L&T, Dr Reddy's Labs, Coal India, Varun Beverages — Check Price Target Changes From Analysts

Larsen & Toubro Ltd., Dr Reddy's Laboratories Ltd., Coal India Ltd., Varun Beverages Ltd. are among the companies that have drawn commentary from top brokerages on Thursday.

Analysts have tweaked share price targets after these companies announced their September quarter results.

Jefferies

• Maintain Buy; Hike TP to Rs 4,715 from Rs 4,345.

• Management is confident of crossing 10% YoY FY26E growth guidance.

• Visibility with conservative guidance should drive stock.

• New initiatives leave scope for some positive surprise.

• L&T’s outperformance to Nifty should continue.

Macquarie

• Maintain Outperform; Hike TP to Rs 4,350 from Rs 4,210.

• Order inflows strong; execution to ramp in H2.

• Nnew order wins aided by overseas core orders even as the private sector starts to come back.

• Overall prospects remains strong.

• Enhancing growth potential through strategic MoUs/tie-ups in Defence and Semicon business.

Citi

• Maintain Buy; Hike TP to Rs 4,500 from Rs 4,350.

• Orders Strong; P&L Mixed; Multiple Positives Overall.

• Believe order inflow linked developments should remain positive, on top of likely seasonal execution pickup in H2.

• Announcement of the next 5-year strategy plan post Q4 and likely Hyderabad metro resolution by the end of FY26 should keep sentiment further positive.

BofA

• Maintain Buy with TP of Rs 1,600.

• Semaglutide opportunity – Down in Canada but not out.

• Semaglutide approval pushed out but still an FY27 opportunity.

• Assume $160 mn in FY27 in Canada or 15% of FY27 EBITDA.

• Still see it as an H1FY27 launch rather than a lost opportunity.

• Dr Reddy has filed in 87 countries & indicated confidence to sell all 12 mn pens in FY27 even if Canada approval is delayed.

• This could offset the impact from delay.

Jefferies

• Maintain Underperform with TP of Rs 1,130.

• Semaglutide product is a key contributor to projected North America revenue and earnings for FY27.

• Excluding this product, North America base business revenue growth is estimated to stay flat in FY27.

• Any delay in obtaining timely approval could push the launch beyond January 2026, when the innovator’s exclusivity expires.

• With an increasing number of generic drug filers for this drug, approval delays pose potential downside risk to our and consensus estimates for FY27.

Morgan Stanley

• Maintain Equal-weight with TP of Rs 1,389.

• Success in Canada in Semaglutide is a key driver for FY27 earnings; timely approval and launch are key to track.

• The company will now address queries raised by Health Canada and wait for approval.

• Any delay in approval raises a risk to F27 earnings.

• Estimate $198 mn (5% of FY27 total revenues) from Canada gSemagltide.

• Rising competition in Canada is another risk to watch.

Jefferies

• Maintain Buy; Cut TP to Rs 430 from Rs 455.

• Volume growth impacted by subdued power demand.

• E-auction premium stable.

• Cut FY26-28 EPS by 10-12% factoring lower volumes and higher costs.

• Attractive valuation.

JPMorgan

• Maintain Neutral; Cut TP to Rs 415 from Rs 420.

• Remain on the sidelines for Coal India as we believe the stock lacks catalysts.

• Inventory at thermal power plants remains higher than last year’s levels, led by weak power demand.

• International thermal coal prices suggest weakness in e-auction prices could continue in Q3.

Citi

• Maintain Neutral; Cut TP to Rs 370 from Rs 375.

• Q2 hurt by costs in a muted price/volume scenario.

• Likely limited upside to e-auction prices given coal inventory in the system.

• While valuations limit downside, lack of visibility on upside triggers.

• Maintain Buy; Hike TP to Rs 2,200 from Rs 2,000.

• Strong performance in a tough environment.

• Any improvement in demand could lead to upside to this guidance.

• At the current volume run-rate expect FY26 volume growth in line with estimates.

• See strong focus on cost optimisation.

Goldman Sachs

• Maintain Buy; Hike TP to Rs 615 from Rs 590.

• India business growth showed signs of recovery in October, with peak weather-related headwinds now behind.

• Prepared to address the growing Rs10 price point, but at the right time.

• Multiple new initiatives to accelerate energy drinks.

• Distribution arrangement with Carlsberg for African markets opens up a large potential TAM.

Citi

• Maintain Buy; Cut TP to Rs 675 from Rs 685

• In-Line Q3 Amidst India's Weather Woes

• Eyeing New Growth Avenues

• Gearing up to better position itself vs. competition

• Potential launch at Rs10 price point could help allay investor concerns on market shares

• Expect beer in Africa could be synergistic with common distribution

• India though could be a tad challenging given regulatory environment

• Believe that current India business softness is transient and performance is likely to improve next year

• New ventures could be potential catalysts and aid long-term growth