A host of global and domestic brokerages have rolled out fresh views on Shadowfax Tech, Groww, Lenskart, Delhivery, Swiggy and several other companies on Wednesday.
Morgan Stanley on Shadowfax Tech
- Initiate Overweight with TP of Rs 180
- Shadowfax is executing well to take advantage of an increasingly supportive industry structure
- Focus on niche segments has driven consistent improvement in profitability
- Business is relatively less capital intensive vs peers, yielding superior cash flow conversion
- Overweight thesis backed by improving industry structure and Shadowfax's strong execution
- Shadowfax has fortified niches in various segments, which has helped it stay profitable
JPMorgan on Groww
- Initiate Overweight with TP of Rs 210
- Most lucrative India-listed consumer internet platform
- Consistent share gainer, while dominating aspirational investors
- Strong cross-selling credentials could help it outgrow the market
- Enjoys strong pricing power
- Significant earnings power from platform leverage
- Cheapest India internet platform with the largest profit pool
Goldman Sachs on Lenskart
- Initiate Buy with TP of Rs 635
- Long runway for grow th with widening competitive moat
- Strong business model to address India's fast growing eyewear total addressable market
- Widening moat with competitive advantages in supply chain and digital technology
- International business scaling up
- Structural drivers for margin expansion
- Large headroom for formalisation in eyewear by branded chains like Lenskart
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Morgan Stanley on Delhivery
- Maintain Equal-weight; Hike TP to Rs 470 from Rs 445
- Raising numbers amid improving industry environment
- The industry environment remaining favorable
- Supports thesis of strong players gaining market share and improving volume growth numbers
- Delhivery has strong operating leverage in business model that should allow for healthy margin expansion
Kotak on Eternal
- Retains buy cuts TP to Rs 375 vs Rs410 earlier
- High competitive intensity in QC continues
- Blinkit seems to be holding its ground on pricing, though perhaps at the cost of losing out on low AOV orders to peers
- We model this competitive intensity by assuming slower NOV growth of 70% yoy for Blinkit in FY2027.
- We believe most competitors are incurring large cash burns, which may not be sustainable
- Blinkit remains well-positioned to retain its position as the dominant QC player
Kotak on Swiggy
- Retansi BUY cuts TP to Rs 400 vs Rs 415 earlier
- Aiming profitability improvement at the cost of growth in QC
- The QC segment remains competitive
- We model this competitive intensity by assuming slower NOV growth of 34% yoy for Instamart in FY27
- We believe most competitors are incurring large cash burns, which may not be sustainable
- Swiggy remains a high beta play and may see significant benefits on account of industry consolidation
Macquarie on L&T
- Maintain Outperform with TP of Rs 4910
- Gulf conflict could impact L&T execution in terms of physical damage to its ongoing infrastructure and hydrocarbon sites
- Worker safety, mandatory evacuation can potentially affect / delay projects
- Further, 55% of orders at a fixed price exposes L&T to significant impact due to heightened costs
- See risk to L&T's margins due to the evolving scenarios in the Gulf region
- Have already flagged geopolitical and commodities along with AI-led disruption as key risk for L&T
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JM Financial on Adani Energy
- Initiates BUY with TP of Rs 1,199
- Believe co. is strongly positioned to benefit from India's T&D growth story
- Growth supported by: a robust Rs 77,800 transmission order book, 24.6 million smart metering portfolio and a stable distribution franchise with a regulated asset base (RAB) of Rs 9,600 crore
- Estimate revenue (ex-SCA) /EBITDA /PAT would compound at 19%/15%/50% over FY25-28E
JPMorgan on Metals
- Middle East conflict could have some implications for Indian metals and mining stocks
- See potentially near-term bullish risks for aluminum producers Vedanta and Hindalco
- Expect minimal supply chain disruption in coal because the Suez Canal now accounts for only 1% of seaborne met coal and thermal coal supply
- Anticipate minimal supply chain impact for steelmakers and limited upside risk for Coal India
CLSA on Middle East Crisis Impact
- A long drawn Middle East tension could lead to a higher crude oil prices for a prolonged period
- Metals – better placed: Rise in global energy prices would shift global cost of production higher
- Cement: Fuel costs are likely to rise as coal / petcoke used in kilns are largely imported
- Fuel costs account for 20%-25% of cost of production
- Every $10/T rise in coal/petcoke leads to Rs 40-50/T impact on EBITDA/T (4%-7%)
- Durables: Don't see any direct impact except for Voltas as 20% of its projects orderbook is international
- EMS: Companies with export exposure (largely to Europe / US) could get impacted due to larger lead times / higher freight costs
HSBC on Cummins
- Maintain Buy; Hike TP to Rs 5300 from Rs 5200
- Real estate, hospitality, and hospital are all set to see increased commissioning over the next few years; govt' capex to grow
- See high margin distribution business driving margin uplift, while data centres add to lumpy growth
- Sharp increase in premium construction starts over the last few years to see completions and consequent power genset demand
Goldman Sachs on Tata Consumer
- Maintain Buy with TP of Rs 1425
- Well-positioned to ride pantry formalization and rise of Q-commerce
- Expect consistent high growth in ‘growth' businesses, driven by innovation and formalization
- Early focus on quick-commerce has been a big advantage
- Gradual margin expansion over FY25-28
- Valuations optically elevated but reasonable when adjusted for amortization
HSBC on Avenue Supermarts
- Maintain Reduce with TP of Rs 3500
- Discounts in line, store adds lack surprise
- Pricing differential marginally better, but not substantia
- Pricing is the only moat Dmart has vs other retailers
- Store addition trends on track to touch 60, but expectations were of an acceleration
- Await clarity on initiatives from new CEO, who took over in January 2026
JPMorgan on Premier Energies
- Maintain Overweight with TP of Rs 915
- New capacities could potentially offset possible margin weakness
- ALMM II helps demand, but cell capacity growing
- US tariffs could increase domestic oversupply
- Expansion could still drive EBITDA growth
- Vertical integration/subsidiaries can also help
HSBC on Aviation
- Middle East conflict creates near-term pressure
- Geopolitical tensions have forced Indian carriers to cancel all flights to the region and some parts of Europe
- As much as 20% of capacity at Indigo, 32% at SpiceJet, and 40%-plus at Air India could be affected
- Apart from the direct losses due to cancellations, any spike in oil prices could also impact profitability
Citi on Oil & Gas
- Middle East Conflict Puts Gas Value Chain at Greater Risk Than Oil
- Qatar has been supplying c.40-50% of India's LNG imports,
- This could be difficult to entirely replace given the surge that we have seen in global gas prices
- Petronet could face elevated volume risk
- GAIL's gas transmission volumes could be at risk
- Among CGDs, Gujarat Gas could be at more risk given high dependence on both Qatar and spot LNG
- On the oil side, upstream companies like ONGC would benefit from higher oil prices, assuming no windfall tax re-imposition
- OMCs could face margin headwinds
- RIL could stand to gain in O2C from refining margin strength, particularly diesel
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