A host of global brokerages have rolled out fresh views on GMR Airports, Polycab, Power Grid, L&T Finance, Tata Motors and several other companies, as analysts assess the impact of Middle East tensions, sectoral demand trends and evolving growth opportunities.
Jefferies on GMR Airports
Maintain Buy with TP of Rs 125
Middle East tensions impacting international traffic, while domestic traffic remains stable
Non-aero revenue growth targeted at mid-teens driven by premiumisation
Hyderabad expansion capex planned from FY29 with stable yield expectations
Goa traffic gaining traction; land monetisation progressing
Bhogapuram airport commissioning ahead of schedule
Balance sheet focus remains on deleveraging and refinancing
Macquarie on Auto Sector
PV growth divergence continues with SUVs driving growth while cars lag
Two-wheeler growth broad-based, with scooters outperforming motorcycles
Ratings and Target Prices:
Escorts – Maintain Outperform; TP Rs 4,314
Uno Minda – Maintain Outperform; TP Rs 1,439
Maruti Suzuki – Maintain Outperform; TP Rs 17,449
M&M – Maintain Outperform; TP Rs 4,168
Hyundai – Maintain Outperform; TP Rs 2,506
Hero MotoCorp – Maintain Outperform; TP Rs 6,674
TVS Motor – Maintain Outperform; TP Rs 4,339
Tata Motors (PV) – Maintain Neutral; TP Rs 385
Bajaj Auto – Maintain Neutral; TP Rs 9,904
Eicher Motors – Maintain Neutral; TP Rs 7,479
Ashok Leyland – Maintain Neutral; TP Rs 187
Citi on Polycab
Maintain Buy with TP of Rs 9,500
Middle East conflict impacting both export and domestic demand
No sourcing concerns as majority of copper is imported from Japan
10GW data centre capacity by FY30 could add Rs 30,000 crore revenue opportunity for the industry
Uses LNG for aluminium rolling mill, but can switch to furnace oil if required
New entrants could disrupt wires segment given low entry barriers and high unorganised share
HSBC on Power Grid
Upgrade to Hold from Reduce; Hike TP to Rs 290 from Rs 260
Higher pace of project commissioning supported by government focus and improved compensation framework
New opportunities emerging in intra-state transmission projects and battery energy storage systems
These could expand the company's addressable market
Citi on L&T Finance
Maintain Buy with TP of Rs 330
AI adoption driving tangible gains including improved productivity, lower turnaround time and reduced credit costs
Management guiding to 2–2.2% credit cost glide path by Q4FY27
ECL model refresh remains a key monitorable
Agentic AI-led cross-sell engine under development
Expected to support monetisation of customer base and over 20% AUM growth over the medium term
Investec on Tata Motors CV
Initiate Buy with TP of Rs 535
Commercial vehicle business entering an upcycle
Positive outlook for medium and heavy commercial vehicles
Margins expected to improve
IVECO partnership strengthens global positioning
Expect ~14% EPS CAGR over FY26–28
CLSA on Bharti Hexacom
Upgrade to Hold from Underperform; TP Rs 1,510
Stock currently trading close to target price
Continue to prefer Bharti Airtel over Hexacom
Hexacom operates in limited geographies versus Airtel's pan-India presence
Higher reliance on mobile revenues (~96%) compared to Airtel
Growth lagged Airtel by 3–4 percentage points
Upcoming tariff hikes could accelerate growth
Valuations remain at a premium to Airtel
JPMorgan on L&T
Maintain Overweight; Cut TP to Rs 4,570 from Rs 4,780
Execution largely unaffected so far by Middle East conflict
Longer conflict duration or closure of Strait of Hormuz poses risks
Near-term impact difficult to quantify but appears manageable
Recent correction improves risk-reward profile
CLSA on Sterlite Technologies
Maintain Hold; Hike TP to Rs 180 from Rs 118
Stock has rallied ahead of expected margin and order book improvement
Potential beneficiary of India-US trade developments
Likely to gain from broader business cycle upturn
Jefferies on Manappuram Finance
Maintain Hold with TP of Rs 285
RBI approval for Bain Capital's joint control clears acquisition path
Capital infusion expected to be 4–2% book value accretive and 8–9% EPS dilutive over FY27–28
NIMs likely nearing bottom
Re-rating depends on visible turnaround in franchise
Await clarity on strategy from new CEO
MS on Manappuram Finance
Maintain Equal-weight with TP of Rs 315
Final RBI approval for Bain Capital transaction received
Improved visibility on deal completion may support near-term sentiment.
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