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HDFC Securities Institutional Equities
HDFC Securities, in its latest Q4 FY26 results review, has shared a mixed outlook across a wide set of stocks including Indian Hotels, MCX, Oberoi Realty, Sonata Software, Birla Corp with clear stock-specific calls spanning Buy, Add and Reduce ratings along with revised target prices.
HDFC Securities has upgraded The Indian Hotels Company Ltd. to Buy, maintaining its Ebitda CAGR estimates of 17% for FY26-28E and has set the target price of Rs 801.
Indian Hotels Q4 FY26 performance was broadly in line with estimates, reflected in a healthy 14% YoY revenue growth. 10% YoY RevPAR growth at consolidated level was led by strong occupancy of ~78%.
MCX delivered another strong quarter, with revenue/Ebitda rising 34/35% QoQ and 205/316% YoY, respectively, driven by a ~50/7% sequential increase in options premium and futures ADTV. The brokerage estimates FY27E options premium ADTV to be ~43% higher YoY vs FY26 but ~12% lower than Q4 exit levels and raise FY27/28E EPS estimates by ~5/10%, maintaining Buy with a target price of Rs 3,750, based on 45x FY28E core PAT (vs 43x earlier) plus net cash ex-SGF.)
Oberoi Realty Ltd. registered presales of Rs 16 billion (+96%/+100% YoY/QoQ) for Q4 FY26. Moreover, in this quarter, its uberluxury project 360W managed to sell two units (vs 3/3 in Q4FY25/Q3FY26), reflecting gradual traction in the high-end segment. Given the expected robust cash flows from ready-to-move-in inventory in 360W, the brokerage remains constructive on Oberoi Realty and maintain Buy, with NAV-based target price to Rs 2,094/share.
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