A host of global and domestic brokerages have rolled out fresh views on Endurance Technologies, Fortis Healthcare, Aavas Financiers, Tenneco India and Indian banks, as analysts assess demand trends, margin pressures and evolving macro conditions.
Citi on Endurance Technologies
Maintain Buy; Cut TP to Rs 2,900 from Rs 3,350
Estimates trimmed on conservative demand outlook
Rising commodity costs expected to pressure margins
Rolls forward valuation to Sep'27E at 37x P/E
Citi on Fortis Healthcare
Maintain Buy with TP of Rs 1,120
Middle East disruption to international patient flows seen as temporary
Recovery expected as travel normalises
Hospital EBITDA margin guided at ~22% in FY26E
Margins expected to improve to 24–25% over time
IHH may increase stake via equity infusion or consolidation
Jefferies on Aavas Financiers
Maintain Buy with TP of Rs 1,875 (implies ~74% upside)
Q4FY26 disbursements grew 16% YoY
AUM at Rs 235 billion, up 15% YoY
GS3 assets improved 12 bps QoQ to 1.07%
1+ DPD declined 63 bps QoQ to 3.15%
Valuation at ~1.5x FY27E P/B seen reasonable
Growth pickup remains key trigger for re-rating
Morgan Stanley on Aavas Financiers
Maintain Equal-weight with TP of Rs 1,600
Marginal pickup in AUM growth; consensus downgrades likely to continue
EPS estimates for FY27–28 seen 5–9% below consensus
Stock corrected, but relative upside better in peers
Prefers Aptus and Home First Finance over Aavas
Jefferies India Equity Strategy
Nifty valuation attractive at ~17x 12-month forward P/E
Trading at ~12% discount to pre-Covid averages
FY28 earnings cuts of 4–5% likely for Mar'27; deeper cuts unlikely
Market Scenarios:
Base case: Nifty at 25,000 (~10% upside)
Bull case: 28,000 (~23% upside) if conflict resolves
Bear case: 22,400 (flat downside)
Portfolio stance:
Overweight Banks (SBI, HDFC Bank, Axis Bank)
Increase Pharma weight to neutral (add Sai Life)
Cut exposure to autos, cement and BPCL
Real estate remains a key non-consensus buy
Citi on Indian Banks
Q4 typically sees strong credit and deposit growth
However, early weakness may impact FY26 trajectory
System saw deposit outflows of Rs 1.79 lakh crore in recent fortnight
Q4TD deposit growth at 0.6% vs 1.7–2.3% historically
Tight liquidity conditions weighing on deposits
Credit growth likely to remain resilient, but deposits are key monitorable
HSBC on Tenneco India
Initiate Buy with TP of Rs 700 (~35% upside)
Strong exposure to premiumisation in suspension systems
Export growth a key driver; India seen as low-cost global hub
Export revenue CAGR estimated at ~33% (FY26–30E)
Domestic revenue CAGR at ~12%
Overall revenue and EBITDA CAGR ~14%; PAT CAGR ~15%
Margins expected to remain stable at ~18–19%
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