Brokerages' Radar
Photo: Freepix
Brokerages issued fresh views on L&T, Info Edge, KPIT Tech, Swiggy, Persistent Systems, Kotak Mahindra Bank, Thermax alongside commentary on India strategy.
GS on L&T
- Maintain Buy with TP of Rs 4500.
- Has significant exposure to the Middle East, which has become a primary driver of its international business.
- As of FY26 end, Middle East accounted for 40% of its total orderbook and 36% of order inflow in FY26.
- Direct exposure to the renewables & clean hydrogen build-out (~$55–96bn sector scope).
- Resilience-led capex prioritization favors execution-ready partners.
- Physical redundancy & infrastructure spend creates adjacency opportunities (~$37–57bn sector scope).
- Multi-year visibility reduces earnings cyclicality.
JPMorgan on Info Edge
- Maintain Overweight with TP of Rs 1350.
- Billings accelerate, likely from premiumisation.
- Believe the growth acceleration has likely been boosted by accelerating growth across IT Services, GCC and Naukri Gulf.
- Naukri billings growth sustainability is key.
- Premiumisation-led growth should support higher margins.
Nomura on Info Edge
- Maintain Buy with TP of Rs 1320.
- Naukri billing beat estimates.
- Real estate also had strong billing growth.
- Siksha recorded a decline as the ‘search' function was impacted by AI.
GS on KPIT Tech
- Maintain Neutral; Cut TP to Rs 637 from Rs 740.
- Expect QoQ revenue to decline -5.2% in Q1.
- Cut FY26-FY28 EPS estimates by -15% / -12% / -12% to factor in the slowdown in the H1FY27E outlook.
CLSA on Swiggy
- Foreign holding below 50% will not in itself result in change in status to Indian Owned and Control Company.
- Previously proposed alteration fell short of the 75% threshold required.
- Given the foreign shareholding is now reduced, Swiggy may again try to pass the resolution.
- If this goes through, Swiggy's Quick Commerce model may shift from a marketplace model to an inventory model – similar to that of Blinkit.
- This shift is likely to result in better supply chain control leading to higher Adj. Ebitda margins, though working capital requirement will increase.
Investec on Swiggy
- Maintain Hold with TP of Rs 314.
- Domestic holding increased to above 50% for the first time for the company.
- The control aspect is yet to be addressed by the company.
- The IOCC classification allowed Blinkit to pursue an inventory model.
- This allows for better assortment management and led to 80-100 bps adjusted EBITDA margin expansion.
- This provided a competitive advantage for Blinkit over players like Swiggy, Flipkart and Amazon.
- IOCC classification for Swiggy will meaningfully strengthen its assortment led growth strategy and help bring the business closer to profitability.
JMFinancial on Swiggy
- Maintain Reduce with TP of Rs 250
- Foreign shareholding below 50%, but IOCC transition could take time
- Shareholder approval and governance changes still required for IOCC status
- Capping foreign holding below 50% without adequate buffer could compress global index weights
- IOCC transition is unlikely to happen before end-Mar'27
- This in turn, would push out Instamart's transition to an inventory-led model as per our understanding to Apr'27.
CLSA on Persistent
- Maintain High Conviction Outperform with TP of Rs 5659.
- Nagarro perfect fit.
- Numerous rationale given by PSYS to justify Nagarro acquisition.
- Aspires to mid-teens organic revenue growth for the combined Persistent-Nagarro entity.
- Sees 16-17% Ebit margins in the next 6-8 quarters.
- See 4% EPS accretion to FY28 EPS proforma estimates.
Jefferies on Kotak Mahindra Bank
- Maintain Buy with TP of Rs 450.
- Deutsche is streamlining India operations, not exiting India.
- Deal pricing is in line with DB's valuation & attractive for Kotak Bank.
- Foreign banks struggle with lack of scale and competition in retail business.
- Accretive transaction, but clarity on leadership will be the catalyst.
Kotak Securities on Thermax
Maintain Sell; Hike TP to Rs 4250 from Rs 4000.
- Multi-pronged approach to growth.
- Focus on internationalization, product adjacencies, alliances, policy advocacy.
- Results starting to show up in scale-up of international and new businesses.
- Troubled businesses turning around on margin; poised for growing scale.
Jefferies India Strategy - Mahesh Nandurkar
- Jun26 quarter preview - Revenue growth in focus.
- Resilient activity and rising Nominal GDP should drive a revenue growth to a 13-qtr high.
- Higher energy and input costs are likely to weigh on margins for select domestic cos though.
- Earnings expected to remain resilient with growth ex-O&G and metals expected to grow at 12% YoY.
- Lending Financials (ex-treasury income), Non-lending financials and Telecom to report strong earnings growth of 15%+ YoY.
- Cement, Pharma, Indigo and chemicals to post YoY decline in earnings.
MS India Strategy - Ridham Desai
- Earnings Preview –Jun-26: Growth Intact
- Pickup in revenue growth momentum should remain healthy in Q1
- Though earnings may face pressure from input cost–led margin compression
- India remains in a higher earnings growth phase backed by policy stimulus, with high-frequency indicators pointing to potential upside surprises
- All 10 sectors are expected to register positive revenue growth
- Consumer Discretionary, Communication Services and Industrials leading the pack
- Growth in earnings is likely to be led by Communication Services, Materials and Financials
- Energy and Industrials are expected to report earnings declines
- Bharti Airtel and Axis Bank should be the biggest contributors to aggregate BSE Sensex earnings, while Indigo is expected to be the weakest performer.
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
