Jefferies on HCL Tech
Hold, TP cut to Rs 1490
4Q in line; however, deal wins and relatively stronger FY26 growth guidance of 2%-5% YoYcc were +ves
Whilst HCLT has seen limited impact of tariffs on its business thus far, it expects pressures on discretionary spend across vertical
Hold, TP cut to Rs 1490
4Q in line; however, deal wins and relatively stronger FY26 growth guidance of 2%-5% YoYcc were +ves
Whilst HCLT has seen limited impact of tariffs on its business thus far, it expects pressures on discretionary spend across vertical
UBS on Chola Investment
Upgrade to Buy, TP Raised to Rs 1950
Best combination of growth & RoE
Forecast 24% AUM & 30% EPS CAGR over FY25-27E
Co has levers to grow AUM at 25% CAGR
Credit cost likely peaked in FY25
Expecting RoA to improve to 2.5% by FY27E
Upgrade to Buy, TP Raised to Rs 1950
Best combination of growth & RoE
Forecast 24% AUM & 30% EPS CAGR over FY25-27E
Co has levers to grow AUM at 25% CAGR
Credit cost likely peaked in FY25
Expecting RoA to improve to 2.5% by FY27E
HSBC on M&M
Buy, TP Rs 3320
M&M earnings upgrade cycle is behind, but FY26 earnings growth may outperform most other Auto companies
BEV traction is key & start has been patchy; pick-up in BEV demand is key upside catalyst for stock
Valuations are reasonable
Buy, TP Rs 3320
M&M earnings upgrade cycle is behind, but FY26 earnings growth may outperform most other Auto companies
BEV traction is key & start has been patchy; pick-up in BEV demand is key upside catalyst for stock
Valuations are reasonable
CITI ON AU SMALL FIN
Maintains 'Neutral' Rating With Target Price Of ₹625
Accelerated Provisions Drive 2.5% Credit Cost; Will Normalize In H2 FY26
Management Cited Risk Of NIM Pressure In H1; Funding Cost Benefit To Reflect With A Lag
Universal License Is Being Reviewed By Regulator & % Approval Anticipated In CY26
Maintains 'Neutral' Rating With Target Price Of ₹625
Accelerated Provisions Drive 2.5% Credit Cost; Will Normalize In H2 FY26
Management Cited Risk Of NIM Pressure In H1; Funding Cost Benefit To Reflect With A Lag
Universal License Is Being Reviewed By Regulator & % Approval Anticipated In CY26
Nomura on Havells
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Q4 Beat Driven By Healthy Sales & Steady Margins
But Inflation & Commodity Volatility Key Monitorables
Slower Growth Mainly In Secondary Sales Was Seen In Summer Products Due To Delayed Summer
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Q4 Beat Driven By Healthy Sales & Steady Margins
But Inflation & Commodity Volatility Key Monitorables
Slower Growth Mainly In Secondary Sales Was Seen In Summer Products Due To Delayed Summer
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Nuvama on AU Small BK
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
INVESTEC ON M&M FIN
Maintains 'Hold' Rating & Hike Target Price To ₹300 From ₹285
Lacklustre Growth Trends; NIMS Decline (QoQ)
Asset Quality Stable
Diversification & Fee Income To Be Growth Levers
Maintains 'Hold' Rating & Hike Target Price To ₹300 From ₹285
Lacklustre Growth Trends; NIMS Decline (QoQ)
Asset Quality Stable
Diversification & Fee Income To Be Growth Levers
Nuvama on AU Small BK
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Q4 Beat Driven By Healthy Sales & Steady Margins
But Inflation & Commodity Volatility Key Monitorables
Slower Growth Mainly In Secondary Sales Was Seen In Summer Products Due To Delayed Summer
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Q4 Beat Driven By Healthy Sales & Steady Margins
But Inflation & Commodity Volatility Key Monitorables
Slower Growth Mainly In Secondary Sales Was Seen In Summer Products Due To Delayed Summer
Nomura on Havells
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
INVESTEC ON HCLTECH
Maintains 'Hold' Rating & Cuts Target Price To ₹1,550 From ₹1,552
Guidance Better Than Feared
Bottom End Of The Guidance Assumes A Deterioration In The Environment
Midpoint Assumes A Deterioration With Large Deal Closures In Q1
Top End Of Guidance Assumes An Improvement
Maintains 'Hold' Rating & Cuts Target Price To ₹1,550 From ₹1,552
Guidance Better Than Feared
Bottom End Of The Guidance Assumes A Deterioration In The Environment
Midpoint Assumes A Deterioration With Large Deal Closures In Q1
Top End Of Guidance Assumes An Improvement
Ambit On Swiggy
Initiate Sell with target price of Rs 310
Prefer Zomato over Swiggy
First-mover, but now a follower
Food ordering market share stabilization; profitability gap to reduce
Initiate Sell with target price of Rs 310
Prefer Zomato over Swiggy
First-mover, but now a follower
Food ordering market share stabilization; profitability gap to reduce
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
MORGAN STANLEY ON HAVELLS
Maintains 'Overweight' Rating & Cuts Target Price To ₹1,884 From ₹1,942
Revenue Beat Was Led By Lloyd
EBIT Margins Were Above Expectations Across All Segments
Consumer Demand Has Been Seeing Subdued Sentiment
Inflationary Pressures Are Affecting Real Estate Demand
Maintains 'Overweight' Rating & Cuts Target Price To ₹1,884 From ₹1,942
Revenue Beat Was Led By Lloyd
EBIT Margins Were Above Expectations Across All Segments
Consumer Demand Has Been Seeing Subdued Sentiment
Inflationary Pressures Are Affecting Real Estate Demand
BIG BREAKING NEWS 🚨
PM Modi to cut short his Saudi visit He will leave for India tonight.
Pakistan fears India’s RETALIATION. Pakistan has put its Air Force on ALERT.
Vigilance increased along the India-Pakistan border.
MASSIVE ACTION likely !!
US & Russia said they stand strong with India !!
PM Modi to cut short his Saudi visit He will leave for India tonight.
Pakistan fears India’s RETALIATION. Pakistan has put its Air Force on ALERT.
Vigilance increased along the India-Pakistan border.
MASSIVE ACTION likely !!
US & Russia said they stand strong with India !!