Brokerage firm HDFC Securities has released its latest Q2 FY27 earnings review, sharing its outlook on Bajaj Finance, UltraTech Cement, Union Bank of India, Oberoi Realty, Piramal Finance, L&T Technology Services, Sobha and Shoppers Stop. The brokerage has assessed the companies' quarterly performance, growth prospects and key risks, while revisiting its stock ratings, target prices and earnings estimates following the September-quarter results.
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HDFC Securities Institutional Equities
HDFC Securities Institutional Equities has retained its Buy ratings on Bajaj Finance, UltraTech Cement, Oberoi Realty and Sobha, while maintaining Add recommendations on Union Bank of India, Piramal Finance and L&T Technology Services following their second-quarter FY27 earnings.
The brokerage has also retained its Reduce rating on Shoppers Stop.
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In its results review, HDFC Securities raised its target price for Union Bank of India to Rs 210 from Rs 200 and for L&T Technology Services to Rs 3,700 from Rs 3,570, while keeping its recommendations unchanged across all eight stocks.
The brokerage maintained an unchanged target price of Rs 1,200 for Bajaj Finance, Rs 14,500 for UltraTech Cement, Rs 2,490 for Oberoi Realty and Rs 1,930 for Sobha, all carrying Buy ratings.
It retained an Add rating and Rs 2,000 target price on Piramal Finance, while maintaining Reduce on Shoppers Stop with an unchanged target price of Rs 360.
Based on the reference market prices in the report, Sobha offers the highest implied upside at approximately 64%, followed by Oberoi Realty at 49%, UltraTech Cement at 36% and Bajaj Finance at 25%.
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The brokerage's assessment reflects a mixed earnings season, with strong loan growth at financial companies, healthy cement volumes, robust real estate bookings and improving engineering-services demand. However, HDFC Securities remains cautious about deposit mobilisation at Union Bank, profitability at Piramal Finance and the pace of recovery in Shoppers Stop's newer retail formats.
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