Brokerages rolled out fresh calls on JSW Energy, Ujjivan SFB, Shriram Finance, Polycab and Sumitomo Chemical, while also sharing sectoral views across power, BFSI, consumer durables and autos.
Jefferies on India Power Demand
- March 2026 power demand rose 2% YoY
- FY26 demand growth muted at 1% YoY due to strong monsoon
- Demand expected to rebound to ~6% YoY in FY27E
- El-Nino probability at 60% could drive further upside
- Peak demand expected to rise 10% YoY to 270 GW in FY27E
- Top picks: JSW Energy and NTPC
Axis Capital on Ujjivan SFB
Upgrade to Buy; Raise TP to Rs 77 from Rs 66
- Transition toward diversified universal banker
- Secured loan mix improving to ~49%; target 65–70% by FY30
- Loans grew 26% YoY; disbursements at record highs
- Collections near ~99.8%
- CASA expected to improve
- Capital raise likely to support growth
Morgan Stanley on UPL
Resume coverage with Equal-weight; TP Rs 658
- Play on recovery in global agrochemicals cycle
- Volume growth outperformed global peers
- China export tax removal may lift export ASPs by 9–13%
- Risks include fertilizer outages and feedstock availability
Morgan Stanley on India BFSI
Geopolitical risks may impact earnings momentum
- Valuations provide cushion for downside
- Remain constructive over 12–18 months
- Large private banks seen as defensive plays
- Life insurers preferred on valuation dislocation
Macquarie on Consumer Durables
Cable & wire volumes expected to grow 15%+ in Q4FY26
- Cooling product demand to drive FY27 growth
- Commodity cost inflation may pressure margins
- 10–15% price hikes already implemented
- Top pick: Polycab
- Outperform: Crompton, Havells, Polycab
- Neutral: Voltas
Goldman Sachs on Solar Industries
Maintain Buy with TP of Rs 18,900
- Explosives price increase supportive
- Ammonium nitrate cost pass-through visible
- Scope to pass on costs across non-defense segments
Goldman Sachs on Eternal
Maintain Buy; Cut TP to Rs 350 from Rs 380
- Blinkit TAM concerns seen overdone
- Market share gains vs Swiggy expected to continue
- Positive risk-reward profile
HSBC on Industrials
Execution resilient but margin headwinds rising
- Input costs and FX volatility impacting margins
- Order inflow and Middle East exposure key monitorables
- Calls:
- L&T – Hold; TP Rs 3,900
- ABB – Hold; TP Rs 5,400
- Siemens – Hold; TP Rs 3,230
- Cummins – Buy; TP Rs 5,500
HSBC on Consumer Durables
Moderate Q4 revenue growth expected
- Higher input costs to weigh on margins
- Commodity costs and rains may impact Q1FY27
- Calls:
- LG Electronics – Buy; TP Rs 1,850
- Havells – Buy; TP Rs 1,700
- Crompton – Buy; TP Rs 350
- Voltas – Buy; TP Rs 1,510
- Blue Star – Hold; TP Rs 1,900
- HSBC on Dixon Technologies
- Maintain Hold with TP of Rs 11,500
- Vivo JV approval delay to impact FY27 volumes
- Q4 moderate growth expected
- FY27 estimates cut by 8%
JPMorgan on Shriram Finance
Initiate Overweight with TP of Rs 1,180
- MUFG investment improves growth visibility
- Structural decline in cost of funds expected
- Growth acceleration from new segments
- Positive RoA outlook
- UBS India Strategy
- Add Tata Motors and UltraTech Cement to portfolio (2% each)
- Reduce weights in Eternal, Nykaa, RIL and TVS Motor
Emkay on Avenue Supermarts
Initiate Sell with TP of Rs 3,700
- Quick commerce competition impacting growth
- Capex increase may hurt valuation
- Negative FCF may increase debt
- Need structural changes to revive growth
Axis Capital on HDFC Life
Upgrade to Buy; Cut TP to Rs 750
- Valuation attractive after correction
- APE growth capped but margins improving
- Favourable risk-reward
Morgan Stanley on Auto – Delhi EV Policy
New EV policy proposes phaseout timelines for ICE 2Ws and 3Ws
- Demand incentives for EVs in 2W, 3W and small CV segments
- Registration and road tax waivers for EV cars
- Potential negative for legacy OEMs if replicated elsewhere
ICICI Securities on Sumitomo Chemical
Initiate Buy with TP of Rs 515
- Strong positioning with global parent support
- Aggressive capex to drive growth
- New product launches to aid momentum
- Indian agri demand expected strong over next 12–18 months
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