Divi's Laboratories, Gland Pharma, Honasa Consumer, Hindalco Industries, Voltas, Siemens India, Tata Steel, Prestige Estates, LG Electronics India and Jubilant FoodWorks are among the stocks attracting brokerage attention on Monday. Aditya Birla Fashion & Retail, Amagi Media Labs, Azad Engineering, CESC, Sai Life Sciences, Sansera Engineering and Thermax are also in focus following fresh research calls and quarterly earnings assessments.
Brokerages have revised target prices, earnings estimates and ratings across sectors, with some turning more positive on companies such as Amagi Media Labs, Gujarat Energy, IKS Health and Thermax, while others flagged concerns over margins, valuations, execution and demand. Here is what brokerages are saying about these stocks.
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Cohance Lifesciences
Goldman Sachs
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Retained Buy rating; maintained target price at Rs 525.
Q2 revenue was 3% below Goldman Sachs' estimates.
Q2 marked a sequential recovery from the Q1 trough.
Ebitda was 26% below estimates.
Lower AgChem contribution weighed on margins.
Cut FY27-FY29 EPS estimates by up to 31%.
Jefferies
Maintained Underperform rating; raised target price to Rs 375 from Rs 350.
Management expected a second-half FY27 recovery, supported by CDMO reload orders and new programmes.
Agrochemical and specialty chemical revenue was expected to decline in FY27 amid pricing pressures.
Cut FY27-FY29 EPS estimates by 4-12%; sustainable growth visibility remained limited.
JPMorgan
Maintained Neutral rating; cut target price to Rs 440 from Rs 490.
Expected second-half revenue and Ebitda recovery from small-molecule deliveries and stronger orders.
ADC activity was improving, supported by new GMP campaigns and payload-linker enquiries.
Cut FY27-FY29 earnings estimates by 8%, 24% and 4%, respectively, amid margin and execution risks.
Divi's Laboratories
Goldman Sachs
Maintained Buy rating; raised target price to Rs 11,700 from Rs 10,225.
Expected 25% revenue CAGR through FY29, driven by 35% growth in custom synthesis.
GLP-1 commercialisation from the first half of FY28 was expected to support an 11-percentage-point expansion in Ebitda margin.
Raised FY27-FY29 EPS estimates by up to 17%; forecast 37% EPS CAGR through FY29.
Jefferies
Maintained Buy rating; raised target price to Rs 12,550 from Rs 10,200.
Dedicated CDMO projects were approaching commercialisation, with 60-70 programmes in development.
Peptides, GLP-1 opportunities and elevated capital expenditure supported long-term growth visibility.
Raised FY27-FY29 EPS estimates by 17-22%, driven by stronger sales and margins.
JPMorgan
Maintained Overweight rating; raised target price to Rs 12,500 from Rs 9,100.
Three dedicated CDMO programmes were approaching commercialisation, supporting multi-year growth.
Peptide capacity expansion targeted a top-three global position in integrated peptide manufacturing.
Raised FY27-FY29 earnings estimates by 18-30%, supported by stronger growth and margins.
Kotak
Maintained Sell rating; target price at Rs 8,550.
Three dedicated CSM projects were nearing commercialisation over the next one to two quarters.
CSM pipeline of 60-70 projects supported growth, with margins expected at around 41-43%.
Entresto exposure and demanding valuations remained risks despite strong CSM opportunities.
Gland Pharma
BofA
Maintained Buy rating; raised target price to Rs 3,800 from Rs 3,320.
CDMO contract wins and higher-margin products were expected to accelerate medium-term growth.
Additional Rs 10 billion Pashamylaram expansion and the Vizag plant supported capacity growth.
Successful capital expenditure execution and expansion beyond generic injectables offered further re-rating potential.
Citi
Maintained Sell rating; raised target price to Rs 2,360 from Rs 2,260.
Management reiterated FY27 constant-currency growth guidance of 15%.
Cenexi was expected to return to profitability from Q3FY27, supporting margin recovery.
Estimates remained unchanged; rising competition and limited visibility on future launches threatened growth sustainability.
Goldman Sachs
Maintained Sell rating; target price at Rs 2,750.
Management targeted at least 15% constant-currency growth in FY27 and around 20% longer-term growth.
CDMO expansion could lift Ebitda margins towards 30%, with 35% potential over the longer term.
Raised FY27-FY29 EPS estimates by 3-8%; Cenexi recovery and valuations remained concerns.
Jefferies
Maintained Buy rating; raised target price to Rs 3,920 from Rs 3,150.
Q2 revenue and Ebitda came in above estimates.
Growth was led by strong performance in the US and Europe.
Execution improved and growth visibility strengthened.
Focus shifted towards higher-value products and larger market opportunities.
Raised FY27-FY29 EPS estimates by 3%.
Kotak Institutional Equities
Maintained ADD rating; raised target price to Rs 3,500 from Rs 3,050.
Q2FY27 revenue and Ebitda growth came in ahead of estimates.
Strong performance was led by the US business and technology-transfer CDMO.
US sales jumped 42% year-on-year and were 20% above estimates.
Cenexi remained loss-making, in line with expectations.
Built in lower Cenexi Ebitda margins of 1% in FY27 and 5.5% in FY28.
Company retained FY27 constant-currency revenue growth guidance of 15%.
Raised FY27-FY29 EPS estimates slightly on higher revenue and margins.
Hindalco Industries
Citi
Maintained Neutral rating; cut target price to Rs 1,050 from Rs 1,140.
Q2 Ebitda came in below estimates.
Novelis Ebitda remained stable in Q1.
Consolidated net debt-to-Ebitda improved to 1.8 times from 1.95 times.
Company expected cost pressures to ease in Q4.
Saw limited upside in aluminium prices from current levels.
CLSA
Maintained Outperform rating; raised target price to Rs 1,280 from Rs 1,240.
Approved expansion pipeline of Rs 520 billion supported long-term aluminium and copper growth.
Expected aluminium costs to peak in Q3FY27 before moderating in Q4.
Raised FY27-FY29 Ebitda estimates by 3-9%; leverage was expected to remain below two times.
Kotak
Maintained Buy rating; target price at Rs 1,200.
Novelis operations were expected to normalise gradually in the second half of FY27 following Oswego disruptions.
Elevated copper margins were likely to sustain, while aluminium costs pressured near-term profitability.
India expansion projects remained on track, with leverage expected to peak in FY27.
Honasa Consumer
Citi
Maintained Sell rating; target price at Rs 390.
Another strong quarter was delivered.
Growth was broad-based across brands, categories and channels.
Current valuation already discounted sustained growth and margin expansion.
Intensifying competition left limited room for upside.
Growth durability remained the key monitor as comparables rose.
CLSA
Maintained Hold rating; raised target price to Rs 506 from Rs 505.
Mamaearth was expected to sustain double-digit growth, while younger brands were likely to drive expansion.
Offline distribution growth and improving product mix supported medium-term profitability.
Raised FY27-FY29 profit after tax estimates by 2%; targeted an Ebitda margin of around 15% by FY31.
Goldman Sachs
Maintained Neutral rating; target price at Rs 500.
Focus categories and younger brands were expected to drive volume-led growth.
Offline distribution expansion and an improved channel mix supported margin improvement.
Targeted a 15% Ebitda margin by FY30, with around 12.5% expected in the second half of FY27.
Jefferies
Maintained Buy rating; raised target price to Rs 700.
Company delivered its strongest performance since listing.
Ebitda margin came in ahead of expectations.
Growth was largely volume-led, supported by price hikes and a favourable product mix.
Mamaearth continued to generate mid-teen Ebitda margins.
Company continued to target a 15% Ebitda margin by FY30.
Raised earnings estimates by 10-16%.
Jubilant FoodWorks
CLSA
Maintained Outperform rating; cut target price to Rs 550 from Rs 554.
Retained FY27 Domino's like-for-like growth guidance of 5-7%, implying an acceleration in the second half.
Targeted Rs 10 billion Popeyes revenue over three to four years, supported by expansion.
Pricing, product innovation and sourcing efficiencies were expected to offset inflationary pressures.
HSBC
Maintained Hold rating; raised target price to Rs 510 from Rs 500.
Domino's India like-for-like growth improved to 4.1% in Q2 from 2.5% in Q1.
Domino's delivery business grew 11.3% year-on-year.
Company said Q3 was tracking broadly in line with FY27 expectations.
Saw growth improving but awaited visibility on sustainable margin improvement.
Jefferies
Maintained Buy rating; target price at Rs 650.
Retained FY27 Domino's like-for-like growth guidance of 5-7% and medium-term margin expansion target of 200 basis points.
Popeyes targeted revenue of more than Rs 10 billion in three to four years, supported by 40-45 annual store additions.
Raised FY27-FY28 EPS estimates by 6-7%; dine-in recovery and pricing supported growth.
JPMorgan
Maintained Neutral rating; target price at Rs 520.
Management targeted 5-7% Domino's like-for-like growth in FY27, supported by delivery and dine-in recovery.
Store upgrades, product innovation and pricing were expected to contribute incremental growth.
Popeyes remained a medium-term growth driver, although inflation limited margin expansion.
LG Electronics India
Goldman Sachs
Maintained Buy rating; target price at Rs 2,050.
Management aimed to outperform FY27 mid-teen revenue growth and early double-digit margin guidance.
Premium appliances, larger-screen televisions and first-time buyers supported sustained demand.
Export expansion and premiumisation underpinned growth over the next three years.
Kotak
Maintained Reduce rating; raised target price to Rs 1,815 from Rs 1,750.
Management aimed to exceed mid-teen FY27 revenue growth and early double-digit Ebitda margin guidance.
Entry into vehicle solutions and premiumisation offered additional growth opportunities.
Elevated display-panel costs and uncertain investment requirements for new businesses remained monitorables.
Nomura
Maintained Buy rating; raised target price to Rs 2,139 from Rs 1,963.
Q2 revenue beat consensus estimates by 5%.
Growth was broad-based across refrigerators, washing machines, air conditioners and televisions.
Operating leverage supported profitability.
Strong growth in the B2B display business aided margins.
Company announced its entry into the vehicle solutions business in India.
Q2 momentum was expected to continue in Q3.
Current valuation of around 35.9 times FY29 EPS was seen as attractive.
UBS
Maintained Buy rating; raised target price to Rs 2,140 from Rs 2,100.
Targeted more than 20% long-term B2B growth, with revenue contribution expected to exceed 15% in three years.
Vehicle telematics, data-centre cooling and exports provided new growth opportunities.
Premiumisation and localisation supported margins; management aimed to exceed FY27 guidance.
Prestige Estates
BofA
Maintained Underperform rating; target price at Rs 1,440.
Upcoming project pipeline of Rs 466 billion supported bookings through FY28.
Residential expansion and hospitality investment created growth opportunities but required substantial capital.
Elevated leverage and uncertain free cash flow remained key concerns.
Jefferies
Maintained Buy rating; raised target price to Rs 1,930 from Rs 1,840.
Q2 pre-sales came in ahead of estimates.
Revenue fell 15% year-on-year, below expectations.
Growth was led by strong sustenance sales, which contributed 71% of quarterly pre-sales.
Projects worth Rs 4,180 crore were launched during Q2.
Bengaluru accounted for 54% of total pre-sales.
FY27 pre-sales guidance of Rs 36,000 crore implied 87-88% growth in the second half of FY27.
Raised FY27 and FY28 pre-sales estimates by 5% and 3%, respectively.
Cut FY27 and FY28 EPS estimates by 3% each due to completion delays.
Sansera Engineering
CLSA
Maintained Outperform rating; raised target price to Rs 5,010 from Rs 4,954.
ADS order book of Rs 58.7 billion provided five-year revenue visibility.
Expected Ebitda margins to reach 21-22% by FY28-FY29 as the ADS contribution increased.
Raised FY27 capital expenditure to Rs 8 billion, supporting semiconductor and aerospace expansion.
Goldman Sachs
Maintained Buy rating; raised target price to Rs 5,350 from Rs 5,260.
Targeted FY27 revenue of Rs 42.5-43 billion, with the Rs 58.7 billion ADS order book supporting growth.
Second semiconductor customer and aerospace engine-component validation were expected in Q3FY27.
Raised FY27 capital expenditure to Rs 8 billion, supporting ADS expansion and future commercial programmes.
Nomura
Maintained Buy rating; raised target price to Rs 4,916 from Rs 4,278.
Aerospace, defence and semiconductor businesses were targeted to account for 35-40% of revenue by FY30.
Expected ADS revenue to reach Rs 18.5 billion by FY29, driving margin expansion.
Raised FY27-FY29 EPS estimates by 5%, 3% and 6%, respectively, supported by higher-margin orders.
Siemens India
CLSA
Maintained Neutral rating; raised target price to Rs 3,944 from Rs 3,757.
Revenue and Ebitda were 8% and 17% above consensus estimates, respectively.
Growth was broad-based across businesses.
Order inflows rose 30% year-on-year to Rs 6,230 crore, in line with estimates.
Raised FY27-FY29 Ebitda margin estimates by 4-45 basis points.
Focus remained on higher-value products, software and services.
HSBC
Maintained Hold rating; target price at Rs 3,670.
Revenue was 8% above consensus estimates.
Execution remained resilient in Q2.
Order inflows grew 38% year-on-year, led by infrastructure spending.
Order book grew 12% year-on-year to Rs 47,000 crore.
Higher commodity prices and foreign exchange charges weighed on margins.
Macquarie
Maintained Neutral rating; target price at Rs 3,650.
Order backlog of Rs 470 billion provided strong medium-term revenue visibility.
Smart Infrastructure and Mobility growth supported execution, while Digital Industries remained subdued.
Higher material costs and weak segment margins remained key profitability risks.
Nomura
Maintained Neutral rating; raised target price to Rs 3,944 from Rs 3,757.
Revenue and Ebitda were 8% and 17% above consensus estimates, respectively.
Growth was broad-based across businesses.
Order inflows rose 30% year-on-year to Rs 6,230 crore.
Raised FY27-FY29 Ebitda margin estimates by 4-45 basis points.
Focus remained on higher-value products, software and services.
Citi
Maintained Neutral rating; target price at Rs 3,875.
Order backlog of Rs 470 billion provided strong medium-term revenue visibility.
Smart Infrastructure and Mobility were expected to support growth, with pricing actions aiding margin recovery.
Commodity inflation and foreign exchange volatility remained risks to sustained profitability improvement.
UBS
Maintained Buy rating; target price at Rs 4,850.
Data centres, renewables and industrial electrification supported sustained short-cycle order growth.
Order backlog of Rs 470 billion provided medium-term revenue visibility.
Smart Infrastructure pricing and margin recovery strengthened the earnings outlook; Digital Industries remained subdued.
Tata Steel
Goldman Sachs
Maintained Neutral rating; raised target price to Rs 215 from Rs 210.
Management guided for a Rs 3,500-per-tonne improvement in domestic steel realisations, offsetting higher coking coal costs.
Downstream and value-added products were expected to drive India profitability until the NINL expansion in FY30.
Raised FY27-FY29 Ebitda estimates by 1-4%; European operations remained a key risk.
HSBC
Maintained Buy rating; target price at Rs 260.
Management guided for a Rs 3,500-3,600-per-tonne improvement in India steel realisations in Q3FY27.
UK operations were expected to approach Ebitda breakeven by Q4FY27 as excess inventories cleared.
Targeted around Rs 70 billion in FY27 cost savings; NINL expansion remained on track for FY30.
Jefferies
Maintained Buy rating; target price at Rs 240.
Expected 7% India volume growth in FY27, followed by slower expansion until FY31.
Higher steel prices were expected to lift India Ebitda per tonne to Rs 19,500-19,900 through FY29.
Raised FY27-FY29 EPS estimates by 2-5%; preferred JSW Steel amid Tata Steel's limited volume growth.
JPMorgan
Maintained Neutral rating; target price at Rs 200.
India realisations were expected to rise Rs 3,500 per tonne in Q3FY27, supporting stronger second-half profitability.
UK Ebitda breakeven was delayed to Q1FY28; Netherlands recovery was expected as volumes improved.
Netherlands decarbonisation investment decision was expected by March 2027.
Thermax
JPMorgan
Upgraded to Overweight from Neutral; cut target price to Rs 3,491 from Rs 4,139.
Order backlog of Rs 142.5 billion and improving industrial demand supported an execution recovery.
Management expected more than Rs 70 billion in second-half FY27 revenue, aided by higher-margin international shipments.
Legacy project drag was expected to ease by FY27-end; cut FY27-FY28 EPS estimates by 16-27%.
Kotak
Maintained Buy rating; cut target price to Rs 3,600 from Rs 4,000.
Second-half revenue recovery and deferred high-margin exports were expected to support profitability.
Data-centre orders and emerging industrial businesses provided medium-term growth opportunities.
Cut FY27 EPS estimates by 11% as margin execution remained a concern.
UBS
Maintained Buy rating; cut target price to Rs 4,400 from Rs 5,100.
Management targeted more than Rs 70 billion in second-half revenue and 9-10% FY27 Industrial Products margins.
Order book of Rs 142 billion supported execution visibility, with deferred exports aiding recovery.
Cut FY27-FY29 EPS estimates by 19%, 10% and 6%, respectively, amid weak orders and margin execution risks.
Voltas
CLSA
Maintained Hold rating; cut target price to Rs 1,080 from Rs 1,160.
Additional 5-7% price hikes in Q3FY27 were expected to offset commodity inflation.
VoltBek targeted Ebitda breakeven in FY28, while market-share gains remained the priority.
Cut FY27-FY29 profit after tax estimates by 17-23% amid weak margins and joint venture losses.
Goldman Sachs
Maintained Sell rating; target price at Rs 1,025.
Room air conditioner market-share gains strengthened its leadership, but UCP margin recovery was slower than expected.
Price increases lagged cost inflation, while seasonal pricing contracts delayed margin improvement.
VoltBek targeted Ebitda breakeven in FY28; weak underlying profitability remained a concern.
Jefferies
Maintained Buy rating; cut target price to Rs 1,445 from Rs 1,495.
Recent 5-7% price hikes were expected to support margin recovery from Q3FY27.
Targeted 4-6% long-term UCP EBIT margin, supported by market-share gains.
Expected 14% sales and 24% Ebitda CAGR through FY29; cut FY27 EPS estimates by 7%.
Kotak
Upgraded to Reduce from Sell; revised target price to Rs 1,100.
Market-share gains remained the priority, with room air conditioner share reaching 17.4%.
Additional 5-7% price hikes were expected to fully offset raw-material inflation.
Lean channel inventory and strong demand supported growth, although margins remained under pressure.
Nomura
Maintained Neutral rating; cut target price to Rs 1,199 from Rs 1,357.
Q2 revenue was largely in line with estimates.
Believed current valuation was fair.
Preferred LG Electronics India over Voltas.
Rising competition could further delay margin recovery.
UBS
Maintained Buy rating; cut target price to Rs 1,350 from Rs 1,500.
Management expected margin recovery from Q3FY27 following additional price hikes.
VoltBek targeted Ebitda breakeven in FY28; market-share gains remained encouraging.
Cut FY27-FY29 EPS estimates by 15%, 14% and 5%, respectively, amid commodity inflation and weak underlying margins.
Other Brokerage Calls
Kotak on Tata Chemicals
- Upgraded to Reduce from Sell; cut target price to Rs 610 from Rs 620.
- Global soda ash oversupply was expected to persist for years amid additional Chinese capacity.
- Kenya operations remained uncertain, while US and UK businesses faced profitability pressures.
- Cut FY27-FY29 Ebitda estimates by 7-15%; forecast continued consolidated losses through FY29.
BofA on Shiprocket
- Maintained Neutral rating; target price at Rs 145.
- Emerging businesses and higher merchant monetisation were expected to sustain revenue growth.
- New categories, including hyperlocal delivery and restaurant solutions, offered expansion opportunities.
- Expected seasonal volume softness in Q3FY27, with margins broadly stable.
Sai Lifesciences on Kotak Institutional Equities
- Maintained ADD rating; raised target price to Rs 1,850 from Rs 1,570.
- Upgrade was driven by higher revenue assumptions and an improved margin outlook.
- Q2FY27 revenue grew 23% year-on-year, 14% ahead of estimates.
- Management expected the second half of FY27 to be stronger than the first half.
- Expected Ebitda margins of around 31%, 33% and 35% in FY27, FY28 and FY29, respectively.
- Raised FY27-FY29 Ebitda estimates by 3-6%.
- Expected around 18% Discovery revenue CAGR over FY26-FY29.
Jefferies on Mphasis
- Maintained Hold rating; raised target price to Rs 2,440 from Rs 2,350.
- Management raised FY27 revenue growth guidance to low double digits, although seasonal furloughs posed risks.
- Expected 10% constant-currency revenue and 12% EPS CAGR through FY29.
- Weakening free cash flow conversion and limited margin expansion constrained valuations.
CLSA on NCC
- Maintained Outperform rating; target price at Rs 216.
- Retained FY27 order inflow guidance of Rs 220-250 billion and revenue growth guidance of 8-10%.
- Water infrastructure, smart metering and green energy corridors supported long-term order prospects.
- Expected 30% EPS CAGR through FY29, supported by an infrastructure execution recovery.
Macquarie on Lemon Tree Hotels
- Maintained Outperform rating; target price at Rs 180.
- Renovations were expected to be largely complete by the end of FY27, supporting stronger occupancy and room rates.
- Expected double-digit revenue growth and more than 25% EPS growth through FY29.
- Management fee acceleration and lower GST headwinds supported FY28-FY29 profitability.
Kotak Institutional Equities on IRB Infrastructure
- Maintained ADD rating; cut target price to Rs 20.
- Q2 revenue missed estimates due to lower construction revenue.
- Strong BOT and InvIT performance partly offset weakness in the construction segment.
- Ebitda margin stood at 55.7% against an estimate of 54%, aided by a higher contribution from BOT and InvIT assets.
- Road project awarding had remained weak over the past 30 months.
- Cut FY28 and FY29 EPS estimates by 4%.
- EPS downgrade reflected lower EPC revenue amid a shrinking order book.
CLSA on Emami
- Maintained Hold rating; target price at Rs 404.
- Management expected 18-20% revenue growth in the second half of FY27 and a recovery in international business.
- Strategic investments were targeted to generate Rs 8-8.5 billion revenue in FY27.
- Cut FY27-FY29 profit after tax estimates by 5-15% amid higher taxes and input-cost pressures.
Kotak on Godrej Agrovet
- Maintained Buy rating; target price at Rs 1,000.
- Oil palm management retained its outlook for double-digit fresh fruit bunch volume growth.
- Animal feed remained resilient, while crop protection and dairy faced margin pressures.
- Cut earnings estimates by 10-13% amid climatic and segment-specific headwinds.
JPMorgan on Gujarat Energy
- Upgraded to Overweight from Underweight; raised target price to Rs 300 from Rs 231.
- Expected moderation in global LNG prices could revive city gas distribution and trading volumes.
- Management targeted city gas distribution Ebitda margin of Rs 5-6 per scm and gas trading margins of 5-6%.
- Raised FY27-FY28 EPS estimates by more than 80%; elevated spot LNG prices remained a near-term risk.
Goldman Sachs on Data Patterns
- Maintained Neutral rating; target price at Rs 4,165.
- Management retained FY27 guidance of 25% revenue growth and 35-40% Ebitda margin.
- Combined order book and pipeline of Rs 27 billion improved revenue visibility, but execution remained critical.
- A sharp second-half FY27 revenue ramp-up was required to meet guidance; weak margins remained a concern.
Jefferies on IKS Health
- Upgraded to Buy from Hold; raised target price to Rs 2,030 from Rs 1,900.
- TruBridge integration and offshoring efficiencies were expected to lift Ebitda margin to 31% by FY29.
- Organic revenue growth was projected at 13.5% CAGR through FY29, with acquisition synergies expected to emerge from FY29.
- Expected 26% EPS CAGR through FY29 despite near-term integration and interest costs.
CLSA on Aditya Birla Fashion & Retail
- Maintained Hold rating; cut target price to Rs 42 from Rs 50.
- Festive demand recovery supported second-half growth, while Pantaloons expansion remained limited.
- TMRW could raise around Rs 10 billion by the end of FY27 or early FY28.
- Cut FY27-FY29 Ebitda estimates by 6-7%; expected margin recovery from FY28.
Kotak on Amagi Media Labs
- Upgraded to Buy from ADD; raised target price to Rs 715 from Rs 700.
- Expected 18.7% US dollar revenue CAGR through FY29, supported by streaming and monetisation growth.
- Operating leverage and AI-led efficiencies were expected to lift adjusted Ebitda margin to 17.9% by FY29.
- Raised FY28-FY29 EPS estimates by around 3%; expected growth momentum to remain above 20% in the second half of FY27.
Goldman Sachs on Azad Engineering
- Maintained Buy rating; cut target price to Rs 3,125 from Rs 3,315.
- Management targeted annualised revenue exceeding Rs 13 billion by FY28, supported by new capacity ramp-up.
- Expected stronger earnings growth and margin expansion as all six manufacturing facilities scaled up.
- Cut EPS estimates due to higher interest and depreciation costs; elevated working capital remained a concern.
CLSA on CESC
- Maintained Outperform rating; cut target price to Rs 195 from Rs 204.
- Company targeted doubling profit after tax over FY25-FY30 through distribution turnaround and renewable expansion.
- Renewable curtailment pressures were expected to ease by mid-2027, supporting an earnings recovery.
- Cut FY27-FY28 EPS estimates by 3-5%; expected double-digit growth through FY29.
HSBC India Strategy – Herald van der Linde
Upgraded India to Overweight from Neutral.
Said India offered resilient earnings and more reasonable valuations.
High oil prices and El Niño remained risks but were unlikely to materially weaken overall sentiment.
Cited strong credit growth, resilient earnings and measures supporting growth and the currency.
Expected modest earnings downgrades in the coming quarters if energy prices remained elevated, but did not expect these to materially affect overall sentiment.
Said India offered diversification and low volatility in Asian markets dominated by AI stocks.
Favoured high-quality growth stocks in domestically driven sectors, including financials, autos, retail, services and hospitals, where demand remained firm.
Most-preferred sectors: Financials, Consumer Discretionary including autos, Real Estate, Industrials and Hospitals.
Least-preferred sectors: IT, Consumer Staples, Oil & Gas, Utilities and Pharma.
Downgraded China to Neutral, saying lower valuations and recent policies offered support, but re-rating catalysts remained limited.
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