Broker reviews of Zensar's Q4 FY26 and Q1 FY27 results show the TMT vertical (18.1% of revenue) falling further even as overall company revenue grew 8.9% YoY on BFSI strength and a large deal ramp-up, with management itself flagging further TMT decline in FY27 and continued insourcing by the top TMT client. No report of an outright client termination surfaced — this reads as insourcing/cost-cutting plus sector softness — but the trend leans toward confirming the bear case rather than the $210M-deal offset the bull case leans on. Zensar's Q3 FY27 results, the actual falsifier, are not out until January 2027.
RBI hiked repo 25bps to 5.50% on Oct 7 and shifted stance to 'calibrated tightening' after September CPI came in at 5.54% YoY, the highest since October 2024, with a rate cut now explicitly off the table near-term. Globally, the US Fed's own decision is pending (Oct 27-28); pre-meeting odds on a hike are split and unreliable, so treat it as unresolved until the actual announcement.
A change to anything but AVOID publishes only after two consecutive sessions say the same thing; AVOID publishes at once.
| Ticker | Close | Published | Pending | Note | |
|---|---|---|---|---|---|
| CHALET | ₹829.20 | BUY | → | QUALITY-WAIT | if next session holds |
| CUMMINSIND | ₹4,440.00 | QUALITY-WAIT | → | HOLD | if next session holds |
| DOLPHIN | ₹595.80 | QUALITY-WAIT | → | HOLD | if next session holds |
| ECLERX | ₹1,928.70 | QUALITY-WAIT | → | HOLD | if next session holds |
| ELLEN | ₹319.65 | AVOID | → | HOLD | if next session holds |
| ENGINERSIN | ₹259.95 | QUALITY-WAIT | → | BUY | if next session holds |
| FINEORG | ₹5,124.00 | QUALITY-WAIT | → | HOLD | if next session holds |
| FSL | ₹284.25 | HOLD | → | QUALITY-WAIT | if next session holds |
| GATEWAY | ₹47.98 | QUALITY-WAIT | → | HOLD | if next session holds |
| GODREJAGRO | ₹619.70 | QUALITY-WAIT | → | HOLD | if next session holds |
| HBLENGINE | ₹786.60 | QUALITY-WAIT | → | HOLD | if next session holds |
| IKS | ₹1,631.70 | QUALITY-WAIT | → | HOLD | if next session holds |
| INTERARCH | ₹1,559.80 | HOLD | → | QUALITY-WAIT | if next session holds |
| JLHL | ₹246.45 | BUY | → | QUALITY-WAIT | if next session holds |
| KENNAMET | ₹3,823.90 | QUALITY-WAIT | → | HOLD | if next session holds |
| LUMAXIND | ₹5,325.00 | BUY | → | HOLD | if next session holds |
| MARSONS | ₹120.53 | QUALITY-WAIT | → | HOLD | if next session holds |
| NIACL | ₹168.78 | AVOID | → | HOLD | if next session holds |
| ROLEXRINGS | ₹159.21 | QUALITY-WAIT | → | HOLD | if next session holds |
| SHRIPISTON | ₹4,476.20 | QUALITY-WAIT | → | BUY | if next session holds |
| STYLAMIND | ₹3,141.10 | QUALITY-WAIT | → | BUY | if next session holds |
| SYRMA | ₹1,473.10 | QUALITY-WAIT | → | HOLD | if next session holds |
| TITAN | ₹4,380.90 | QUALITY-WAIT | → | HOLD | if next session holds |
| WSTCSTPAPR | ₹775.00 | HOLD | → | BUY | if next session holds |
No tracked name reports today.
Source: NSE event calendar, filtered to the 1396 tracked names.
| Index | Close | Points | Change | P/E | P/B |
|---|---|---|---|---|---|
| Nifty 50 | 22,811.35 | ▼ -77.60 | ▼ -0.34% | 19.26 | 2.80 |
| Nifty Next 50 | 67,655.30 | ▼ -1,040.55 | ▼ -1.51% | 17.65 | 3.25 |
| Nifty 500 | 21,837.90 | ▼ -203.70 | ▼ -0.92% | 21.30 | 3.06 |
| Nifty Bank | 54,976.90 | ▼ -511.20 | ▼ -0.92% | 12.70 | 1.66 |
| NIFTY Midcap 100 | 57,565.85 | ▼ -922.10 | ▼ -1.58% | 26.91 | 3.66 |
Source: NSE ind_close_all_20261021
(levels, index P/E and P/B) and the full-market bhavcopy (breadth).
Index P/E from NSE's official daily index file.
The desk's track record — every call it has published, scored over the stretch it actually stood: from the close on the day it was made (restated for any split or bonus) to the day the desk changed it, the name left coverage, or today. Each is set against Nifty 500 over the same window. A BUY should beat it; an AVOID should lag it.
| Call | Calls | Standing | Median move | Median vs Nifty 500 | Beat Nifty 500 |
|---|---|---|---|---|---|
| BUY | 637 | 32 | ▼ -0.5% | ▼ -0.0% | 49% |
| QUALITY-WAIT | 496 | 138 | ▼ -2.4% | ▼ -1.3% | 36% |
| HOLD | 1801 | 832 | ▼ -2.4% | ▼ -0.5% | 45% |
| AVOID | 856 | 350 | ▼ -1.6% | ▼ -0.8% | 42% |
| Company | Called since | Call | Previous call | At call | Now | Move | vs Nifty 500 |
|---|---|---|---|---|---|---|---|
| PC Jeweller LtdPCJEWELLER | Tue, 18 Aug 2026 | HOLD | — | ₹9.62 | ₹18.51 | ▲ +92.4% | ▲ +99.4% |
| Oriental Aromatics LtdOAL | Tue, 18 Aug 2026 | AVOID | — | ₹341.95 | ₹604.50 | ▲ +76.8% | ▲ +83.7% |
| Raymond LtdRAYMOND | Tue, 18 Aug 2026 | HOLD | — | ₹625.00 | ₹1,088.90 | ▲ +74.2% | ▲ +81.2% |
| SBC Exports LtdSBC | Tue, 18 Aug 2026 | HOLD | — | ₹38.66 | ₹62.94 | ▲ +62.8% | ▲ +69.8% |
| Shanti Gold International LtdSHANTIGOLD | Tue, 18 Aug 2026 | HOLD | — | ₹253.85 | ₹399.20 | ▲ +57.3% | ▲ +64.2% |
| STL Networks LtdSTLNETWORK | Tue, 18 Aug 2026 | AVOID | — | ₹25.68 | ₹39.01 | ▲ +51.9% | ▲ +58.9% |
| D.P. Abhushan LtdDPABHUSHAN | Tue, 18 Aug 2026 | HOLD | — | ₹1,457.20 | ₹2,207.60 | ▲ +51.5% | ▲ +58.5% |
| MV Electrosystems LtdMVELECTRO | Tue, 18 Aug 2026 | AVOID | — | ₹574.10 | ₹866.35 | ▲ +50.9% | ▲ +57.9% |
| Elitecon International LtdELITECON | Tue, 18 Aug 2026 | HOLD | — | ₹17.13 | ₹6.44 | ▼ -62.4% | ▼ -55.4% |
| Media Matrix Worldwide LtdMMWL | Tue, 18 Aug 2026 | HOLD | — | ₹14.91 | ₹21.92 | ▲ +47.0% | ▲ +54.0% |
| Shringar House of Mangalsutra LtdSHRINGARMS | Tue, 18 Aug 2026 | HOLD | — | ₹224.93 | ₹312.34 | ▲ +38.9% | ▲ +45.8% |
| Bluspring Enterprises LtdBLUSPRING | Tue, 18 Aug 2026 | AVOID | — | ₹111.21 | ₹154.35 | ▲ +38.8% | ▲ +45.8% |
3790 calls scored since Wed, 5 Aug 2026: 1352 standing, 1808 closed when the desk changed the call, 630 closed when the name left coverage (at its last published close). 2029 of them are the call a name was given on entering coverage, not one the desk changed to. 1340 more standing calls with history are not shown — this table is the 12 that have moved most against Nifty 500 since they were made. 37 calls published this session are not scored yet — no session to move in. 24 have no cached close at one end of their window and are not scored. 10 entry prices restated for a split or bonus inside the window (marked adj.).
Source: data/archive/<session>.json (every published call) × data/prices/<date>.json × data/market/<date>.json (Nifty 500).
Zensar's TMT vertical fell -3.8% QoQ / -16.9% YoY in Q4 FY26 and continued declining -2.3% to -9.1% in Q1 FY27, with management itself warning of further FY27 declines and continued insourcing by its top TMT client — no evidence of an outright termination, but the trend keeps the open client-exit claim unresolved rather than closing it either way.
Engineers India's standalone order book reached an all-time high of ~₹15,109cr as of March 2026 (₹14,424cr as of June 2026), and the Petroleum Ministry has asked it to prepare a feasibility report for a proposed ₹40,000cr Oman-Gujarat undersea pipeline — a real opportunity, but only a feasibility study so far, not a booked order. No October 2026 news surfaced to confirm the pending QUALITY-WAIT→BUY call flip either way.
Shareholders approved (near-unanimously, June 2026) issuing Bharti Airtel equity to promoter-group entity Indian Continent Investment Limited in exchange for a 16.31% Airtel Africa stake — a related-party transaction worth flagging even with strong approval. Leadership transitions (new MD/CEO, Group CFO, Group Chief Regulatory Officer) through Jan-June 2026 read as orderly succession, not an exodus; no client loss or guidance cut found.
RailTel has won a steady stream of government contracts since August — Department of Posts (~₹119cr), HRIDC signalling (~₹82cr), AP power SD-WAN (~₹29.84cr), plus UP Police and RVNL awards — pushing recent wins past ₹600cr combined. The most recent additions (Odisha education, Northern Coalfields, reported October 2026) are single-sourced to one aggregator and not yet confirmed against an exchange filing.
Indus Towers' Q1 FY27 recurring EBITDA rose only 1% QoQ, slightly below brokerage estimates, with flat ARPT and higher under-recoveries — a soft quarter, not a guidance cut. Vodafone Idea's own funding and rollout execution remains the real swing factor, with brokerages estimating 5,000-15,000 potential tenancy additions over FY27-28 depending on how that plays out.
Entry score is 40% cheap-vs-history + 25% quality trend + 15% technicals, renormalised over those three — the 20% news catalyst is not counted because no research was written for this session. It is not treated as neutral; it is absent. ≥62 accumulate · 45–61 watch · <45 avoid.
| Sector | Stance | Entry | Cheap | Quality | Tech | News | Index | Idx P/E | B/W/H/A |
|---|---|---|---|---|---|---|---|---|---|
| Information Technology 74 scanned · 13 researched | WATCH | 60.6 | 61.5 | 78.6 | 28.4 | — | ▲ +2.88% | 20.1 | 0/9/56/9 |
| Banks 40 scanned · 5 researched | WATCH | 51.4 | 50.0 | 52.3 | 53.8 | — | ▼ -0.92% | 12.7 | 1/0/30/9 |
| Pharmaceuticals 87 scanned · 24 researched | WATCH | 49.6 | 30.0 | 71.8 | 65.0 | — | ▼ -0.19% | 39.5 | 0/12/63/12 |
| Automobiles 107 scanned · 30 researched | WATCH | 58.6 | 50.0 | 78.6 | 48.0 | — | ▼ -1.54% | 29.3 | 10/16/71/10 |
| FMCG 103 scanned · 10 researched | ACCUMULATE | 63.1 | 67.4 | 69.0 | 41.8 | — | ▼ -0.58% | 30.2 | 0/20/63/20 |
| Metals & Mining 80 scanned · 15 researched | WATCH | 55.3 | 50.9 | 68.0 | 45.9 | — | ▼ -1.71% | 15.6 | 0/6/54/20 |
| Realty 37 scanned · 2 researched | WATCH | 59.1 | 74.0 | 52.0 | 31.2 | — | ▼ -1.25% | 34.1 | 2/2/13/20 |
| Energy & Power 83 scanned · 11 researched | WATCH | 60.4 | 64.0 | 63.7 | 45.2 | — | ▼ -1.39% | 14.0 | 4/5/41/33 |
| Financial Services 146 scanned · 5 ranked elsewhere · 10 researched | WATCH | 58.7 | 73.4 | 44.2 | 43.9 | — | ▼ -1.18% | 14.9 | 0/3/92/51 |
| Healthcare & Hospitals 57 scanned · 16 ranked elsewhere · 11 researched | WATCH | 59.0 | 51.2 | 73.0 | 56.6 | — | ▼ -0.32% | 40.4 | 4/10/37/6 |
| Hospitality & Tourism 38 scanned · 8 researched | ACCUMULATE | 69.1 | 81.9 | 69.0 | 35.3 | — | ▼ -1.69% | 83.9 | 3/5/20/10 |
| Chemicals 101 scanned · 6 researched | ACCUMULATE | 64.5 | 70.5 | 67.8 | 43.0 | — | — | — | 3/10/60/28 |
| Construction & Materials 124 scanned · 10 researched | ACCUMULATE | 65.2 | 79.0 | 61.6 | 34.6 | — | — | — | 4/12/68/40 |
| Capital Goods 102 scanned · 16 researched | WATCH | 57.8 | 47.4 | 79.3 | 49.6 | — | — | — | 0/14/68/20 |
| Textiles & Apparel 47 scanned · 5 researched | WATCH | 56.4 | 50.0 | 62.6 | 63.0 | — | — | — | 0/3/30/14 |
| Retail & Consumer 64 scanned · 5 researched | WATCH | 59.8 | 58.8 | 68.7 | 48.1 | — | — | — | 0/9/37/18 |
| Packaging & Plastics 31 scanned · 2 researched | WATCH | 58.1 | 54.5 | 65.4 | 55.6 | — | — | — | 1/3/18/9 |
| Logistics & Transport 26 scanned · 6 researched | WATCH | 50.5 | 42.1 | 69.3 | 41.6 | — | — | — | 0/3/17/6 |
| Telecom & Media 33 scanned · 3 researched | WATCH | 51.9 | 50.0 | 59.8 | 43.8 | — | — | — | 3/2/14/14 |
| Commercial Services 37 scanned · 5 researched | WATCH | 49.2 | 50.0 | 52.5 | 41.4 | — | — | — | 0/1/21/15 |
Source: data/verdicts.json × NSE sector index closes.
Split evenly across large/mid/small/micro cap so this list isn't one tier's picks — new calls first, then the highest long-term composites within each. Micro-cap names are boxed and flagged Highly Volatile — worth watching, not a call to buy — since their price swings run about twice every other tier's. Each card shows the figures that selected it — open the desk for the full six-lens panel.
| Metric | Why it is in the framework | Source |
|---|---|---|
| Return on capital, level and trend | Durable high ROCE predicts future returns; the trend separates a moat from a good year | Novy-Marx 2013 JFE |
| Gross profitability (GP/assets) | As predictive as book-to-market, and less prone to the value trap | Novy-Marx 2013 JFE |
| Piotroski F-score | A nine-signal accounting checklist that separates real improvers from statistically cheap traps | Piotroski 2000 JAR |
| Cash-flow-to-net-profit | Accrual-heavy profit reverts; cash-backed profit persists | Sloan 1996 TAR |
| P/E versus the stock's own history | Cheap relative to itself, not to a peer set that may be expensive as a whole | Basu 1977 JF |
| Book-to-market | The value premium, in its original form | Fama–French 1992 JF |
| EV/EBITDA | Capital-structure-neutral, so it compares a leveraged firm to an unleveraged one | Practitioner standard |
| Altman Z and interest coverage | Distressed firms have delivered lower, not higher, returns — screen them out rather than chase them | Altman 1968 JF; Campbell/Hilscher/Szilagyi 2008 JF |
| 52-week-high proximity, 200-DMA | Nearness to the high has predicted continuation — but momentum crashes, so never alone | George & Hwang 2004 JF; Daniel & Moskowitz 2016 JFE |
| Promoter pledge | Pledged promoter holding is a governance red flag ahead of a forced sale | Not currently available from either source — no penalty is applied |
Full derivation in METHODOLOGY.md.