J.P. Morgan India FTM 17 Jul 26 India Real Estate; Polycab India Limited; Tech Mahindra Ltd.; Wipro; Angel One and More

Research evidence excerpt

J.P. Morgan India FTM 17 Jul 26 India Real Estate; Polycab India Limited; Tech Mahindra Ltd.; Wipro; Angel One and More

Asia Pacific Equity Research

India First to Market 17 July 2026

Top Stories

India Real Estate (Gaurav Khandelwal, CFA)

1QFY27 Preview: Outperformance should continue; GPL and Oberoi are preferred picks

DevCos under JPM coverage are up 18% over the last 3M vs. -1% for NIFTY. Residential sales value across the Top-7 markets

rose 13% y/y in May (link), which was one of the key drivers of this outperformance. Pre-sales across 9 of the 25 top listed

developers (Table 2) declined 17% y/y (-25% q/q), with Prestige the primary drag (pre-sales of Rs66bn, down 46% y/y). Ex-

Prestige, pre-sales rose 20% y/y, broad-based across developers. We expect this quarter to see sustained strength in cash

collections and sustenance-led pre-sales growth. We prefer GPL and OBER within the space, followed by DLF, while

maintaining Neutral on LODHA. We also like Phoenix (link) on strong consumption driving positive revisions.

Polycab India Limited (Rishabh Gupta) (POLYCAB IN, OW)

Largely in-line C&W print; NT risk/reward balanced: export rebound, domestic volume growth

recovery key monitorables

While Polycab’s consol. 1Q print beat expectations (revenue/EBITDA/PAT +6%/9%/14% vs. consensus), C&W results were

marginally ahead (revenue/EBIT +4%/+4% vs. consensus), with the beat largely driven by a strong FMEG print - aided by

premiumization/extended summer/operating leverage (71% yoy revenue/8% EBIT margin). On C&W: domestic revenue

growth of 43% yoy was healthy, while underlying volume growth of LSD-MSD yoy (2-yr CAGR of 14%) was slightly lower vs.

our MSD-HSD expectation, and pricing/mix shift towards wires (copper) drove the stronger revenue growth. Our view: The