Brokerages have ABB India Ltd., Sapphire Foods India Ltd. and TCI Express Ltd. on their radars following the release of these companies' fourth-quarter results.
NDTV Profit tracks what the brokerages are putting out on specific stocks. Here are all the top calls from the brokerages that you need to know about on Monday.
NDTV Profit tracks what the brokerages are putting out on specific stocks. Here are all the top calls from the brokerages that you need to know about on Monday.
Elara Capital On Tata Motors
The brokerage maintains 'accumulate' with a target price of Rs 1,100 per share (An Upside 5% from the previous close).
The company delivered in-line results and near-term outlook remains muted.
Margin expands 190bp YoY and JLR Ebit margin up 40bp QoQ at 9.1%.
Weak CV with slow Q1 and PV outlook and JLR FY25 Ebit guidance flat YoY.
Factor in 2% JLR volume CAGR over FY26, with Ebit 9.3%.
Flat India CV Volumes with monitoring margins.
Nuvama On Tata Motors
Nuvama maintains 'reduce' with a target price of Rs 940 apiece (A downside of 10% from the previous close).
Fourth quarter miss due to lower CV, PV numbers and JLR/CV business will moderate.
JLR Order book exhaustion and high base should lead to single-digit growth in FY25.
Muted showing in India CV is likely due to loss of share to railways.
Building in a moderate revenue/Ebitda CAGR of 8%/13% over FY24–26.
Citi On Eicher Motors
The brokerage maintained a 'buy' rating with a target price of Rs 5,300 per share from Rs 4600 apices earlier.
Believes that the company delivered strong results and the outlook is positive.
Management expecting double-digit YoY growth in the middleweight bikes segment.
VE Commercial Vehicles Ltd. outlook cautious due to elections, cut estimates by 11% FY25.
Increase Royal Enfield estimate by 6-7% over FY26
Changed their target price to earnings multiple for Royal Enfield to 30 times from 29 times.
Emkay On Eicher Motors
The company maintained 'sell' with a target price of Rs 3,400 per share, (A downside of 27% from the previous close.)
The company delivered in-line quarter and growth concerns remain.
Believe growth remains a challenge with the recent Himalayan launch yet to take off meaningfully.
Concerns around incremental growth potential from upcoming 450cc launches, given the segment’s limited size.
Replacement/upgrade demand for Royal Enfield remaining elusive.
Raise FY26 EPS by 5% on 2W recovery and margin improvement.
Jefferies On ABB
Jefferies retains 'buy' on ABB with a target price of Rs 8,845 apiece, 27% upside from the previous close.
Ebitda was a 52% beat year-on-year, no one-offs.
Renewables, a moderate growth area versus high growth earlier.
Revises earnings per share for 2024, 2025 by 1–4%.
Motilal Oswal On ABB India
The brokerage maintains a 'buy' rating on the company with a target price of Rs 8,500 per share, over 18% upside from previous close).
ABB numbers were much ahead of estimates, with strong margin improvement.
Revenue was largely in line with its estimate.
Margin led by superior product mix, services revenue and exports.
Margins have surprised positively across segments.
Sees further scope for margin improvement.
Citi On Cipla
The brokerage maintains a 'buy' rating with a target price of Rs 1,650 per share, a 23% upside from the previous close.
Fourth-quarter Ebitda came 4% below Citi's estimates as higher operating expenses offset improvement in gross margins.
India growth was tepid at 7% YoY due to weakness in the consumer segment.
India remains one of key priorities for capital allocation.
The company is prepared well for the post-gRevlimid scenario.
Pipeline of respiratory, injectables may help to mitigate impact of decline in gRevlimid.
FDA inspection on Goa facility expected in Q2 FY25, remediation is on for Indore facility.
Trade generics may see some disruption in Q1 FY25 due to change in the distribution model.
Citi Upgrades Mahanagar Gas
Citi upgraded the company to 'buy', with a target price of Rs 1,550 apiece, 18.6% upside from the previous close.
Fourth-quarter Ebitda of 6% below brokerage estimates on higher-than-expected decline in margins.
Risk/reward has turned attractive following 15% stock correction.
Management expects higher nearer-term volume growth at 6–7% compound annual growth rate.
Regulatory concerns are now largely priced in.
Lowers FY25–26 Ebitda estimates by 4–5% on slightly lower margin assumptions.
Motilal Oswal On Polycab
The brokerage maintains a 'buy' rating with a target price of Rs 7,850 per share, a 28% upside from the previous close.
Strong delivery continues and gained market share further.
Ebitda came in 15% higher than estimates with the wires segment above 15%.
Market share improved by 200 bps to 25% in wires and cables according to management.
Raises EPS estimates by 5% each for FY25 and FY26, considering higher growth.
Emkay Downgrades Sapphire Foods
Emkay downgrades Sapphire Foods to 'add' from 'buy' with a target price of Rs 1,600 apiece, 12% upside from the previous close.
Stock downgrade on the expectation of muted trends in the first half of FY25 across formats.
Gross margin expanded 90 basis points, led by benign raw material costs.
Cuts FY25/26 Ebitda estimates by 16%/6%.
Faster same-store growth recovery remains potential upside to estimates.
Motilal Oswal On Sapphire Foods
Motilal Oswal maintains 'buy' on the company with the target price at Rs 1,650 apiece, 16% upside from the previous close.
Positive gross margin trends across brands due to a benign raw material basket.
Maintains a cautious stance on quick service restaurants for the near term on ongoing demand challenges.
KFC's store addition to sustain in FY25.
Pizza Hut's store addition to be muted as management aims to fix profitability metrics.
Expects stability in growth metrics, and better unit economics in the second half of FY25.
Estimates 4%/6% profit-before-tax margin for FY25/FY26.
Motilal Oswal On Bank of Baroda
Motilal Oswal maintains 'buy' on the lender with a target price of Rs 300, 18% upside from the previous close.
Net profit in line with estimates, driven by higher other income.
Net interest margin improved 17 basis points quarter on quarter, partly supported by recoveries.
High provisioning expenses as the bank further provided for aviation exposure.
Bank expects 12–14% loan growth in FY25.
Raises FY25/FY26 earnings-per-share estimates by 1.9%/2.8% on account for stable margin, contained provisions.
Estimates FY26 return on asset and return on equity of 1.22% and 17.3%, respectively.
Jefferies On TCI Express
Jefferies maintains 'buy' on TCI Express with a target price of Rs 1,825 per share, 67.6% upside from the previous close.
Q4 Ebitda missed estimates as volumes bottomed out.
Volume growth guidance of 10–12% for FY25.
Pharma, textile, lifestyle products have been under pressure.
On a low base, FY25 to do better than guidance.
FY24 capital expenditure lower as management looks to conserve cash.
Expects 25% FY24–27 EPS CAGR with over 20% return on equity.
Motilal Oswal On TCI Express
The brokerage reiterates 'buy' on TCI Express with a target price of Rs 1,270 apiece, a 16.7% upside from the previous close.
Margins hurt by the weakness in volumes handled.
Weak consumer demand and high inventory levels led to a soft performance in Q4 FY24.
Expects company to clock volume CAGR of 9% and revenue/Ebitda CAGR of 11%/15% over FY24–26.
Volume growth to be driven by expansion of branch network and demand improvement.
Management remains optimistic of maintaining two times GDP growth in the medium to long term.
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