With anticipation building for Q1 FY26 earnings season, crucial results-biased stocks like Wipro, Axis Bank, LTIMindtree (LTIM), Indian Hotels Company Ltd (IHCL), and HDFC Asset Management Company (HDFC AMC) moved in tight bands on Thursday, indicating wary investor mood. These BSE100 members are to post their financials over the next couple of days with analysts forecasting a combination of growth moderation, margin squeeze, and changing guidance.
Market Snapshot: Mixed Performance Prior to Results
On July 17, 2025, markets saw mixed trends in the five major counters:
Indian Hotels Company Ltd (IHCL) gained 0.6% to trade at ₹755.85, symbolizing hope in the hospitality sector.
Wipro Ltd fell slightly by 0.30% to ₹261.90 due to fears over subdued Q1 figures.
LTIMindtree Ltd fell 1.91% to trade at ₹5,225 as IT stocks continued to face pressures.
HDFC AMC gained 0.40%, rising to ₹5,378.80, on the back of hopes of strong AUM-driven earnings.
Axis Bank lost 0.17% to ₹1,165.75 despite estimates of consistent profit growth.
Although the movement was range-bound, experts are of the view that the actual action will be witnessed once the results are announced.
Axis Bank: Stable Growth, But Provisions May Dent Margins
Systematix is forecasting Axis Bank to report a 4.2% year-on-year (YoY) increase in net profit to ₹6,289 crore for Q1 FY26. This increase is expected on the strength of a 2.8% YoY growth in net interest income (NII) to ₹13,822 crore.
Though the positive revenue may be offset by a steep 51% QoQ surge in provisions, which are estimated to be ₹2,100 crore. High slippages on the back of seasonal instances and credit cost normalization could put pressure on profitability in the near term.
Though analysts are positive about Axis’s long-term story, the near-term sentiment is cautious with asset quality and operating parameters being closely watched.
Wipro: Flat Revenues, Muted Guidance Weigh on Sentiment
IT behemoth Wipro is likely to report a subdued performance in Q1, with a flat revenue path and modest 5.3% YoY growth in profit to ₹3,161 crore. Net sales are likely at ₹22,000 crore, up just 0.2% YoY, says HSBC.
Dollar revenues may dip 1% QoQ and 2.1% YoY, indicating weak demand, currency pressures, and seasonality weakness. Analysts also expect a decline in operating margins owing to lower employee utilisation and the strength of the Indian rupee.
Wipro’s Q2 guidance will be important. HSBC expects weak commentary but believes it picks up from Q3 when large deals start to gain traction.
LTIMindtree: Deal Wins Offset Margin Pressure
Given market softness in the IT sector, LTIMindtree can report 1% constant currency (CC) top-line growth, opines Sharekhan. The order inflow of the company can surpass $1.5 billion, driven by a big $450 million deal inked in the quarter.
LTIM’s bottom line is expected to increase 4.1% YoY to ₹1,180 crore, while net sales may advance 7.9% YoY to ₹9,861 crore. Yet, earnings before interest and tax (EBIT) margins are expected to narrow 47 basis points YoY to 17.1%, owing to higher cost bases and sluggish ramp-ups.
The street will be listening in on LTIM’s comments regarding clients’ budgets, deal pipelines, and integration synergies progress, particularly post-merger.
HDFC AMC: Robust AUM Growth to Lead Creditable Quarter
Brokerages expect HDFC AMC’s earnings to be upbeat, fueled by upbeat equity markets and steady inflows. Kotak Institutional Equities estimates a 12.5% YoY rise in net profit to ₹679.5 crore, riding on a 22.5% increase in revenue to ₹949.9 crore.
A 7% QoQ growth in QAAUM (quarterly average assets under management) is expected, marking robust investor demand and market appreciation. The fund house also gains from its commanding position in equity schemes as well as digital distribution platforms.
HDFC AMC’s valuations are said to be premium but fair, considering its steady profitability, capital-light business, and brand confidence among retail investors, according to analysts.
Indian Hotels (IHCL): Pricing Power Boosts Margins
In the hospitality sector, IHCL, which is a part of Tata Group, is likely to report 14% YoY revenue growth in Q1, supported by improved average room rates (ARR), although occupancy trends remain subdued.
YES Securities sees operating profit margins to enhance to 29.8%, an 80-bps YoY improvement. The standalone business is expected to report 9% ARR growth, while its value chain brand Ginger is expected to continue its growth spurt.
The Q1 results of the company will represent the peak summer travel season as well as a slow build-up in business travel. The analysts also anticipate news on future properties, brand growth, and international partnerships.
Investor Caution Prevails Ahead of Earnings Releases
In spite of conflicting expectations in different sectors, investor sentiment continued to be subdued in Thursday’s trading. Participants are eagerly looking forward to management guidance on margin pain, demand scenario, global headwinds, and digital transformation plans.
Chief among concerns like rupee volatility, increased provisioning in BFSI, as well as macro uncertainty in global IT demand, has suppressed buying interest. For the long-term investor, however, these shares are still fundamental plays in their respective sectors.
The first quarter of FY26 may offer a hint at what is in store for the remainder of the year, particularly within an environment where central bank policy, geopolitical uncertainty, and inflation remain front-and-center.
As earnings season gets underway, all eyes are on whether these blue-chip players can beat or eke out Street expectations within a difficult macro environment. Although the trading action thus far is range-bound, post-results volatility will increase.
Long-term investors should also look beyond the quarterly fluctuations and opt for structural growth narratives, execution skills, and capital efficiency measures that characterize these industry giants.
