Brokerages issued fresh calls on TVS Motor, Marico, Adani Ports, Sobha and Dabur, while also flagging sectoral trends in pharma, metals and financials amid evolving demand signals and cost pressures.
MS on Dabur
Maintain Underweight with TP of Rs 412
Q4 performance largely in-line
Consolidated revenue growth seen in mid-single digits vs estimate of ~5%
EBITDA growth ahead of revenue growth
Management expects progressive domestic demand recovery
Monitoring geopolitical developments remains key
HSBC on Marico
Maintain Buy with TP of Rs 940
Volume growth sustained; foods segment improving
All-round strong performance
Remains preferred pick in consumer staples space
GS on Adani Ports
Maintain Buy; Cut TP to Rs 1,710 from Rs 1,740
Slight miss in guidance
Coal volumes expected to pick up in FY27
Restart of Tata Power plant improves visibility for volumes
Nuvama on Sobha
Maintain Buy; Cut TP to Rs 1,631 from Rs 1,885
Healthy pre-sales and strong launches in Q4FY26
Bengaluru expected to drive volume growth
Concerns around AI-led job risks and war-related uncertainty affecting housing sentiment
Kotak Securities on Pharma Sector
US tariff structure may pressure pharma companies
Manufacturing relocation and partnerships may be required
Generics currently excluded from tariffs
Sun Pharma and CRDMOs exposed to risks
Assuming no tariff pass-through, impact on Sun Pharma estimated at 1–2% EPS
Jefferies on Pharma
US tariffs provide relative relief for Indian generics
Sai Life seen as most exposed among CDMOs
Worst-case scenario implies mid-single digit EPS impact for Sun Pharma
MS on Iron Ore Prices
NMDC hikes iron ore prices sharply
Elevated seaborne iron ore prices expected
Negative for JSW Steel and Jindal Steel due to external sourcing
China steel supply reforms may weigh on iron ore sentiment
MS on Financials
Q4 updates indicate broad-based growth acceleration
Loan growth improved for banks and NBFCs
Deposit growth also accelerated
Bajaj Finance loan growth above 22% YoY
L&T Finance retail loans grew ~26% YoY
HDFC Bank saw LDR decline as deposits outpaced loans
Asset quality updates positive across NBFCs
GS on TVS Motor
Upgrade to Buy from Neutral; Hike TP to Rs 4,100 from Rs 3,830
Strong pricing power and cushion against raw material inflation
Superior volume visibility driven by premium launches
Better ability to pass on cost inflation
Limited volume impact from metal and crude inflation
PLI scheme to provide ~35 bps margin tailwind
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