Swiggy Ltd., Lodha Developers Ltd., ITC Ltd., Dabur India Ltd., and NTPC Ltd. are among companies that have drawn commentary from top brokerages on Friday.
Analysts have tweaked share price targets after these companies announced their September quarter results.
Brokerages On Swiggy Q2 Results
UBS
Maintain 'Buy' with TP of Rs 580.
Solid trends in both food delivery and quick commerce segments.
QIP should alleviate balance sheet concerns.
Management reiterated guidance.
Macquarie
Maintain 'Underperform' with TP of Rs 285.
Growth, margin improvement, and still high losses.
Swiggy sustained its growth trajectory across segments.
Reduction in quick commerce losses, albeit still high.
Overall platform EBITDA losses remain more than $500 million (annualised), highlighting the economic challenges for the platform.
MOSL
Maintain Buy with TP of Rs 551.
Food delivery growth is in line, but QoQ growth indicates some market share loss.
Preparing for battle, again.
Capex moderation aids margins, but competitive risks loom ahead.
Competition to pick up, but decent operating leverage as new dark stores ramp up.
Brokerages On Dabur Q2 Results
Morgan Stanley
Maintain 'Underweight' with TP of Rs 400.
Growth weakness continues.
Q3 will benefit from the shift in winter season loading for Chywanprash and expectations of a harsh, prolonged winter.
H2 revenues to grow in mid to high single digits, led by low to mid single digit volume growth.
FY26 EBITDA growth to be higher than revenue growth.
Citi
Maintain 'Sell' and reduce TP to Rs 475 from Rs 485.
In-line Q2 but growth challenges persist across key categories.
Expect a slight acceleration in revenue growth in H2 off a low base.
Will monitor potential recovery across categories that have been under pressure.
Believe that sustained improvement in growth and/or profitability may be key to stock performance/valuation multiples.
Macquarie
Maintain 'Neutral' with TP of Rs 490.
In-line Q2; FY26 guidance toned down.
Moderation of H2 sales growth guidance to a mid- to high-single digit range concerns us.
Jefferies On Lodha Q2 Results
Maintain 'Buy' with TP of Rs 1,625.
Strong P&L and guidance maintained.
P&L was a beat to our estimates with earnings of 86% YoY.
Pre-sales were up 7% in Q2 and 8% in H1, compared to 20% annual guidance.
Reiterated the guidance with Q3 sales estimated at Rs 6,000 crore, +33% YoY.
Net debt higher QoQ is seasonality and project add driven.
Brokerages On ITC
Goldman Sachs
Maintain 'Buy' and hike TP to Rs 490 from Rs 480.
In-line quarter, poised for margin recovery in the second half.
Cigarette growth was strong, margins likely to recover in H2.
Strong FMCG performance despite GST transition headwinds.
Paper business margins begin gradual recovery, likely to further improve in H2.
Earnings acceleration likely in H2 across segments.
Citi
Maintain 'Buy' with TP of Rs 500.
Strategic interventions to counter cigarette competition.
Margin recovery likely from FY27.
Cigarette: Strong growth continues; await lower-cost leaf tobacco consumption.
Other FMCG businesses are witnessing growth recovery.
Morgan Stanley On NTPC Q2 Results
Maintain 'Overweight' with TP of Rs 409.
Commissioning guidance lowered.
FY26 lowered to 9.8GW vs 11.8GW earlier and FY27 to 9.6GW vs 10.4GW earlier.
Brokerages On Cipla Q2 Results
Jefferies
Maintain 'Hold' with TP of Rs 1,690.
In-line Sep-Q, FY26 Ebitda Margin Revised Down
Management cut FY26 Ebitda margin guidance by 50-75 bps due to higher R&D costs.
Indicated a delay in achieving FY27 US sales of $1 billion due to a probable delay in launches.
Cut FY26-27 estinated EPS by 1-4% but increase FY28 estimates EPS by 2% on back-ended launches.
Near-term catalysts lacking.
Morgan Stanley
Maintain 'Underweight' with TP of Rs 1,396.
In-line 2Q, margin guidance lowered.
Muted F25-28 EPS CAGR of just 1% keeps us underweight.
See near-term earnings slowdown and limited visibility growth until H2.
Citi
Maintain Buy with TP of Rs 1,800.
Healthy trends in the non-US markets.
Multiple margin levers in FY27.
Management change in-line with expectations.
Believe there are levers like approvals in the US, pick up in India revenue.
These factors can help in lifting FY27E margins.
Morgan Stanley On Canara Bank
Maintain 'Underweight' and hike TP to Rs 115 from Rs 95.
NII beat was helped by interest income on IT refund.
Adjusted for that, core PPoP was 17% below estimates.
Profit beat was driven by higher 'other income'.
Credit costs were higher due to standard asset provisions.
Underlying profitability remains under pressure.
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