HSBC on Tata Cons ; Buy, TP Rs 1170

Q2FY27 results were a marginal beat driven by non-India business; India business margins remained flat qoq ‘Growth’ businesses grew by 40% (Q1: +47% yoy). 50-70bp margin improvement remains a focus (FY27 HSBCe: 40bp) India margin trajectory near-term trigger

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