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Brokerages rolled out fresh calls on Godrej Properties, Petronet LNG, Aditya Birla Capital, Dabur India, and Bharat Heavy Electricals Limited, while also highlighting broader macro, political and market trends.
Jefferies India Strategy
- BJP's electoral momentum continues; wins in 8 of last 12 state elections
- West Bengal victory strengthens Eastern India presence
- Populist spending trend persists; capex burden on Centre
- Next key event: UP elections (March 2027)
Macquarie India Strategy
- BJP consolidating political position across states
- Greater alignment between Centre and states aids policy execution
- India stands out amid global instability
- Fiscal deficits of key states remain above 3% target
Citi India Economics
- BJP's gains expand geographic footprint
- Results reinforce PM Modi's political strength
- Rajya Sabha positioning supportive of reforms
- Strong mandate could aid policy implementation
Jefferies on Godrej Properties
- Maintain Buy; TP raised to Rs 2,475
- Strong pre-sales and construction spend to drive growth
- Targeting ~20% ROE and FCF turnaround by FY28
- Promoter stake increase and dividend signal confidence
BofA on Godrej Properties
- Maintain Buy; TP Rs 2,600
- Strong FY26 finish; FY27 guidance ahead of expectations
- Healthy bookings outlook
- ROE target of 20% by FY28
Investec on Godrej Properties
- Downgrade to Hold; TP Rs 1,986
- Fundamentals intact but valuation fair
- Strong presales and execution to support collections
JPMorgan on Petronet LNG
- Maintain Overweight; TP Rs 335
- Volume beat and UoP recoveries positive
- Long-term utilization concerns remain
- Near-term stock reaction likely modest
Investec on Petronet LNG
- Maintain Buy; TP Rs 400
- Provision reversals aided earnings
- Utilization impacted by Middle East disruptions
- Kochi stable; Dahej impacted
Macquarie on Aditya Birla Capital
- Maintain Outperform; TP Rs 415
- Strong AUM growth and improving asset quality
- Credit costs remain benign
- Life insurance margins improving
Morgan Stanley on Aditya Birla Capital
- Maintain Overweight; TP Rs 408
- NBFC performance strong on asset quality and growth
- Life insurance VNB margin beat
- Some valuation variances remain
Morgan Stanley on Manappuram Finance
- Maintain Equal-weight; TP Rs 270
- Strong gold loan growth
- Limited visibility in non-gold segments
- Targeting ~15% ROE by FY28
Kotak Securities on BHEL
- Maintain Sell; TP Rs 140
- Strong execution and margin expansion
- Cash flows supported by stable receivables
- Coal gasification emerging opportunity
Morgan Stanley on BHEL
- Maintain Overweight; TP Rs 444
- Strong turnaround continues
- Improving macro positioning
- Potential for further upside surprises
Goldman Sachs on Tata Technologies
- Maintain Sell; TP Rs 470
- Q4 in-line; FY27 growth expected to recover
- Revival in auto development programs likely
- Margin recovery to FY25 levels expected
Citi on KFin Technologies
- Maintain Buy; TP Rs 1,090
- Strong deal wins
- MF yield pressure due to asset mix
- Cost control key monitorable
Jefferies on Dabur India
- Maintain Buy; TP Rs 610
- Early signs of demand recovery in staples
- Stock de-rated; attractive risk-reward
- Execution under new leadership key for re-rating
Citi on Exide Industries
- Maintain Buy; TP Rs 420
- Q4 in-line with estimates
- Export challenges persist
- Commodity pressures remain
- Growth outlook remains positive
Morgan Stanley India Strategy
- Revenue, EBITDA, PAT growth at 13%, 11%, 11% YoY
- Margins largely stable; slight compression seen
- Materials, Utilities, Financials led profit growth
- Consumer Discretionary lagged
- Industrials and Materials beat estimates
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