Nirmal Bang maintains a 'hold' rating on all its capital goods coverage, while remaining bullish on Triveni Turbine's potential to deliver 25% growth year-on-year.
Motilal Oswal remains positive on Home First Finance and JSW Infrastructure. Morgan Stanley shares its outlook on equity strategy, while Emkay is optimistic about TVS Motors and Royal Enfield in the two wheeler space.
NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are the top calls from analysts you need to know on Friday:
Motilal Oswal On Home First Finance
Maintain 'buy' on Home First Finance at a target price of Rs 1,250, implying a 25% potential upside.
Attractive investment opportunity in the affordable housing finance segment.
Current 2.6 times the fiscal 2027 price to book value valuation is reasonable.
Expect stock to exit fiscal 2025 with a 17% return on equity.
Co's approach to cost leadership to help drive profitability.
Co is well governed, has healthy AUM growth trajectory, best-in-class asset quality.
Expect assets under management and net profit to grow at 29% and 24% CAGR respectively over fiscals 2024 to 2027.
Nirmal Bang On Capital Goods
Expect most cos to see good growth due to robust order book execution.
Expect topline growth of 19.8% year-on-year for the coverage.
Expects 51 basis points year-on-year margin improvement on easing RM costs, operating leverage.
Brokerage structurally positive on the sector in near-to-medium term.
Triveni Turbine to deliver strong growth of 25.6% year-on-year.
Thermax, KEC International, Apar Industries, and Solar Industries to see 17.2%, 16.1%, 20.9%, 24.5% year-on-year growth respectively.
Brokerage maintains a 'hold' rating for all its capital goods coverage.
(Note: Brokerage covers Apar Industries, KEC International, Power Mech Projects, Solar Industries, Thermax, Triveni Turbine)
Motilal Oswal On JSW Infrastructure
Maintain 'buy' call with a revised target price of Rs 375, implying 21% upside potential.
Business remains well positioned to surpass fiscal guidance.
Market presence to strengthen on capacity expansion target to 400 MMT by 2030.
Strategic location of ports to support long-term growth.
Co well poised to participate in government's active port privatisation efforts.
Strong balance sheet to allow co to add new ports to portfolio.
Expect volume, revenue, and Ebitda to grow at 14%, 19%, and 20% CAGR over fiscals 2024 to 2027.
Volume growth drivers: Expanding capacity, better third-party mix and utilisation levels.
DAM Capital On Automobiles
Upgrade Tata Motors, Bajaj Auto and Escorts Kubota on favourable risk-reward.
Comfortable valuation after sharp correction offers favourable risk-reward.
Believe near-term challenge would persist for the next one or two quarters.
Expect normalised industry scenario by mid-FY26 and FY27 along with valuation.
Rating upgrades to 'buy':
Upgrade Tata Motors from 'neutral', with a target price of Rs 870, implying a potential upside of 17.4%.
Upgrade Escorts from 'neutral', with a target price of Rs 3,550, implying a potential upside of 12.7%.
Upgrade Bajaj Auto from 'sell', with a target price of Rs 9,750, implying a potential upside of 10%.
Top picks: Mahindra & Mahindra, TVS Motor and RK Forging.
Axis Capital's New Year Picks
Nifty 50 earnings-per-share is projected to grow by 7.6% in FY25.
Growth expected to accelerate to 13.7% in FY26 and 11% in FY27.
Supported by real estate cycle, private capex recovery, strong construction activity.
Prefer bottom-up stock picking.
‘Growth at a Reasonable Price’ & ‘Quality’ would be key to generating returns next year.
| Company | Target Price | Upside | |
|---|---|---|---|
| Shriram Finance | Rs 3825 | 31% | |
| City Union Bank | Rs 215 | 24% | |
| Ethos | "Rs 3 | 750" | 21% |
| Fortis Healthcare | Rs 860 | 28% | |
| Ambuja Cements | Rs 675 | 23% | |
| Bharti Airtel | "Rs 1 | 880" | 18% |
| Prestige Estates | "Rs 2 | 195" | 26% |
| DOMS Industries | "Rs 3 | 120" | 22% |
| Cipla | "Rs 1 | 735" | 17% |
Morgan Stanley On Equity Strategy
Expect robust growth signals in the months ahead.
Heightened capital market activity, global developments to decide where share prices head.
Higher govt spending, expanded wedding season, strong summer crop to support near-term growth.
This quarter's earnings season may have a positive surprise due to major earning estimate reductions.
Behaviour of Indian earnings and stock to depend on policy action in US & China, outcome of global conflicts.
Expect regulatory tightening to loosen in the weeks ahead.
Emkay On Auto & Ancillaries
Retail sales post-festive have moderated across two wheelers and passenger vehicles.
Two wheeler and passenger vehicle retail sales down 16% and 1% respectively in Dec. 2024 versus 16% and 4% growth during Sept. to Nov. 2024.
Retail sales moderating on weakening consumer sentiment, financiers practising caution.
Growth rates remain muted despite record discounts, which led to high channel inventory .
Expect TVS Motors and Royal Enfield to do well within two wheelers.
Hero MotoCorp likely to report muted volumes at 360k units.
Mahindra & Mahindra likely to post better annual growth within passenger vehicles due to newer launches.
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