A host of global brokerages have shared fresh views on ACC, Bharat Electronics (BEL), Tata Consumer Products, SBI Life Insurance, Pine Labs, TVS Motor, Mahindra & Mahindra Financial Services, SBI Cards, Larsen & Toubro, Sagility, Lodha Group and Maruti Suzuki ahead of the upcoming session.
They have also offered broader commentary on cement demand and capacity expansion, defence order visibility, branded consumption, insurance profitability, fintech growth, two-wheeler and auto sector outlook, NBFC asset quality trends, infrastructure execution, and real estate sales momentum, alongside perspectives on earnings visibility and medium-term growth drivers across sectors.
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Citi on ACC
- Citi maintains a Buy rating with a target price of Rs 2,750.
- EBITDA rose 46% YoY, driven by higher cement volumes, better realizations, and stronger RMC profitability.
- The merger is expected during FY27.
- Capacity is set to rise from 40.4 mt to 43.7 mt by end-FY26.
Brokerages on Bharat Electronics (BEL)
Jefferies on BEL
- Jefferies maintains a Buy rating and hikes the target price to Rs 565 from Rs 510.
- Order flow visibility remains strong.
- Confidence in delivering 15%+ FY26E revenue growth has been reiterated.
- Management noted the India–EU deal could aid R&D and ordering, with clarity expected in 3–6 months.
- Management remains confident on medium-term prospects.
Macquarie on BEL
- Macquarie maintains an Outperform rating and hikes the target price to Rs 490 from Rs 480.
- Q3 performance was robust, backed by execution strength.
- Favourable product mix and lower provisions drove a margin surprise.
- Order pipeline remains strong, with a mix of large and mid-sized orders.
- BEL is expected to comfortably exceed FY26 guidance.
- The brokerage sees BEL as a key beneficiary of India's multi-year defence opportunity.
Citi on BEL
- Citi maintains a Buy rating with a target price of Rs 525.
- Q3 performance remained strong.
- Near- and medium-term order inflow pipeline is healthy, helping smooth historical cyclicality.
- BEL continues to move up the value chain toward system integration.
- Export momentum remains a wildcard but is seen as a potential tailwind.
Morgan Stanley on Tata Consumer
- Morgan Stanley maintains an Overweight rating with a target price of Rs 1,265.
- The brokerage believes the recent 5% stock correction is unwarranted.
- Tata Consumer is well positioned to capture branded food and beverage growth.
- Growth levers are aligned, supported by a balanced mix of legacy and new businesses.
Brokerages on SBI Life Insurance
Morgan Stanley on SBI Life
- Morgan Stanley maintains an Outperform rating and hikes the target price to Rs 2,550 from Rs 2,510.
- Q3 performance was strong, solid, and sustainable.
- This marks the fourth consecutive VNB beat.
- The brokerage raises VNB forecasts and sees upside risks to APE growth and margins.
- Continued valuation re-rating is expected.
Citi on SBI Life
- Citi maintains a Buy rating and hikes the target price to Rs 2,700 from Rs 2,550.
- The quarter was strong, with sustained improvement in product-level margins.
- Further margin headroom remains.
- Agency expansion continues, with productivity gains expected to follow.
Jefferies on SBI Life
- Jefferies maintains a Buy rating with a target price of Rs 2,510.
- Q3 showed an encouraging rebound.
- Strong premium growth was offset by GST-related margin drag.
- Full-year guidance remains unchanged, with margin normalisation expected ahead.
Brokerages on Pine Labs
Morgan Stanley on Pine Labs
- Morgan Stanley maintains an Equal-weight rating with a target price of Rs 260.
- Q3 was strong, with adjusted EBITDA growth emerging as a key positive.
- The beat was driven by card issuing, processing growth, and strong cost control.
- The brokerage sees upside risk to EBITDA.
Jefferies on Pine Labs
- Jefferies maintains a Buy rating with a target price of Rs 300.
- Q3 delivered strong growth, with valuations seen as attractive.
- Issuing (gift cards), overseas revenues, and EMI plus VAS continue to ramp up.
- Jefferies expects 23% revenue CAGR and a doubling of adjusted EBITDA over FY26–28.
- Pine Labs remains a top fintech pick.
TVS Motor
Macquarie on TVS Motor
- Macquarie maintains an Outperform rating with a target price of Rs 4,234.
- The company continues to deliver on all fronts.
- Margins remain solid, with a constructive demand outlook.
- The launch and traction of the Norton motorcycle will be a key monitorable.
Morgan Stanley on TVS Motor
- Morgan Stanley maintains an Overweight rating and hikes the target price to Rs 4,280 from Rs 4,022.
- Q3 performance was impressive, with a strong outlook.
- Forex tailwinds, product mix, operating leverage, and pricing are expected to offset commodity headwinds.
- Margins have further headroom to expand.
Jefferies on TVS Motor
- Jefferies maintains a Buy rating and cuts the target price to Rs 4,500 from Rs 4,650.
- Growth momentum remains strong.
- The brokerage is positive on two-wheeler demand and TVS' domestic and export franchise.
- Metal price volatility could pressure margins near term.
- Despite EPS cuts of ~4% for FY27–28, Jefferies expects a 24% EPS CAGR over FY26–28.
Brokerages on M&M Financial Services
Morgan Stanley on M&M Finance
- Morgan Stanley maintains an Equal-weight rating and hikes the target price to Rs 330 from Rs 315.
- Q3 beat was driven by higher revenues and lower provisions.
- PPOP beat estimates by 7%, while adjusted PAT beat by 14%.
- FY26–28 EPS estimates are raised by 4–6%.
- The brokerage sees limited downside but limited upside as well.
Citi on M&M Financial
- Citi maintains a Buy rating and hikes the target price to Rs 425 from Rs 345.
- NIMs and fees expanded, while credit costs subsided.
- Management is confident of mid- to high-teens AUM growth.
- The company is evaluating a potential merger of its rural housing subsidiary.
Brokerages on SBI Cards
Morgan Stanley on SBI Cards
- Morgan Stanley maintains an Underweight rating and cuts the target price to Rs 665 from Rs 700.
- Q3 PAT missed estimates due to PPOP weakness.
- Asset quality improved better than expectations.
- PPOP weakness is emerging, likely driving further estimate cuts.
Jefferies on SBI Cards
- Jefferies maintains a Hold rating and cuts the target price to Rs 880 from Rs 900.
- PAT beat was driven by lower provisions.
- Receivables and fee income growth disappointed.
- Stress is abating, with credit costs expected to decline over FY26–28.
- Portfolio de-risking could weigh on receivables growth.
Brokerages on L&T
Citi on L&T
- Citi maintains a Buy rating with a target price of Rs 4,810.
- Q3 revenue was soft, but Q4 execution is expected to be strong.
- The upcoming 5-year strategy announcement post Q4 should offer clarity on growth and ROE drivers.
Jefferies on L&T
- Jefferies maintains a Buy rating with a target price of Rs 4,715.
- Order flows are expected to beat estimates, with execution picking up.
- Higher E&C margins were achieved despite strong international revenue growth.
- Management is confident of crossing 10% FY26E growth guidance.
- Key triggers include the 5-year plan, potential semiconductor investments, and Hyderabad Metro resolution.
Jefferies on Sagility
- Jefferies maintains a Buy rating with a target price of Rs 70.
- Q3 delivered strong growth, with 17% QoQ constant-currency revenue growth.
- EBITDA margins expanded by 110 bps QoQ.
- FY26 revenue growth guidance was raised by 150 bps to 22.5%.
- The brokerage expects ~20% recurring EPS CAGR over FY26–28.
Jefferies on Lodha
- Jefferies maintains a Buy rating with a target price of Rs 1,625.
- Q3FY26 P&L was inline, with improved sales momentum.
- Presales rose 25% YoY, above annual guidance.
- Operating cash flow guidance was revised upward.
- Gearing remains well below the 0.5x ceiling.
Brokerages on Maruti Suzuki
Citi on Maruti
- Citi maintains a Buy rating and cuts the target price to Rs 18,200 from Rs 19,000.
- Q3 results missed estimates, amplified by one-offs.
- Near-term outlook remains buoyant.
- Operating leverage should offset metal price inflation, making volume growth critical.
Jefferies on Maruti
- Jefferies maintains a Hold rating and cuts the target price to Rs 16,000 from Rs 17,500.
- Growth remains healthy, but Q3 EBIT missed expectations.
- The brokerage is positive on PV demand and exports but sceptical on margin expansion.
- FY26–28 EPS estimates are cut by 3–5%.
Morgan Stanley on Maruti
- Morgan Stanley maintains an Overweight rating and cuts the target price to Rs 17,804.
- Q3 EBIT was 4% below estimates.
- Earnings are trimmed to factor in commodity headwinds.
- Strong volume growth and attractive valuations keep the brokerage Overweight.
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