ICICI Securities Ltd: Recent Downgrades and Market Movements

In a series of recent financial analyses, ICICI Securities Ltd, a prominent technology-based financial services company, has made several notable adjustments to its stock recommendations. Known for its diverse operations in broking, distribution, and advisory services, ICICI Securities has been actively evaluating market conditions and company performances, leading to a series of downgrades and adjustments in its target prices.

Clean Science and Technology: A Downgrade Amidst Weak Growth

On July 18, 2025, ICICI Securities downgraded Clean Science and Technology, citing weak growth as a primary concern. Despite the tailwinds of lower input prices and HALS offtake, the company’s EBITDA grew only 5.5% year-over-year. Established product revenues saw an 8% increase, but overall sales were hampered by weak demand. Consequently, ICICI Securities adjusted its target price to Rs 1330, reflecting a cautious outlook on the company’s growth trajectory.

Glenmark Pharmaceuticals: Downgrade Despite Price Target Hike

In a surprising move, ICICI Securities downgraded Glenmark Pharmaceuticals to ‘Sell,’ even as it raised the price target. This decision underscores the brokerage’s concerns over Glenmark’s growth prospects, despite the potential upside indicated by the higher price target. The downgrade reflects a strategic reassessment of Glenmark’s market position and future performance.

Newgen Software Technologies: Revenue Miss Leads to Downgrade

ICICI Securities also revised its stance on Newgen Software Technologies, reducing its rating due to a significant revenue miss. The company’s growth of 1.9% year-over-year fell short of its ambitious target of over 20%. This shortfall was primarily attributed to a decrease in large-license deals, prompting ICICI Securities to lower its target price to Rs 970.

LTIMindtree: In-line Revenue Growth with Margin Improvement

While LTIMindtree reported in-line revenue growth, driven by a recovery in consumer and healthcare segments, ICICI Securities maintained a cautious outlook. The company’s EBIT margin improved by approximately 50 basis points quarter-over-quarter, aligning with expectations. However, the brokerage reduced its target price to Rs 4740, reflecting a balanced view of LTIMindtree’s current performance and future potential.

Wipro: Marginal Growth with Flat Guidance

Wipro’s performance in Q1FY26 was marginally better than expected, with a -2% constant currency growth within its guided range. The company’s growth was primarily driven by the healthcare and technology verticals. Despite this, ICICI Securities reduced its target price to Rs 240, citing flat guidance for Q2FY26 and the need for stronger performance to justify a higher valuation.

Polycab India: Strong Growth Maintains Hold Rating

In contrast to the downgrades, ICICI Securities maintained a ‘Hold’ rating for Polycab India, citing strong double-digit growth across its cable and wire and FMEG segments. The company’s impressive Q1FY26 results, driven by higher government expenditure, led to a target price of Rs 7000, reflecting confidence in its continued growth.

Market Reactions and Broader Implications

These adjustments by ICICI Securities highlight the dynamic nature of the capital markets and the importance of continuous performance evaluation. As companies navigate varying market conditions, brokerages like ICICI Securities play a crucial role in providing insights and recommendations to investors. The recent downgrades and adjustments reflect a cautious approach amidst uncertain growth prospects, while the ‘Hold’ rating for Polycab India underscores the potential for sustained performance in certain sectors.

As the financial landscape evolves, investors will closely monitor these developments, seeking opportunities and managing risks in a rapidly changing market environment.