Stock Recommendations Today: TVS Motor, UltraTech Cement, IndiGo, Go Digit On Brokerages' Radar

TVS Motor Co., Go Digit General Insurance Ltd., and UltraTech Cement Ltd. were among the key stocks in focus in Tuesday's brokerage notes.

Brokerages offer a contrasting outlook on TVS Motor on the back of the company's healthy final quarter performance, while UltraTech Cement's reversal of Ebitda decline after three quarters drew bullish calls.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the key brokerage calls to watch on Tuesday.

On TVS Motor

Citi

• Maintain 'sell' call but hike target price to Rs 2,050 from Rs 1,800.

• Q4 results were above expectations, buoyed by healthy ASPs and PLI benefits.

• Outlook remains positive for the broader industry demand.

• Believe TVS Motor's market share should be boosted by new models.

• Adjusted for PLI, margin growth has been modest, and the competitive landscape remains challenging.

Macquarie

• Maintain 'outperform' call with a target price of Rs 3,045.

• Q4 was a good quarter; it remains a top pick in two-wheelers.

• Well positioned on growth and margins.

• Exports will recover in the African market and remain buoyant in Latin America.

BofA On Autos

• April Retail: passenger vehicles chug along, two-wheelers weak, commercial vehicles green greenshoot.

• Modest positive growth is sustained in PVs, albeit accompanied by a high promotional push.

• MM's electric vehicle model offtake is key to monitor over the next few months.

• Two-wheeler demand trends remain weak, with scooters & premium bikes offering bright spots.

• TVS Motor Co and Eicher Motors shine on market share.

• EV adoption in two-wheelers slipped in April as subsidies tapered.

• Medium and heavy commercial vehicles show some green greenshoots as lower crude and rate cuts bode well for CVs.

• Positive trends in the tractor space continue, and the recent positive monsoon forecast adds to the optimism.

• Key buys include Mahindra & Mahindra, Maruti Suzuki India, and Ashok Leyland.

Citi On Go Digit General Insurance

• Maintain 'buy' call but cut target price to Rs 395 from Rs 400.

• Note that underwriting losses reduce further.

• Mix change and lower reserve releases were key drivers.

• Continues to focus on increasing B2B mix, diversifying sub-product mix, expanding distribution franchise and higher inward reinsurance.

• Lower PAT estimates by 6-8% over the medium term.

• Higher non-core expenses and claims are key drivers.

Jefferies On UltraTech Cement

• Maintain 'buy' and hike target price to Rs 14,000 from Rs 13,265.

• Note a healthy Ebitda growth after three quarters of decline.

• Targets steep improvement of unit Ebitda for acquired capacities.

• The first quarter of fiscal 2026 will also benefit from the recent pricing uptick.

• UltraTech can deliver 30% Ebitda and 37% profit after tax CAGR.

HSBC On InterGlobe Aviation

• Maintain a 'buy' call with a target price of Rs 5,975.

• See little impact from the Pakistan airspace closure.

• Note that the biggest impact could be on Air India.

• Only 4% of Indigo's total capacity will be directly impacted.

• Don't see any noticeable impact on its profitability.

• • The international schedule could see few changes if Pakistan airspace remains closed.

Macquarie On Cholamandalam Investment And Finance Co

• Maintain 'underperform' with a target price of Rs 1,085.

• Elevated credit costs continue to hamper ROAs.

• Q4 PAT remains a miss, higher credit costs partially offset by lower OPEX and better NIMs.

• Management targets cutting credit costs in fiscal 2026.

• Assets under management guidance of 20% to 25% yearly with a 10 basis point NIM expansion for fiscal 2026.

• Retain underperform rating due to expensive valuation.

Jefferies On Kaynes Technologies India

• Maintain 'buy' call with a hike in target price to Rs 6,660 from Rs 5,400.

• Expect multiple levers to sustain growth.

• OSAT production is estimated to start by the fourth quarter of fiscal 2026.

• Kaynes has five customers in pipeline, and recently on-boarded a new USA client.

• Believe core EMS order book is strong.

• Company targets Rs 1,000 crore sales from smart meters in next one year.

• Raise fiscal 2026 and 2027 earnings per share and target valuation multiple with an estimated 45% EPS CAGR in fiscals 2025 to 2028.