A host of global and domestic brokerages have rolled out fresh views on companies including Pine Labs, Lodha, Cipla, Varun Beverages, UltraTech Cement, AU Small Finance Bank and Coal India, as analysts track earnings momentum, competitive intensity, M&A-led growth and evolving macro and regulatory trends.
Jefferies on Pine Labs
Maintain Buy with TP of Rs 260
- Acquisition of Shopflow to enhance online checkout platform
- Shopflo strengthens checkout & analytics for mid‑market D2C brands, supporting higher margins
- Deal valuation at a discount to larger competitor GoKwik
- Pine Labs' strong M&A track record; smooth integration and ramp‑up will be key
Jefferies on Lodha
Maintain Buy with TP of Rs 1215
- FY27 pre-sales guidance beats expectations; reflects Middle-East normalisation
- Target devco net‑debt free, with large land acquisitions already factored in
- Data centre lease deals and Palava infra improvements could narrow 36% NAV discount
- 1GW data centre development to support ~20% long-term PAT CAGR
Citi on Cipla
Maintain Buy with TP of Rs 1530
- Generic Symbicort: competition intensifies with Teva's US FDA approval
- Market now has two generics alongside Viatris
- Timely Cipla approval critical to capture meaningful share
- $75m revenue built into Cipla FY28 estimates
Jefferies on Supreme Industries
Maintain Buy; TP hiked to Rs 4430 from Rs 4360
- Light at the end of the tunnel after six subdued quarters
- Strong Q4 performance; margins aided by Rs 70–80 cr inventory gains
- FY27–28 EPS raised by 2–4%
- FY26–28E EPS CAGR estimated at ~25%
Macquarie on Sun Pharma
Maintain Outperform with TP of Rs 2150
- Growth concerns seen as overblown
- Synergies to drive higher earnings accretion
- Expect solid accretion from recent acquisition
Macquarie on Reliance Industries (RIL)
Maintain Outperform; TP cut to Rs 1510 from Rs 1570
- Forecasts cut post March quarter results
- Stock support expected from Jio listing, better refining margin capture, and new energy start‑ups
Jefferies on Varun Beverages
Maintain Buy; TP hiked to Rs 615 from Rs 550
- “A Refreshing Quarter”
14% volume growth despite Campa Cola competition noise
- Strong, broad‑based international performance
- Management optimistic on growth and margins, citing overall market expansion
Jefferies on UltraTech Cement
Maintain Buy; TP hiked to Rs 14050 from Rs 14025
- Solid FY26 close; FY27 to face cost headwinds
- EBITDA/ton growth still achievable via price hikes and cost savings
Morgan Stanley on Phoenix Mills
Maintain Overweight with TP of Rs 1850
- FY26 growth strong and in line
- Stock trades at ~40x FY28E; Q4 consumption acceleration noted
- Macro risks and Middle-East conflict could slow FY27–28 growth
- No capacity additions in FY27–28 may also cap growth
Morgan Stanley on AU Small Finance Bank
Maintain Overweight; TP hiked to Rs 1205 from Rs 1150
- Strong beat on core PPOP and lower credit costs
- Partial reversal of prior estimate cuts tied to exogenous risks
- Only Overweight‑rated mid‑sized private bank under coverage
Macquarie on City Union Bank
Maintain Outperform with TP of Rs 330
- Strong FY26 finish; new CEO takes charge
- PAT in line; higher NII offsets elevated credit costs
- High‑teen growth guided for FY27; NIMs range‑bound
- Credit costs rise to bolster PCR
Morgan Stanley on SBI Cards
Maintain Underweight; TP cut to Rs 545 from Rs 555
- Adjusted PAT missed estimates due to weak PPOP
- Asset quality improved but profitability pressure persists
- Estimates 12–16% below consensus; further downside risks remain
Jefferies on SBI Cards
Maintain Hold; TP cut to Rs 700 from Rs 880
- Core profit miss despite asset quality improvement
- Asset growth disappoints amid portfolio de‑risking
- Credit cost likely to ease, but growth and returns capped
- FY27–28E EPS cut by 4–6%
Jefferies on Adani Energy
Maintain Buy; TP hiked to Rs 1665 from Rs 1170
- Visible 20%+ EBITDA CAGR ahead
- FY26 capitalisation of Rs 15,300 cr targeted to rise to Rs 20,000–22,000 cr in FY27
- Positive CCI developments and strong execution support Buy call
Jefferies on Piramal Finance
Maintain Hold; TP hiked to Rs 1940 from Rs 1780
- Adjusted profit miss due to large legacy provisioning
- AUM growth in line; NIM expansion continues
- Returns to improve over FY26–28 on better retail mix and cost metrics
Jefferies on AU Small Finance Bank
Maintain Buy; TP hiked to Rs 1250 from Rs 1200
- All‑round Q4 beat; strong momentum in wheels and commercial banking
- NIM pressure expected as deposit rates peak
- Universal bank transition a key long‑term growth catalyst
Jefferies on Coal India
Maintain Buy; TP hiked to Rs 500 from Rs 485
- Q4 EBITDA beat led by better FSA prices and e‑auction volumes
- Intense summer and weak rainfall to support power demand
- Earnings trajectory to improve with ~5% EPS CAGR over FY26–28
Morgan Stanley on UltraTech Cement
Maintain Overweight; TP cut to Rs 14,600 from Rs 15,000
- Continued market share gains and cost efficiencies
- Preferred cement play for earnings compounding
Jefferies on Financials (ECL Impact)
- Lower risk weights partially offset transition to ECL
- Capital and credit cost impact limited for large private banks
- PSU and smaller banks to see higher impact
- Loan repricing can mitigate earnings pressure
Bernstein on SBI Cards
Maintain Outperform; TP cut to Rs 610 from Rs 780
- Growth slowdown persists
- Spend growth led by lower‑yielding corporate spends
- Improving asset quality, but margins under pressure
Macquarie on Banks (ECL Norms)
- Provisioning burden to rise in FY27, mainly for PSU banks
- One‑time net worth impact of ~5–10% for PSUs, allowed through reserves
- Normalised credit costs to rise 20–25 bps for PSUs
- Private banks largely insulated due to conservatism and capital buffers
Citi on Supreme Industries
Maintain Sell; TP hiked to Rs 3050 from Rs 2750
- Strong Q4 volumes and margins
- FY27 volume growth guided at 15–17%
- Competitive intensity and backward integration pose downside risks
Citi on Coal India
Maintain Neutral; TP hiked to Rs 440 from Rs 430
- Q4 PAT in line; volume trends muted
- Focus on e‑auction prices and volumes
- Valuations limit downside; upside triggers unclear
Citi on Varun Beverages
Maintain Buy; TP hiked to Rs 640 from Rs 575
- Strong India volumes; continued momentum in April
- Intense summer and favourable base aid outlook
- Limited realisation decline; operating leverage to boost margins
Citi on Banks (Final ECL Guidelines)
- Prudential floor retained despite representations
- Positive for banks with higher home loan mix
- Adverse for unsecured-heavy lenders and PSUs
Kotak Securities on Sun Pharma
Maintain Add with TP of Rs 1850
- Organon acquisition strategically sound but near‑term growth improvement gradual
- Scale to strengthen specialty portfolio over time
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