Brokerages rolled out fresh calls on Dabur India, Bharat Forge, CarTrade Tech, Westlife Foodworld, and Mankind Pharma, while also highlighting trends across paints, banks, tractors and diagnostics.
Citi on Dabur
- Maintain Sell with TP of Rs 490
- Growth recovery coming off a weak base
- Sustainability of recovery remains key
- Challenges persist across certain categories
Investec on Dabur
- Maintain Hold; Cut TP to Rs 514 from Rs 525
- Awaiting sustained revenue and earnings delivery
- Pricing expected to support near-term momentum
- Margin expansion opportunities remain limited
Morgan Stanley on Dabur
- Maintain Underweight with TP of Rs 412
- Rural demand outpaced urban by 350 bps in Q4
- Company likely to take price hikes and manage ad spends
- Positive commentary, but execution remains key
- Portfolio construct remains a concern
Jefferies on Dabur
- Maintain Buy with TP of Rs 610
- Domestic HPC growth addresses key investor concern
- Earnings growth acceleration expected ahead
- Revenue growth and margin expansion likely to support stock performance
Citi on CarTrade
- Maintain Buy; Cut TP to Rs 2,520 from Rs 3,150
- Automotive market continues to see strong growth post GST cuts
- AI-driven disruption not yet visible in traffic trends
- Monetisation initiatives in used vehicles remain promising
Kotak Securities on CarTrade
- Maintain Sell; Hike TP to Rs 1,860 from Rs 1,800
- Strong profitability across segments
- Growth moderation seen in standalone and OLX businesses
- Operating leverage aided EBITDA margin improvement
- Await better entry point
Jefferies on Bharat Forge
- Maintain Buy; Hike TP to Rs 2,500 from Rs 2,150
- Outlook improving on defense, aerospace and US truck recovery
- Industrial export demand expected to strengthen
- FY27-28 EPS upgraded by 4-10%
- Sees 42% EPS CAGR over FY26-28
Kotak Securities on Bharat Forge
- Maintain Sell; Hike TP to Rs 1,300 from Rs 1,250
- Revenue growth expected to improve
- Defense, aerospace and CV demand trends improving
- Forex tailwinds and operating leverage to support profitability
- Valuations remain expensive
Macquarie on Westlife Food
- Maintain Outperform with TP of Rs 515
- Demand trends healthy in early FY27
- Dine-in business outperforming delivery
- South India recovery aiding same-store sales growth
- Concern remains over sustaining demand amid inflation
Bernstein on Westlife Food
- Maintain Underperform with TP of Rs 500
- Guest count improvement strategy positive long term
- Margin profile may remain under pressure
- Demand recovery still not convincing enough
Macquarie on Avalon Technologies
- Maintain Outperform; Hike TP to Rs 1,350 from Rs 1,130
- Strong Q4 capped a transformative year
- Free cash flow inflection underway
- Precision manufacturing expertise positions company well in ESDM space
Morgan Stanley on Aditya Birla Lifestyle Brands
- Maintain Overweight with TP of Rs 176
- Second straight quarter of double-digit growth
- Lifestyle brands revenue rose 11% YoY
- Emerging businesses grew 18% YoY
Macquarie on Escorts Kubota
- Maintain Outperform with TP of Rs 3,777
- Tractor margin performance disappointed
- Domestic tractor demand outlook remains constructive
- Export growth and cost optimisation expected to improve with expansion
Kotak Securities on Escorts Kubota
- Maintain Add; Hike TP to Rs 3,425 from Rs 3,375
- Results marginally below estimates
- Tractor industry expected to remain flat in FY27
- Construction equipment recovery likely from H2FY27
- Diversification efforts to reduce cyclicality
Kotak Securities on MRF
- Maintain Sell; Hike TP to Rs 1,25,000 from Rs 1,20,075
- Crude oil and rubber inflation to pressure margins
- Competitive intensity remains a monitorable
- Valuations remain expensive
Investec on Paint Sector
Indigo Paints
- Upgrade to Buy from Hold; Hike TP to Rs 1,230 from Rs 1,110
Kansai Nerolac
- Upgrade to Buy from Hold; Hike TP to Rs 250 from Rs 240
Asian Paints
- Upgrade to Hold from Sell; Hike TP to Rs 2,750 from Rs 2,285
Berger Paints
- Upgrade to Hold from Sell; Hike TP to Rs 525 from Rs 460
- Peak competitive intensity likely behind the sector
- Birla Opus seen focusing on reducing losses
- Market share pressure on incumbents expected to moderate
Morgan Stanley on Britannia
- Maintain Equal-weight with TP of Rs 6,019
- Q4 revenue growth missed estimates
- International business affected by West Asia disruptions in March
- Input cost mitigation measures already underway
Morgan Stanley on Mankind Pharma
- Maintain Overweight with TP of Rs 2,500
- Improving execution and BSV recovery support outlook
- Channel checks indicate stronger MR productivity
- Deleveraging remains on track
- Seen offering superior risk-reward among domestic pharma peers
Morgan Stanley on Lupin
- Maintain Equal-weight with TP of Rs 2,386
- Strong US business drove Q4 beat
- India business grew 11.5% YoY
- Emerging markets sales surged 49% YoY
Jefferies on Banks
- Indian banks trading near historic valuation lows ex-Covid and GFC
- Q4 broadly positive on growth and asset quality
- Easing West Asia tensions could aid rerating
- Preferred picks: HDFC Bank, ICICI Bank, SBI, Axis Bank and Kotak Mahindra Bank
- Among midcaps, likes AU SFB and IndusInd Bank
Jefferies on Pidilite
- Maintain Hold with TP of Rs 1,390
- Q4 beat driven by margin expansion
- Healthy volume growth across segments
- VAM prices and Middle East tensions remain key monitorables
CLSA Price Action – Laurence Balanco
- Nifty facing resistance near 50DMA
- Sustained breakout could open path toward 200DMA near 25,064
- NSE Midcap Index showing stronger momentum
- Breakout above 61,393 could signal major bullish move toward 78,000
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