Tata Consultancy Services Ltd., Lenskart Ltd., Avenue Supermarts Ltd. and Tata Motors PV Ltd. are among the counters that have drawn commentary from top brokerages on Wednesday. Here's a quick look at them:
CLSA On Tata Consultancy Services
- Maintain 'Outperform'; target price of Rs 3,593 (29% upside).
- Narratives aside, SaaS implementation remains key growth driver.
- TCS partners ServiceNow to accelerate AI adoption, highlighting the continuing role of System Level Solutions .
- ServiceNow has grown 20.5% YoY CC in FY25, implying similar growth for SLS around SaaS implementation.
- Tech Mahindra has the strongest ServiceNow capabilities across Indian and global peers.
- Build-in an Rs35 dividend in 4Q & possibility of buyback over next few quarters given recent changes in budget.
Jefferies On Adani Enterprises (Non-deal roadshow)
- Maintain 'Buy', TP of Rs 2750.
- FY27 as key ramp-up year.
- Led by scale up at airports (particularly Navi Mumbai Airport).
- Copper (smelter utilisation) and roads (Ganga Expressway).
- New industries will focus on solar manufacturing expansion.
- Recent capital raise will strengthen balance sheet.
- Data Centre-Targeting 210 MW capacity over 18-20 months.
- Playbook remains incubate to scale using operating leverage.
Jefferies On Nykaa
- Maintain 'Buy', TP Rs 315.
- Management highlighted mid-20% user growth in beauty segment.
- Improving margins driven by mix, own labels and disciplined cohort acquisition.
- Offline, luxury formats and fashion remain strategic.
- Execution and governance stay tightly separated across businesses.
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CLSA On Avenue Supermarts
- Maintain 'High Conviction Outperform';TP of Rs 6185.
- Store additions have started accelerating.
- New store additions requirement now below March 2025 additions.
- Requirement is to add 23 stores before March end to reach CLSAs target of 60 stores.
- D-Mart opened has opened 10 stores so far this year.
Macquarie On Lenskart
- Maintain Outperform-TP Rs 500.
- Beneficiary of potential AI smart glass adoption.
- Has a wide distribution network (3100 stores across 430+ cities in India).
- Becomes an important player for go-to-market strategies for any AI smart glass player.
- Alert: In March Lenskart had launched its smart glass portfolio.
- See more legs of realisation growth-especially through adoption of myopia control lenses.
- Ebitda growing 3.5x over FY25-28E.
Emkay On Tata Motors PV (From Mercedes Benz Management Meet)
- Positive readthrough for Tata Motors PV.
- Robust domestic PV momentum.
- Global luxury PV demand momentum healthy across major markets, ex-China.
- Worst now behind for JLR.
- Normal production from mid-Nov '25, low 13% China exposure.
- concentration of Chinese OEMs in the mass-market segment.
Macquarie On Zomato Vs Swiggy (Food delivery Business)
- Swiggy lags Zomato by 150 bps in terms of net take rates since FY23.
- Consensus estimates current duopoly structure holds along-side no take rate deflation.
- EBIDTA margins for Zomato at 6% vs 5% for Swiggy.
- Zomato's food delivery business street ascribes $12-14 billion valuation.
- Fair value is 30-35% below consensus for both business.
- Maintain underperform on both Eternal and Swiggy.
- Alert: Take rate in food delivery is the percentage of the Gross Merchandise Value (GMV)—total order value. It represents the commission fee charged to restaurants.
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