Bajaj Finance Ltd., Tata Motors Ltd., Maruti Suzuki Ltd., Voltas Ltd., and Ambuja Cement Ltd. are among the top companies on brokerages' radar on Thursday.
Jefferies has done a deep dive on the Indian pharmaceuticals industry, while HSBC has reported on oil marketing companies and domestic two-wheeler companies.
NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Thursday.
Citi On Bajaj Finance
Retained a 'buy' rating on the stock and raised target price to Rs 9,060 apiece from earlier Rs 8,150 per share.
Focused on driving credit cost improvements and expanding growth horizons.
Bajaj Finance 3.0 strategy and Bharti Airtel customer acquisition partnership enhance growth visibility.
Managing Director expressed intention to stay at Bajaj Finance and play an active role in executing the long-range strategy.
Morgan Stanley On Bajaj Finance
Maintained an 'overweight' rating on the stock and raised target price to Rs 9,300 apiece from earlier Rs 9,000.
Well positioned for strong growth in the fiscal year ending March 2026.
The lower stressed asset formation of the second quarter was sustained in the third quarter.
Management guided for lower credit costs in the fourth quarter.
Visibility of over 25% earnings per share growth in the fiscal 2026 has improved, subject to macroeconomic conditions.
Bajaj Finance remains an interesting quality large-cap stock in a challenging market.
Morgan Stanley On Tata Motors
Retained an 'equal-weight' rating on the stock and lowered target price to Rs 853 apiece from Rs 920.
Jaguar Land Rover's fiscal 2025 earnings before interest and tax margin guidance is maintained, but revenue and return on capital employed guidance were lowered marginally.
Jaguar Land Rover will reassess fiscal 2026 guidance after fourth-quarter earnings.
Third-quarter miss was driven by weaker-than-expected average selling prices for Jaguar Land Rover.
India passenger vehicle and commercial vehicle Ebitda were slightly below estimates.
Goldman Sachs On Tata Motors
Retained a 'neutral' rating on the stock and lowered target price to Rs 800 apiece from earlier Rs 830.
Third-quarter results were in line with expectations.
Jaguar Land Rover’s China uncertainty was partially offset by an electric vehicle margin surprise.
Expects modest volume growth from Jaguar Land Rover and passenger vehicles.
Sees low-teens Ebitda growth over fiscals 2025 to 2027.
CLSA On Maruti Suzuki
Retained an 'outperform' rating on the stock and raised target price to Rs 13,446 apiece from Rs 12,631 earlier.
Revenue in line with expectations, but Ebitda margin missed estimates due to higher sales promotion expenses.
Margins declined quarter-on-quarter despite better scale.
Higher sales promotion expenses impacted margin by 60 basis points quarter-on-quarter.
Maruti Suzuki expects the growth rate in the fourth quarter to remain roughly similar to the year-to-date growth.
CLSA On Voltas
Retained an 'underperform' rating on the stock and a target price of Rs 1,500 apiece.
Third-quarter performance slightly below consensus due to lower margins.
Exit market share for secondary sales was largely stable quarter-on-quarter at 20.5%.
Unitary cooling product inventory levels, competitive intensity, and profitability outlook are key factors to monitor, according to the brokerage.
Macquarie On Power Finance Corp
Retained an 'outperform' rating on Power Finance Corporation with a target price of Rs 660 apiece.
Also maintained 'outperform' rating on Rural Electrification Corporation with a target price of Rs 700 apiece.
Central Electricity Regulatory Commission plans to incorporate new regulations on infirm power.
Infirm power refers to electricity injected into the power grid before a generating station is fully operational.
Expects some losses for generation companies, but no impact on lenders.
Change in revenues will not affect lender repayments.
From a credit risk perspective, there is no impact on Power Finance Corporation or Rural Electrification Corporation.
Citi On RR Kabel
Maintained a 'buy' rating on the stock and a target price of Rs 1,950 apiece.
Third-quarter margin performance exceeded expectations.
Growth acceleration remains key for stock re-rating.
RR Kabel continues to demonstrate strong execution and growth in its wires and cables business.
Healthy cash flows and a strong balance sheet support the company’s outlook.
Citi On CarTrade
Retained a 'buy' rating on the stock and raised target price to Rs 1,820 apiece from earlier Rs 1,232.
Acceleration in growth in the standalone business was expected post-guidance.
Post-earnings call, the outlook ahead looks robust.
Remarketing business has clearly bottomed out.
Olx India is beginning to show growth after three to four quarters of cost rationalisations.
Web traffic data suggests consumer business properties are gaining market share.
UBS On Triveni Turbine
Initiated coverage with a 'buy' rating and a target price of Rs 900 apiece.
Positioned as a clean energy and quality earnings compounder.
Strong global presence in renewable steam turbines.
Play on energy efficiency trends and domestic captive power capacity expansion.
Potential for credible global scale-up remains underappreciated.
Right focus to drive 30% earnings growth over fiscals 2024 to 2028.
Bank Of America On RIL
Retained a 'buy' rating on the stock and lowered target price to Rs 1,550 apiece from earlier Rs 1,723.
Retail segment expected to witness growth from the fiscal year ending March 2026, as rationalisation efforts conclude.
Telecommunications business has multiple revenue levers, with most 5G capital expenditure already completed.
Lower fiscal 2026 to 2027 estimates following third-quarter results.
Risk-reward remains favourable.
Bank Of America On Maruti Suzuki
Retained a 'buy' rating on the stock and a target price of Rs 14,000 apiece.
Beyond a small third-quarter miss, volumes and margins likely to improve ahead.
Impact of discounts not as severe; fourth-quarter margins expected to improve.
Growth trends remain stable, with exports and E-Vitara as bright spots.
Morgan Stanley On Ambuja Cements
Retained an 'overweight' rating on the stock and a target price of Rs 675 apiece.
Standalone and consolidated volumes were much higher than estimates, benefiting from better-than-expected realisations.
Consolidated operating expenses were higher, offsetting some of the benefits.
Consolidated Ebitda was 29% above estimates.
Ebitda per tonne was Rs 1,038 per tonne versus estimates of Rs 869 per tonne.
Also Read: Ambuja Cement's Q3 Profit More Than Doubles
Jefferies On Indian Pharmaceuticals
Indian generic pharmaceutical companies are preparing for the launch of weight loss drug Semaglutide, after its patent expiry in 2026.
Estimate Semaglutide’s weight loss market could reach $500 million in size.
Could potentially reach $1 billion with appropriate pricing, adoption, and government incentives.
Due to manufacturing complexity and association with chronic ailments, larger players like Sun Pharmaceuticals, Cipla, Torrent Pharmaceuticals, and Lupin could be key beneficiaries.
HSBC On Two-Wheeler Companies
Downgraded Ola Electric to 'hold' from 'buy' and lowered target price to Rs 70 apiece from earlier Rs 100.
Upgraded TVS Motor to 'buy' from 'hold' with a target price of Rs 2,800 apiece.
Retained a 'buy' rating on Bajaj Auto and lowered target price to Rs 10,500 apiece from earlier Rs 11,500.
TVS Motor's third-quarter margins exceeded expectations, while Bajaj Auto's were in line.
Sees a better outlook for TVS Motor compared to Bajaj Auto.
The two-wheeler industry may still grow in high single digits in the fiscal 2026, while export traction continues to improve.
With the recent stock correction, we see value in two-wheeler stocks.
HSBC On Oil Marketing Companies
Retained a 'buy' rating on Indian Oil Corp. and lowered target price to Rs 170 apiece from earlier Rs 190.
Retained a 'buy' rating on Bharat Petroleum Corp. and lowered target price to Rs 440 apiece from earlier Rs 460.
Hindustan Petroleum Corp. also kept its 'buy' but with a lower target price of Rs 450 apiece from Rs 480.
Short-term volatility is not concerning as long-term fundamentals remain supportive.
Third-quarter earnings were largely in line with estimates.
Expects further weakness in gross refining margins, but are not overly concerned.
Additional sanctions on Russian crude could be a setback, and marketing margins will remain volatile.
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