Brokerages shared the latest views and insights on TCS, Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki, IndiGo and more on Friday.
They also offered their outlook on Mahindra & Mahindra Financial Services, on Urban Company as well as the steel sector.
Read on to know more:
Citi on Larsen & Toubro
Maintain Buy with target price of Rs 4,500
L&T sees clear opportunities in the Middle East across areas
Sees potential in Europe as well and has recently announced a partnership for renewable projects integration
Domestically, an improvement in private sector projects, now 30% of the domestic backlog, is aiding growth
Execution should be seasonally strong in H2
Announcement of the next five year strategy plan should keep sentiment positive
Strategy plan to likely allay concerns on medium term growth prospects
Citi on Mahindra & Mahindra Financial Services
Maintain Buy with target price of Rs 345
Unveiled a strategic pivot towards sustained profitable growth
18-20% AUM expansion, resilient 1.3-1.7% credit cost across cycles, and 2.2-2.5% RoA
Aspires to expand its AUM to Rs 3 lakh crore by FY30 representing over 20% CAGR
Jefferies on Lodha
Maintain Buy with target price of Rs 1,625
Firming up of datacenter development business is likely in early 2026
Can provide a large recurring income/valuation upside over time
Palava should see infra triggers in next few months, raising monetisation pace
20% Presales growth target for FY26 remains on track, as Mumbai launches revive
Lodha set to capture the large residential opportunity
Morgan Stanley on Delhivery
Maintain Equal-weight with target price of Rs 450
Sector could continue to see volume and revenue market share consolidation in favor of stronger players
Pricing has remained largely stable, and yields have been steady on a like-for-like basis
Expects to achieve 16–18% margins in express by Q4 and a similar range for PTL within the next two years
Morgan Stanley on Urban Company
Maintain Underweight with target price of Rs 119
Reaffirmed adjusted EBITDA margin of 9–10% of Net Transaction Value for consumer service segment
Expects sustainable growth in Native as it scales up along with continued product innovation
InstaHelp scaled to 468K orders in October 2025 across select micro-markets
Morgan Stanley on Hyundai
Maintain Overweight with target price of Rs 2,842
Growth will be partly supported by launch of the new Venue which has received a good initial feedback
New plant ramp-up could drive an increase in staff costs, overheads, and depreciation, by 20-25%
Morgan Stanley on Maruti Suzuki
Maintain Overweight with target price of Rs 18,489
Post-festive demand/booking trends is holding well
Operating leverage and net pricing will be key drivers of margins in coming quarters
Discounts peaked in Q2
Continues to see a healthy growth rate in exportsMaintain Overweight with TP of Rs 811
November trends appear strong
Maintained double digit revenue growth target in the hotels segment in FY26
Sees 12-15% YoY growth in RevPARs in these segments
Morgan Stanley on Indian Hotels
Maintain Overweight with target price of Rs 811
November trends appear strong
Maintained double digit revenue growth target in the hotels segment in FY26
Sees 12-15% YoY growth in RevPARs in these segments
Morgan Stanley on Leela Palace
Maintain Overweight with target price of Rs 562
maintained its mid- to high-teens EBITDA growth target for FY26
RevPAR outperformed luxury industry by 3x
Guided for continued improvement in RevPARs
Pure-play luxury positioning helps in maintaining price leadership
Morgan Stanley on IndiGo
Maintain Overweight with target price of Rs 6,698
Reiterated high-teens growth in capacity for H2, driven by seasonally improving demand trends and visibility on market opportunities
Expects ex fuel ex forex CASKs to grow in the low single digits
Expects its passenger revenue per ASKM to remain flat YoY in Q3
Morgan Stanley on Sai Lifesciences
Maintain Overweight with target price of Rs 1,020
Guided for 15-20% revenue CAGR over 3-5 years
Guided for EBITDA margins of 28%-30% in the next three years
Investing in new modalities including peptides, photo-flow chemistry, and bioconjugation
Expects capex to be around Rs 700 crore for FY26, supporting future revenue growth
Capacity expansion plans are on track to increase total installed capacity
Aims to focus on asset productivity, margin expansion, and working capital optimisation
Morgan Stanley on Apollo Hospitals
Maintain Overweight with target price of Rs 8,813
Four hospitals are expected to commission in FY26
Expected EBITDA losses from new hospitals around Rs 150 crore in FY27
For Apollo Healthco, the company expects 25–30% annual growth trajectory
Acceleration in GMV expected from Q4 onwards, supported by diagnostics and insurance scaling
Aims to achieve an annual revenue run-rate of Rs 25,000 crore for the combined pharmacy platform
Confident of delivering a 7% EBITDA margin by FY27 for pharmacy platform
Apollo is also working with Microsoft (for hospitals) and Google (for 24/7) to develop solutionsv
Morgan Stanley on Phoenix Mills
Maintain Overweight with target price of Rs 1,900
Five-year growth outlook of 18-20% CAGR
EBITDA tripled over the past 7 years to FY25 and should replicate this over a shorter period now
New projects generate 11-13% EBITDA yield in first three years and ROE can be even higher
Brokerages on M&M Finance
Jefferies
Maintain Hold; Hike target price to Rs 325 from Rs 310
Targets broadly in line with goals indicated earlier
See better sequential trends in H2, but still see ROA at 1.9-2% over FY26-28
Morgan Stanley
Maintain Equal-weight with target price of Rs 300
Gave its medium-term loan growth, credit cost and ROA targets
Loan growth and ROA targets appear more like aspirations over the medium to long term
Our FY26-28 estimates are significantly below this
M&M Financial could be at the cusp of a turnaround
ROA needs to improve materially, for which we see credit costs as the key vector
Jefferies on Mahindra & Mahindra
Jefferies
Maintain Buy; Hike target price to Rs 4,500 from Rs 4,300
Raised FY25-30 tractor industry growth outlook from 7% to 9% CAGR
Also optimistic on a turnaround in LCV demand post the GST cut
Reiterated its strong launch pipeline for SUVs across EVs and ICE, and is working towards expanding exports
Efforts are also underway to unlock full potential in IT and financial services, and deliver high growth in new ventures
Morgan Stanley
Maintain Overweight with target price of Rs 4,407
2025 investor day maintained focus on accelerating growth
Ambitious organic growth targets of 15-40% across segments over FY26-30
SUVs – 8x revenue growth target over FY20-30; implies 8-9% CAGR over FY26-30
Sharp revenue growth could drive profit growth of 30x within the segment, per mgmt.
Farm business 3x revenue target over FY20-30; implies 8% FY26-30 CAGR
Jefferies on Tech Mahindra
Maintain Underperform with target price of Rs 1,270
Gradual growth recovery; margin focus intact
Highlighted focus areas for the next 18 months to drive growth and margins
Reiterated its margin guidance of 15%
Indicated that industry growth recovery is likely to be gradual in FY27
Revenue targets a tad optimistic given demand outlook
Brokerages On TCS
Kotak Securities
Maintain Neutral with target price of Rs 3,300
TCS’s equity investment of $1 billion over the next few years for AI DC business
Believe TCS’s ability to raise external funding for the data center business should allay investor concerns related to capital allocation policy
Remain confident that the company can continue to return 80-100% of its free cash flow to shareholders
Not overly concerned with dilution to return ratios
The business can comfortably generate IRR above the cost of capital
JPMorgan
Maintain Overweight with target price of Rs 4,050
TPG to invest up to $1 billion; Limits TCS’s equity outlay
TCS sees synergies from global partnerships with Hyperscalers and AI firms
Remain skeptical of synergies, but not limited direct investment
Unlikely to materially impact its shareholder returns over the next 5-6 years
Morgan Stanley
Maintain Overweight with target price of Rs 3,430
Strategic equity investment of $1 billion by a private equity player should further validate the prospects of this business
See potential for more announcements related to developments in this business, which should help to provide more clarity
Investors would start warming up to the idea of looking at this business on a sum of the parts basis
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