Brokerages have highlighted opportunities across banks, FMCG, cement, eyewear solution, airport infra, real estate and power sector, issuing fresh calls on State Bank of India, UltraTech Cement, Emami, Lenskart, Torrent Power, Hitachi Energy, GMR Airports, Bagmane Prime Office REIT while also sharing their outlook on cement sector.
Jefferies on SBI
- Maintain Buy with TP of Rs 1320
- Managing Scale And Driving Growth
- Chairman pointed that economy is holding-up well despite concerns & bank is focused on consistent growth & profitability
- Sees 13-15% growth in loans, ROE of 15%+ with ROA of 1%+
- SBI stays among top picks
Jefferies on Lenskart
- Fireside Chat with Peyush Bansal
- Lenskart's core vision remains simple - solve vision correction at scale
- With eyewear penetration still low, Peyush sees a long runway ahead
- Company's moats rest on customer obsession, technology, and full-stack control
- International business is net additive and there are cross-learnings
- Focus remains on rapid expansion, with margins expected to follow scale.
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Jefferies on UltraTech Cement
- Maintain Buy with TP of Rs 14065
- Mgmt highlighted that cement demand has positively surprised in recent months
- Seeing strength across segments, supporting its expectation of 7-8% industry growth over the next 3-5 years
- UltraTech continues to target double digit volume growth & market share gains
- Recent price hikes have partly stuck, though further hikes may be needed to offset inflation
- Operating leverage from past investments should support improving ROCE & earnings growth.
Jefferies on Torrent Power
- Maintain Buy with TP of Rs 1780
- Management plans to add 3 GW of Pumped Storage Project (PSP) by FY29
- Not factored it in our estimates for FY29E-30E, leaving scope for upside
- Transmission infra unavailability is leading to delays in commissioning timelines
- Evacuation challenges to remain in near term
- Expect 13% EBITDA CAGR over FY26-30E led by 36% CAGR in RE EBITDA.
Jefferies Hitachi Energy
- Maintain Buy with TP of Rs 45790
- Management confident on power transmission and distribution spend being a multi-year growth story in India
- Renewed focus on increasing the share of services in revenues should add to growth ahead
- Battery Energy Storage System and Data Centers were highlighted as a huge opportunity in India
- Believe 54% EPS CAGR in FY26-29E should drive upside
GS on Emami
- Maintain Buy with TP of Rs 625
- Distinct business unit driven by Emami's Chief Growth Officer
- Target to grow at 20-30% CAGR, while turning profitable
- Emami's core business also likely to see improving growth in FY27
- Emami's valuations at 18x FY28 are ~50% below peers, and we see a catalyst for re-rating
Macquarie on GMR Airports
- Maintain Outperform with TP of Rs 120
- Aug-26 portfolio traffic grew 0.9% YoY to 9.4 million passengers, supported by Delhi's 2.7% growth
- YTD FY27 traffic rose 0.4% YoY to 49 million; Delhi grew 5.5%, while Hyderabad declined 11.5%
- Hyderabad's fourth control-period tariff order was issued; Bhogapuram commenced operations on 17 August.
Kotak Securities on Bagmane Prime
- Initiate Add with TP of Rs 118
- Purpose-built for global occupiers
- Six grade-A office assets within SBD and ORR micro-markets of Bengaluru
- 12.6% NOI CAGR expected over FY2026-30E, led by under-construction assets
- GCCs to continue driving demand for commercial real estate in India
- Drop in occupancy and city concentration remain key risks.
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JPMorgan on Cement
- Southern India has seen some price hikes while most other places continue to see flat pricing
- Demand is still mostly lackluster
- Most of the feedback was as expected, but there have been some positives
- Q2 will likely see weaker earnings due to monsoon seasonality and cost pressures
- A late festive season could prolong the lean period but we may be close to the bottom for the cement stocks' relative performance
- The stocks could rebound starting late November – once the seasonality kicks-in for demand and companies are able to raise prices as well.
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