A host of global and domestic brokerages have rolled out fresh views on Sai Life Sciences, ICICI Bank, Bharti Airtel, Dixon Technologies, CarTrade Tech and several sectors, including cement, financials, chemicals and autos, as analysts assess cost pressures, credit trends and structural growth drivers.
Jefferies on Sai Life Sciences
Maintain Buy with TP of Rs 1,300
Bullish outlook continues
Limited impact from ongoing Middle East tensions
Cost escalation gradual and likely to be passed on
Management confident on near-term outlook with no product destocking
Expect 15–20% sales CAGR over next 3–5 years
EBITDA margins seen at 28–30%
Jefferies on Cement Sector
Pricing flattish in March; sharp uptick expected in April
Q4 volume growth healthy after 9% YoY growth in Q3
Cost pressures intensifying with ~Rs 300+/tonne headwind
Industry needs 5–7% price hikes (Rs 20–25 per bag) to offset costs
Dealers indicate attempts for Rs 15–50 per bag hikes in April
HSBC on Financials
Middle East conflict weakening earnings outlook
Cut AUM growth, margin and EPS estimates across coverage
Liability-side pressures emerging first; asset-side risks may follow
Top Preferences:
Private banks > PSU banks > NBFCs
Among NBFCs: prefer Cholamandalam Finance and Shriram Finance
Key Calls:
Bajaj Finance – Maintain Buy; TP Rs 920
Chola Finance – Maintain Buy; TP Rs 1,790
Shriram Finance – Maintain Buy; TP Rs 1,050
Axis Bank – Maintain Buy; TP Rs 1,420
HDFC Bank – Maintain Buy; TP Rs 840
ICICI Bank – Maintain Buy; TP Rs 1,470
SBI – Maintain Buy; TP Rs 1,120
CLSA on Bharti Airtel
Maintain Outperform; Hike TP to Rs 2,320
Increasing investments in data centre arm Nxtra to $1 billion
Capacity to ramp from 300MW to 1GW targeting 25% market share
Valuation of Nxtra at $3.1 billion
Airtel to retain controlling stake
Macquarie on United Spirits
Maintain Underperform with TP of Rs 1,350
Sales growth likely to moderate in Q4FY26
Weakness in Maharashtra impacting premium segment
Expect EBITDA growth of ~13%
CLSA Price Action – Nifty
Downtrend showing signs of maturity
Momentum divergence indicates slowing downside
Support seen at 21,743–21,800
Near-term rebound likely
Range-bound movement expected between 21,743–21,800 and 26,270–26,340
Nomura on Petronet LNG
Maintain Buy with TP of Rs 340
Regasification cost only ~5% of end-user cost
Government push for PNG expected to boost gas demand
Stock trading near replacement cost of LNG terminals
Nomura on Dixon Technologies
Maintain Buy with TP of Rs 14,678
ECMS approvals for camera and display modules
Display plant construction on track; ramp-up expected in H2FY27
Display module business could add ~100 bps to margins
Expect Rs 4,000 crore incremental EBITDA by FY28
Jefferies on Brokers, AMCs & Exchanges
BSE sees higher options premium turnover amid volatility
Expect ADTO to double in Q4FY26
Option contracts up 46% YoY
CDSL revenue growth seen at ~26% YoY
Groww revenue expected to grow ~60% YoY
SIP flows and demat additions slightly moderated
Nomura on EPL
Maintain Buy with TP of Rs 350
Merger with Indovida to nearly double revenue and EBITDA
Expands footprint across Southeast Asia and Africa
Enters high-margin packaging segments
Expect 15% EPS CAGR over FY26–28
Nomura on CarTrade Tech
Maintain Buy with TP of Rs 3,026
Strong leadership in used car listings with 63% market share
AI-led initiatives to drive monetisation and improve user experience
New AI tools to enhance buyer-seller matching
Expect 24% revenue CAGR over FY26–28
Citi on CarTrade Tech
Maintain Buy with TP of Rs 3,150
AI-led products to leverage dealer network and proprietary data
Large opportunity to monetise OLX user base
New offerings include Super Buyer AI and Elite programs
Improved lead generation and faster transactions expected
Morgan Stanley on Credit Growth
Non-food credit growth improved to 14.8% YoY (Feb 2026)
Retail, services and industrial segments driving growth
NBFC lending growth accelerated to ~21% YoY
Gold loan growth remains exceptionally strong at ~128% YoY
MSME and agri lending also showing steady momentum
Citi on Sectoral Credit Deployment
Bank credit growth remains broad-based
Services (16.3%), retail (15.2%) and industry (13.5%) driving expansion
NBFC lending supported by real estate growth
Gold loans continue strong momentum
Vehicle loans and personal loans showing steady recovery
Macquarie on India EV
EV penetration rising gradually in passenger vehicles
Share increased to ~4–5% in early CY26
Growth led by new model launches, especially in Rs 20–30 lakh segment
Charging infrastructure remains key constraint
Expect steady adoption over next 12–24 months
Prefer M&M in PV EV space; TVS Motor in two-wheelers
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