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HDFC Securities Report
HDFC Securities has come out with a mixed set of recommendations for Ambuja Cements, Godrej Properties, CDSL, Aditya Birla Capital, Cholamandalam following the March quarter earnings, maintaining a bullish stance on select stocks, revises target price while flagging valuation and margin risks in others.
Among cement players, the brokerage has maintained a ‘Buy' rating on Ambuja Cement with an unchanged target price of Rs 580, even as it cut FY27/28 Ebitda estimates by 8% and 2%, citing cost pressures and subdued pricing. The company has now shifted focus towards opex reduction and moderated capex, aiming to improve margins over the medium term.
In the real estate space, Godrej Properties remains a top pick, with HDFC Securities raising its target price to Rs 2,194, factoring in strong presales momentum, robust launch pipeline and improving cash flow visibility. The brokerage sees a potential rerating backed by a clear path to 20% RoE by FY28.
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