Brokerage Views: Citi On Zee, Nuvama On India Cements, Jefferies On HAL And More

Brokerages from Citi to Nuvama have their eye on Zee Entertainment Enterprises Ltd., Balkrishna Industries Ltd., and India Cements Ltd., among others, following the release of these companies' fourth-quarter results.NDTV Profit tracks what the brokerages are putting out on specific stocks. Here are all the top calls from the brokerages that you need to know about on Monday..Maintained 'buy' and raised target price to Rs 5,725 per share from Rs 3,900 apiece earlier.Q4 FY24 Ebitda was 15% above expectations at 30.4%.Management expects sustainable margins driven by cost optimisation.Operating leverage linked upside to lead 200 basis points margin improvement, it said.Sees revenue visibility over FY25E-28E on back of Rs 1.6-1.7 lakh crore pipeline..The brokerage maintains 'buy' on HAL and has raised the target price to Rs 5,100 per share from earlier 4,532 apiece.Remains positive given its strong order book of Rs 94,000 crore and robust pipeline.Improved capability could be upgraded significantly due to the General Electric Co. deal, it said.The brokerage raised FY25/FY26F Ebitda margin estimates to 26%/25.7% factoring in healthy guidance..Citi maintains 'sell' on the stock and lowered the target price to Rs 137 per share from Rs 175 apiece earlier, implying a downside of 2% from the previous close.The fourth-quarter performance was decent.Management called out improvements in industry trends.Increasing advertisement spending by FMCG players and margin expansion.Zee implementing strategic initiatives around reducing costs.The impact of the implementation of initiatives is to be watched..The brokerage maintains a 'buy', with a target price of Rs 3,070 per share, implying an upside of 9% from the previous close.Earnings beat on the back of higher volumes/realisation.Volumes beat robust growth in agri segment and the Americas/India replacement market.Realisation beat led Ebitda growth of 42%.The brokerage sees a revenue and Ebitda compounded average growth rate of 17% and 24%, respectively, over fiscal 2024 to fiscal 2026, which is higher than industry..Citi maintains a 'buy' on the stock, with the target price raised to Rs 2,550 per share from Rs 2,300 apiece earlier, implying an upside of 16.5% from the previous close.The robust operational beat was buoyed by government incentives.Order win trends are positive: new orders across product lines.A greenfield project was announced to cater to strong demand.The goal is to increase revenue from 4-wheelers, 150cc+ bikes, ABS, and absorption..The brokerage maintains a 'buy' call, with a target price raised to Rs 3,885 per share from Rs 3,352 apiece earlier, implying a 24% upside from the previous close.Consumption and rentals across malls continue to grow.Like-to-like retail consumption in 4Q FY24 grew 10% year-to-year.The company is well-positioned to benefit from continuing organic consumption.To see the benefits of the addition of new malls across India..Nuvama maintains 'reduce' on India Cements, and the target price was cut to Rs 162 per share, implying a 24.5% downside from the previous close.Fourth quarter volumes are down 12% YoY due to working capital constraints.Cement realisation is down 7% QoQ on consistent price rollbacks.Committed capital expenditure of Rs 700–750 crore over the next two years.Management expects cost savings of Rs 150–175 per tonne.The brokerage has cut the company's fiscal 2025 and fiscal 2026 Ebitda estimates by 8% and 6%, respectively, considering the weak pricing environment.'Reduce' rating maintains factoring in long-standing debt concerns..Citi maintains a 'buy' on Delhivery and has cut the target price to Rs 500 per share, implying a 16% upside from the previous close.E-commerce volumes missed estimates significantly.A crucial factor that contributed to Ebitda's failure was the decline in Meesho's wallet-share.Supply-chain services are experiencing strong growth momentum.Remain medium-term constructive, given sustained operating profitability.The brokerage has lowered the company's fiscal 2025 revenue and adjusted Ebitda estimates by 6% and 20%, respectively.Capex intensity is expected to decline in FY25, reaching up to 7% of revenues.Expect growth in PTL and SCS businesses to help expand margins from 12% to 16–18%..The brokerage maintains 'sell' with a target price of Rs 720 per share from Rs 650 apiece earlier. This implies a downside of 35% from the previous close.Reported strong set of numbers in Q4, largely led by Revlimid.Ebitda margin at 27%, versus initial guidance of 24%.Guided for strong year with mid-high teens growth in revenues and stable margins.Remain cautious about higher product concentration.Believe large part of recent earnings momentum driven by transient opportunities.Expects margins to soften in FY26 with declining sales in short-term opportunities and change in pricing dynamics in US..The brokerage maintained its 'underperform' rating with a target price of Rs 565 per share. It implies a downside of 28% from the previous close. Management expects agrochem recovery in H2FY25. Management is optimistic about pharma and fluoropolymer. Innovator commentaries indicate flattish global agrochem demand in FY25. .Jefferies has maintain a 'buy' rating with a target price of Rs 4,900 apiece, implying an upside of 23% from the previous close. Diversification into margin accretive products. Slight miss in profit after tax due to higher capex and interest. In house production of AC Brands can impact sales. New tie-ups and forays could propel margins.The brokerage has cut FY25 earnings per share estimates, but retained FY26 projections due to ROCE doubling to 19%. FY24-27 revenue and profit growth seen at 21% and 63% CAGR, respectively.

Brokerage Views: Citi On Zee, Nuvama On India Cements, Jefferies On HAL And More

Here are all the top calls from the brokerages that you need to know about on Monday.

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