A host of global and domestic brokerages have rolled out fresh views on Ambuja Cement, Paytm, Torrent Pharma, Infosys, Balkrishna Industries and several other companies.
HSBC on IT Sector
Can FY27 guidance change sentiment?
AI narrative continues to de-rate IT stocks
FY27 guidance from Infosys and HCL are key imminent event for the sector
Expect companies to shift away from ‘beat-and-raise' guidance to more ‘realistic to even aggressive' guidance
Expect Infosys to offer 2.5–5% and HCL to offer 4.5–6.5% growth guidance in April, notwithstanding any major changes in March
HSBC on Ambuja Cement
Maintain Buy with TP of Rs 670
Sanghi cost reduction a positive
Focus on utilisation and ROI vs capacity addition encouraging
Sanghi visit highlights a large, high-quality limestone reserve base and growth optionality at the Sanghi assets
Like management's commentary on utilising the existing asset base and improving ROI before further expansions
Like margin expansion story at an attractive valuation
Jefferies on TBO Tek
Maintain Buy with TP of Rs 2000
AI disruption fears in travel
AI reshaping demand discovery but not distribution/fulfilment
Luxury travel remains advisor-led and resilient to automation
Platform value lies in moats such as supply, data and operational complexity rather than front-end software
Bernstein on Paytm
Maintain Outperform; Cut TP to Rs 1500 from Rs 1600
Cut EPS estimates to factor in loss of PIDF revenue and faster growth in financial services revenue
Citi on India Beverage Sector
Karnataka excise duty changes may create structural deregulation tailwinds
Policy backdrop appears favourable, particularly for beer
Implications for IMFL more mixed
Sector has already priced in an initial positive reaction following the announcement
Further re-rating will depend on policy clarity and execution pace
Citi on Torrent Pharma
Maintain Buy with TP of Rs 5100
Focus on integrating the JB acquisition and extracting synergies
Management confident of achieving Rs 400–450 crore in cost synergies
Revenue synergies expected as integration progresses
Deal strengthens scale in select IPM segments and emerging markets
India business expected to sustain double-digit growth
US business aims to achieve EBITDA after R&D and scale beyond $200 million
Net debt/EBITDA expected to decline and turn net cash by FY30
Q4FY26E numbers may be subdued due to business synchronization
MS on Lupin
Maintain Equal-weight with TP of Rs 2386
Form 483 with two observations indicates limited compliance gaps and no immediate escalation
Viewed as a manageable regulatory event
FY26 likely to mark a second year of strong earnings growth
BofA India Strategy – Amish Shah
Navigating geopolitical volatility
Expect Nifty to deliver 11% EPS growth in FY27 vs street expectations of 16%
A time-bound resolution of the conflict could trigger a relief rally
Capital market plays, private banks and cement could benefit from such a move
If the conflict drags on, these sectors may see further corrections
Prefer defence over EPC contractors
Prefer coal, wires & cables and data centre themes over railways, ports/logistics and infrastructure
Among defensives prefer telecom, hospitals and pharma over utilities, renewables and staples
Prefer upstream energy and non-ferrous metals over downstream energy and steel
Within discretionary prefer QSR, quick commerce, jewellers and two-wheelers over airlines, hotels and real estate
Within financials prefer exchanges over AMCs and banks over NBFCs and housing finance
Macquarie on Banks
Farm loan waivers are back
Maharashtra government announces farm loan waiver of up to Rs 0.2 million for farmers with outstanding crop loans as of end-September
Farm loan waivers are negative for credit culture and could push up agri NPLs
PSU banks likely to be impacted more than private sector banks
Private banks have significantly lower agri NPL ratios compared with PSU banks
Citi on Siemens
Maintain Neutral with TP of Rs 3350
India's push to increase manufacturing's GDP share supports the medium- to long-term outlook
Next phase of industrial digitalisation moving from digital twins to Industrial AI
Company leveraging unused factory data to improve productivity
Xcelerator platform and ecosystem partnerships positioning Siemens early in project design
Industry-specific AI solutions aimed at scaling pilots effectively
Constructive management commentary but profitability expected to scale over the medium to longer term
Citi on Infosys
Maintain Neutral with TP of Rs 1440
Financial services and energy/utilities/resources verticals seeing decent momentum
Internal client discussions are ongoing across other verticals
AI deflation impact lingering for the past two years
Preparatory investments across six new value pools are expected to offset this over time
Gap between AI evolution and AI adoption remains large
Project Maximus offers further efficiency potential
Margins have expanded slightly YoY and reinvested into AI and sales
Kotak Securities on Balkrishna Industries
Maintain Sell with TP of Rs 2050
Tariff reduction provides relief for US businesses
However, commodity and freight disruptions remain headwinds
Expansion into domestic TBR, two-wheeler and passenger car radial segments carries execution risks
Requires building distribution networks, brand recall and OEM relationships
GS on Godrej Consumer
Maintain Buy with TP of Rs 1425
Margin concerns seen as overdone while growth outlook remains intact
India business expected to deliver high single-digit volume growth
Indonesia business likely to see gradual recovery.
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