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Brokerages rolled out fresh calls on Bandhan Bank, Maruti Suzuki, Eternal, Dalmia Bharat, and REC Limited, alongside views across insurance, chemicals, QSR, pipes and renewables.
Macquarie on Bandhan Bank
- Maintain Underperform; TP Rs 130
- Recovery underway with improving growth
- PAT beat driven by lower credit costs
- Slippages moderating; loan growth picking up
- Lower borrowing cost aiding NIM expansion
- Consistency key for re-rating
Investec on Bandhan Bank
- Maintain Hold; TP raised to Rs 180
- Lower credit costs support ~1% RoA
- Gradual improvement in deposit mix
- Asset quality improved in Q4
Citi on Dalmia Bharat
- Maintain Buy; TP cut to Rs 2,450
- Costs resilient; volumes muted in Q4
- Capacity growth: South/West ~5%, East/Centre ~7%
- Medium-term pricing pressure limited
- Cost efficiencies to support returns
Goldman Sachs on Dalmia Bharat
- Maintain Neutral; TP Rs 2,090
- Weak volumes due to kiln shutdown
- Profitability supported by cost control
- Near-term growth may outperform industry
Morgan Stanley on Dalmia Bharat
- Maintain Underweight; TP Rs 2,015
- Small beat; overhangs persist
- West Asia impact may add Rs 125–150/t cost inflation in Q1
- Capacity roadmap visibility awaited
Macquarie on REC Limited
- Maintain Outperform; TP Rs 455
- Attractive ~5% dividend yield
- PAT miss due to higher opex and credit cost
- Prepayments drag AUM growth
- Conservative provisioning led to higher credit cost
Morgan Stanley on Maruti Suzuki
- Maintain Overweight; TP Rs 17,895
- FY27 domestic volume growth guided at ~10%
- Capacity expansion reduces fixed-cost risk
- Margin pressure near term; recovery levers available
- Exports key driver of performance
Citi on Maruti Suzuki
- Maintain Buy; TP raised to Rs 18,500
- Operational beat; lower other income impacted PAT
- Demand strong post GST cuts
- Cost pressures rising; margins to be impacted
- Volume estimates raised; earnings trimmed
Macquarie on Maruti Suzuki
- Maintain Outperform; TP Rs 15,893
- Demand outlook positive
- Commodity inflation poses margin risk
- Near-term earnings risk skewed to downside
Investec on Maruti Suzuki
- Maintain Buy; TP cut to Rs 15,360
- Margin pressure to persist
- Growth driven by domestic + export launches
- Expect 17%/13% EBIT/PAT CAGR over FY26–28
Citi on Eternal
- Maintain Buy; TP cut to Rs 360
- Leadership strengthening in quick commerce
- First-mover advantage in tier-2/3 markets
- Guidance offers flexibility amid volatility
Morgan Stanley on Eternal
- Maintain Overweight; TP Rs 347
- Focus on profitable growth
- Quick commerce growth >60% YoY possible
- EBITDA outlook strong for FY29
- Internals remain robust
Investec on Eternal
- Maintain Buy; TP Rs 375
- Strong visibility across food delivery & quick commerce
- Healthy cash generation
- Competitive intensity a near-term risk
UBS on Eternal
- Maintain Buy; TP Rs 310
- Steady Q4 performance
- Medium-term growth aspirations intact
- Profitability improving despite competition
Macquarie on Eternal
- Maintain Underperform; TP Rs 200
- Growth moderation visible
- Expansion pace to slow
- Competitive intensity to pressure unit economics
Morgan Stanley on Go Digit
- Maintain Equal-weight; TP Rs 328
- Strong Ind-AS profit growth
- Combined ratio elevated at 111.7%
- Growth lag due to lower reinsurance participation
- Profitability trajectory priced in
Citi on Star Health
- Maintain Buy; TP raised to Rs 665
- Turnaround gaining traction
- Claims ratio improving
- Strong new business momentum
- Preferred pick in health insurance
Morgan Stanley on Leela Palace
- Maintain Overweight; TP Rs 579
- Domestic demand offsets weak international travel
- Occupancy impacted by Middle East conflict
- Recovery expected in coming months
- Double-digit Q1 growth targeted
HSBC on Rallis India
- Maintain Buy; TP raised to Rs 315
- Strong performance in B2C crop care and seeds
- B2B exports lagging
- Cost inflation due to supply chain disruption
- El Nino remains a key risk
UBS on Astral
- Maintain Buy; TP raised to Rs 2,150
- PVC prices expected to remain firm
- Supply disruptions supporting pricing
- New plants ramping up well
- Strong positioning to gain market share
UBS on Supreme Industries
- Upgrade to Neutral; TP Rs 4,000
- PVC tailwinds offset execution concerns
- Inventory gains supported Q4
- Policy push (JJM 2.0) supportive
Macquarie on Sapphire Foods
- Maintain Outperform; TP Rs 210
- KFC growth strong; Pizza Hut lagging
- Margin pressure in India business
- Regional performance (Tamil Nadu) strong
Jefferies on Emmvee
- Maintain Buy; TP raised to Rs 360
- Strong growth visibility
- Net-debt free balance sheet
- 26% EBITDA CAGR over FY26–28
- Power demand recovery to aid renewables
Jefferies India Strategy
- Promoter buying worth $4bn+ in CY26TD
- Buying concentrated in power, infra, real estate
- Seen as signal of valuation normalization
- Domestic flows remain supportive
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