SBI Cards and Payment Services, Kotak Mahindra Bank, Dixon Technologies, and Coforge are among the many companies drawing brokerage commentary opn Monday.
Analysts have revised price targets after these companies released theri second quarter earnings report.
Brokerages On Kotak Mahindra Bank
Morgan Stanley
Maintain 'Overweight' with TP of Rs 2,600.
The last catalyst turns next quarter.
Liked the broad-based loan growth as well as the moderation in asset quality stress.
NIM was down 11 bps QoQ as unsecured loans mix moderated.
Indeed, NIM is the only catalyst left and expect a turn starting next quarter.
Expect re-rating as earnings outperformance accelerates.
Investec
Maintain 'Hold' and hike TP to Rs 2,335 from Rs 2,275.
In-line performance, elevated valuations limit upside.
Healthy loan growth led by low-yield segments; sharper NIM fall vs peers in H1.
Credit costs ease QoQ as MFI/CC stress moderates.
Jefferies
Maintain 'Buy' and hike TP to Rs 2,650 from Rs 2,550.
Beat estimates with better NII and lower opex and credit cost.
Loan growth was healthy at 16% YoY and compensated for weaker-than-expected NIM.
Credit quality is improving with slippage down to 1.6%.
Trim earnings for FY26-28 by 2-3%; FY27 estimates ROE is lower than peers at 13%.
See limited room for valuations to re-rate.
Morgan Stanley On Dixon Tech
Maintains 'Underweight' with TP of Rs 11,563.
Chinese smartphone EMS players like DBG and BYD have witnessed an increased in demand from Chinese smartphones brands like Xiaomi, Oppo and Vivo.
Chinese EMS players are getting increased orders from Chinese ODM players Longcheer and Huaqin.
These ODM players also have a JV with Dixon and Bhagwati.
DBG Market share in India grew 21% in Q3 CY25 vs 13% YoY, while Dixon slipped to 53% vs 64% YoY.
Indian EMS players including Dixon benefit from PLI but Chinese EMS Players seem to be slowly gaining ground.
Brokerages On ITC Hotels
Jefferies
Retain 'Buy' with TP of Rs 270.
Q2 inline with 9% growth in RevPAR.
Scale up of Sri Lanka hotel with EBITDA positive versus loss last year with higher other income.
Remains focused on scaling to 20,000 keys vs 13,600 currently by 2030.
Launched new upscale brand ‘Epiq Collection’ in Q2.
Macquarie
Maintain Outperform with TP of Rs 270
Q2: Strong execution; long term potential clear
Longer term, believe occupancy levels could increase to the high-70s
This accompanied by higher ARR, which should drive growth for several years
Brokerages On Coforge
JPMorgan
Maintain Overweight with TP Rs 2,500 vs Rs 2,400 earlier.
Delivered on margins and cash flow in Q2 vs challenges last time.
Mgmt highlighted demand has improved somewhat and expects H2 growth to be robust backed by strong deal wins, pipeline.
Continues to maintain 14% EBIT margin in FY26, but post that will likely prioritise growth.
Jefferies on Coforge
Retain Buy with TP raised to Rs 2,180 vs 2,030.
H1 saw 10 large deal signings vs 14 in FY25.
Raise estimates by 2-5% and expect 20% EPS CAGR.
Morgan Stanley
Maintain 'Overweight' with TP raised to Rs 2,030 vs Rs 1,800 earlier.
Minimum 14% EBIT margin threshold maintained which is the right approach.
Management expects momentum in key verticals banking, insurance and travel.
Intent to keep firing on revenue growth post.
Brokerages On SBI Life
Bernstein
Maintain 'Outperform' with TP of Rs 2,190.
Low GST impact on margins.
Muted growth and strong margins, with a better outlook.
Does not plan to cut commissions and expects minimal impact on margins.
Macquarie
Maintain 'Neutral' with TP of Rs 1720.
Q2 beat on all fronts.
Positive surprise on growth and margins
Impact of GST on VNB margins lower than peers.
Maintain Neutral given VNB expectations and regulatory overhang.
Citi on SBI Life
Retain 'Buy' with a higher TP of Rs 2,550 from Rs 2,500 earlier.
Margin expansion is encouraging and backed by a product mix shift towards high-yielding segments.
Management remains confident in favourable business mix change.
Brokerages On SBI Cards
UBS
Retain 'Neutral' with TP of Rs 1,000.
Higher opex and corporate spends impacted PAT.
Expects the cost of funds to remain stable and hence margins to remain at current levels.
Expects credit cost to moderate over the coming quarters and loan growth guidance of 10-12%.
Revolver mix to inch up from current levels but likely to remain sticky in the near term.
Macquarie
Maintain 'Neutral' with TP of Rs 990.
Profit miss driven by higher operating expenses.
All eyes on the credit cost trajectory.
Expect NIM improvement in the coming quarters.
Morgan Stanley
Maintain 'Underweight' and cut TP to Rs 700 from Rs 710.
Q2: Misses and downgrades continue, valuation steep.
Market estimates for credit costs and earnings are too optimistic.
See structural risks to growth, ROE and de-rating.
CLSA On Federal Bank
Maintain 'Outperform' and hike TP to Rs 260 from Rs 250.
The Blackstone deal amounts to a large capital raise.
Accretion to book value, but dilution to EPS in the medium term.
Increase FY26-28 loan growth estimates from 15% to 17-18% and consequently increase PAT by 4-8%.
Cut EPS estimates by 3-7% due to the large share count dilution.
Brokerages On Dr Reddy's Labs
Morgan Stanley
Maintain 'Equal-weight' and hike TP to Rs 1,389 from Rs 1,298.
Resilient EBITDA amid weak US business.
Growth engines shift to GLP-1 and biosimilars.
Posted strong ex-US growth, led by India, Europe, and EM.
Solid cash flow and stable EBITDA.
Margins fell on lower gRevlimid sales, US price erosion, and one-offs; GLP-1 and biosimilars remain key drivers to watch.
Goldman Sachs
Maintain 'Neutral' and cut TP to Rs 1,225 from Rs 1,250.
Q2 inline; Revlimid cliff impact started.
Semaglutide Canada approval awaited.
Double digit growth in the India business continues.
Europe business remains robust.
Cut FY26-28 EPS estimates by 2% to factor in the Q2 numbers, lower Semaglutide sales in Canada and updated business outlook.
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