Brokerages issued fresh notes on companies across ports, metals, financials, pharma and technology, with positive commentary emerging on Adani Ports and Special Economic Zone, Hindalco Industries, JSW Steel, Mankind Pharma and CarTrade Tech.
HSBC on India's New IIP Series
- April industrial production rose 4.9% YoY, beating market expectations
- Front-loading and inventory build-up supported manufacturing growth, especially in consumer goods
- New IIP series reflects stronger industrial growth compared with the previous series
- Growth momentum, however, eased in FY26 due to softer manufacturing output
- HSBC noted that correlations between the new IIP series and GDP manufacturing data have weakened sharply, though future GDP revisions could improve alignment
Jefferies on Adani Ports
- Maintain Buy; Raise TP to Rs 2,160 from Rs 2,100
- Sees “capacity crunch” driving the next leg of upside
- Raised FY28-29 EBITDA estimates by 3-5%
- Expects 15% EBITDA CAGR over FY26-31
- Potential demand-supply gap at Gujarat and Maharashtra container ports could aid market share gains
- Vizhinjam port expected to provide incremental upside through lower transit times and logistics costs
- Strong cash flows seen supporting growth capex and deleveraging simultaneously
Nomura on Adani Ports
- Maintain Buy with TP of Rs 1,930
- Cargo traffic growth of 16% YoY was in line with estimates
- Management expects healthy momentum through 2031
- Revenue and EBITDA CAGR guidance stands at 19% and 18% respectively for FY26-31
- Brokerage highlighted integrated logistics offerings and operating efficiency as key moats
- Expects 19% EBITDA CAGR over FY26-28
Morgan Stanley on Hindalco
- Maintain Overweight with TP of Rs 1,325
- Power costs expected to moderate by nearly 30%, reducing overall costs by 12-13%
- China supply caps, Middle East disruptions and lower LME inventories expected to support aluminium prices
- EBITDA improvement likely from Q2FY27 as Oswego restarts
- Company expected to turn cash positive by Q4FY27-end
- Insurance recoveries from fire-related losses reiterated at $1.2-1.3 billion
Morgan Stanley on Jindal Steel
- Maintain Overweight with TP of Rs 1,250
- Expects strong Middle East reconstruction demand in H2FY27
- Company looking to expand market share in commercial vehicles
- Q1FY27 costs likely to rise due to higher coking coal and iron ore prices
Morgan Stanley on JSW Steel
- Maintain Overweight with TP of Rs 1,330
- Targets 50 MT domestic crude steel capacity by 2030
- Domestic mines expansion and Mozambique commissioning expected to cover 50% of coking coal needs
- Aims to maintain EBITDA per tonne at Rs 11,000-12,000
- Targets net debt-to-EBITDA below 3x
Morgan Stanley on PNB Housing Finance
- Maintain Overweight with TP of Rs 1,250
- Expects retail loan growth of 18% in FY27
- Funding costs tracking above existing book rates
- NIM expected to remain stable to slightly lower
- Guided for negative credit costs in FY27 aided by recoveries
- Steady-state RoA guidance revised to 2.3-2.4%
Morgan Stanley on HDB Financial
- Maintain Equal-weight with TP of Rs 720
- Collections and loan demand remain stable
- Loan growth aspiration pegged at nominal GDP growth plus 6-7%
- Aims to sustain NIM above 8%
- Slight increase in cost of funds expected in Q2FY27
Jefferies on Mankind Pharma
- Maintain Buy with TP of Rs 3,000
- Brokerage sees the company “turning the corner”
- Improvement in volume growth signals recovery in acute therapies
- Chronic segment distribution remains consistent
- Bharat Serum exports expected to post high-teen growth in FY27
- Clinical pipeline provides long-term optionality
Nomura on AMC Stocks
- Expects Rs 313 billion net equity inflows in May 2026
Key Takeaways
- Nippon Life India Asset Management continued strong momentum with flow share at 10.6%, above AUM share of 7.3%
- ICICI Prudential Asset Management Company flow share nearly matched AUM share
- HDFC Asset Management Company saw moderation in flow share
- Nomura prefers Nippon AMC followed by HDFC AMC
Emkay on LTIMindtree Investor Day
- Retain Add with TP of Rs 4,700
- Management unveiled five-year “Lakshya 2031” strategy
- Company aims to reposition itself as an AI-led “Business Creativity Partner”
- Targets doubling revenue by FY31, implying ~15% CAGR
- M&A contribution expected at 15-17%
- EBIT margin expansion target at ~200 bps
- AI-led opportunities expected to expand total addressable market to $2.3 trillion
- Randstad partnership seen as value-accretive with limited FY27 margin impact
Kotak Institutional Equities on CarTrade
- Upgrade to Buy; Raise TP to Rs 2,300
- Stock corrected sharply amid concerns around AI disruption
- Brokerage believes CarTrade's dealer network and value-added services could limit disruption risks
- Upgrade driven largely by higher valuation for OLX business
- Expects steady GMV growth, improving monetisation and better margins
- Raised FY27-29 EPS estimates by 1-5% on stronger profitability outlook for OLX
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