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Brokerages rolled out fresh calls on TVS Motor Company, JSW Energy, Adani Power, One97 Communications and Astral, while also tracking trends across IT services, aviation, healthcare and cement.
Citi on TVS Motor
- Maintain Sell with TP of Rs 3,000
- FY27 likely to see sharp increase in investments and capex
- Balance sheet could come under pressure
- Remain cautious pending clarity on rationale and synergies with TVS Credit Services
Citi on UltraTech Cement
- Maintain Buy with TP of Rs 14,750
- FY27 India cement demand growth seen at ~7%
- Cost inflation expected to be offset through fuel mix changes and price hikes
- EBITDA per tonne resilience expected
- New projects may take over a year to break even
Citi on Astral
- Maintain Buy; Hike TP to Rs 1,900 from Rs 1,800
- Strong Q4 volumes aided by low-cost PVC inventory
- CPVC backward integration project progressing on track
Jefferies on Astral
- Maintain Hold with TP of Rs 1,570
- Plumbing volumes rose 24%
- Adhesive margins declined sharply
Jefferies on JSW Energy
- Maintain Buy; Hike TP to Rs 675 from Rs 660
- Monetisation provides flexibility for deleveraging and growth
- Execution pick-up seen as a positive after FY26 miss
- Forecasting 17% EBITDA CAGR over FY26-30
Kotak Securities on TCS
- Maintain Buy with TP of Rs 3,100
- Enterprise AI adoption still at an early stage
- Revenue deflation risk remains if pricing models do not evolve
- Vendor consolidation trend benefits TCS
- Q4 revenue exit provides buffer against macro risks
- Margin headwinds include productivity commitments, wage hikes and M&A drag
Macquarie on IGL
- Maintain Outperform with TP of Rs 220
- Volume stability maintained in Q4FY26
- Margin miss reported
- Volume and margin pressure may persist near term
Jefferies on Adani Power
- Maintain Buy with TP of Rs 255
- FCF expected to turn positive by FY30
- Expanding capacity to 31 GW by FY30
- Merchant exposure reducing as capacity tied up through PPAs
- Forecasting 23% EBITDA CAGR over FY26-30
MS on Bajaj Finance
- Maintain Overweight with TP of Rs 1,120
- Operating environment remains buoyant despite geopolitical concerns
- Commentary on loan growth and asset quality unchanged from Q4
- Funding cost pressures highlighted amid rising bond yields
- AI initiatives remain a key focus area
GS on KIMS
- Maintain Buy; Hike TP to Rs 1,025 from Rs 1,000
- Q4FY26 broadly inline
- Strong medium-term growth outlook maintained
- Forecasting 30% topline CAGR over FY25-28 driven by new hospital ramp-up
GS on Amber
- Maintain Neutral; Cut TP to Rs 6,800 from Rs 7,360
- Tough macro environment coinciding with aggressive capex
- Execution remains key monitorable
GS on Uno Minda
- Maintain Buy; Cut TP to Rs 1,440 from Rs 1,500
- Q4 broadly inline
- Higher investments in EV business remain key trigger for FY27-28
HSBC on Aviation
- VAT cut on ATF applicable to 37% domestic consumption
- Estimated fuel savings:
- Indigo: Rs 1,200-1,500 crore
- SpiceJet: Rs 100-200 crore
- Air India: Rs 800-1,000 crore
- Akasa: Rs 200-300 crore
- INR depreciation and higher oil prices remain key risks
HSBC on Dr Reddy's
- Maintain Buy; Hike TP to Rs 1,480 from Rs 1,410
- Constructive on semaglutide opportunity
- Abatacept biosimilar launch in the US seen as key driver
- Delayed competition may support semaglutide gains longer
GS on Urban Company
- Maintain Neutral with TP of Rs 140
- Core services business continues to grow strongly
- InstaHelp scaling rapidly but impacting profitability near term
- International margins expected to gradually converge with India business
GS on Paytm
- Maintain Buy with TP of Rs 1,400
- Revenue growth momentum accelerating
- Operating leverage expected to continue improving
- EBITDA margin pathway seen at 15-20% over next 2-3 years
- Merchant lending and consumer postpaid remain key growth drivers
- Marketing services expected to return to growth
GS on Infosys
- Maintain Neutral with TP of Rs 1,290
- Soft discretionary spending environment persists
- BFSI and EURS verticals remain strong
- AI-led deflation risks expected to be offset by new opportunities
- Infosys sees partnership opportunities with frontier AI model firms
JPMorgan India Strategy – Rajiv Batra
- Q4FY26 earnings broadly better than expected
- Companies highlighting risks from macro, logistics and pricing pressures
- FY27 guidance largely maintained assuming geopolitical tensions ease
- Q1FY27 earnings may face pressure from inflation and currency weakness
- Industrials upgraded to Overweight
- Positive on infrastructure, defence and manufacturing themes
- Nifty bear/base/bull case targets at 20,500/27,000/30,000 respectively
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