Swiggy Ltd., Bajaj Auto Ltd., Apollo Hospitals Enterprises Ltd., Britannia Industries Ltd., and FSN E-Commerce Ventures Ltd. are among companies that have drawn commentary from top brokerages on Monday.
Analysts have tweaked share price targets after these companies announced their September quarter results.
In addition, Goldman Sachs has raised India back to an Overweight position, expecting a 14% upside with an end-2026 NIFTY target of 29,000.
Goldman Sachs India Strategy
Goldman Sachs raises India back to an Overweight position, expecting a 14% upside with an end-2026 NIFTY target of 29,000.
India has been a significant laggard in an otherwise record emerging market year.
The upgrade is driven by growth-supportive policies, earnings revival, under-positioning, and reasonable valuations.
Sectors favoured include financials, consumer staples, durables, autos, defence, materials, and oil marketing companies.
Key investment themes include mass-consumption revival, self-sufficiency, the new economy, and high-growth segments.
Risks include earnings shortfalls, external headwinds, and concerns about AI-driven disruption.
Brokerages On Swiggy
Nuvama
Nuvama initiates coverage with a Buy rating and a target price of Rs 510.
Swiggy has evolved from an early entrant to become the second-largest food delivery company.
The quick commerce market remains underpenetrated and is yet to mature.
Swiggy holds a 43% market share in food delivery, which is expected to grow in double digits with sharp profitability improvement.
Instamart is among the top three quick commerce platforms in India and is expected to deliver gross order value CAGR of around 75% between fiscal 2025–2028.
The consolidated business is projected to break even on an adjusted Ebitda basis by second quarter, compared with a loss of Rs 1,910 crore in FY25.
Morgan Stanley
The board has approved a fund raise of up to Rs 10,000 crore through a qualified institutional placement or other modes.
The fund raise is likely to be completed before the end of CY25.
Post fund raise, total cash could increase to Rs 17,000 crore.
The equity raise would lead to approximately 9% dilution on a post-money basis.
The move strengthens Swiggy’s balance sheet and heightens competition in the industry.
Brokerages On Bajaj Auto
CLSA
CLSA maintains an Outperform rating with a target price of Rs 10,604.
Strong operational performance continues, with domestic two-wheeler growth revival identified as key.
Growth will be driven by KTM restructuring, export recovery, and new launches.
BofA
BofA maintains a Neutral rating and cuts the target price to Rs 9,300 from Rs 9,600.
Margins and exports remain strong, but domestic market share losses are a concern.
Exports and three-wheelers are driving healthy earnings growth.
Jefferies
Jefferies maintains a Hold rating and raises the target price to Rs 9,200 from Rs 9,000, implying a 5% upside.
The brokerage remains positive on Indian two-wheeler demand, forecasting 10% industry volume CAGR over FY25–FY28.
However, concerns persist about declining market share in domestic motorcycles.
Morgan Stanley On Apollo Hospitals
Morgan Stanley maintains an Overweight rating and raises the target price to Rs 8,813 from Rs 8,058.
The company is building an integrated, patient-centric healthcare platform powered by technology.
Morgan Stanley believes the convergence of Apollo’s digital arm, distribution network, and hospital expansion will create a differentiated and scalable franchise.
Delivery remains on track, and valuations are seen as supportive.
Brokerages On Britannia
Jefferies
Jefferies maintains a Hold rating and raises the target price to Rs 6,350 from Rs 6,250, implying a 3% upside.
Strong revenue and Ebitda performance led to an earnings beat.
Key input costs have eased sequentially but remain higher year-on-year.
The company continues to focus on rural markets, and growth is expected to be volume-led.
Citi
Citi maintains a Buy rating and raises the target price to Rs 7,000 from Rs 6,250, implying a 13.7% upside.
GST transition impacted second quarter growth by 2–2.5%.
The company expects normalised growth from third quarter onwards.
Over the medium term, Britannia plans to drive volume-led revenue growth.
Brokerages On Nykaa
Macquarie
Macquarie maintains an Underperform rating with a target price of Rs 150.
Second quarter performance was broadly in line across beauty and fashion segments.
Sustained beauty margin expansion remains key.
Beauty ad income growth stayed below 15%, and higher delivery costs in fashion continue to pressure margins.
Morgan Stanley
Morgan Stanley maintains an Overweight rating with a target price of Rs 271, indicating a 10% upside.
Ebitda losses in the fashion segment narrowed due to operating leverage on marketing costs.
The company remains confident of sustaining growth momentum in both fashion and beauty segments.
Jefferies
Jefferies maintains a Buy rating and raises the target price to Rs 285 from Rs 250, implying a 16% upside.
Margin expansion enabled Ebitda growth that outpaced revenue growth.
High marketing spends in the beauty segment reflect management’s focus on scaling growth.
Nykaa Now is scaling well, and Nykaa Perfumery is set for launch soon.
Citi
Citi maintains a Sell rating with a target price of Rs 175, implying a 28.9% downside.
Marketing spends in beauty and personal care remain elevated.
Margins improved due to lower losses in the fashion segment.
Citi continues to see downside risks to Ebitda estimates and values Nykaa at 50 times FY27E EV/Ebitda.
Brokerages On Trent
Jefferies
Jefferies maintains a Hold rating and cuts the target price to Rs 5,000 from Rs 6,000.
Growth deceleration continues for the company.
Store additions picked up sequentially, but like-for-like growth in fashion remained at low single digits.
Non-apparel categories continued to perform well, while the online channel gained share for Westside.
Macquarie
Macquarie maintains an Outperform rating with a target price of Rs 7,000.
Second quarter operating Ebitda was broadly in line with expectations.
Muted consumer sentiment and unseasonal rains temporarily hurt sales.
Employee cost savings are sustainable.
Macquarie believes a GST rate cut would boost demand for small-ticket discretionary items.
Morgan Stanley
Morgan Stanley maintains an Overweight rating with a target price of Rs 5,456, implying an 18% upside.
Second quarter results continued to show slower growth trends.
Demand was affected by unseasonal rains and muted consumer sentiment.
Gross margins at Westside and Zudio remained stable.
Brokerages On Divis Laboratories
Morgan Stanley
Morgan Stanley maintains an Overweight rating and raises the target price to Rs 7,541 from Rs 7,024.
The company delivered an impressive second quarter performance with a rising share of custom synthesis.
Revenue growth was driven by strength in custom synthesis and momentum in peptides, while the generics segment faced continued pricing headwinds.
Divis remains well positioned with ongoing capital expenditure and long-term contracts, which could unlock strong growth over FY27–FY28.
Citi
Citi maintains a Buy rating and raises the target price to Rs 9,140 from Rs 7,750.
Second quarter results were ahead of expectations with strong commentary on peptide growth.
The company is working towards becoming a global leader in complex peptides.
There is solid traction in custom synthesis, and Citi identifies Divis as its top India Pharma pick.
HSBC
HSBC maintains a Buy rating with a target price of Rs 7,400.
Second quarter results showed a healthy beat, driven by custom synthesis.
Pricing pressure persisted in the generics segment.
HSBC remains positive on the outlook for custom synthesis given the rising client interest in peptides.
Divis has set up a peptides centre of excellence, with increased supplies for peptides and contrast media being key triggers to watch.
BofA Securities
BofA maintains a Buy rating with a target price of Rs 7,150.
Strong revenue momentum led to an Ebitda beat.
BofA expects new capital expenditure to sustain medium-term growth.
Morgan Stanley on Amara Raja
Morgan Stanley maintains an Underweight rating and cuts the target price to Rs 875 from Rs 926.
Second quarter results were broadly in line with estimates.
The lead-acid battery business should see modest sequential expansion, though slower than expected.
Timelines for the new energy business remain unchanged, but there were no new customer wins.
Slower progress in the new energy segment keeps Morgan Stanley cautious.
Macquarie on Petronet LNG
Macquarie maintains an Underperform rating with a target price of Rs 260.
Second quarter volumes remained soft, though Dahej utilisation was high.
No near-term uptick is expected in Kochi terminal utilisation.
The company’s entry into petrochemicals is expected to dilute returns.
Brokerages on Power Finance Corporation
Macquarie
Macquarie maintains an Outperform rating with a target price of Rs 525.
Profit missed expectations mainly due to higher exchange losses.
There were no slippages in Q2, and recoveries are expected to provide further support.
Financial year 2026 growth guidance of 10–11% year-on-year has been retained.
Morgan Stanley
Morgan Stanley maintains an Overweight rating with a target price of Rs 540, implying a 42% upside.
Second quarter profit missed estimates due to lower dividend income and foreign exchange losses.
Net interest income was higher than expected, driven by better yields on assets.
Credit cost and asset under management growth were stable quarter-on-quarter.
Management expects strong loan growth of 10–11% in FY26.
CLSA on Uno Minda
CLSA maintains an Outperform rating and raises the target price to Rs 1,484 from Rs 1,472.
Strong operational performance continues with mid-teens EBITDA growth.
The company remains on a profitable growth trajectory, supported by industry revival and portfolio diversification.
Brokerages on Amber Enterprises
Kotak
Kotak maintains an Add rating but cuts the target price to Rs 8,200 from Rs 8,900.
Second quarter performance was subdued across both the electronics and consumer durables segments.
Weak profitability in the electronics segment was the key negative.
Management remains confident of a turnaround by fourth quarter.
Jefferies
Jefferies maintains a Buy rating but cuts the target price to Rs 9,130 from Rs 9,450.
Second quarter results missed expectations due to weakness in durables, low margins in electronics, and a weak monsoon.
The room air conditioner segment is expected to revive from December, driven by normalised inventory and new BEE norms.
The company plans to pass on higher input costs to customers by March 2026, which should support margins.
Kotak on Cummins India
Kotak maintains an Add rating and raises the fair value to Rs 4,600 from Rs 4,400.
Second quarter results were driven by lumpy data centre sales.
Gross margins improved by 75 basis points year-on-year despite competitive intensity.
Export demand is showing some sluggishness, and constant currency may remain a challenge.
Kotak on Crompton Greaves Consumer
Kotak maintains a Buy rating and revises the fair value to Rs 390.
Weakness in the electrical consumer durables topline was in line with peers.
Margin performance was weaker due to pricing pressures, raw material inflation, and higher investments.
The company has made good progress in securing solar-related orders.
The solar pumps and rooftop category is expected to achieve Rs 20 billion in annualised revenue within the next 1.5 to 2 years.
Jefferies on Aegis Vopak
Jefferies maintains a Hold rating with a target price of Rs 270, implying a 5% upside.
The quarter was weak due to lower gas throughput and realisations.
The Kandla–Gorakhpur pipeline is now expected to be commissioned by March 2026, delayed from CY25.
Once operational, the pipeline could improve throughput at Aegis Vopak’s LPG terminals.
Jefferies on Hindalco Industries
Jefferies maintains a Hold rating and raises the target price to Rs 765 from Rs 735, implying a 3% downside.
Ebitda benefited from better margins at Novelis.
However, rising capital expenditure for Novelis’ US greenfield plant could strain the balance sheet.
Rising aluminium prices have improved the India business outlook.
Jefferies on Torrent Pharmaceuticals
Jefferies maintains a Buy rating and raises the target price to Rs 4,300 from Rs 4,200, implying a 20% upside.
Second quarter growth was driven by stronger sales in the US and Brazil.
Continued supply disruptions affected Germany’s constant currency performance.
The India and Brazil businesses are expected to continue outperforming.
Increased ANDA filings are likely to support sustained US growth.
Morgan Stanley on India Non-Life Insurance
Industry premiums were flat year-on-year in October 2025, compared with 13% growth in September.
Bajaj General Insurance saw a 51% decline due to the absence of a large government health scheme seen in October 2024.
Both public and private multiline insurers grew by 11% year-on-year.
Strong motor insurance premium growth supported overall business momentum in October.
Citi on Kalyan Jewellers
Citi maintains a Buy rating and raises the target price to Rs 750 from Rs 700, implying a 46.3% upside.
Revenue growth was supported by same-store sales growth in India.
Ebitda and Profit benefited from better operating leverage and gains from pilot projects.
The company reported Rs 3.5 billion of debt in H1 and remains on track to become debt-free by FY27.
Demand trends post-Diwali remain strong, and successful execution on growth and deleveraging could drive a re-rating.
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