SBI, Trent, BSE, NCC, Star Cement, Gujarat Gas, Sonata, Somany, Lemon Tree & More Q3 Review: HDFC Securities

The brokerage reiterate SBI as our top pick and maintain Buy with a SOTP-based target price of Rs 1,050 (core bank at 1.5x Sep-26 adjusted book value per share)..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy. .HDFC Securities Institutional Equities .State Bank of India- Healthy core profitability; remains top tier SBI’s Q3 FY25 earnings missed our estimates owing to lower treasury/mark to market gains and softer margins, offset by strong operational performance and reversal of standard asset provisions. Loan growth (~13.8% YoY) was healthy across all segments, while the growth in Xpress credit portfolio decelerated further. Deposit growth (+9% YoY, +2.2% QoQ) was marginally soft as the current account and savings account ratio dropped further to 37.6% (-84bps QoQ), due to weaker traction in standalone balances. Asset quality improved further, as reflected in sequentially lower slippages, reduction in SMA balances, and write-back of provisions. We believe SBI is well-equipped to sustain growth, given a comfortable LDR (77%), while managing margins ahead of a potential rate-cut cycle (SBI increased its MCLR by 35bps in 9M FY25). We reiterate SBI as our top pick and maintain Buy with a SOTP-based target price of Rs 1,050 (core bank at 1.5x Sep-26 adjusted book value per share)..Trent - Growth moderates; margins surprise positively Trent’s growth while still healthy, continues to moderate. Standalone revenue grew 36.9% YoY to Rs 45.35 billion (our estimate: Rs 46.42 billion), anchored by Zudio. Fashion formats clocked high-single digit same-stores sales growth in Q3. Star grew 25% YoY (SSSG: 10%). Despite the rising Zudio skew in sales, the company managed to nearly maintain Ebitdam YoY (34bps contraction YoY; 18.5% versus our estimate 14.3%). The retailer added 12/58 (net) stores in Westside and Zudio respectively. We largely maintain our FY26/27 estimates and retain Sell with an SOTPbased target price of Rs 4,200 (incl. 60 times FY27 P/E for the standalone business)..Click on the attachment to read the full report:.SBI Q3 Review — Motilal Oswal Reiterates 'Buy', Says Robust Asset Quality; Lower Provisions Drive Earnings .DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit. .Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

SBI, Trent, BSE, NCC, Star Cement, Gujarat Gas, Sonata, Somany, Lemon Tree & More Q3 Review: HDFC Securities

The brokerage recommends 'Buy' on SBI, NCC, Lemon Tree, Star Cement, Somany Ceramics 'Sell' on Trent, 'Reduce' on BSE, Greenpanel, 'Add' Gujarat Gas, Motherson Wiring, Sonata Software - Here's Why

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