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A host of global and domestic brokerages have rolled out fresh views on SBI Life, L&T Tech, Tech Mahindra, Havells India and several other companies, particularly on the back of fourth quarter earnings reports.
ICICI Sec on L&T Tech
- Maintain Hold; Cut TP to Rs 3380 from Rs 3550
- Robust post-clean-up outlook; automotive segment sees stability
- Portfolio rationalisation dims performance
- Cut FY27–28E EPS by 5-6% to factor in weaker estimated growth in the hi-tech vertical
- FY27 revenue growth will likely be in mid-single-digits amid the strategic pivot, leadership changes and macro uncertainty
JPMorgan on L&T Tech
- Maintain Neutral; Hike TP to Rs 3600 from Rs 3500
- Starting on a clean slate
- Expects Sustainability to continue its growth momentum while Auto should see growth returning
- Exit from low-margin businesses should accelerate margin expansion
- Wait to see positive proof points of the new strategy
Nomura on L&T Tech
- Maintain Neutral; Hike TP to Rs 3510 from Rs 3300
- Starting on a clean slate in FY27; Restructuring of business is complete
- Deal wins strong and pipeline is robust
- Project Lakshya - aspires to deliver a revenue CAGR of 13-15%, with EBIT margins around the mid-16% level
- This aspiration may include some tuck-in acquisitions, which could dilute margins
Morgan Stanley on Trent
- Maintain Overweight with TP of Rs 4835
- Q4: Margin Beat
- Consumer sentiment was stable, although discretionary spending moderated owing to macro uncertainties
- Management saw early raw material inflation and supplier labour tightness, which was mitigated through calibrated sourcing
- Strategy remains intact to drive the share of revenues in proximate markets
MS on SBI Life
- Maintain Overweight; Cut TP to Rs 2340 from Rs 2375
- FY26 EV operating profit beat estimates by 6% due to a materially positive operating variance
- FY26 EV beat estimates by 0.2%
- VNB missed estimates by 5% due to lower group protection APE and consequently lower VNB margin
- F27 guidance - APE growth 14% and VNB margin 27-28%
- With solid ROEV, relatively better internals such as persistency and better positioning on topics such as commission payouts, risk/reward looks strong
Citi on Trent
- Maintain Sell; Hike TP to Rs 4100 from Rs 3800
- Overall Strong Execution; Margin Sustainability At Risk
- Believe gross margin likely benefited from inventory provisioning reversal
- Continue to like Trent's business model and execution track record but await better valuation
Citi on Tech Mahindra
- Maintain Sell with TP of Rs 1275
- Q4FY26 Largely Inline
- Has been executing reasonably well in a tough industry environment
- Valuations price in the positives
Citi on Havells
- Maintain Neutral; Cut TP to Rs 1500 from Rs 1600
- More Misses Than Hits
- Revenue growth disappointed across all segments
- Rising competitive intensity from new entrants in Cables & Wires is likely to keep margins under pressure
- Growth and Margin Improvement Key for Re-Rating
Jefferies on Tech Mahindra
- Maintain Underperform; Hike TP to Rs 1225 from Rs 1180
- In-line Revenues; Profit Miss estimates due to forex losses
- Raise EPS by 2-3% on INR depreciation
- Strong deal wins, improving outlook for comms vertical and improving margins will support 3.6%/13% CAGRs in cc revenues and EPS over FY26-29
- TechM's 16% premium to Infosys limits upsides
Jefferies on Trent
- Maintain Hold; Hike TP to Rs 4675 from Rs 4575
- A Strong Beat
- Reported strong growth in 4Q helped by store expansion and an improving LFL
- Op leverage benefits along with self-help measures drove 40% YoY growth in Op EBITDA
- Commentary seemed cautious on near-term demand due to geopolitical uncertainty which may also feed into higher costs
- Trent continues to stay focused on densifying key markets and expanding further into smaller cities
Jefferies on Havells
- Maintain Hold with TP of Rs 1290
- Cables, the Bright Spot; Higher Other Income
- Sales traction in Cables offset a consumer products decline
- Cable & Wires was a bright spot
- But Lloyd posted an EBIT loss for a 4th quarter
- Est FY26-28e EPS at 20% CAGR; valuations 5% above 10-year average
Macquarie on Havells
- Maintain Outperform with TP of Rs 1588
- Good quarter; macro outlook lends demand risk
- Margin surprises, macro uncertainty poses growth headwind
- Cables continue to lead growth
- Like diversified product mix, strong brand and premium positioning
- In the near term, we see growth/margin risk led by macro-driven uncertainty due to the Middle East conflict
Macquarie on Tata Communications
- Maintain Outperform with TP of Rs 2210
- Mar-Q: Better growth, margins mixed
- Q4 earnings were below driven by lower data services profitability and higher tax expenses
- Tata Comm is a Marquee Buy Idea
- See a path for the shares to double over three years in bull case
Macquarie on SBI Life
- Maintain Outperform with TP of Rs 2360
- Steady performance with core fundamentals intact
- VNB in line; APE growth moderate but outpaces large peers
- VNB margin hit minimized by favorable product mix; APE guidance intact
MS on IndiGo
- Maintain Overweight; Cut TP to Rs 5913 from Rs 6498
- Near-term Turbulence, Intact Structural Resilience
- India airlines faces intense headwinds from a sharp oil price rise, weaker demand and currency depreciation
- Building a weak H1FY27 followed by gradual recovery in H2FY27
- FY28 EV/EBITDA is seen at ~8x, vs. the 10Y median of ~9x
- Strong cost moats and balance sheet keep us overweight
BofA India Strategy
- Reiterating cautiousness on a valuation-led rally
- Capital goods stocks are now trading close to upcycle valuations, despite mid-cycle earnings growth
- Believe these stocks could correct meaningfully on any potential sell-off in the broader market
- Reiterate non-consensus cautious view on capital goods sectors
- Estimate +10% capex CAGR over FY26-28 vs. consensus estimate of +15% CAGR
- Believe the Street is underestimating the indirect fallout from the Iran conflict across private sector, central government, and state government capex
- Slowing capex cycle – see multiple downside risks ahead
- Given stretched valuations and risks to earnings growth, remain cautious with 5 of 6 Industrials stocks rated Underperform
- Continue to see select opportunities in pockets like Power (Transformers, Wires and Cables), Data Centers (Gensets), Shipbuilding and Defence
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