TCPL, LTIMindtree, Tata Comm, 360 ONE WAM: MOFSL shares target prices post Q4 results

LTIMindtree's Q4 results were weak but MOFSL said a reset is in the progress. The domestic brokerage said Tata Consumer Products Ltd (TCPL) reported inline results on operating front, with margin staying under pressure year-on-year (YoY) but improving sequentially due to price hikes. For Tata Communications, Q4 results were a mixed bag with weak margins taking sheen off the growth recovery, MOFSL said. 360 ONE WAM's annual recurring revenue (ARR) trend was healthy, but execution holds the key, MOFSL said.

Tata Consumer Products Ltd 
MOFSL expects TCPL's margin to recover in the Indian beverage business due to price hikes in tea and salt, stabilisation of the input prices, and early signs of better tea crop growth this March-April harvest season. International business is expected to continue delivering healthy operating performance. The premium portfolio in the RTD segment continues to gain traction, it said adding that the continued synergy benefits from the integration of Capital Foods and Organic India are expected to be a key driver of growth for the Indian food business.
The brokerage sees TCPL clocking a CAGR of 8 per cent in revenue, 13 per cent in Ebitda and 20 per cent in PAT over FY25-27. It reiterate 'Buy' on the stock with a target price of Rs 1,360.

Tata Communications Ltd
Post Q4 results, MOFSL has raised Tata Communications' FY26-27 revenue estimates by 1-2 per cent. It said Tata Communications' ambition of doubling data revenue by FY27 remains a tall ask without further acquisitions. Overall, it is building in a 9 per cent data revenue CAGR over FY25-28, with data revenue reaching Rs 26,200 crore by FY28 against the ambition of Rs 28,000 crore by FY27.

"We ascribe 9x EV/Ebitda to TCOM’s data business and 5x EV/Ebitda to voice and other businesses. We ascribe an Rs 3,000 crore (or Rs 104 per share) valuation to TCOM’s 26 per cent stake in STT data centers. Our SoTP-based target price remains unchanged at Rs 1,660 as our Ebitda cut is offset by the roll forward of the valuation base to Jun’27 (from Mar’27 earlier)," MOFSL said.

The brokerage maintained 'Neutral rating' on the stock as it awaits acceleration in data revenue along with margin expansion.

LTIMindtree Ltd
MOFSL maintained its 'Buy' rating on LTIMindtree, supported by its capabilities in data engineering and ERP modernisation. The current stock price offers attractive valuation comfort, the brokerage said.

"While our FY26 estimates remain largely unchanged, we lower our FY27 EPS estimate by 5 per cent to account for the current macroeconomic headwinds. We now value LTIMindtree at 26x FY27E EPS (earlier 30x), leading to a revised target price of Rs 5,150, implying a 14 per cent upside from the current level," it said.

360 ONE WAM Ltd
MOFSL said 360 ONE maintains a strong position in the industry, reflected by robust flows and consistent performance. The company’s plans to diversify across client segments (mass affluent) and geography (lower-tier cities) are gaining traction, while the global business is expected to boost performance on the back of UBS collaboration. With investments focused on new business segments, the improvement in productivity will bode well for the company’s profitability, MOFSL said.

"We adopt an SOTP approach to build in the optionality of inorganic initiatives, such as B&K acquisition and UBS collaboration. Additionally, we build in potential profits from the utilization of funds raised through the warrants issued to UBS as part of the arrangement. With multiple projects underway—including mid-segment HNI business expansion, global business growth, ET Money acquisition, B&K acquisition, and UBS collaboration — execution will be crucial. We reiterate our BUY rating with a one-year TP of Rs 1,300," MOFSL said.