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Brokerages rolled out fresh calls on Grasim Industries, Dr. Reddy's Laboratories, Dixon Technologies, Berger Paints India and Max Financial Services, while also flagging trends across healthcare, paints, EMS, cables and broader market strategy.
Jefferies on Grasim
- Maintain Buy with TP of Rs 3,440
- Grasim set to receive Rs 3,970 crore dividend from UltraTech
- Dividend inflows seen structurally higher versus previous years
- Greater capital availability opens room for growth funding and deleveraging
- Scope for higher shareholder returns
- Better capital allocation could narrow holding company discount
BofA on CPI
- April CPI review shows no major inflation pressures yet
- Food prices remain elevated while services inflation contained
- Pass-through of higher prices visible in March WPI
- RBI continues cautious stance
- Expects cumulative 50 bps rate hike beginning December 2026
MS on Berger Paints
- Maintain Underweight with TP of Rs 429
- Q4 beat expectations
- Pricing expected to support FY27 topline growth
- April secondary sales trends similar to Q4
- Gross margins may soften slightly
- EBITDA margins expected in 15-17% range
Macquarie on Berger Paints
- Maintain Underperform with TP of Rs 395
- Q4 EBITDA beat estimates
- Company confident of maintaining FY27 EBITDA margin at 15-17%
- Value growth expected to outpace volume growth
- Limited demand impact expected from price hikes
Jefferies on Sagility
- Maintain Buy; Hike TP to Rs 54 from Rs 53
- Revenue beat estimates though margins missed due to one-offs
- Healthy account additions supporting growth outlook
- Cross-sell synergies with Broadpath remain positive
- Expect 18% EPS CAGR over FY26-29
Jefferies on Cohance Life
- Downgrade to Underperform from Hold; Cut TP to Rs 300 from Rs 340
- Q4 significantly below estimates
- All business divisions declined YoY
- Management churn remains elevated
- FY27 recovery expected only from H2FY27
- FY27-28 EPS estimates cut by 14-17%
MS on Dr Reddy's
- Maintain Equal-weight; Cut TP to Rs 1,215 from Rs 1,259
- Q4 revenues and EBITDA below estimates
- Semaglutide ramp-up slightly delayed
- Brazil approval awaited
- Competition risks remain elevated
Citi on Dr Reddy's
- Maintain Sell with TP of Rs 1,070
- US sales back to pre-gRevlimid levels
- Core profitability and US revenues remain under pressure
- Non-US growth seen increasingly margin dilutive
Jefferies on Dr Reddy's
- Maintain Underperform with TP of Rs 1,040
- Q4 margins impacted by weak US business and higher SG&A
- India, Russia and Europe remained growth drivers
- Slower semaglutide uptake poses downside risks
- Delay in Abatacept launch also a concern
Citi on Max Financial
- Maintain Buy; Hike TP to Rs 2,725 from Rs 2,675
- Strong quarter with margin improvement
- Operating leverage benefits visible
- Persistency trends remain healthy
- Growth expected to remain ahead of industry peers
- QIP-related investor interest remains monitorable
MS India Strategy – Ridham Desai
- Indian equities poised for stronger growth phase
- Earnings recovery expected after six-quarter slowdown
- Domestic flows remain robust
- Trade deals with US and EU seen supportive
- Domestic cyclicals preferred over defensives
- Overweight Financials, Consumer Discretionary and Industrials
- Underweight Energy, Materials, Utilities and Healthcare
- IT services could emerge as AI beneficiaries
Macquarie on Dixon Technologies
- Maintain Outperform with TP of Rs 15,000
- Q4FY26 slightly ahead of estimates
- FY27 smartphone volumes expected to remain flat
- Revenues supported by higher realizations
- Early signs of improvement in financial trajectory
Jefferies on Dixon Technologies
- Maintain Hold; Cut TP to Rs 10,280 from Rs 10,330
- Sales growth slowed due to weaker consumer sentiment
- Memory price inflation impacted outlook
- Vivo JV approval still awaited
- FY26-29 sales CAGR estimated at 19%
GS on Neuland Labs
- Maintain Buy; Hike TP to Rs 19,550 from Rs 17,275
- Q4 EBITDA margin expanded to 40%
- CDMO business drove strong beat
- Revenue growth expected at 20%+ CAGR over FY26-28
- EPS estimates raised up to 8%
UBS on KEI Industries
- Downgrade to Neutral from Buy; Hike TP to Rs 5,600 from Rs 5,300
- Electrification trend remains supportive
- Near-term upside seen priced into valuations
- Rising competition in housing wires remains monitorable
- Export opportunity remains structural
- Earnings compounder thesis intact
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