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    Manik Taneja

    Research Analyst at Axis Capital

    Manik Taneja is Executive Director and Senior IT Services Analyst at Axis Capital, specializing in equity research for major technology and IT service companies such as Tech Mahindra, KPIT, Tata Elxsi, and Zensar Technologies. Renowned for his comprehensive sector insights and active participation in earnings calls, Taneja maintains a cautious view on the IT space, highlighting Tech Mahindra as a standout performer among tier-one names. He began his career as a Research Associate at MF Global Sify Securities India before joining Axis Capital, where he has built a strong reputation for analytic rigor since at least 2013. Taneja's professional credentials and proven track record place him among the leading analysts covering Indian IT services, though specific securities licenses or regulatory registrations are not listed publicly.

    Manik Taneja's questions to MakeMyTrip (MMYT) leadership

    Manik Taneja's questions to MakeMyTrip (MMYT) leadership • Q1 2026

    Question

    Manik Taneja of Axis Capital Ltd sought clarity on the forward-looking trends for ESOP charges and the effective tax rate, and asked which business segment, air or hotels, is expected to recover more quickly from recent disruptions.

    Answer

    Group CFO Mohit Kabra projected full-year ESOP charges to be in the $35-40 million range and noted the company would reach full taxability in about two years. Group CEO Rajesh Magow explained that recovery is best viewed by travel use-case, with non-leisure travel expected to be stable. Mr. Kabra added that historically, standalone bookings recover faster than holiday packages after macro disruptions.

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    Manik Taneja's questions to MakeMyTrip (MMYT) leadership • Q4 2025

    Question

    Manik Taneja of Axis Capital asked for clarification on the drivers of the bus segment's growth, specifically the impact of any accounting changes, and requested guidance on future ESOP expenses and effective tax rates.

    Answer

    Group CFO Mohit Kabra explained that the impact from the accounting policy change in the bus segment was not material. The strong growth was primarily driven by a one-time demand uplift from the Maha Kumbh event. He guided that annual ESOP expenses are expected to remain in the $35-$40 million range and that the company will benefit from its deferred tax asset through fiscal 2026 before moving to a full tax rate.

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    Manik Taneja's questions to MakeMyTrip (MMYT) leadership • Q2 2025

    Question

    Manik Taneja asked if the normalization of hotel pricing could become a near-term headwind for the international portfolio and questioned the potential impact of geopolitical instability on international travel demand.

    Answer

    Group CEO Rajesh Magow explained that pricing normalization was expected after several quarters of sharp increases and is subject to seasonality, so it's not a significant concern. Regarding geopolitics, he stated that while specific regions may be impacted, travelers tend to shift to other destinations rather than cancel travel altogether, mitigating the overall demand loss, barring major macro impacts like rising oil prices.

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    Manik Taneja's questions to WIPRO (WIT) leadership

    Manik Taneja's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Manik Taneja from Axis Capital Ltd asked if the client-specific challenges in Europe are now resolved and inquired about the weakness in client metrics, specifically the decline in the total number of active clients despite growth within top accounts.

    Answer

    CFO Aparna Iyer confirmed that the client-specific challenges in Europe are now behind them, expressing confidence in stabilization and growth in H2, aided by the Phoenix deal. Regarding client metrics, she explained the decline in active clients is a result of the weak discretionary spend environment, not a strategic move. She highlighted that the company is focused on growing its large accounts, as evidenced by the quarter-on-quarter growth in the greater-than-$50 million client bucket.

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    Manik Taneja's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Manik Taneja asked about the drivers behind the persistent revenue pressure in Europe and why the region's segmental margins have not recovered despite improved performance from Capco.

    Answer

    CEO Srinivas Pallia acknowledged Europe's underperformance but expressed confidence in new leadership and a strong deal pipeline, including the large 'Phoenix' deal, to drive future momentum. CFO Aparna Iyer explained that European margin pressure was due to ramp-downs in the non-Capco business. She anticipates a revenue bounce-back in the second half of the year as the new large deal begins to ramp up.

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    Manik Taneja's questions to Infosys (INFY) leadership

    Manik Taneja's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Manik Taneja from Axis Capital questioned the rationale behind the expected decline in pass-through revenues in FY'26, especially after a steady increase in recent years, and asked about the long-term outlook for this item.

    Answer

    CFO Jayesh Sanghrajka explained that the forecast for lower third-party revenue in FY'26 is based on a direct analysis of deals already signed and those currently in the pipeline. He suggested that as the transformation phases of past mega deals conclude, these associated pass-through costs will naturally reduce over time.

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    Manik Taneja's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Manik Taneja asked for the factors behind the sharp margin decline in the Energy & Utilities vertical and the improvement in Manufacturing. He also requested details on the quantum and split of the upcoming wage hikes.

    Answer

    CFO Jayesh Sanghrajka explained that quarterly segmental margin fluctuations are driven by multiple factors like utilization, onsite/offshore mix, and the ramp-up of specific deals, and should be viewed on a trend basis. Regarding wage hikes, he reiterated that they will be in two phases, with junior employees receiving them in January and the rest in April, but did not provide a specific quantum.

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