A clutch of global and domestic brokerages has rolled out fresh views on Hindustan Petroleum Corporation, Waaree Energies, DLF, InterGlobe Aviation, Go Digit General Insurance, IIFL Finance, Mphasis, Aditya Birla Sun Life AMC, Zee Entertainment Enterprises, Tata Motors (CV segment) and Bandhan Bank following a mix of quarterly earnings reviews, target price revisions and rating actions, ahead of the upcoming session.
Brokerages have also shared broader commentary across oil marketing, renewable energy, real estate, aviation, insurance, NBFCs, IT services, asset management, media and banking, alongside sector-level views on gas pricing, brokerages' margin funding exposure and near-term market risks and opportunities.
Hindustan Petroleum Corporation
Morgan Stanley on HPCL
Maintain Overweight with TP of Rs 610
Chairman constructive on the startup of ~$12 bn of work-in-progress investments every quarter in 2026
Confidence on cost controls and deleveraging surprised positively
HPCL among few global refiners with 1.5x capacity rise
Well placed to leverage the “Golden Age” in fuel markets
Jefferies on HPCL
Maintain Underperform; Cut TP to Rs 385 from Rs 405
Dec-25 quarter missed estimates; valuation appears full
EBITDA 11% below estimates due to weaker refining
Low crude outlook is supportive for marketing margins
LPG compensation to boost earnings in Q4FY26–FY27
Rajasthan refinery commissioning by early FY27 to be a drag
FY26E PAT cut by 3%
Waaree Energies
Jefferies on Waaree Energies
Maintain Underperform; Cut TP to Rs 2185 from Rs 2295
Volume-led beat
Management expects to exceed >100% FY26 EBITDA growth guidance
Exports declined sharply post-US tariffs
Order book increasingly skewed towards the US amid AD/CVD risk
FY26/27E EBITDA raised by 16%/8%
Beneficiary of PM Kusum and subsidy schemes due to strong retail presence and DCR production
India Gas Sector
Citi on India Gas
Sharp surge in US Henry Hub and Asian LNG prices
Higher gas prices could weigh on Q4 earnings for GAIL, IGL and MGL
For GAIL, impact on gas trading and petchem profitability
$2/mmBtu increase could hit Q4 EBITDA by ~Rs 200 crore
For IGL and MGL, EBITDA impact seen at ~Rs 0.8/scm
Higher JKM LNG prices could cap India LNG imports, weighing on Petronet LNG
DLF
Morgan Stanley on DLF
Maintain Overweight with TP of Rs 900
Q3 review: Strong cash flows, but pre-sales missed
Pre-sales of Rs 420 crore vs estimate of Rs 2,500 crore
Dahlias sales on hold, expected to resume in Q4
EBITDA margin at 19% vs estimate of 30%
Residential collections strong; gross debt reduced to zero
InterGlobe Aviation
Morgan Stanley on IndiGo
Maintain Overweight; Hike TP to Rs 6498 from Rs 6359
Q3 PBT beat estimates by 18%
Company lowered Q4 capacity guidance and raised CASK outlook
Valuation attractive at FY27 EV/EBITDA of 8.5x vs 10-yr median of 9x
Franchise strength is materially better now
Citi on IndiGo
Maintain Buy; Cut TP to Rs 5700 from Rs 5800
Q3 strong despite multiple operational disruptions
Operations normalised post-disruptions
Yield estimates cut; higher costs factored in
Investec on IndiGo
Maintain Sell with TP of Rs 4050
Weak Q3 print; weaker visibility
Q4 capacity growth guidance cut to ~10% YoY
Rising regulatory risk from strict FDTL norms
Cost pressures expected to intensify
FY26 EPS cut by 35%; FY27–28 unchanged
Go Digit General Insurance
Morgan Stanley on Go Digit
Maintain Equal-weight with TP of Rs 335
Q3 beat on adjusted profits
Combined ratio higher YoY due to a higher two-wheeler mix
IFRS combined ratio improved YoY
Loss ratio improved
Valuation remains full
Jefferies on Go Digit
Maintain Buy; Hike TP to Rs 430 from Rs 420
Q3 beat driven by reinsurance gains and operating leverage
Combined ratio improved ~30 bps YoY to 110.5%
Lower commission expense aided by retention strategy
Motor OD loss ratio worsened due to competition and mix
IIFL Finance
Jefferies on IIFL Finance
Maintain Hold; Cut TP to Rs 600 from Rs 625
Q3 profit beat on lower provisions
Tax authorities ordered special audit of accounts
Management termed it procedural, but near-term overhang remains
Loan growth driven by gold loans; ex-gold AUM consolidating
NIMs improved QoQ; credit costs slightly better than estimates
Mphasis
Jefferies on Mphasis
Maintain Buy; Cut TP to Rs 3410 from Rs 3460
Dec-25 revenues in line; margins and normalised profits ahead
Positioned for ~10% revenue CAGR over FY26-28
Strong deal wins and pipeline, especially in BFSI
FY26-28 EPS cut up to 1.5% on higher interest costs
Expect 14% EPS CAGR over FY26-28
Aditya Birla Sun Life AMC
Citi on Aditya Birla AMC
Upgrade to Buy from Sell; Hike TP to Rs 900 from Rs 760
Risk-reward turns favourable
Market share stabilising in equity flows and SIPs
Improving scheme performance aiding flows
Redemptions easing; net flows picking up
Sales engine and performance to drive AAUM accretion
Market share gains key for re-rating
Zee Entertainment Enterprises
Citi on Zee Entertainment
Maintain Sell; Cut TP to Rs 80 from Rs 100
Advertising recovery critical for margin expansion
Q3 performance mixed
Revenue growth driven by subscriptions and other income
Advertising weakness persists
Competitive intensity rising; reduced investments hurt outlook
Cost-efficiency led margin expansion largely done
India Brokers / MTF
Citi on India Brokers
MTF concerns appear unwarranted; sharp unwind unlikely
MTF book granular; top-5/top-25 exposure at 6%/21%
MTF growth already slowing ex select entities
Gold/silver backed MTF exposure low at ~2.6%
MTF exposure to market cap low vs US/China
Rules out sharp MTF rundown
Angel One MTF revenues seen at 18–20% of net revenue FY26-29
Groww MTF share seen rising to ~12.6% by FY29E
Tata Motors (CV)
HSBC on Tata Motors CV
Maintain Buy with TP of Rs 490
New launches to support market share gains
New 3.6L diesel engine improves ICV competitiveness
8.5L engine targets profitable mining segment
eCV portfolio spans 1–55 tonnes; HCVs target niche closed-loop ops
Bandhan Bank
Macquarie on Bandhan Bank
Maintain Underperform with TP of Rs 130
Focus remains on credit cost trajectory
PAT beat driven by higher other income
Slippages elevated; credit costs remain high
NIM is expected to improve gradually
CLSA on Bandhan Bank
Better quarter after a difficult period
PPOP beat expectations; slippages improved
Q3FY26 decent, but PBT missed by 9%
Credit costs not driven by slippages
Margins stable after two quarters of sharp decline
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