Brokerages shared the latest views and insights on Tata Motors CV, Zomato-parent Eternal, WeWork India, Max Healthcare, JSW Steel and more on Tuesday.
They also offered their outlook on India strategy, on the chemical space as well as the steel sector.
Read on to know more:
Citi on Star Health
Maintain Buy; Hike target price to Rs 650 from Rs 580
Hosted Anand Shankar Roy, MD & CEO. Key takeaways:
Strong uptick in new business in Oct 2025 (60%+ YoY) post GST cuts
Remains confident of delivering 25-30% YoY in fresh retail health on steady-state basis
Upbeat on sustained improvement in net incurred claims ratio
Channel diversification strategies to be accentuated by forging new tie-ups and scaling up agency
Long term retail health policies remain a key focus area, due to economic viability, even as it drags IGAAP profitability
Product innovation to gain pace with OPD based products becoming a crucial focal point post GST rate cuts
FY27 likely to see emergence of a new ‘digital SBU’ withing the company
Retained guidance of delivering Rs 2,500 crore PAT by FY28E even as unwind of the group business can pose marginal headwinds
Morgan Stanley on Eternal
Maintain Overweight; Hike target price to Rs 427 from Rs 420
Like Eternal's strategy of doubling down on customer market share as wallet share expansion can follow later
Assume stress case of higher aggression could mean push out of profitability but this is not a game changer
Assuming stress case scenario, we see the stock bottoming at Rs280-285
Across coverage believe Eternal has the best risk reward
Would use current weakness to accumulate the stock
Jefferies on Max Health
Maintain Buy; Cut target price to Rs 1,400 from Rs 1,500
CGHS revision to add Rs 200 crore, insurance impasse resolved
New asset addition and expansion spree continues
FY26 bed addition largely on-track
Newly acquired units performing well
Max Health stays Top Pick
Kotak Securities on Exide Industries
Maintain sell with target price of Rs 315
Q2 below estimates due to channel inventory correction and under-recovery of fixed costs
In the lead acid business, the company continues to lose share, which remains a concern
Company is well-positioned to benefit from growing demand for LiB
Expect the profitability and return ratios to be under pressure
Macquarie on Steel
Safeguard duty: Policy shift or policy delay?
Temporary safeguard duty expiry caps near-term upside
Recent firming of coking coal prices, implies that there is margin risk in the near term, which could also cap stock performance
Believe this is policy delay, not policy shift
Structurally, believe domestic prices will be at a premium to import parity given robust demand and high capacity utilisation
Steel stocks could remain range-bound in the near term given Q3FY26 margin weakness
Believe this will be an opportunity to add - JSW Steel remains top pick
Remain bullish on the sector
Tata Steel – Maintain Outperform with target price of Rs 207
JSW Steel – Maintain Outperform with target price of Rs 1355
Jindal Steel – Maintain Outperform with target price of Rs 1206
Jefferies on Chemicals
Agro-chem innovators are projecting flat revenues in CY25
Crop prices are firming up and inventory destocking is behind pointing to a healthier CY26
Chinese agro-chem exports remain elevated
India’s HFC exports surged in the first half of the financial year with volume and price rising
Navin Fluorine’s long term contracts provide strong visibility on 44% EPS CAGR over FY25-28
SRF's valuation is extended with limited visibility on specialty chemical growth
PI's growth recovery is delayed to the final quarter of the fiscal
JPMorgan India Strategy – Rajiv Batra
Q2 Earnings Dissector - Materials, Energy and Mid-Caps lead the charge
Witnessed better-than-expected quarter
High single-digit earnings growth amid global headwinds and improving domestic macro-economic conditions
Anticipate accelerated double digit growth in H2FY26 and FY27
See a confluence of factors like benign inflation boosting household purchasing power, another strong monsoon, direct tax cuts in the Budget, GST cuts, and monetary and regulatory easing
Reiterate preference for domestics over exporters
Like Materials, Financials, Consumer, Hospitals, Real Estate, Defense and Power
HSBC on Commercial Vehicles
Tata Motors CV – Initiate Buy with target price of Rs 380
Ashok Leyland – Maintain Hold; Hike target price to Rs 160 from Rs 145
Steady profitability due to stable demand environment
Discounting discipline provides earnings visibility
CV industry’s growth, margin profile and ROCE are similar to those of the PV industry now
Tata Motors CV commands premium pricing with pricing discipline in the MHCV industry
With greater management focus post the demerger, operating efficiencies should improveCiti India Strategy - Surendra Goyal
Citi India Strategy - Surendra Goyal
Q2 slightly ahead and revisions trajectory stabilising; sustenance key
Consensus forward EPS estimates are flattish since the start of Q2 – better than recent trends
Financials, healthcare did better while utilities and industrials were a bit worse than expectations
Festive season demand saw an uptick but remains to be seen if the momentum sustains
Update on US-India trade deal and confidence on return to double digit earnings trajectory in FY27 remain key
Relative valuations look reasonable, September 2026 Nifty target is 27,600
Jefferies India Strategy - Mahesh Nandurkar
September quarter earnings showed a sequential uptick in growth after four quarters of decline
Early festive season driving revenue growth to a 10-quarter high
Sequential improvements in growth were seen in most sectors
Lending financials also recovering from two quarters of earnings decline
Sustainability of the GST-driven consumption uptick is key for stronger earnings trajectory
MSCI India earnings growth for FY26 at 10% now
MS India Strategy - Ridham Desai
See Indian equities regaining their mojo in 2026
Long-term story is gaining strength with government policy action – cyclical recovery is backed by policy pivot
Most risks to our views come from outside India
2026 is likely to be a macro trade in stocks, a transition from the stock-picking environment of 2025
Expect a strong bounce in Indian stocks in the next 12 months
13% upside in BSE Sensex through December 2026
Domestic cyclicals > defensives and external-facing sectors
Overweight Financials, Consumer Discretionary, and Industrials
Underweight Energy, Materials, Utilities, and Healthcare
Jefferies on WeWork India
Initiate Buy with target price of Rs 790
Leading the flex space revolution
At 17% CAGR, flexible workspace stock is growing at 2x the pace of office stock
See room for further penetration
WeWork's premium positioning helps command higher avg. revenue per member & margins
Well funded for expansion
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