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Brokerages rolled out fresh calls on PB Fintech, NTPC, Tata Power, Bajaj Auto, and One97 Communications, while also highlighting trends across utilities, cement, consumer, cables and insurance.
Citi on PB Fintech
- Maintain Buy; Hike TP to Rs 2,275 from Rs 2,225
- Operationally strong quarter
- Policybazaar growth remains strong
- Increased visibility on Paisabazaar profitability trajectory
Morgan Stanley on PB Fintech
- Maintain Underweight with TP of Rs 1,215
- Adjusted EBITDA beat estimates due to cost control
- Protection premium growth aided by GST tailwinds
- Valuation remains expensive amid regulatory uncertainties
Jefferies on PB Fintech
- Maintain Buy; Hike TP to Rs 1,950 from Rs 1,800
- Strong health and term insurance growth
- Renewal take rates improving
- Better premium growth and operating leverage expected
Citi on India Electric Utilities
NTPC
- Initiate Buy with TP of Rs 485
- Diversified regulated business and strong funding profile
- Beneficiary of India's power capex cycle
Tata Power
- Initiate Buy with TP of Rs 525
- Multi-year transition story led by T&D and renewables
Power Grid
- Initiate Buy with TP of Rs 380
- Direct beneficiary of transmission buildout
JSW Energy
- Initiate Buy with TP of Rs 650
- Positioned well for thermal and renewable expansion
- India's power sector seen in a multi-year capex upcycle
- Demand growth forecast at 5–6% CAGR driven by electrification, cooling demand and data centres
Jefferies on Hero MotoCorp
- Upgrade to Hold from Underperform; TP Rs 5,000
- Two-wheeler demand holding up well
- Market share recovery underway
- EV franchise improving
- Attractive valuation and ~4% dividend yield
Kotak Securities on Hero MotoCorp
- Maintain Sell with TP of Rs 4,700
- Higher realization aided Q4 beat
- Margin pressures likely ahead
- Exposure to weaker segments remains a concern
Morgan Stanley on Godrej Consumer
- Maintain Equal-weight with TP of Rs 1,159
- Pricing-led topline growth expected in H1FY27
- EBITDA margins likely under pressure near term
- Indonesia pricing pressures have bottomed out
Citi on Godrej Consumer
- Maintain Buy; Cut TP to Rs 1,300 from Rs 1,425
- Margin recovery delayed due to crude and palm inflation
- Pricing actions and operating leverage to offset pressures
- Diversification trends remain intact
Jefferies on Godrej Consumer
- Maintain Buy; Cut TP to Rs 1,400 from Rs 1,500
- India home care business performed strongly
- EBITDA growth robust in India
- Input cost inflation remains a key concern
Citi on Shree Cement
- Maintain Buy; Cut TP to Rs 29,200 from Rs 31,650
- Higher volumes offset realization pressure
- Operational efficiencies remain strong
- Volume-focused strategy continues
Morgan Stanley on Shree Cement
- Maintain Underweight with TP of Rs 25,500
- Strong quarter reported
- Cost inflation risks remain due to West Asia tensions
- Sustainability of margins key monitorable
Citi on Bajaj Auto
- Maintain Sell; Hike TP to Rs 9,300 from Rs 8,000
- Export outlook positive
- Domestic demand moderating
- Commodity inflation remains a risk
Morgan Stanley on Bajaj Auto
- Maintain Underweight; Hike TP to Rs 9,259 from Rs 8,920
- Export growth remains strong
- Currency tailwinds supporting margins
- Entry-level domestic demand could soften
Jefferies on Bajaj Auto
- Maintain Hold; Hike TP to Rs 10,500 from Rs 9,100
- Strong Q4 growth and profitability beat
- Industry demand outlook remains healthy
- Commodity inflation poses near-term risk
Citi on Paytm
- Maintain Buy with TP of Rs 1,375
- Core payment margins continue improving
- Merchant business remains robust
- Operating leverage continues to play out
Jefferies on Paytm
- Maintain Buy with TP of Rs 1,350
- Revenue momentum remains strong despite lack of UPI incentives
- Financial services driving growth
- Operating efficiencies lifted EBITDA margins
Citi on Polycab
- Maintain Buy; Hike TP to Rs 10,500 from Rs 9,500
- Market share gains continue
- Raw material cost pass-through completed
- EHV capacity commissioning by year-end
Jefferies on Polycab
- Maintain Buy; Hike TP to Rs 9,770 from Rs 8,950
- Organized market share gains continue
- Strong cables & wires volume growth
- Seen as play on power and housing themes
Citi on SRF
- Maintain Sell; Hike TP to Rs 2,675 from Rs 2,575
- R32 supply additions remain overhang
- R32 pricing remains key sensitivity
Jefferies on SRF
- Maintain Underperform; Cut TP to Rs 2,450 from Rs 2,640
- Refgas driving FY27 growth
- Overcapacity concerns persist
- Large HFO capex supports long-term visibility
Morgan Stanley on Kansai Nerolac
- Maintain Underweight with TP of Rs 191
- Decorative business improving gradually
- Auto segment continues double-digit growth
- No further price hikes needed if crude remains stable
Morgan Stanley on Meesho
- Maintain Equal-weight; Hike TP to Rs 190 from Rs 174
- Strong NMV acceleration
- EBITDA beat driven by operating leverage
- Continued focus on growth
Jefferies on CG Power
- Maintain Hold; Hike TP to Rs 745 from Rs 600
- Semiconductor losses continue to weigh
- Power business remains robust
- Industrial segment profitability remains weak
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