CITI ON TVS MOTOR

• Rating: SELL | Target Price: ₹3,600 (Earlier ₹3,500)

• Q2 Revenue ↑44% YoY; EBITDA ↑47% YoY, beating estimates.

• Higher realisations and PLI incentives offset rising operating costs.

• Potential consumer finance business demerger could unlock value.

• Elevated valuations remain a key concern despite strong earnings growth.

MACQUARIE ON TVS MOTOR

• Rating: OUTPERFORM | Target Price: ₹4,325

• Q2 EBITDA ₹2,220 Cr ↑47% YoY, beating estimates by 5%.

• EBITDA Margin expanded to 13% despite commodity cost pressures.

• Consumer finance business demerger expected to unlock value.

• Additional capacity expansion expected to support future growth.

JEFFERIES ON TVS MOTOR

• Rating: BUY | Target Price: ₹5,425

• Q2 EBITDA and PAT ↑47–48% YoY, beating estimates.

• Sales Volumes ↑27% YoY.

• EBITDA Margin improved to 13%.

• Domestic two-wheeler market share reached a 23-year high of 20%.

• Strong export momentum continues.

JPMORGAN ON HERO MOTOCORP

• Rating: OVERWEIGHT | Target Price: ₹6,845

• Q2 Revenue ↑21% YoY; EBITDA ↑8% YoY, beating estimates.

• EBITDA Margin at 13.4%.

• Adjusted Net Profit ↑5% YoY, missing estimates.

• Better gross margins support earnings despite cost pressures.

• Commodity costs and future growth outlook remain key factors to monitor.

JEFFERIES ON NSE

• Rating: BUY | Target Price: ₹2,085

• Revenue expected to grow at 15% CAGR over FY27–29.

• EPS expected to grow at 16% CAGR over FY27–29.

• New business opportunities could add 15% to FY30 EPS.

• Strong market leadership and business diversification support growth.

• Improving margins, diversification and market leadership justify premium valuations.

JEFFERIES ON ADANI ENTERPRISES

• Rating: BUY | Target Price: ₹3,830

• Q2 EBITDA ↑62% YoY, beating estimates, driven by strong airports and copper businesses.

• Airports EBITDA ↑55% YoY despite a 6% decline in passenger traffic.

• FY27 EBITDA estimates raised by 4%.

• Data centre expansion provides strong long-term growth visibility.

JEFFERIES ON BANDHAN BANK

• Rating: BUY | Target Price: ₹200 (Earlier ₹240)

• Q2 Net Profit ↑456% YoY; Net Loans ↑15% YoY.

• NII ↑14% YoY.

• Deposits ↑9% YoY, lagging loan growth.

• Higher credit costs and regulatory changes pose risks to profitability.

• FY28–29 earnings estimates cut by 3–4%.

• Attractive valuations expected to limit downside.

JEFFERIES ON UNITED SPIRITS

• Rating: HOLD | Target Price: ₹1,560

• Growth remains underwhelming, with weak volume momentum.

• Prestige & Above segment volumes ↓1% YoY.

• Gross margin expanded 88 bps.

• Higher advertising expenditure weighed on EBITDA margin.

• Persistent market headwinds in Maharashtra continue to impact growth.

• Strong cash flow generation provides financial comfort.

JEFFERIES ON GMR AIRPORTS

• Rating: BUY | Target Price: ₹135

• Q2 EBITDA ↓2% YoY to ₹1,480 Cr despite higher revenue.

• Passenger traffic ↑1.4% YoY, with Hyderabad and Goa airports witnessing weak growth.

• Non-aeronautical revenue ↑17% YoY.

• Improving revenue yields helped offset muted passenger traffic growth.

• Higher revenue failed to translate into EBITDA growth.

JEFFERIES ON HERO MOTOCORP

• Rating: HOLD | Target Price: ₹6,000

• Q2 EBITDA ↑8% YoY, in line with estimates.

• Sales volumes ↑11% YoY.

• EBITDA margin remained flat QoQ at 13.4%.

• Net Profit ↑5% YoY, missing estimates by 4% due to lower financial income.

• EBITDA growth remained below volume growth.

GOLDMAN SACHS ON INFO EDGE

• Rating: BUY | Target Price: ₹1,430 (Earlier ₹1,410)

• Q2 EBITDA ↑29% YoY despite a challenging recruitment environment.

• AI products contribute a high-single-digit share of recruitment revenue.

• Hitesh Oberoi to step down as MD & CEO in December.

• Sanjeev Bikhchandani to take charge following the leadership transition.

CITI ON CHOLA FINANCE

• Rating: BUY | Target Price: ₹2,100

• Q2 Disbursements ↑45% YoY, indicating strong lending momentum.

• AUM ↑25% YoY, supported by strong loan demand.

• Credit costs moderated to 1.4%, indicating improving asset quality.

• NIM declined 30 bps QoQ.

• FY27 AUM growth guidance retained at 22–24%.

• Asset quality remains resilient despite margin pressure.

CITI ON PIDILITE

• Rating: SELL | Target Price: ₹1,300 (Earlier ₹1,550)

• Q2 Revenue ↑21% YoY, EBITDA ↑3% YoY and PAT ↑6% YoY.

• Gross margin contracted 648 bps YoY due to raw material inflation.

• FY27–29 EPS estimates cut by 2–5%.

• Elevated valuations remain a concern amid earnings pressure.

MARKET CUES

GIFT Nifty Lower, Indicates A Gap-down Start For The Indian Market

GIFT Nifty Trading At A Disc Of >100 pts From Nifty Futs Wednesday's Close

Nasdaq Futs Fall >300 Pts After Key Results, Fed Policy Treated As Non-Event By Wall Street

'Not Necessarily' A Mistake If The Fed Hikes Rates Again', Says US Treasury Secy

S&P 500, Dow Rise For 3rd Consecutive Day After Fed Keeps Rates Steady

Alphabet Sinks 10% As It Holds 2026 Capex Unchanged, Expects Significant Increase In 2027

Iran Foreign Min Says: Maintain Close Coordination With Intermediaries To Fast-track Implementation Of 7-day Plan

GE VERNOVA :

Parent upgraded Guidance

2026 revenue guidance upgraded by $1 billion

2026 free cash flow guidance upgraded by $4.5 billion

2026 EBITDA margins guidance upgraded to 13.5%-14.5% from 12%-14%

📊 𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗥𝗲𝘀𝘂𝗹𝘁𝘀 𝗧𝗼𝗱𝗮𝘆! 📈
📅 𝗗𝗮𝘁𝗲: 29 Oct, 2026

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RR KABEL: CO SAYS CUTS VOLUME GROWTH GUIDANCE TO 14% FROM 18%: INTERVIEW

HEXAWARE CUTS CY2026 GUIDANCE TO 13-13.5 % V 13-14 % EARLIER