A host of global and domestic brokerages have rolled out fresh views on Adani Power, Tata Power, LG India, Bharat Forge, Home First Finance and several other companies, as analysts track energy security themes, summer demand trends and sectoral growth opportunities.
Bernstein on Power Sector
- Adani Power – Initiate Outperform; TP Rs 177
- JSW Energy – Initiate Outperform; TP Rs 575
- Tata Power – Initiate Outperform; TP Rs 443
- NTPC Green – Initiate Underperform; TP Rs 80
- India's energy security tested by successive disruptions in Russian oil and Iran conflict
- India is resource-poor in oil and gas but rich in coal and solar
- Electrification seen as the structural solution
- Policy focus likely on accelerating thermal and nuclear capacity while strengthening renewables and grid
- Prefer diversified energy players with strong balance sheets and integrated presence
Jefferies on LG India
- Maintain Buy with TP of Rs 1,910
- Strong initial summer demand trends
- Price hikes of 7–9% in 3- and 5-star ACs in Q4
- Further hikes of 5–10% likely in April due to weak INR and higher input costs
- LPG shortage remains a key industry risk, though alternatives being explored
- Exports account for 6% of sales with limited Middle East exposure
Nomura on Sagility
- Initiate Buy with TP of Rs 55
- Dual proposition of value and growth
- Healthcare outsourcing and AI efficiency driving growth
- Vertically integrated healthcare tech player
- Payer margin pressures supporting outsourcing demand
- Expect ~20% EPS CAGR over FY26–28
BofA on IT Sector
- Growth trend expected to sustain this quarter
- Q4 likely to show better exit growth than last year
- Revenue guidance expected to include buffer for Middle East risks
- FX tailwinds provide cushion to profitability and EPS
- Infosys seen better placed than Wipro
Jefferies on Real Estate
- Launch-driven quarter
- Improved sales velocity across top-7 cities in Jan–Feb
- February likely highest ever by volumes
- Listed developers expected to report 10–15% sales growth in Q4
- FY26 sales growth seen above 20%
- Middle East conflict may soften FY27 guidance
- Valuations near long-term lows with sub-20x PE
Nomura on Firstsource Solutions
- Maintain Buy; Cut TP to Rs 330 from Rs 415
- Double-digit revenue growth expected in medium term
- Margins to expand with front-loaded investments
- EPS estimates cut by 2–11% due to lower revenue assumptions
Nomura on eClerx
- Maintain Buy; Cut TP to Rs 2,200 from Rs 5,600
- Growth momentum remains intact
- Strong deal pipeline and improving sales execution
- Reinvestment of margins while maintaining guidance
- Valuations attractive at current levels
Jefferies on Housing Finance NBFCs
- Valuations have reset lower; risk-reward turning favourable for affordable housing finance companies
- Disbursement growth has been soft, especially in lower ticket sizes
- Momentum improving in Q4
- Lower interest rates expected to stabilise demand
- Large HFCs may face spread compression
- Asset quality for prime HFCs likely to remain resilient
- Prefer Home First Finance
Jefferies on Bharat Forge
- Maintain Buy with TP of Rs 2,150
- Expanding defence capabilities across land, naval and aerospace segments
- Benefiting from rising geopolitical tensions and government focus on domestic defence procurement
- US truck orders seeing sharp rebound
- Improving US industrial activity could support export recovery
CLSA on Mphasis
- Initiate Hold with TP of Rs 2,219
- Lacks diversification beyond US BFSI segment
- Deal wins improving but offset by weakness in base business
- Mid-teen EBIT margins stable but limited operating leverage
Motilal Oswal on Bajaj Finserv
- Initiate Neutral with TP of Rs 1,900
- Building a comprehensive financial services ecosystem
- Bajaj Finance remains core growth engine
- General insurance scaling steadily
- Life insurance business undergoing turnaround
- Emerging subsidiaries expanding coverage across financial services spectrum
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