TATA STEEL – GOLDMAN SACHS
• Goldman Sachs maintains NEUTRAL with a target price of ₹215 (CMP: ₹190.20).
• Domestic operations remain highly efficient, while European operations continue to face uncertainty.
• India steel realisations expected to increase by ₹3,500/tonne QoQ, offsetting higher coking coal costs.
• FY27 European cost savings may face challenges due to lower production volumes.
• Net Debt/EBITDA at 2.4x remains within management's guidance of 2.5x.
• Domestic profitability increasingly depends on downstream product mix until NINL capacity expansion by FY30.
• Goldman Sachs maintains NEUTRAL with a target price of ₹215 (CMP: ₹190.20).
• Domestic operations remain highly efficient, while European operations continue to face uncertainty.
• India steel realisations expected to increase by ₹3,500/tonne QoQ, offsetting higher coking coal costs.
• FY27 European cost savings may face challenges due to lower production volumes.
• Net Debt/EBITDA at 2.4x remains within management's guidance of 2.5x.
• Domestic profitability increasingly depends on downstream product mix until NINL capacity expansion by FY30.
HINDALCO – CITI
• Citi maintains NEUTRAL, cuts target price to ₹1,050 (CMP: ₹953).
• Q2 consolidated EBITDA rose 42% YoY but declined 8% QoQ.
• India upstream EBITDA stood at ₹7,000 Cr, downstream at ₹330 Cr, copper at ₹1,670 Cr and Novelis at ₹4,860 Cr.
• Net Debt/EBITDA improved to 1.8x from 1.95x earlier.
• Novelis insurance recovery reached $1.3 billion, including $900 million already received.
• India costs expected to rise further in Q3, while expansion benefits remain back-ended.
• Citi sees limited upside in LME aluminium prices from current levels.
• Citi maintains NEUTRAL, cuts target price to ₹1,050 (CMP: ₹953).
• Q2 consolidated EBITDA rose 42% YoY but declined 8% QoQ.
• India upstream EBITDA stood at ₹7,000 Cr, downstream at ₹330 Cr, copper at ₹1,670 Cr and Novelis at ₹4,860 Cr.
• Net Debt/EBITDA improved to 1.8x from 1.95x earlier.
• Novelis insurance recovery reached $1.3 billion, including $900 million already received.
• India costs expected to rise further in Q3, while expansion benefits remain back-ended.
• Citi sees limited upside in LME aluminium prices from current levels.
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HONASA CONSUMER – JEFFERIES
• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).
• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.
• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.
• Distribution expansion and product innovation expected to support future growth.
• Jefferies raises earnings estimates by 10–16%.
• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).
• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.
• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.
• Distribution expansion and product innovation expected to support future growth.
• Jefferies raises earnings estimates by 10–16%.
THERMAX – JEFFERIES
• Jefferies maintains BUY, cuts target price to ₹4,020 (CMP: ₹2,839.80).
• Q2 EBITDA missed estimates by 19%, while EBITDA margin at 6.9% was 170 bps below expectations.
• Commodity inflation and shipment delays weighed on performance.
• H1 order inflows declined 4% YoY, though management expects a recovery in H2 FY27.
• Order book grew 16% YoY, supporting revenue visibility through FY27–29.
• Jefferies cuts FY27–30 EPS estimates by 1–22%.
• Jefferies maintains BUY, cuts target price to ₹4,020 (CMP: ₹2,839.80).
• Q2 EBITDA missed estimates by 19%, while EBITDA margin at 6.9% was 170 bps below expectations.
• Commodity inflation and shipment delays weighed on performance.
• H1 order inflows declined 4% YoY, though management expects a recovery in H2 FY27.
• Order book grew 16% YoY, supporting revenue visibility through FY27–29.
• Jefferies cuts FY27–30 EPS estimates by 1–22%.
BRITANNIA INDUSTRIES – JEFFERIES
• Jefferies downgrades to HOLD, cuts target price to ₹5,350 (CMP: ₹4,781).
• Q2 volume growth stood at 13%, while two-year growth was around 5%.
• Persistent input cost inflation remains a key concern for margins.
• Price hikes and grammage reductions could negatively impact sales volumes.
• Jefferies cuts FY27–29 EPS estimates by 3%.
• Jefferies downgrades to HOLD, cuts target price to ₹5,350 (CMP: ₹4,781).
• Q2 volume growth stood at 13%, while two-year growth was around 5%.
• Persistent input cost inflation remains a key concern for margins.
• Price hikes and grammage reductions could negatively impact sales volumes.
• Jefferies cuts FY27–29 EPS estimates by 3%.
HONASA CONSUMER – JEFFERIES
• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).
• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.
• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.
• Distribution expansion and product innovation support future growth visibility.
• Jefferies raises earnings estimates by 10–16%.
• Jefferies maintains BUY, raises target price to ₹700 (CMP: ₹470.05).
• Delivered its strongest growth since listing, with revenue and EBITDA doubling YoY.
• Mamaearth grew in high teens, while The Derma Co and newer brands scaled rapidly.
• Distribution expansion and product innovation support future growth visibility.
• Jefferies raises earnings estimates by 10–16%.
SEAMEC:
SECURES USD 26.14 MILLION (APPROX. ₹233 CRORE) SUBSEA INSTALLATION CONTRACT FROM L&T FOR ONGC'S PRP-X PROJECT
SECURES USD 26.14 MILLION (APPROX. ₹233 CRORE) SUBSEA INSTALLATION CONTRACT FROM L&T FOR ONGC'S PRP-X PROJECT
BLUESTONE JEWELLERY:
CO. HAS REPORTED 45% YOY BUSINESS GROWTH FOR THE PERIOD OCTOBER 1 TO NOVEMBER 8, 2026, DURING Q3 FY27
CO. HAS REPORTED 45% YOY BUSINESS GROWTH FOR THE PERIOD OCTOBER 1 TO NOVEMBER 8, 2026, DURING Q3 FY27
GOKALDAS EXPORTS – MANAGEMENT COMMENTARY
• Tariff differential between Asia and Africa has increased, making Africa more attractive for the company.
• Expects approximately 30% growth from Africa.
• Targets 10% EBITDA margin from Africa business by FY28.
• Increasing FY27 capex guidance to ₹150–175 Cr.
• Tariff differential between Asia and Africa has increased, making Africa more attractive for the company.
• Expects approximately 30% growth from Africa.
• Targets 10% EBITDA margin from Africa business by FY28.
• Increasing FY27 capex guidance to ₹150–175 Cr.
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TTK PRESTIGE:
CO SAYS THERE WILL BE PRESSURE ON MARGINS MOVING FORWARD IN COMING QTRS AS FESTIVE SEASON IS OVER
CO SAYS THERE WILL BE PRESSURE ON MARGINS MOVING FORWARD IN COMING QTRS AS FESTIVE SEASON IS OVER
SATISH PAI OF HINDALCO
Focussing On Costs & Value Added Products To Protect Aluminium EBITDA/tonne
One-time ₹400 Cr Benefit To Copper EBITDA In Past Quarter
$519 m Recovered For Insurance, Expect Another $100-150 m Expected Before March 2027
In Q4FY27, Novelis Will Turn FCF Positive While Net Debt-EBITDA Will Come Down To 4x
Cold Mill At Bay Minette Already Commissioned, Hot Mill Commission In Dec 2026
Demand In India Has Been Very Strong; In Q3FY27, Costs Will Move Up By 5% QoQ
Focussing On Costs & Value Added Products To Protect Aluminium EBITDA/tonne
One-time ₹400 Cr Benefit To Copper EBITDA In Past Quarter
$519 m Recovered For Insurance, Expect Another $100-150 m Expected Before March 2027
In Q4FY27, Novelis Will Turn FCF Positive While Net Debt-EBITDA Will Come Down To 4x
Cold Mill At Bay Minette Already Commissioned, Hot Mill Commission In Dec 2026
Demand In India Has Been Very Strong; In Q3FY27, Costs Will Move Up By 5% QoQ
HAL ;Chief of Airstaff RKS Badhuria (Retd) says undercarriage related technical issue to delay Tejas MK2 program 🔴
Instead of 2026, first flight expected in 2027
Instead of 2026, first flight expected in 2027
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CHIEF OF AIRSTAFF RETIRED SAYS UNDERCARRIAGE RELATED TECHNICAL ISSUE TO FURTHER DELAY TEJAS MK2 PROGRAM
JASH ENGINEERING: CO. ANNOUNCES HISTORIC ORDER WORTH OVER ₹63 CRORES FROM JINDAL STEEL; CONSOLIDATED ORDER BOOK EXCEEDS ₹1,000 CRORES FOR THE FIRST TIME; TARGETING ₹1,500 CRORES REVENUE BY 2031.
ANUPAM RASAYAN – FY27 REVENUE GUIDANCE
• FY27 Revenue expected at ₹4,800–5,000 Cr.
• EBITDA Margin guidance at 23%.
• H2 FY27 expected to be very strong.
• Consolidation of acquisitions has been completed.
• FY27 Revenue expected at ₹4,800–5,000 Cr.
• EBITDA Margin guidance at 23%.
• H2 FY27 expected to be very strong.
• Consolidation of acquisitions has been completed.
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JUST IN: China extends pause on 24% tariffs on US imports until January 10
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U.S IMPOSES STEEP ANTI-DUMPING DUTIES ON SOLAR CELL IMPORTS FROM INDIA; WAAREE ENERGIES, PREMIER ENERGIES AND VIKRAM SOLAR IN FOCUS
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