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Brokerages rolled out fresh calls on TVS Motor Company, Cipla, Bharti Airtel, Hindustan Petroleum Corporation and Crompton Greaves Consumer Electricals, while also highlighting trends across fintech, autos, oil marketing and rural demand.
Kotak on Meesho
- Initiate Reduce with TP of Rs 195
- Large horizontal platform with 264 million ATCs
- Asset-light and value-focused business model
- Expect 28% NMV CAGR over FY26-29
- EBITDA breakeven seen by FY29
- Long-term growth and profitability improvement acknowledged
- Positives seen priced into current valuations
Kotak on TVS Motor
- Maintain Add; Cut TP to Rs 3,925 from Rs 4,000
- Strong quarter driven by better ASPs and lower costs
- Domestic two-wheeler demand momentum expected to sustain
- TVS likely to continue gaining market share across segments
MS on TVS Motor
- Maintain Overweight with TP of Rs 4,327
- Management positive on domestic and export demand
- Commodity inflation remains a near-term headwind
- Capacity expansion and Norton launch seen driving next growth phase
- Continued market share gains keep Morgan Stanley constructive
Jefferies on TVS Motor
- Maintain Buy with TP of Rs 4,500
- Strong Q4 performance
- Expect 22% EPS CAGR over FY26-29
- Positive on two-wheeler demand outlook
- Near-term margins may face pressure from higher metal prices
- Premium valuation justified by growth trajectory
GS on TVS Motor
- Maintain Buy; Hike TP to Rs 4,150 from Rs 4,100
- Strong single-digit India 2W industry growth expected in FY27
- Supply chain and production focus expected to support premium scooter demand
- International markets continue to remain strong
Kotak on Cipla
- Maintain Buy with TP of Rs 1,625
- Domestic business grew 15% YoY
- US guidance surprised positively
- Robust H2FY27 expected despite softer FY27 margin guidance
MS on Cipla
- Maintain Underweight; Cut TP to Rs 1,218 from Rs 1,237
- EBITDA margins declined due to higher staff costs
- FY27 expected to remain a transition year
- Sustainability of gross margins and peptide launches key monitorables
- US pipeline strengthening with gVentolin and respiratory filings
GS on Cipla
- Maintain Neutral; Hike TP to Rs 1,350 from Rs 1,325
- Q4 below estimates
- India and South Africa businesses performed well
- US business faces gRevlimid headwinds
- One Africa strategy gaining traction
MS on Crompton Consumer
- Maintain Equal-weight with TP of Rs 285
- ECD segment led Q4 beat
- Premiumisation and adjacencies key growth drivers
- Focus on Butterfly turnaround and lighting recovery
- Input cost inflation remains a monitorable
Jefferies on Crompton Consumer
- Maintain Buy; Hike TP to Rs 330 from Rs 290
- Operational beat offset by exceptional losses
- Raw material inflation managed through pricing and optimisation
- New wires brand launched in Tamil Nadu and Karnataka
Citi on Crompton Consumer
- Maintain Buy; Hike TP to Rs 400 from Rs 375
- Growth acceleration underway
- Strong summer season and low base expected to aid growth
- Margins remain key monitorable amid raw material inflation
MS on LIC Housing Finance
- Maintain Underweight with TP of Rs 450
- PAT beat estimates in Q4
- NIM and asset quality remained healthy
- Loan growth slowdown remains a structural concern
Citi India Strategy
- Weak monsoon could hurt staples and tractor demand
- AC and electricity demand likely to benefit
- Rural demand seen resilient unless severe drought emerges
- Food inflation risks remain limited
- Underweight on Staples and Paints
- Neutral on Autos
Macquarie on HPCL
- Maintain Outperform with TP of Rs 510
- Q4 supported by stronger refining margins
- Near-term headwinds remain
- Oil marketing companies estimated to lose Rs 18/litre on petrol and Rs 35/litre on diesel
Citi on HPCL
- Maintain Buy; Cut TP to Rs 485 from Rs 595
- Q4 surprise driven by refining and inventory gains
- Fuel price hikes increasingly likely
- Near-term pressure expected but duration remains key
Jefferies India Strategy – Mahesh Nandurkar
- Persistent FPI selling continues to weigh on markets
- Prefer stocks with stronger domestic institutional ownership
- Top ideas include Eternal, Kotak Bank, JSW Energy, IndiGo and Godrej Consumer
Jefferies on Airtel
- Maintain Buy; Hike TP to Rs 2,350 from Rs 2,250
- Revenue and EBITDA beat estimates
- India mobile growth and margins remained strong
- Homes and Africa businesses continue to perform well
- Strong free cash flow to support higher payouts
Macquarie on Airtel
- Maintain Outperform with TP of Rs 2,220
- Q4 broadly in line
- Concerns around promoter selling and delayed tariff hikes persist
- Strong fundamentals remain intact over medium term
- Near-term stock movement may remain range-bound
Jefferies on IIFL Finance
- Maintain Hold; Hike TP to Rs 520 from Rs 500
- Tax demand overhang seen easing gradually
- Company plans to appeal against order
- Profitability and returns expected to improve over FY26-28
- Near-term upside may remain capped
CLSA on Kaynes
- Maintain Outperform with TP of Rs 4,200
- Q4 missed estimates on growth and balance sheet metrics
- Stock may react negatively to results in near term
HSBC on Ambuja Cement
- Maintain Buy with TP of Rs 560
- Focus remains on execution and cost reduction
- Price hikes have largely offset Q1 inflation pressures
- Industry may require additional price hikes in Q2
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