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    Vibhor Singhal

    Research Analyst at Nuvama Equities

    Vibhor Singhal is an Equity Analyst at Nuvama Wealth Management Ltd., where he specializes in fundamental research with coverage of major Indian IT companies such as Infosys and Wipro. He has actively participated in earnings calls and provided analysis on companies like Birlasoft and eClerx, and his research is cited by leading firms for industry insights. With a career spanning earlier roles at Alchemy Share & Stock Brokers, MF Global Sify Securities India, and PhillipCapital (India), Singhal holds an undergraduate degree from the Indian Institute of Technology Kanpur and has built a reputation for in-depth analysis, though publicly listed performance metrics and securities license data are not available. Recognized within institutional equities circles, he is frequently referenced for his sector expertise and engagement with company management teams.

    Vibhor Singhal's questions to Infosys (INFY) leadership

    Vibhor Singhal's questions to Infosys (INFY) leadership • Q1 2026

    Question

    Vibhor Singhal of Nuvama Institutional Equities asked if a resolution to tariff uncertainties could quickly restart client spending. He also inquired if the current AI cycle is analogous to the digital adoption cycle of 2015-16 in terms of its potential industry impact.

    Answer

    CEO Salil Parekh stated that while clients are keen to leverage enterprise AI, the company's outlook is based on the current environment, and they will update it quarterly as conditions evolve. He viewed the current AI shift as distinct from past tech cycles but noted Infosys is well-prepared to capitalize on the tremendous client interest and foundational needs like cloud and data.

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    Vibhor Singhal's questions to Infosys (INFY) leadership • Q4 2025

    Question

    Vibhor Singhal from Nuvama Institutional Equities inquired if the growth trajectory in FY'26 might be less first-half heavy due to macro uncertainty in Q1, and asked if there were still benefits to be realized from Project Maximus.

    Answer

    CFO Jayesh Sanghrajka stated that while regular seasonality is expected, macro uncertainty makes the quarterly growth trajectory unpredictable, and declined to give quarterly guidance. He affirmed that Project Maximus continues to have opportunities to deliver value through tracks like value-based selling and lean automation, giving management confidence in their ability to improve margins from current levels.

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    Vibhor Singhal's questions to Infosys (INFY) leadership • Q2 2025

    Question

    Vibhor Singhal asked for an outlook on the BFSI vertical regarding discretionary spending, questioned if the softer TCV this quarter was due to deal pushouts, and sought the rationale for delaying wage hikes.

    Answer

    CEO Salil Parekh confirmed that discretionary spending in Financial Services remains strong, particularly in capital markets, mortgages, and payments, though large transformation programs are not yet prevalent. He characterized the quarterly TCV as naturally lumpy and not indicative of a change in client behavior. CFO Jayesh Sanghrajka explained the timing of wage hikes considers the demand environment, market practices, and the anniversary of the last increase, also noting the recent increase in variable pay.

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    Vibhor Singhal's questions to WIPRO (WIT) leadership

    Vibhor Singhal's questions to WIPRO (WIT) leadership • Q1 2026

    Question

    Vibhor Singhal from Nuvama group asked about the drivers behind Capco's solid growth in a challenging environment and whether its momentum and pipeline remain strong. He also re-inquired about the margin outlook and the potential to exceed the previously mentioned 17-18% range.

    Answer

    CEO & MD Srini Pallia attributed Capco's growth to strong performance in the U.S. and APMEA, particularly across insurance, wealth management, and energy sectors, as well as expansion in Latin America. CFO Aparna Iyer confirmed Capco's pipeline continues to look good. On margins, she reiterated that while Q1 was in the 17-17.5% aspirational band, the number one priority is now growth, which will require investments in ramping up large deals, potentially creating margin pressures.

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    Vibhor Singhal's questions to WIPRO (WIT) leadership • Q4 2025

    Question

    Vibhor Singhal asked if macro weakness impacted Q4 results, questioned the potential for positive growth in FY'26, and inquired about margin risks from weak growth versus potential upside from a recovery.

    Answer

    CEO Srinivas Pallia confirmed that a deteriorating macro environment impacted Q4 results but declined to give FY'26 guidance, pointing to the Q1 guidance as the best current visibility. CFO Aparna Iyer stated the goal is to maintain margins in a 'narrow band,' citing headwinds from weak revenue and pricing pressure on cost-takeout deals. She noted levers like managing bench costs and G&A optimization would be used to defend profitability.

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