Brokerages rolled out fresh views on ICICI Prudential AMC, Pine Labs and Ujjivan SFB, while also flagging inflation outlook, fuel pricing risks and broader market sentiment cues.
Investec on L&T
- Maintain Buy with TP of Rs 4860
- Robust prospect pipeline in international markets
- Renewables driven by ACWA's aggressive plans
- Diversification in Hydrocarbons; O&G pipelines a new opportunity
- Some large projects in infra
Investec on ICICI Pru Life
- Upgrade to Buy from Hold; Cut TP to Rs 685 from Rs 720
- Upgrade on undemanding valuation that implies a 10-year VNB CAGR of just 2%
- Q4 saw a 9% beat on VNB driven by stronger-than-expected APE growth and margin expansion
- Margin expansion was led by favourable product mix and yield curve
- Expect growth related challenges to continue
Citi on ICICI Pru AMC
- Maintain Buy with TP of Rs 3900
- Q4 core in-line
- Flow trends held up well, capturing robust performance trends of most schemes
- Management highlighted efforts to reduce the net impact of the reduction in the net expense ratio, in MF
Jefferies on ICICI Pru AMC
- Maintain Buy; Hike TP to Rs 3770 from Rs 3600
- Q4: Lower Expenses Drive Beat
- Defensive Play in Volatile Mkts
- New ESOPs will result in higher employee expenses, driving 1-3% earnings cuts in FY27/28
- ICICI AMC may be more defensive in a volatile environment
- Note its lower SMID exposure and net equity mkt share gains
- Indian AMCs have re-rated, premium to developed peers is due to higher profitability & better growth
Macquarie on ICICI Pru Life
- Maintain Neutral with TP of Rs 710
- FY26 - Weak APE growth, VNB growth, EV growth, ROEV and declining persistency
- Outlook for FY27E becomes important, no specific guidance given
- Growth weaker than peers; RoEV below cost of equity
Kotak Securities on ICICI Pru AMC
- Downgrade to Reduce from Add; Hike TP to Rs 3250 from Rs 3150
- Quality franchise, fully valued; downgrade a notch
- Market correction caps growth, costs aid margins
- Steady underlying yields; alternates share at ~10% of net revenues
- Stable inflows and market share gains in volatile markets
- High valuations cap upside
HSBC on Auto
- Rising commodity costs and likely impact on domestic demand from macro slowdown are potential headwinds in the near term
- See valuations on revised earnings as not so undemanding
- Like the auto space, but near-term risks remain despite the stock price corrections
- Downside case scenario suggests a possible correction of 15-20% in earnings estimates, leaving limited head room in term of valuations
Jefferies on India Internet
- Amazon push in Quick Commerce understandably heightens competition concerns for incumbents
- That risk is real, but think the market is also pivoting structurally towards shorter delivery timelines
- This also drives up Total Addressable Market for Quick Commerce well beyond grocery
- Retain a high-conviction BUY on Eternal
- Also maintain BUY on Swiggy, but it remains a higher risk-reward idea
BofA Fund Manager Survey
- Most bearish Fund Manager Survey (FMS) since Jun'25
- Expectations for growth down most since Mar'22, for inflation highest since May'21
- All contrarian positive for risk assets so long as ceasefire sends oil price <$84/bbl
- But not a “close-eyes-and-buy” FMS
- No recession says 7 out of 10 fund managers
- Investors still long global stocks, so rate cuts and EPS beats needed to sustain new highs
Axis Cap on Ujjivan SFB
- Maintain Buy with TP of Rs 77
- Universal bank license rejection a temporary setback
- Annoucement will have negative reaction on the stock price
- Believe this to be a deferral, not a denial for the transition to an universal bank
- See this outcome as a regulatory pause, not a rejection, with a clear message to demonstrate more diversification
- Underlying business remains intact
- Investors should view this as a temporary timeline shift rather than a structural negative
- The universal banking licence, when granted, remains a meaningful re-rating catalyst
Citi on Pine Labs
- Initiate Buy with TP of Rs 235
- Product & Distribution Growth Opportunities
- Well positioned as Enterprise Fintech Provider
- Expect 17%/49% revenue/EBITDA growth over FY26-28
Macquarie on India Fuel Retail
- Significant under-recoveries; brace for higher pump prices
- At spot price, India's oil marketing companies are effectively subsidising consumers by Rs18/Rs35 per litre on petrol/diesel
- While the contribution of excise to government revenue has been declining, it still forms a meaningful ~8% of revenue and ~17% of the fiscal deficit
- Top down, see risk of higher pump prices post state elections in April, which will likely pressure margins
- Given near-term earnings uncertainty, prefer utilities to oil marketing companies
Brokerages on CPI
BofA
- Prices broadly contained with limited pass through
- CPI Details: Food prices higher, services prices contained
- WPI to see higher pass‑through of commodity price increases
- Pass-through on inflation is likely to come with a lag
- Continue to expect CPI at 5.2% for FY27
- Continue to expect 50bps hike starting December 2026
Kotak Securities
- Climate and geopolitical risks weighing on inflation
- Expect RBI to remain on a prolonged pause in CY2026
- FY27 CPI estimated at 4.7%
- See chances of a rate hike arising under significant upside risks to the medium-term inflation trajectory
Citi
- Headline inflation reached a 14-month high
- Revise FY27 headline inflation forecast to 4.6%
- Continue to believe that the RBI can stay on hold for the immediate future
- Risk of a modest upward adjustment to policy rate will arise if core inflation stays elevated above ~4.5% due to supply shocks
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