Indian Oil Corp., Adani Energy Solutions Ltd., Sona BLW Precision Forgings Ltd., PNB Housing Finance Ltd., Bata India Ltd. and Vodafone Idea Ltd. are among companies that have drawn commentary from top brokerages on Tuesday.
Analysts have tweaked share price targets after these companies announced their September quarter results.
Brokerages On Indian Oil Q2 Results
Jefferies
Maintain 'Buy' and hiked target price to Rs 180 from Rs 160.
EBITDA beat by 33%, driven by strong refining.
Marketing was down sharply QoQ and was in line.
Government's compensation for LPG losses will boost earnings over H2FY26 and FY27 and lower net debt.
Marketing profitability has weakened somewhat in Q3, and inventory losses are likely.
Citi
Maintain 'Buy' with TP of Rs 190.
Strong quarter; beats estimates.
Sharp recovery in gross refining margins.
Marketing sequentially softer, though still above normalised levels.
Brokerages On Sona BLW Q2 Results
Citi
Maintain 'Buy' and cut TP to Rs 610 from Rs 630.
EBITDA ahead, net profit in-line with estimates.
Diversification will be the key to navigating global demand uncertainties.
Margin trajectory has been impressive.
Jefferies
Maintain 'Buy' and hike TP to Rs 585 from Rs 515.
Regaining momentum in Q2.
After two quarters of decline, EBITDA grew 13% YoY, led by railway and business acquisition.
Sona is finding new growth avenues with suspension modules, orders for the Mexico plant, and development of rare-earth-free motors.
Sona is also likely to secure new orders with three competitors in Europe filing for insolvency.
Raise FY26-28E EPS by 14-17%.
Investec on Adani Energy Solutions
Maintain 'Buy' with TP of Rs 1,290.
Growth fuelled by asset additions and smart meter rollout.
Power demand in Mumbai’s distribution area saw subdued growth due to heavy monsoon rains that curtailed electricity usage.
EBITDA growth led by strong contribution from transmission and smart meter business.
Investec on PNB Housing Q2 Results
Maintain 'Hold' with TP of Rs 900.
Growth moderated; Spread stable at 2.26%.
Overall asset quality healthy and affordable housing asset quality needs close watch.
Expect write-backs to continue for two more quarters, leading to better profitability metrics.
Uncertainty prevails around management succession.
Citi On Bata India Q2 Results
Maintain 'Sell' and cut TP to Rs 750 from Rs 850.
Growth and profitability remain weak.
Management highlighted growth was impacted due to deferment of purchases on account of GST cut and disruption in one of the largest warehouses in July 2025.
Profitability was impacted by higher markdown and higher marketing investments.
Cut FY26-28 revenue est by 3-4% and EPS est by 16-24%.
Citi On Vodafone Idea
Maintain 'Buy' (High Risk) with TP of Rs 10.
Supreme Court order paves the way for government AGR relief.
Believe this could have significant positive ramifications for Voda Idea and, by extension, for Indus Towers.
Relief from the government should be forthcoming well ahead of this deadline – ie, in the coming weeks and months.
AGR relief could trigger a series of positive events.
Jefferies On Supreme Industries
Maintain 'Buy' with TP of Rs 5,100.
Pipe volume growth is strong at +17% but the margin miss forecast.
Management retains FY26e outlook of +15-16% versus 10% estimates.
Management retains the operating margins target of 14.5%-15% with benefits from potential ADD.
View Supreme Industries as a play on housing, capex, agri demand.
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