IRAN NAVY SAYS VIOLATING TANKER CAUGHT FIRE IN HORMUZ STRAIT - TASNIM
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SPACEX Q3
Revenues of $14.6 billion, up 161% from $5.6 billion YoY
Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion
Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion
Income from operations of $2.8 billion
Launched first revenue-generating Starship mission, delivering 26 Starlink V3 satellites
Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026
Added $6.7 billion of incremental SI solutions and infrastructiure revenue year-over-year
Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment
Revenues of $14.6 billion, up 161% from $5.6 billion YoY
Net income of $4.4 billion, an improvement of $5.5 billion from net loss of $1.1 billion
Adjusted EBITDA of $8.8 billion, up 306% from $2.2 billion
Income from operations of $2.8 billion
Launched first revenue-generating Starship mission, delivering 26 Starlink V3 satellites
Continued to scale nameplate compute, reaching 1.7 GW as of September 30, 2026
Added $6.7 billion of incremental SI solutions and infrastructiure revenue year-over-year
Delivered year-over-year revenue growth of 69% and income from operations growth of 99% for the Connectivity segment
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Q2 Earnings
Good-Bajaj Finance, Sobha, Tatva Chintan Pharma, Jai Prakash Power
Inline/Mixed-Hind Zinc, LTTS, NELCO, IREDA, Waree Renewable Tech, Just Dial, Elevate Campuses (Q1)
Weak-A-One Steel, Gallant Ispat, A-One Steel (Q1), Piramal Finance, Delta Corp
Good-Bajaj Finance, Sobha, Tatva Chintan Pharma, Jai Prakash Power
Inline/Mixed-Hind Zinc, LTTS, NELCO, IREDA, Waree Renewable Tech, Just Dial, Elevate Campuses (Q1)
Weak-A-One Steel, Gallant Ispat, A-One Steel (Q1), Piramal Finance, Delta Corp
OPENING CUES
Oil Steadies As Traders Weigh-In US-Iran Talks
Treasury Rates Cool-Off Slighlty
US Futures Advance On Strong Corporate Earnings
Elon Musk:SpaceX and Tesla Explore Potential Merger
Strong Earnings From SpaceX
Nikkei, Kospi-Rally On AI Optimism
Rest of Asian Markets Open Muted
FII Shorts At 90% vs 89%
FIIs Turn Sellers In Cash Markets After 1 Session
Oil Steadies As Traders Weigh-In US-Iran Talks
Treasury Rates Cool-Off Slighlty
US Futures Advance On Strong Corporate Earnings
Elon Musk:SpaceX and Tesla Explore Potential Merger
Strong Earnings From SpaceX
Nikkei, Kospi-Rally On AI Optimism
Rest of Asian Markets Open Muted
FII Shorts At 90% vs 89%
FIIs Turn Sellers In Cash Markets After 1 Session
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🏢 JEFFERIES ON ULTRATECH CEMENT
• Rating: BUY
• Target Price raised to ₹14,380 from ₹14,065.
• Strong quarter with volumes, EBITDA and PAT rising 13–21% YoY.
• Cement pricing momentum improving since mid-September.
• Focus remains on protecting EBITDA per tonne amid higher costs.
• Management raises expectations for the cables and wires business.
• Sustained cement price recovery remains a key trigger.
• Rating: BUY
• Target Price raised to ₹14,380 from ₹14,065.
• Strong quarter with volumes, EBITDA and PAT rising 13–21% YoY.
• Cement pricing momentum improving since mid-September.
• Focus remains on protecting EBITDA per tonne amid higher costs.
• Management raises expectations for the cables and wires business.
• Sustained cement price recovery remains a key trigger.
🏢 CITI ON ULTRATECH CEMENT
• Rating: BUY
• Target Price cut to ₹13,200 from ₹14,750.
• Q2 performance broadly in line, with cost pressures continuing.
• Pricing and cost trends expected to improve in Q3, supported by September and October price hikes.
• Management expects strong industry growth, with UltraTech likely to outperform the market.
• Focus areas: Pricing, premiumisation and cost control.
• Rating: BUY
• Target Price cut to ₹13,200 from ₹14,750.
• Q2 performance broadly in line, with cost pressures continuing.
• Pricing and cost trends expected to improve in Q3, supported by September and October price hikes.
• Management expects strong industry growth, with UltraTech likely to outperform the market.
• Focus areas: Pricing, premiumisation and cost control.
🏢 BOFA SECURITIES ON ULTRATECH CEMENT
• Rating: BUY
• Target Price raised to ₹13,900 from ₹13,400.
• Q2 results broadly in line; management remains positive on demand and pricing.
• Cement demand outlook remains strong, with ~8% growth in H1 and ~10% in Q2.
• Higher costs amid West Asia uncertainty could support cement price hikes.
• Recent price hikes indicate EBITDA/MT may have bottomed out.
• Rating: BUY
• Target Price raised to ₹13,900 from ₹13,400.
• Q2 results broadly in line; management remains positive on demand and pricing.
• Cement demand outlook remains strong, with ~8% growth in H1 and ~10% in Q2.
• Higher costs amid West Asia uncertainty could support cement price hikes.
• Recent price hikes indicate EBITDA/MT may have bottomed out.
🏢 ULTRATECH CEMENT – HSBC
• Rating: BUY
• Target Price: ₹13,200
• Market share gains partly offset by higher costs.
• Spot cement prices are around 5% above Q2 average.
• 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
• Cement price hikes expected to help offset cost inflation.
• Rating: BUY
• Target Price: ₹13,200
• Market share gains partly offset by higher costs.
• Spot cement prices are around 5% above Q2 average.
• 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
• Cement price hikes expected to help offset cost inflation.
💻 JP MORGAN ON LTTS
• Rating: NEUTRAL
• Target Price raised to ₹3,700 from ₹3,300.
• Q2 revenue and margins beat estimates for the second consecutive quarter.
• Management's H2 guidance is stronger.
• FY27–FY29 revenue and earnings estimates raised by 1–3%.
• Rating: NEUTRAL
• Target Price raised to ₹3,700 from ₹3,300.
• Q2 revenue and margins beat estimates for the second consecutive quarter.
• Management's H2 guidance is stronger.
• FY27–FY29 revenue and earnings estimates raised by 1–3%.
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💻 NOMURA ON LTTS
• Rating: NEUTRAL
• Target Price raised to ₹3,500 from ₹3,290.
• Q2 FY27 EBIT margins significantly beat estimates.
• Growth driven by data centres, energy transition, robotics and plant engineering.
• FY27–FY28 EPS estimates raised by around 3–4%.
• Rating: NEUTRAL
• Target Price raised to ₹3,500 from ₹3,290.
• Q2 FY27 EBIT margins significantly beat estimates.
• Growth driven by data centres, energy transition, robotics and plant engineering.
• FY27–FY28 EPS estimates raised by around 3–4%.
🏭 HSBC ON TATA STEEL
• Rating: BUY
• Target Price: ₹260
• HSBC believes the valuation discount versus peers is unjustified.
• Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
• HSBC expects strong India business performance to support further debt reduction.
• Rating: BUY
• Target Price: ₹260
• HSBC believes the valuation discount versus peers is unjustified.
• Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
• HSBC expects strong India business performance to support further debt reduction.
⛏️ CITI ON HINDUSTAN ZINC
• Rating: SELL
• Target Price raised to ₹495 from ₹480.
• Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
• Zinc prices may moderate going forward.
• Citi estimates LME zinc at $3,700/tonne in CY28.
• Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
• Physical zinc market expected to remain relatively balanced through 2027.
• Rating: SELL
• Target Price raised to ₹495 from ₹480.
• Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
• Zinc prices may moderate going forward.
• Citi estimates LME zinc at $3,700/tonne in CY28.
• Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
• Physical zinc market expected to remain relatively balanced through 2027.
🏦 CLSA ON BAJAJ FINANCE
• Rating: OUTPERFORM
• Target Price: ₹1,300
• Q2 FY27 delivered strong performance across all parameters.
• Remains CLSA's top pick in the NBFC sector.
• Asset quality trends remain healthy across products.
• FY27–FY29 PAT estimates raised by 2–3% on stronger growth, partly offset by lower insurance distribution fee income.
• CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
• Rating: OUTPERFORM
• Target Price: ₹1,300
• Q2 FY27 delivered strong performance across all parameters.
• Remains CLSA's top pick in the NBFC sector.
• Asset quality trends remain healthy across products.
• FY27–FY29 PAT estimates raised by 2–3% on stronger growth, partly offset by lower insurance distribution fee income.
• CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
🛒 HSBC ON CONSUMER / FMCG
📈 MARICO
• BUY | TP ₹1,050 (Earlier ₹1,020)
📈 TATA CONSUMER
• BUY | TP ₹1,180 (Earlier ₹1,390)
📊 COLGATE
• HOLD | TP ₹1,860 (Earlier ₹2,140)
📊 DABUR
• HOLD | TP ₹426 (Earlier ₹456)
📊 GODREJ CONSUMER
• HOLD | TP ₹960 (Earlier ₹990)
📊 NESTLÉ INDIA
• HOLD | TP ₹1,390 (Earlier ₹1,480)
📈 MARICO
• BUY | TP ₹1,050 (Earlier ₹1,020)
📈 TATA CONSUMER
• BUY | TP ₹1,180 (Earlier ₹1,390)
📊 COLGATE
• HOLD | TP ₹1,860 (Earlier ₹2,140)
📊 DABUR
• HOLD | TP ₹426 (Earlier ₹456)
📊 GODREJ CONSUMER
• HOLD | TP ₹960 (Earlier ₹990)
📊 NESTLÉ INDIA
• HOLD | TP ₹1,390 (Earlier ₹1,480)
🏦 CITI ON BAJAJ FINANCE
• Rating: BUY
• Target Price: ₹1,300
• AUM growth guidance raised, with core business metrics remaining resilient.
• Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
• MSME lending stabilised, with downward pressure easing.
• Margins declined 10–12 bps QoQ; further compression is expected.
• Rating: BUY
• Target Price: ₹1,300
• AUM growth guidance raised, with core business metrics remaining resilient.
• Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
• MSME lending stabilised, with downward pressure easing.
• Margins declined 10–12 bps QoQ; further compression is expected.
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🏦 JP MORGAN ON BAJAJ FINANCE
• Rating: OVERWEIGHT
• Target Price cut to ₹1,260 from ₹1,310.
• Q2 FY27 delivered strong operating performance.
• Growth guidance upgrade was better than expected.
• JP Morgan's preferred pick in the NBFC sector.
• Management focused on protecting RoA amid NIM pressure risks from higher funding costs.
• Rating: OVERWEIGHT
• Target Price cut to ₹1,260 from ₹1,310.
• Q2 FY27 delivered strong operating performance.
• Growth guidance upgrade was better than expected.
• JP Morgan's preferred pick in the NBFC sector.
• Management focused on protecting RoA amid NIM pressure risks from higher funding costs.
HFCL:
THE DEFENSE BUSINESS IS PROJECTED TO ACHIEVE INR500-600 CR IN REVENUE FOR FY '27, AT LEAST INR2,000 CR NEXT YEAR (FY '28), AND AN ASPIRATION OF AROUND INR5,000 CR WITHIN A THREE-YEAR TIMEFRAME
THE ACQUISITION OF AN AEROSPACE BUSINESS, EXPECTED TO COMPLETE IN THE CURRENT QUARTER (Q3 FY '27), HAS AN EXISTING ORDER BOOK OF APPROXIMATELY INR1,600-1,800 CRORES, CONTRIBUTING TO REVENUE FROM THIS QUARTER. - CONCALL UPDATE
THE DEFENSE BUSINESS IS PROJECTED TO ACHIEVE INR500-600 CR IN REVENUE FOR FY '27, AT LEAST INR2,000 CR NEXT YEAR (FY '28), AND AN ASPIRATION OF AROUND INR5,000 CR WITHIN A THREE-YEAR TIMEFRAME
THE ACQUISITION OF AN AEROSPACE BUSINESS, EXPECTED TO COMPLETE IN THE CURRENT QUARTER (Q3 FY '27), HAS AN EXISTING ORDER BOOK OF APPROXIMATELY INR1,600-1,800 CRORES, CONTRIBUTING TO REVENUE FROM THIS QUARTER. - CONCALL UPDATE
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US SECRETARY OF STATE MARCO RUBIO
ON MUSK, RELIANCE & IRAN
Trump has nothing to do with Musk or Starlink decisions.
US had no prior knowledge of Starlink decisions related to Ukraine.
Reliance has large investments in the US.
Reliance has extensive refining capabilities.
Will discuss heavy crude refining with Reliance.
Hopeful of identifying other areas of cooperation.
Welcomes mediation efforts on Iran.
Confirms Witkoff had a positive meeting with Zelenskyy.
ON MUSK, RELIANCE & IRAN
Trump has nothing to do with Musk or Starlink decisions.
US had no prior knowledge of Starlink decisions related to Ukraine.
Reliance has large investments in the US.
Reliance has extensive refining capabilities.
Will discuss heavy crude refining with Reliance.
Hopeful of identifying other areas of cooperation.
Welcomes mediation efforts on Iran.
Confirms Witkoff had a positive meeting with Zelenskyy.