportunity for our infrastructure business. We believe in the next 5 years, the entire installed base of private data centers will get a technology refresh. We haven’t seen much traction yet on that specific refresh front, but we expect it to be a driver. The current day-minus-one traction in infrastructure is with technology companies building planet-scale data center capacity to support AI workloads.”
— C. Vijay Kumar, CEO and Managing Director
The underlying profitability of HCL Tech remains robust, with Q3 margins at 19.4% when adjusted for restructuring costs, though guidance for FY27 margins will be provided later.
“If we normalize for restructuring, Q3 margins were 19.4%, which shows structurally the margin is healthy. For next year, we will update you in April; I wouldn’t want to call out FY27 margins now.”
— Shiv Walia, Chief Financial Officer
AI-driven legacy modernization and software development lifecycle transformation presents a substantial multi-year enterprise opportunity, particularly within custom software-heavy industries like financial services, telecom, and healthcare.
“Modernization and SDLC is the biggest enterprise opportunity. We see good demand as clients start with one segment and then scale. Over the next 2-3 years, legacy modernization using AI will be a very significant opportunity, especially in financial services, telecom, and healthcare which use custom software.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech is actively shifting its software licensing model from perpetual to subscription-based, with Actian standing out as one of its top three revenue-generating products.
“Our general approach remains to minimize perpetual and convert as much as possible to subscription. Yes, Actian is amongst our top 3 products by revenue.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech’s advanced AI segment achieved nearly 20% growth, fueled by increasing demand for specialized areas like agentic AI, physical AI, and AI factory initiatives.
“In advanced AI, we have grown 19.9% led by a strong uptick in agentic, physical AI and AI factory programs.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech is strategically expanding its AI capabilities through key partnerships, including a physical AI lab with NVIDIA and industrial AI use case exploration with SAP.
“We announced two major partnership advancements this quarter, the launch of a physical AI lab with NVIDIA in Santa Clara and exploration of next-generation industrial AI use cases with SAP.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech secured a significant five-year mega-deal worth $473 million with a global apparel retailer, establishing itself as a long-term AI-led technology partner.
“We won a mega 5 year strategic engagement with a TCV of 473 million dollars to serve as its long-term AI-led technology partner.”
— C. Vijay Kumar, CEO and Managing Director
HCL Tech is actively investing in the Indian market, recognizing its high growth potential for delivering advanced technology services, especially for domestic opportunities.
“India represents a high growth market with substantial opportunities to deliver high-value cutting-edge work specifically in the context of India-centric domestic opportunities distinct from the GCC opportunities.”
— C. Vijay Kumar, CEO and Managing Director
Tata Elxsi | Mid Cap | Software Services
Tata Elxsi is a global leader in design and technology services, helping clients innovate through digital solutions like IoT, Cloud, Mobility, Virtual Reality, and AI. The company serves industries such as Automotive, Broadcast, Communications, Healthcare, and Transportation, enabling them to reimagine products and services with design thinking and cutting-edge technologies.
The transportation business, comprising over 65% of revenue, grew 7.7% QoQ due to ramp-ups of large OEM deals and normalization with a strategic OEM client.
“Our transportation business, which now accounts for more than 65% of our overall revenue, grew 7.7% quarter-on-quarter. This growth was led by accelerated ramp-ups in large OEM deals won earlier in the year, and also normalization of workstreams and programs with our strategic OEM client that was impacted in the previous quarter.”
— Manoj Raghavan, Managing Director and CEO
The healthcare and life sciences business “bottomed out” in Q3 FY26 but is set for growth from Q4 FY26, fueled by new multi-million, multi-year deals leveraging generative AI and strong customer additions.
“Our healthcare and life sciences businesses bottomed out in the quarter with a runoff from the end of some large regulatory programs. Our investments in generative AI powered regulatory workflows is seeing market success with multi-million, multi-year deal wins during the quarter. We’ve also seen strong new customer additions throughout the quarter and are confident of bringing back growth in this business starting Q4 FY26.”
— Manoj Raghavan, Managing Director and CEO
The company believes it can further improve utilization and is confident in returning to its historical operating margin trajectory as demand recovers.
“We believe there is still scope and runway to improve our utilization further as we see demand coming back. We are confident that we will be able to move back to the trajectory where Tata Elxsi used to operate.”
— Gaurav Bajaj, Chief Financial Officer
Despite persistent macro headwinds, Tata Elxsi’s strong value proposition, leveraging cost-effective locations and offshoring, helps secure complex programs globally.
“At a high macro level, headwinds are still there from an industry perspective. But the good part is our value proposition stands out strongly. Customers in Europe, US, and Japan look at Tata Elxsi for best cost country locations and proven offshoring capabilities for complex programs. That is helping us navigate these tough times.”
— Manoj Raghavan, Managing Director and CEO
Tata Elxsi expects its Media and Communication and Healthcare businesses to show positive signs in Q4 and accelerate into the next financial year, building on Q3’s bottoming out in Healthcare.
“50% of our business is now in good shape and we are hoping the remaining 50% will follow in a quarter or two. In Media and Communication, some large deals have ramped up and we are bidding for a couple of other large deals with outcomes expected this quarter. I am confident Q4 should show positive signs. Healthcare bottomed out in Q3 and we are working hard for a turnaround starting Q4. We are aiming for both businesses to accelerate in the next financial year.”
— Manoj Raghavan, Managing Director and CEO
Growth in transportation is being driven by Software Defined Vehicles (SDV), including their Avenir suite, electrification (BEVs and hybrids), connectivity, and ADAS.
“A lot of growth is coming from Software Defined Vehicles (SDV) closures. Our own SDV suite, Avenir, is bringing in significant traction. Electrification is another large play, both for BEVs and hybrid platforms. Connectivity and ADAS also continue to have strong traction.”
— Manoj Raghavan, Managing Director and CEO
Client conversion is driven by both cost efficiency and co-innovation, as customers seek partners who can deliver advanced technology cost-effectively, particularly given market pressures and Chinese competition in automotive.
“The two are not exclusive; they run together. In both industries, there is strong pressure on the bottom line because market share is not climbing and competition from China is high in the auto space. The mandate is for excellent technology that also delivers on cost. Customers want partners who deliver outcomes from best-cost countries.”
— Manoj Raghavan, Managing Director and CEO
The company sees significant global opportunities in aerospace and defense, driven by new technologies like UAVs, drones, and commercial applications such as air taxis, and is increasing its focus on this segment.
“Globally, aerospace and defense is a great opportunity because of the spend on new technologies like UAVs and drones. Commercial applications like air taxis are also growing. We are doubling down on this segment.”
— Manoj Raghavan, Managing Director and CEO
The non-PV transportation segment currently contributes 7.5-8% of revenue, and the company aims to grow it to 20% in the next 2-3 years due to new client wins and growing industry spend.
“We are currently at about 7.5% or 8%. We have opened up good logos and the industry spend is growing. We hope to reach 20% in the next 2-3 years.”
— Manoj Raghavan, Managing Director and CEO
Current utilization is 75%, with potential to reach 85% before major capacity additions, confirming that significant hiring is still a couple of quarters out.
“We are operating at around 75% today and we can go all the way up to 85%. We are targeting at least 80% before significant capacity addition. We are hiring selectively, but large-scale hiring is likely a couple of quarters away.”
— Gaurav Bajaj, Chief Financial Officer
L&T Technology Services | Mid Cap | Software Services
LTTS is a global leader in engineering and technology consulting, offering transformative products and services across industries like Mobility, Sustainability, and Tech. It partners with major global brands to drive innovation, focusing on smart, sustainable solutions that ensure regulatory compliance and deliver significant value.
[Concall]
The company’s strategic rebalancing of its portfolio led to a deliberate improvement in revenue quality, resulting in a significant 120 basis point quarter-on-quarter increase in Q3 EBIT margins to 14.6%.
“In Q3, we have therefore deliberately improved our quality of revenue in line with this strategy. Therefore, this and other factors have reflected in a 120 bps improvement quarter-on-quarter with Q3 EBIT margins at 14.6%.”
— Amit Chadha, CEO and MD
A significant shift to 80% of Mobility revenue coming from OEMs (up from 20% a few years ago) enhances client revenue mix stability.
“80% of the revenue in mobility is now predominantly from OEMs as compared to 20% from them a few years ago, ensuring greater stability in our client revenue mix.”
— Amit Chadha, CEO and MD
The company chose to proactively exit margin-dilutive businesses to avoid commoditization, driven by the market’s shift towards Engineering Intelligence, making this a critical first restructuring.
“As a tech company, we have two choices: stay in a business that will become dilutive in margins or turn around in advance before we get commoditized. We believe the market is pivoting on EI (Engineering Intelligence). If we don’t pivot now, we will be in a problem in 12 months’ time. This is our first restructuring exercise in this space.”
— Amit Chadha, CEO and MD
Miscellaneous
BharatRohan Airborne Innovations | Nano Cap | Miscellaneous
BharatRohan Airborne Innovations provides drone-enabled crop monitoring, branded agricultural inputs, and integrated management practices. The company delivers tech-driven, sustainable solutions that empower farmers and enhance the agricultural value chain.
BharatRohan aims to use technology and innovative business models to solve the problem of high pesticide residue in Indian agricultural exports, which currently leads to significant rejections in international markets.
“As a result, one or two out of five shipments which go to European markets or US markets get rejected because of the high pesticide residue. So, this is something that we know part that could change through technology and through effective and innovative business model.”
— Amandeep Panwar, Chairman and Managing Director
BharatRohan’s dual platforms, Crop Assure and Source Assure, integrate drone-based monitoring with agricultural input supply and output procurement, serving both farmers and large institutional FMCG buyers.
“We have Crop Assure where we work with the farmers right from the stage of sowing until harvest and help them identify pests, disease and nutrient deficiencies in the early stages so that they can take necessary action within the right time. So, that is where our Source Assure platform comes in. There are large FMCGs who are using food products either for the manufacturing of various consumer products or for the food products itself.”
— Amandeep Panwar, Chairman and Managing Director
The company has achieved significant operational scale, serving 55,000 farmers across 2 lakh acres, with a notable portion already paying for the service, indicating strong adoption and perceived value.
“Currently we are serving over 2 lakh acres of area with around 55,000 farmers. Out of those, close to 23,000 farmers are paying us for the service and remaining are utilizing and understanding the efficacy of the service.”
— Amandeep Panwar, Chairman and Managing Director
BharatRohan employs a diversified revenue model consisting of subscription fees from farmers, sales of agricultural inputs, and trading arbitrage on procured farm produce sold to large institutional buyers.
“Our business model is simple. At one end we charge farmers for the subscription fee that we provide to them as a subscription fee for the advisory that we provide to them. And then we also sell the agriculture inputs which is based on the advisory that we supply and provide to them. And a third is earning a trading arbitrage on the agriculture output that we procure and supply to large institutional buyers.”
— Amandeep Panwar, Chairman and Managing Director
Farmers partnering with BharatRohan achieve, on average, over 26% higher incremental profit margins by improving crop management and reducing losses.
“So, overall farmers on an average earn up to higher than 26% in terms of the incremental profit margin that they earn by working with us.”
— Amandeep Panwar, Chairman and Managing Director
The DGCA certification enables BharatRohan to expand its services through a franchise model, allowing entrepreneurs to purchase drones and offer data collection and spraying services.
“We are also now eligible and authorized to sell this to different franchisee who can buy the drone and act as an entrepreneur, collecting the data for us, providing spraying services to the farmers on the ground and so much and so forth.”
— Amandeep Panwar, Chairman and Managing Director
BharatRohan is strategically diversifying its hyperspectral imaging technology beyond agriculture into new industrial applications such as infrastructure, mining, utilities, and pharmaceuticals.
“We are now moving towards a new era of bringing drone-based hyper-spectral imaging to other industries as well. We have been doing a lot of experiments, a lot of proof of concept for other industries, be it for infrastructure, for mining, for utilities, for pharmaceuticals.”
— Amandeep Panwar, Chairman and Managing Director
BharatRohan aims to achieve a revenue of INR 500 crores within the next 4-5 years, demonstrating an ambitious growth outlook.
“But as far as our vision goes, we want to build a 500-crore company in the next 4-5 years.”
— Amandeep Panwar, Chairman and Managing Director
The company’s confidence in achieving its revenue targets stems from the rapid growth in the agriculture sector and the high value and net margins expected from materialized proof-of-concept projects in new industries.
“We see that the agriculture sector is growing at a very good pace, this business particularly for us. But as the new POCs are also materialized, the value of each of these projects is going to be quite high. And so would be the net margin that it can bring in for the company. So, that’s what is giving us this confidence.”
— Amandeep Panwar, Chairman and Managing Director
BharatRohan is strategically shifting towards in-house manufacturing of hyperspectral cameras, previously imported, to enhance R&D capabilities and reduce reliance on foreign suppliers.
“We also carry out our new development of hardware, which is the camera. It has largely been imported from US, from Belgium, from some parts of China. But now we are into manufacturing of these hyperspectral images as well. We recently have applied for several grants for that purpose and to carry out more R&D and development on this phase.”
— Amandeep Panwar, Chairman and Managing Director
Financial Services
Union Bank | Large Cap | Financial Services
Union Bank of India is a statutory body offering diverse financial solutions, including banking, government business, merchant banking, and agency services like insurance and wealth management. It caters to individuals, corporates, and institutions with a wide range of products and services.
The bank strategically optimized its balance sheet by shedding high-cost bulk deposits, reallocating treasury funds to credit, resolving IDPC issues, and shifting to higher-yielding long-term loans.
“we carefully scrutinized every portfolio. We worked on four pillars. First, we shed off approximately 38,000-40,000 crores of bulk deposits which were at a higher cost. Second, we contracted the treasury book by 15,000 crores and moved that to the credit side. Third, we addressed the IDPC, which is now zero. Fourth, we moved around 10,000 crores from low-yielding portfolios to long-term loans.”
— Shri Aneesh Pandey, MD and CEO
Despite significant repo rate cuts, the bank successfully protected its Net Interest Margin (NIM), achieving an increase since the previous quarter to reach 2.76%.
“In December 2024, our NIM was around 2.91%. Even with a 125 basis point rate cut since then, we stand at 2.76%. We have shielded the margins, and since the September quarter, there is an increase in NIM.”
— Shri Aneesh Pandey, MD and CEO
The bank demonstrated strong growth in its high-yielding RAM segment, particularly retail, while ensuring high asset quality with 95% of its corporate portfolio rated A and above despite cautious corporate book management.
“Growth in the RAM segment (Retail, Agri, MSME) was 11.5%, with retail growth at 21.61%. While corporate growth might not be as visible due to the 30,000 crores we churned, there is significant inflow from new, high-quality proposals. 95% of our portfolio is rated A and above.”
— Shri Aneesh Pandey, MD and CEO
The bank anticipates a manageable transition requirement of Rs 4,200-4,300 crores under the new ECL norms, expecting no significant change to ongoing credit costs due to its high-quality corporate book and minimal SMA2 levels.
“The total transition requirement under ECL, keeping our current provisions in view, is approximately 4,200-4,300 crores. Our current credit cost varies between 20-40 basis points. We do not expect a massive change in the current credit cost versus the expected cost under ECL. 95% of our corporate book is investment grade, and our SMA2 is minimal, so we are on the safe side.”
— Shri Aneesh Pandey, MD and CEO
The bank aims to accelerate loan growth, projecting better performance in the upcoming quarter and aspiring to achieve industry-level growth, supported by substantial pending corporate loan disbursements.
“Yes, we turned out 30,000 crores of corporate book very cautiously. We currently have around 24,000-26,000 crores of sanctions pending disbursement. We expect the last quarter growth to be better than this quarter. We are moving toward the industry growth levels as our aspiration.”
— Shri Aneesh Pandey, MD and CEO
The bank is maintaining a comfortable domestic Loan-to-Deposit Ratio (LDR) and plans to expand its physical branch network, while concurrently mitigating operational cost increases through digital migration and efficiency gains from “Project Muskan.”
“Domestic LDR is below 81%, which is comfortable. Globally it is around 82-83%. We don’t want to go much beyond these limits. On opex, Project Muskan is helping with efficiency. We plan to open 75 branches this year and up to 200 later, but digital migration will help offset these costs.”
— Shri Aneesh Pandey, MD and CEO
The bank forecasts an improvement in NIM as high-cost deposits reprice, expecting to maintain a stable RAM to corporate loan mix of approximately 60:40 to support profitability.
“We expect NIM to improve as high-cost deposits reprice. Only 32% of our book is MCLR linked, while the rest is external benchmark linked. While asset rates drop immediately with repo cuts, deposits lag. We aim to maintain a 60:40 or 58:42 ratio between RAM and corporate.”
— Shri Aneesh Pandey, MD and CEO
HDFC Life Insurance | Large Cap | Financial Services
HDFC Life Insurance Company is a leading Indian insurer offering a diverse range of life insurance products, including protection, savings, investment, pension, annuity, and health solutions. The company serves various customer segments through multiple distribution channels, including bancassurance and financial consultants, ensuring broad market reach.
The GST exemption significantly boosted demand for the protection segment by increasing affordability and acting as a meaningful catalyst.
“The GST exemption acted as a meaningful catalyst particularly for the protection segment, improving affordability and driving a pickup in demand.”
— Vibha Padalkar, MD and CEO
Retail protection saw robust growth of 42% for 9M FY26 and 70% in Q3, significantly driven by GST changes which created a strong demand tailwind.
“Retail protection delivered strong year-on-year growth of 42% for the nine months ended FY26 and 70% in Q3, significantly outpacing overall company growth. The mix improved meaningfully post the GST change creating a clear demand tailwind.”
— Vibha Padalkar, MD and CEO
The negative GST impact on margins for the quarter was successfully contained to under 200 basis points, outperforming the initial estimate of 300 basis points.
“The GST impact for the quarter was contained to less than 200 basis points, lower than the initial estimate of 300 basis points.”
— Vibha Padalkar, MD and CEO
Despite increased competitive intensity from open architecture, HDFC Life maintains a top-two market share with most partner banks.
“While competitive intensity has increased with wider adoption of open architecture, we continue to maintain a top-two market share position across a majority of our partner banks.”
— Vibha Padalkar, MD and CEO
HDFC Life maintains a constructive near-term outlook, expecting Q4 momentum to extend into FY27, driven by strong protection and sustained savings demand.
“Our near-term outlook remains constructive. We expect Q4 to build on the momentum seen in the last quarter with growth in FY27 supported by continued strength in protection and sustained demand across saving segments.”
— Vibha Padalkar, MD and CEO
GST impact mitigation measures were initiated in Q3, with further reductions expected in Q4, aiming for complete neutralization by March and a clean slate for FY27 margins.
“Some measures were factored into Q3, and you will see more in Q4. We intend to neutralize the impact over three to six months. In FY27, we want to start on a clean slate, having digested the GST impact completely by the run rate in March.”
— Neeraj Shah, Executive Director and CFO
Despite lower bank channel growth this year, a strong two-year CAGR suggests all channels will perform well next year, as the company avoided certain non-par business due to irrational competitive pricing.
“While the bank channel saw lower growth this year, the two-year CAGR is strong. We expect all channels to fire well next year. In Q3, we chose not to participate in certain non-par business because of irrational pricing by competitors.”
— Vibha Padalkar, MD and CEO
HDFC Life aims for its agency channel to outpace overall company growth, ultimately securing over 25% of the total business.
“On distribution, our aspiration is for the agency channel to grow faster than company growth to reach its rightful share of over 25% of the business.”
— Vibha Padalkar, MD and CEO
Media & Entertainment
GTPL Hathway | Micro Cap | Media & Entertainment
GTPL Hathway is a leading regional Multiple System Operator (MSO) in India, providing cable television and broadband services. It holds the top position in Gujarat and the second position in Kolkata and Howrah, West Bengal. With a market share of 67% in Gujarat and 24% in Kolkata and Howrah in 2015, GTPL Hathway serves millions of cable television subscribers across these regions.
[Concall]
GTPL is diversifying its offerings beyond traditional television to include bundled services like broadband, OTT, and cloud gaming, catering to evolving digital consumer needs.
“GTPL is going beyond television and enabling bundled services like high-speed broadband, OTT, and cloud gaming.”
— Piyush Pankaj, Business Head B2B and Chief Strategy Officer
The new GTPL Infinity platform is a significant strategic advancement for the company, aiming to expand digital infrastructure.
“The launch of GTPL Infinity, our Headend-in-the-Sky platform, marks a decisive step forward in this journey.”
— Anirudh Singh Jadeja, Promoter and Managing Director
GTPL Infinity’s architecture allows rapid partner deployment (24 hours) with minimal infrastructure, reducing costs and enabling pan-India reach with substantial channel capacity.
“The platform is designed to support a planned capacity of nearly 800 channels, including around 100 HD channels, and enables partners to go live within as little as 24 hours using minimal infrastructure. This significantly reduces deployment time, enhances uptime, and lowers operating costs while enabling true pan-India reach.”
— Piyush Pankaj, Business Head B2B and Chief Strategy Officer
GTPL Hathway is actively pursuing both organic and inorganic growth strategies to expand its subscriber base and market share, with significant inorganic opportunities available in the market.
“As part of our strategy, we are increasing our subscriber base and increasing our market share through both inorganic and organic means. In terms of inorganic growth, the opportunity is very large; as you mentioned, about 40 million subscribers are available across the whole country.”
— Anirudh Singh Jadeja, Promoter and Managing Director
The Headend-in-the-Sky platform provides GTPL with immediate pan-India reach, enabling rapid business initiation and access to all 350 million households, including previously unserved or difficult areas.
“We are looking forward to the Headend-in-the-Sky platform, which gives us pan-India coverage. We can start business anywhere in a very short time. It allows us to access unserved areas, difficult terrains, and high-density locations. All 350 million households are now approachable to us.”
— Anirudh Singh Jadeja, Promoter and Managing Director
The GTPL Infinity platform eliminates high delivery costs, enabling the company to profitably penetrate previously unviable rural areas with low subscriber density across India.
“Previously, high delivery costs in the cable business made it difficult to penetrate rural areas where the subscriber base was less than 3,000. It did not make financial sense given the delivery costs. Now, with this platform, we can go all over India directly.”
— Anirudh Singh Jadeja, Promoter and Managing Director
GTPL is targeting B2C expansion in six specific cities outside its home state while leveraging a capital-efficient B2B partner model for faster rollout and lower capex in other markets.
“For our B2C business, we are targeting 6 cities outside of Gujarat: Pune, Nagpur, Jaipur, Hyderabad, Varanasi, and Patna. In other markets, we use a B2B model through our partners where we share infrastructure costs. This allows for a faster rollout with less capex.”
— Anirudh Singh Jadeja, Promoter and Managing Director
The HITS platform requires no additional headend capex as core infrastructure is fixed, and ground capex for new locations remains consistent with traditional cable, indicating capital efficiency for expansion.
“We do not need to do any additional capex for the headend plant as the platform and satellite transponders are already established and the costs are fixed. The ground capex for starting operations in a new location remains the same as traditional cable—somewhere between 4 lakh to 6 lakh per location. So, there is no extra capex required for this platform.”
— Sourav Banerjee, Chief Financial Officer
Healthcare
SPARC | Small Cap | Healthcare
SPARC is a clinical stage bio-pharmaceutical company dedicated to enhancing patient care worldwide by innovating therapeutics and drug delivery. Engaged in pharmaceutical research and development, SPARC’s core focus lies in creating new products for global markets through projects in new chemical entities and novel drug delivery systems.
The company has strategically narrowed its therapeutic focus to oncology and immunology, prioritizing the MUC1 ADC for solid tumors and a topical treatment for Alopecia Areata.
“The most important one was to narrow our therapeutic focus, buckle down on oncology and immunology, and execute well on two promising programs that were nearing entry into clinic at that time. The first product was our MUC1 ADC in solid tumors and the second one was a topical intervention in Alopecia Areata.”
— Anil Raghavan, Chief Executive Officer
SPARC is undertaking a significant reduction in its US operational footprint and consolidating lab centers from four to two, reflecting a strategic shift in clinical trial operations.
“We will reduce US footprint significantly, which is primarily built to run late - stage clinical trials. We’re also in the process of reducing the number of lab centers from four to two.”
— Anil Raghavan, Chief Executive Officer
The recent cost optimization initiatives have generated approximately $10 million in annual fixed cost savings, representing a substantial reduction relative to the company’s annual expenditure.
“These changes as you can see has resulted in an annual fixed cost savings of about $10 million, which is super significant relative to a 50 million - ish annual spend.”
— Anil Raghavan, Chief Executive Officer
SPARC acknowledges that its diversification of vodobatinib into Parkinson’s disease incurred substantial financial and opportunity costs, impacting its pipeline strategy.
“Here, you know, certainly our diversification into Parkinson’s disease for this compound took a toll. Not just the spend, which was quite significant, but also the opportunity cost in terms of lost time and pipeline position.”
— Anil Raghavan, Chief Executive Officer
Despite commercial successes in the TKI market, large pharmaceutical companies show limited licensing interest for vodobatinib due to perceived market-size limitations, tempering its future prospects.
“At the same time, the licensing interest from large pharmaceutical companies has been limited, largely on account of perceived market - size limitations, even with Asciminib’s commercial success and the rising industry interest in the next - generation TKI companies. So that is proving to be a moderating force on the outlook going forward.”
— Anil Raghavan, Chief Executive Officer
Tourism & Hospitality
Lemon Tree Hotels | Small cap | Tourism & Hospitality
Lemon Tree Hotels Limited is India’s largest hotel chain in the mid-priced sector, offering upscale and mid-priced accommodations. With brands like Lemon Tree Hotel and Red Fox Hotel, it provides differentiated services at a value-for-money price. The company is involved in the development, ownership, operation, and management of hotels, resorts, and restaurants.
[Concall]
The corporate reorganization will create two separate, well-funded entities: Lemon Tree as an asset-light management company and Fleur as an asset-heavy hotel ownership and growth platform.
“The proposed reorganization will result in two distinct, well-capitalized businesses. Lemon Tree Hotels will be a pure-play asset-light company focused on offering hotel management, brand and loyalty distribution, and digital services. Fleur Hotels will operate as a large-scale, growth-oriented hotel ownership and leasing platform with end-to-end in-house development capabilities and potentially a very large pipeline with a significant pool of available capital.”
— Patanjali P. Keswani, Executive Chairman
After 12-15 months, Lemon Tree will be debt-free with high margins and ROE from fee income, while Fleur will own and operate renovated key hotels.
“Post the reorganization in about 12-15 months, Lemon Tree will emerge as a debt-free, high-margin, high-ROE company generating strong free cash flows from fees and brand-related income. Fleur Hotels will consolidate ownership of our group’s existing hotels, all of which will be fully renovated, including critical assets like airport hotels in Mumbai and Delhi, flagship resorts like Aurika Udaipur, and premium urban hotels in high-key Indian markets.”
— Patanjali P. Keswani, Executive Chairman
Fleur may operate as a multi-brand platform, not exclusively tied to Lemon Tree brands, depending on market opportunities.
“It could be a multi-brand platform; it is not exclusively for Lemon Tree, but that depends on availability and opportunity.”
— Patanjali P. Keswani, Executive Chairman
Lemon Tree aims to become the largest operator with 30,000-40,000 rooms in 3-4 years, generating significant fee income, and will soon define a shareholder reward policy as it becomes asset-light.
“In the next 3-4 years, we would like to reach 30,000-40,000 rooms to be the largest operator in this space with significant fee income. The board will need to define a dividend or shareholder reward policy as we become asset-light, which we will come up with in the next few months.”
— Patanjali P. Keswani, Executive Chairman
The demerger aims to cater to distinct investor types by separating the asset-heavy business (Fleur) for long-term, inflation-indexed returns and the asset-light business (Lemon Tree) for brand management and growth.
“We have two types of investors. The asset-heavy side involves development risk and inflation-indexed annuity returns, appealing to pension funds or insurance companies. The asset-light side bets on brand management and growth with little capital. Lemon Tree was a combination of both because, at the beginning, we had to build hotels to establish a brand. Now that the brand is 20 years old and well-recognized, it is time to monetize it separately. We have separated them to attract both types of investors.”
— Patanjali P. Keswani, Executive Chairman
The premium Aurika brand will be strategically placed in high-value resorts or locations, avoiding tier-2 or tier-3 cities, with capital deployment decisions based on market depth and consumer willingness to pay.
“We are not looking to put Aurika in tier-2 or tier-3 towns. We use a framework to decide where to deploy capital based on the depth of the market and the willingness to pay.”
— Patanjali P. Keswani, Executive Chairman
The company aims to reduce costs and increase long-term efficiency by sourcing 50% of its power from renewable energy and implementing technological solutions.
“On the power front, we are targeting 50% consumption from renewable energy sources to reduce costs. We are also using technological solutions to drive long-term cost efficiency.”
— Patanjali P. Keswani, Executive Chairman
International
Delta Air Lines | International
Delta Air Lines is a major U.S. airline, headquartered in Atlanta, that flies passengers and cargo globally, serving hundreds of destinations across six continents as a founding member of the SkyTeam alliance, connecting people through extensive domestic and international networks built on operational reliability and customer service.
[Concall]
Delta ordered 30 Boeing 787-10s (plus 30 options) for delivery starting 2031 to expand international capacity with improved economics.
“Building on our strong domestic foundation and loyalty success, we’re expanding Delta’s international footprint in 2026 and beyond while continuing to grow our margins. To support profitable growth, we’re leveraging best-in-class joint ventures and investing in the renewal and expansion of our widebody fleet. This morning we announced an order for 30 Boeing 787-10s with options for 30 more set for delivery starting in 2031. These aircraft will enhance our international network, deliver superior economics, and extend our long-haul capabilities. As we look ahead to our next century of flight, my optimism for Delta’s future has never been brighter.”
— Dan Jenkee, CFO
Delta’s loyalty ecosystem, powered by SkyMiles and the American Express partnership, generated $8.2 billion in remuneration in FY25, growing 11% due to strong card acquisitions and spending.
“Our loyalty ecosystem remains a powerful engine of enterprise value anchored by the strength of the Sky Miles program, a highly engaged member base, and our exclusive co-brand partnership with American Express. For the year, American Express renumeration grew 11% to 8.2 billion, driven by a fourth consecutive year of more than 1 million new card acquisitions and double-digit year-over-year co-brand spend growth in every quarter.”
— Glenn Hauenstein, President
New widebody aircraft (787-10, A350) deliver 10-point margin improvements versus legacy aircraft through premium seating, 25% fuel efficiency gains, and cargo capability.
“For our international franchise, our growing next generation widebody fleet, strong domestic foundation, and leading joint ventures will enable further global expansion. New widebody aircraft deliver up to 10 points margin advantage over aircraft they replace, offering more premium seating, 25% better fuel efficiency and expanded cargo capability. Today’s Boeing 787 order enhances diversity of our widebody order book while creating cost-efficient scale across all widebody fleets. When we look out in the future, the 787 is a great airplane financially, great airplane. We’re able to do a lot with the 10 version of this on the premium seating. It’s a great cargo airplane and it also drives diversification within our fleet both on the airframe but on the engine side.”
— Dan Jenkee, CFO
JPMorgan Chase & Co | International
JPMorgan Chase is a leading global financial services firm involved in Consumer & Community Banking, Commercial & Investment Banking, and Asset & Wealth Management, offering services like credit cards, loans, investment banking, and wealth management under its Chase (consumer) and J.P. Morgan (institutional) brands, leveraging massive technology and data for global operations and community investment.
[Concall]
Apple Card integration requires two years and significant investment to rebuild Apple’s iOS-integrated technology stack within JPMorgan’s systems, with customer service standards potentially applied across other products.
“If it was a traditional credit card thing, we could fold it in rather quickly and just put in our systems. But it’s not. They actually built a completely different integrated into iOS tech and they did a good job. So it’s good stuff. But we have to integrate that inside our system. And to do that it’s going to take two years and cost a bit of money to meet the terms and standards. Those terms and standards are actually quite good. We looked at them and said that’s good. Apple wants to take very good care of those customers and a lot of those things will be built directly into our system and we could obviously apply some of that customer service stuff in other places. We have to rebuild what their tech stack is embedded into our system.”
– Jamie Dimon, Chairman & CEO
JPMorgan guides to $105 billion expenses in 2026 (up $9 billion year-over-year), driven by investments to compete against traditional and fintech competitors.
“On expense, as we told you at an industry conference in December, we expect 2026 adjusted expense to be about $105 billion. Broadly, the expense growth continues to align with where we see the greatest opportunities across our businesses. The details of the thematic drivers are listed on the page and are broadly consistent with what we’ve told you before. 2026 in isolation clearly represents meaningful expense growth in both dollar and percentage terms. And that growth reflects our structural optimism about the opportunity set for the company when we look through the cycle as well as some optimism about the near-term revenue outlook. More generally, the environment is only getting more competitive and so it remains critical to ensure that we are making the necessary investments to secure our position against both traditional and non-traditional competitors.”
– Jeremy Barnum, CFO
The firm forecasts a 2026 credit card charge-off rate of about 3.4%, based on positive delinquency trends and ongoing consumer resilience.
“we expect the 2026 card chargeoff rate to be approximately 3.4% on favorable delinquency trends driven by the continued resilience of the consumer.”
— Jeremy Barnum, Chief Financial Officer
Imposing price controls on credit card interest rates will likely lead to a dramatic reduction in credit availability, disproportionately harming those who need it most, rather than just compressing bank profit margins.
“What’s actually simply going to happen is that the provision of the service will change dramatically specifically you know people will lose access to credit like on a very very extensive and broad basis especially the people who need it the most ironically”
— Jeremy Barnum, Chief Financial Officer
Jamie Diamond defended the significant expense increase by highlighting numerous growth opportunities across the company, including branch expansion, improved payment systems, personalization, and AI adoption, viewing these as essential investments for growth.
“the good news is when we look at the world, we see huge opportunity, you know, and you know, we’re opening rural branches, which we think will be good. We’re opening more branches in foreign countries. We’re building better payment systems. We’re adding, you know, better uh personalization and consumer bank and credit card. We’re we’re adding AI across the company. And those are all opportunities, you know, and I understand your your issue and concern about the 9 billion, but I think you should be saying if you really believe they’re real, uh, you know, you should be doing that. That’s the right way to grow a company.”
— Jamie Diamond, Chairman and CEO
WD-40 Company | International
The WD-40 Company is a global manufacturer and marketer of household and multi-use maintenance, cleaning, and specialty products, famous for its iconic WD-40 Multi-Use Product, but also owning brands like 3-In-One Oil, Lava, Spot Shot, and GT85, solving problems for consumers, industrial users, and automotive enthusiasts worldwide
[Concall]
WD40’s flagship multi-use product has substantial untapped global market potential, estimated at $1.4 billion, representing an opportunity to nearly quadruple current sales.
“At 72 years young, we’ve captured only about 25% of our global growth potential for our flagship product. We estimate the attainable market for WD40 multi-use products to be approximately 1.9 billion compared to fiscal year 25 sales of 478 million, leaving an opportunity of roughly 1.4 billion to nearly quadruple current sales.”
— Steve Bratz, President and Chief Executive Officer
Bank of America Corporation | International
Bank of America Corporation (BAC) is a global financial giant offering a full spectrum of banking, investing, asset management, and wealth management services to individuals, businesses, and institutions, covering everything from basic checking/savings and credit cards to complex global markets, lending, and advisory services through its various segments like Consumer Banking, Global Wealth & Investment Management (Merrill, Private Bank), and Global Banking & Markets.
[Concall]
AI and digitalization are driving productivity gains, allowing the company to reallocate resources to client-facing roles while maintaining flat headcount.
“We saw productivity improvements through AI and digitalization more generally and those enabled us to add client-f facing associates as we eliminated work and roles in our operational support areas.”
— Alistair Borthwick, CFO
Bank of America is actively leveraging AI to enhance efficiency in its coding processes, resulting in a 30% reduction in coding efforts for new products and services, equivalent to saving 2,000 personnel.
“Yeah. Well, we’re looking for we have eight we have the we have 18 you to give you example we have 18,000 people on the company’s payroll who code and we’ve using the AI techniques we’ve taken 30% out of the coding technique the coding part of the stream of introducing a new product or service or change that saves us about 2,000 people so you know that’s how we’re applying it that was this year’s statistic meaning next year we should get more out of it as we figure out how to apply it across.”
— Brian Moynihan, CEO
The CEO warns that proposed rate caps on credit cards could lead to unintended consequences, such as credit constriction and reduced access to credit for consumers, by limiting lending capacity.
“Chris, on the rate cap, obviously you’re here, you know, there’s a public good public debate going out there on the if you have unintended consequences of of capping rates as has been proposed over many years by various components in Congress and stuff like that. The explanation we’ve always made sure people understood is that the if you bring the caps down, you’re going to constrict credit, meaning less people will get credit cards and the balance available to them on those credit card credit cards will also be restricted.”
— Brian Moynihan, CEO
The CEO warns that widespread adoption of stablecoins, due to their investment restrictions, could draw significant deposits out of the banking system, thereby reducing overall lending capacity, particularly impacting small and medium-sized businesses.
“But the the point we’ve tried to make and if you look at some studies I think were done by Treasury is that they say you can see upwards of $6 trillion in in deposits flow you know off the liabilities of a banking system to the li as the deposits into the stable coin environment. And the key of that is to think that the restrictions to be a stable coin is it basically think of as a money market mutual fund concept. It has to be invested in only deposits to banking fed or treasuries and short term. And so when you think about that, that takes lending capacity out of the system.”
— Brian Moynihan, CEO
The CEO highlights that ongoing stress tests, designed to simulate severe economic downturns with high unemployment and falling house prices, demonstrate the banking industry’s resilience and robust capital position.
“But really, if you think about it, the stress test is going from where we are today up to, you know, 10 10% plus unemployment. House prices down as I said, they don’t the way the methodology doesn’t really allow you to adjust your operating expenses, which we know we would adjust. And you can see the industry pass those stress tests and that’s I think one of the most valuable things that came out of the regulation.”
— Brian Moynihan, CEORetail
That’s it for now! Your feedback will really help shape how The Chatter evolves. Drop it down in the comments below!
Quotes in this newsletter were curated by Meher & Vignesh.
Disclaimer: We’ve used AI tools in filtering and cleaning up these quotes so there maybe some mistakes. Now, if you are thinking why we are using AI, please remember that we are just a small team of 5 people running everything you see on Zerodha Markets 😬 So, all the good stuff is human and mistakes are AI.
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