One97 Communications Ltd., Vodafone Idea Ltd., Sun Pharmaceuticals Ltd., Adani Port and Special Economic Zone Ltd., and Grasim Industries Ltd. are among companies that have drawn commentary from top brokerages on Thursday.
Analysts have tweaked share price targets after these companies announced their September quarter results.
Brokerages on Paytm Q2 Results
Jefferies
Maintains Buy and raises target price to Rs 1,600 from Rs 1,420.
Reports healthy growth in core revenues and profits.
New business lines could enhance monetisation and option value.
Expects 24% CAGR in revenues and Ebitda margin expansion over FY25–28
Remains a preferred pick in the financials sector.
UBS
Maintains Neutral with a target price of Rs 1,250.
Small operational beat but management commentary improving.
Merchant business continues to gain traction.
Beat driven by financial services revenue and lower ESOP costs.
Relaunched postpaid offering, while merchant loans remained strong.
Citi
Maintains Buy and raises target price to Rs 1,500 from Rs 1,215
Second quarter showed strong payment margins with new growth drivers emerging.
Growth and Ebitda margin outlook remains robust.
Key drivers include payment aggregation, credit on UPI, and equity broking.
BofA
Maintains Neutral and raises target price to Rs 1,400 from Rs 1,290.
Second quarter Ebitda in line but beats consensus expectations.
Focus remains on cost control and continued monetisation.
Introduced new Postpaid product and merchant-side top-line gains supported by AI initiatives.
Citi on Vodafone Idea
Maintains Buy (High Risk) and raises target price to Rs 14 from Rs 10.
Supreme Court clarification expected to set in motion the government’s AGR relief.
Believes recent developments could trigger a series of positive events for the company.
Brokerages on Adani Ports Q2 Results
Goldman Sachs
Maintains Buy and raises target price to Rs 1,540 from Rs 1,510
Second quarter results were in line with expectations.
Risk-reward seen as attractive with growth recovery likely in second half of this fiscal.
Stronger balance sheet positions the company for further organic and inorganic growth opportunities.
Jefferies
Maintains Buy and raises target price to Rs 1,880 from Rs 1,815.
New port additions supporting volume growth.
Strategy focused on driving absolute Ebitda growth through integrated logistics.
Capital allocation remains a key focus.
Macquarie
Maintains Outperform with a target price of Rs 1,760.
Second quarter performance in line and outlook remains positive.
Company well-positioned to achieve FY26E volume guidance.
Optimistic on long-term prospects supported by diversification, execution track record, and expansion backed by cashflows.
CLSA
Maintains Outperform with a target price of Rs 1,764.
Delivered strong all-round performance.
Strategic expansion and deleveraging have strengthened fundamentals.
Diversification into logistics and asset acquisitions delivering results.
Rising operating cashflows brought second quarter leverage to a nine-year low.
Brokerages On Sun Pharma
Morgan Stanley
Maintains Overweight and raises target price to Rs 2,026 from Rs 1,948.
Beats estimates with resilient performance driven by Specialty and India businesses.
US innovative sales surpassed generic sales for the first time.
Global Specialty sales contributed 20% of the sales mix, up 16.4% year-on-year.
Continued Ilumya growth and expanding innovative portfolio expected to drive earnings.
Citi
Maintains Buy with a target price of Rs 2,180.
Healthy margins despite higher expenses likely to ease investor concerns.
Solid performance trends across all business segments.
Macquarie
Maintains Outperform with a target price of Rs 2,000.
Second quarter delivered a modest all-round beat.
Expects R&D expenses for fiscal year 2026 to be at the lower end of the 6–8% guidance range.
Brokerages on Grasim Q2 Results
Morgan Stanley
Maintains Overweight with a target price of Rs 3,690.
Second quarter saw a strong Ebitda beat driven by core businesses and new-age businesses also performed well.
Paints segment showed accelerated quarterly market share gains.
Anticipates further ramp-up in second half amid improved industry demand.
Sees potential for re-rating and sustained compounding over the medium term.
Grasim remains a top pick.
Jefferies
Maintains Buy with a target price of Rs 3,500.
Slight beat in results.
Paints CEO resignation seen as a negative surprise.
Paints segment had a tough quarter, but market share gains continued.
CEO’s exit may cause short-term investor caution given his role in scaling the business.
Citi
Maintains Buy and raises target price to Rs 3,450 from Rs 3,400
Second quarter delivered no earnings surprises with continued focus on Paints market share.
Birla Opus continues to gain market share.
CEO resignation may raise concerns around direction and growth pending successor announcement.
Jefferies on Indian Hotels
Maintains Buy and cuts target price to Rs 935 from Rs 960.
Results in line but soft. Brokerage expects better performance expected in second half.
Growth driven by new businesses, while standalone Hotel RevPAR was flat due to travel headwinds and renovation closures
Management maintains double-digit revenue growth guidance for FY26 on the back of a stronger second half.
Regulatory approval received to begin construction at Taj Bandstand.
Jefferies on Delhivery
Maintains Underperform and raises target price to Rs 390 from Rs 350.
E-commerce offset weak organic volume growth.
Weak margins in Express Parcel and Part Truck Load segments.
Temporary capacity buildout and GST-related volume deferrals impacted margins.
Believes insourcing remains key for marketplaces, posing an overhang for third-party logistics players.
UBS on Astral
Maintains Buy with a target price of Rs 1,800.
Delivered strong 20.6% year-on-year plumbing volume growth with 60/260 basis points margin expansion year-on-year/quarter-on-quarter.
Volume growth highest in six quarters, surpassing Supreme after four quarters.
Robust performance in Paints and Adhesives with UK business margins expanding to 7.3%.
CLSA on Kaynes
Maintains Hold and cuts target price to Rs 6,375 from Rs 6,410.
Results in line with expectations.
Cashflow conversion remains low.
Positive on long-term growth outlook.
Low free cashflow generation could lead to frequent fund-raising.
UBS on CDSL
Initiates Sell with a target price of Rs 1,400.
Sees deceleration in growth trajectory and elevated valuations.
Operating leverage to support margin expansion, though at a slower pace.
Market cyclicality, regulatory changes, and competition from NSDL seen as growth constraints.
Valuations seen as pricing in perfection.
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