JSW Cement Ltd., ICICI Asset Management Co., Lenskart Ltd. are among companies that have drawn commentary from top brokerages on Friday. Investec and Motilal Oswal have initiated a buy rating on JSW Cement and Lenskart, respectively.
Investec On JSW Cement
- Initiate 'Buy' with a target price of Rs 146
- Torchbearer for ESG-led growth in cement.
- Stands out as a rare combination of superior execution, cost leadership, and disciplined growth.
- Capacity pipeline, structurally advantaged operating model, and synergies still only partially unlocked.
- Positioned to scale into India's top 5 cement players by FY30.
- Benefits from being part of the broader JSW Group.
- Well-placed to tap group synergies.
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Axis Capital On Larsen & Toubro
- Maintain 'Buy' with a TP of Rs. 4,810
- Tie up with NVIDIA for India's Gigawatt-Scale AI Factory
- L&T's current data center capacity stands at 32 MW, with a roadmap to scale to 200 MW over.
- Key differentiator in winning and executing these projects is talent.
- Discussions with a major global hyperscaler for equity partnership are in advanced stages.
Motilal Oswal On Lenskart
- Initiate Buy, TP Rs 600 per share, that indicates 27% upside.
- Built a strong moat in difficult-to-scale category.
- Large addresable markets with unique challenges coming up.
- Expect 25% CAGR in consolidated revenue over FY25-28.
- 625bps operating leverage-driven margins expected.
- Premium valuations are justifiable.
ALSO READ: Motilal Oswal Initiates Coverage On Lenskart With 'Clear Vision' — Should You Buy?
Brokerages on ABB India Q4CY25 Results
Macquarie
- Mantains "Neutral" for 12-month target price of Rs 5,420.
- Strong growth in order book.
- Growth seen across data centers, automotive, railways, metals, and infrastructure.
- Analysts remain cautious regarding the sustainability of new orders.
- Slow "book-to-bill" ratio (0.79x) is a concern.
- Seeing ongoing margin pressures from imports.
JPMorgan
- Maintains Neutral with a price target of Rs 5,639.
- PAT, revenue and margins miss estimates.
- Strong order inflows a maajor positive.
- Growth was driven by data centers, automotive, railways, and metals.
- Tepid revenue a major negative.
- Expect sideways stock reaction as parent had already signaled strong Indian order growth.
ALSO READ: ABB Shares Surge Over 6% Post Q4 Results — Here's Why
CLSA On Power Sector
- Time to buy select India regulated utilities.
- Climate change related weakness an opportunity to buy.
- Likely to see demand uptick from Q2CY26.
- Solid capacity addition but weak solar generation again.
- Structural change should benefit inexpensive regulated entities.
- Top picks NTPC, NHPC and CESC.
Bernstein On India's EV
- PV narrative is shifting from "ICE-led cycles and margins" to "BEV winners".
- BEV penetration set to accelerate sharply over the next 5 years.
- Expect 7× growth in BEV sales by 2030 from 170,000 units to over 1.2 million units.
- This will account for ~20% of PV sales by FY31 vs 4.5% now.
- driven by stricter emission norms and stronger policy incentives.
- BEV market is expected to evolve into a multi-player oligopoly (similar to the US/Europe model).
- M&M emerges as the key EV beneficiary.
- Mahindra & Mahindra as best positioned to earn the “EV tag” due to strong consumer acceptance, aggressive launches.
- Maruti is seen as less likely to attract EV-led valuation upside.
Macquarie On United Spirits
- Maintains underperform, TP of Rs 1350.
- Pernod India reported ~5% sales growth for December quarter
- United Spirits saw marginal market share gains over Pernod in the Dec '25 quarter.
- Demand remains strong for premium brands across the sector.
- Sales in Maharashtra continue to be negatively impacted by tax hikes implemented in July.
- See inflationary headwinds for bulk Scotch prices as primary concern for United Spirits' margins.
- Volume outlook is muted due to tax hikes.
- Continued strong momentum is expected for the broader market over the next two quarters.
Jefferies Greed and Fear Index
- Indian IT service companies will play a role in migrating corporates to this new approach.
- There may be a future for the Indian IT services sector which has been perceived as being a big loser from AI.
- India's client AI adoption is increasing, with 90% of Infosys's top 200 large clients currently using its AI services.
- Key Stocks- Asia ex-Japan long-only equity portfolio- Eternal (Zomato), SBI Life Insurance, Lodha Developers, HDFC Bank, PB Fintech, GMR Airports, JSW Energy.
Antique On ICICI AMC
- Initiate coverage with Buy TP 3600, Upside 19%.
- Superior execution to drive premium valuation.
- In the top two quartiles across trailing 1/ 3/ 5/ 10-year horizons as of Dec'25.
- This not only drives higher net flow market share gains, but also provides enough pricing power to proactively manage (ever declining) net revenue yields.
- Positioned itself as a long-term hybrid asset class specialist with industry leading 26.3% market share.
- Passive AUM has grown 3.3x over FY23-YTDFY26.
- Combines scale, strong scheme performance, a deep retail/ SIP franchise.
- This justifies premium valuation vs. peers.
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