Research

ICRA currently screens as fundamentally strong with relatively attractive valuation. Financial quality remains strong, while technical momentum is moderate.

PGHH remains a premium-quality franchise with elite returns on capital, but near-term growth has air-pockets and the stock trades at a significant premium to both its own history and FMCG peers.

ITC screens as a cash-rich compounder trading broadly in line with its own valuation history. Growth is steady rather than exciting, with an attractive dividend cushioning downside.

CRISIL screens as the strongest name in SARETY's coverage: elite returns on capital, accelerating analytics growth, and a valuation that sits far below its own historical median.

HUL is a high-quality compounder regaining volume momentum after a soft patch. Valuation is fair relative to its own history but carries a premium to broader FMCG.

Reliance is a diversified conglomerate in transition — consumer businesses now anchor earnings quality, while O2C cyclicality fades. Valuation is reasonable against its own history.

TCS combines best-in-class execution with improving momentum. The premium multiple is justified by quality, though upside requires a BFSI discretionary recovery.

Infosys shows improving deal momentum and stable margins, but growth remains below its own history and technicals are soft. Valuation is fair-to-slightly-rich versus its 10Y median.