Honasa Consumer, Gland Pharma, Sai Life Sciences, Prestige Estates, Hindalco Industries, Siemens, Voltas and LG Electronics India are among the stocks in focus as investors prepare for the special Muhurat trading session on Sunday, marking the beginning of Samvat 2083. Brokerages have revised target prices and earnings estimates following the latest quarterly results, with views ranging from upgrades in price targets to cautious calls on valuations and growth prospects.
Here's what brokerages are recommending today ahead of Muhurat Trading:
Honasa Consumer
Citi
Maintained Sell rating; target price at Rs 390.
Another strong quarter was delivered.
Growth was broad-based across brands, categories and channels.
Current valuation already discounted sustained growth and margin expansion.
Intensifying competition left limited room for upside.
Growth durability remained the key monitor as comparables rose.
Jefferies
Maintained Buy rating; raised target price to Rs 700.
Company delivered its strongest performance since listing.
Ebitda margin came in ahead of expectations.
Growth was largely volume-led, supported by price hikes and a favourable product mix.
Mamaearth continued to generate mid-teen Ebitda margins.
Company continued to target a 15% Ebitda margin by FY30.
Raised earnings estimates by 10-16%.
Gland Pharma
Kotak Institutional Equities
Retained ADD rating; raised target price to Rs 3,500 from Rs 3,050.
Q2FY27 revenue and Ebitda growth came in ahead of estimates.
Strong performance was led by the US business and technology-transfer CDMO.
US sales jumped 42% year-on-year and were 20% above estimates.
Cenexi remained loss-making, in line with expectations.
Built in lower Cenexi Ebitda margins of 1% in FY27 and 5.5% in FY28.
Company retained FY27 constant-currency revenue growth guidance of 15%.
Raised FY27-FY29 EPS estimates marginally on higher revenue and margins.
Jefferies
Maintained Buy rating; raised target price to Rs 3,920 from Rs 3,150.
Q2 revenue and Ebitda came in above estimates.
Growth was led by strong performance in the US and Europe.
Execution improved and growth visibility strengthened.
Focus shifted towards higher-value products and larger market opportunities.
Raised FY27-FY29 EPS estimates by 3%.
Siemens
HSBC
Maintained Hold rating; target price at Rs 3,670.
Revenue was 8% above consensus estimates.
Execution remained resilient in Q2.
Order inflows grew 38% year-on-year, led by infrastructure spending.
Order book grew 12% year-on-year to Rs 47,000 crore.
Higher commodity prices and foreign exchange charges weighed on margins.
Nomura
Maintained Neutral rating; raised target price to Rs 3,944 from Rs 3,757.
Revenue and Ebitda were 8% and 17% above consensus estimates, respectively.
Growth was broad-based across businesses.
Order inflows rose 30% year-on-year to Rs 6,230 crore, in line with estimates.
Raised FY27-FY29 Ebitda margin estimates by 4-45 basis points.
Focus remained on higher-value products, software and services.
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Kotak Institutional Equities On Sai Life Sciences
Maintained ADD rating; raised target price to Rs 1,850 from Rs 1,570.
Target price increase was driven by higher revenue assumptions and an improved margin outlook.
Q2FY27 revenue grew 23% year-on-year, 14% ahead of estimates.
Management expected the second half of FY27 to be stronger than the first half.
Expected Ebitda margins of around 31%, 33% and 35% in FY27, FY28 and FY29, respectively.
Raised FY27-FY29 Ebitda estimates by 3-6%.
Expected Discovery revenue CAGR of around 18% over FY26-FY29.
Kotak Institutional Equities On IRB Infrastructure
Retained ADD rating; cut target price to Rs 20.
Q2 revenue missed estimates due to lower construction revenue.
Strong performance in the BOT and InvIT businesses partly offset weakness in the construction segment.
Ebitda margin stood at 55.7%, against an estimate of 54%, aided by a higher contribution from BOT and InvIT assets.
Road project awarding had remained weak over the past 30 months.
Cut FY28 and FY29 EPS estimates by 4%.
EPS downgrade reflected lower EPC revenue amid a shrinking order book.
Jefferies On Prestige Estates
Maintained Buy rating; raised target price to Rs 1,930 from Rs 1,840.
Q2 pre-sales came in ahead of estimates.
Revenue fell 15% year-on-year, below expectations.
Growth was led by strong sustenance sales, which contributed 71% of quarterly pre-sales.
Projects worth Rs 4,180 crore were launched during Q2.
Bengaluru accounted for 54% of total pre-sales.
FY27 pre-sales guidance of Rs 36,000 crore implied 87-88% growth in the second half.
Raised FY27 and FY28 pre-sales estimates by 5% and 3%, respectively.
Cut FY27 and FY28 EPS estimates by 3% each due to completion delays.
Citi On Hindalco Industries
Maintained Neutral rating; cut target price to Rs 1,050 from Rs 1,140.
Q2 Ebitda came in below estimates.
Novelis Ebitda remained stable in Q1.
Consolidated net debt-to-Ebitda improved to 1.8 times from 1.95 times.
Company expected cost pressures to ease in Q4.
Saw limited upside in aluminium prices from current levels.
Nomura On Voltas
Maintained Neutral rating; cut target price to Rs 1,199 from Rs 1,357.
Q2 revenue was largely in line with estimates.
Believed current valuation was fair.
Preferred LG Electronics India over Voltas.
Rising competition could further delay margin recovery.
Goldman Sachs On Cohance Lifesciences
Retained Buy rating; maintained target price at Rs 525.
Q2 revenue was 3% below Goldman Sachs' estimates.
Q2 marked a sequential recovery from the Q1 trough.
Ebitda was 26% below estimates.
Lower AgChem contribution weighed on margins.
Cut FY27-FY29 EPS estimates by up to 31%.
Nomura On LG Electronics India
Maintained Buy rating; raised target price to Rs 2,139 from Rs 1,963.
Q2 revenue beat consensus estimates by 5%.
Growth was broad-based across refrigerators, washing machines, air conditioners and televisions.
Operating leverage supported profitability.
Strong growth in the B2B display business aided margins.
Announced entry into the vehicle solutions business in India.
Expected Q2 momentum to continue in Q3.
Current valuation of around 35.9 times FY29 EPS was seen as attractive.
HSBC On Jubilant FoodWorks
Maintained Hold rating; raised target price to Rs 510 from Rs 500.
Domino's India like-for-like growth improved to 4.1% in Q2 from 2.5% in Q1.
Domino's delivery business grew 11.3% year-on-year.
Company said Q3 was tracking broadly in line with FY27 expectations.
Saw growth improving but awaited greater visibility on sustainable margin improvement.
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