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Buy Tata Consultancy Services Ltd For Target Rs. 4,060 By JM Financial Services TCS’ 4Q revenues (-0.8% cc QoQ) missed estimates (JMFe: -0.1%). Miss was attributable to higher than expected BSNL ramp-down (India revenues: -14% QoQ; cc terms). International revenues were in-line, though undershot management’s quarter beginning expectations. Elevated uncertainty notwithstanding, management believes FY26 growth, at least ex-BSNL, will be better than FY25’s (c.1.5% cc QoQ). Record deal wins (Q4 TCV: USD 12.2bn), strong order backlog (Last 24-months book-to-...
Buy Tata Consultancy Services Ltd For Target Rs. 4,060 By JM Financial Services
Buy Tata Consultancy Services Ltd For Target Rs. 4,060 By JM Financial Services
Source: JM Financial Services Ltd
2025-04-18 12:25:37 pm
Buy ICICI Lombard General Insurance Ltd For Target Rs. 1,960 By Elara Capital Underwriting offset by lower investment yield ICICI Lombard (ICICIGI IN) reported gross direct premium income (GDPI) of INR 62.1bn and PAT of INR 5.1bn in Q4FY25. Due to the implementation of the new 1/n reporting format from 1 October 2024, YoY and QoQ comparisons are not meaningful, especially given the seasonal nature of various business segments. The combined ratio stood at 102.5% in Q4FY25, with an improvement in the expense ratio, primarily driven by lower operating costs. Consequent...
Buy ICICI Lombard General Insurance Ltd For Target Rs. 1,960 By Elara Capital
Buy ICICI Lombard General Insurance Ltd For Target Rs. 1,960 By Elara Capital
Source: Elara Capital
2025-04-18 12:18:43 pm
Sell Wipro Ltd For Target Rs. 210 By Elara Capital Wipro’s (WPRO IN) Q4 revenue numbers were closer to the lower end of the guidance, while it was able to maintain margins due to continued efforts on cost optimisation. The company is guiding for a sequential revenue decline of 3.5% to 1.5% in Q1FY26. TCV numbers were strong for Q4 but were lower in FY25 versus FY24. We continue to recommend SELL on the stock given: i) weak Q1 guidance, ii) FY26 likely to be the third consecutive year of revenue decline, iii) no material margin improveme...
Sell Wipro Ltd For Target Rs. 210 By Elara Capital
Sell Wipro Ltd For Target Rs. 210 By Elara Capital
Source: Elara Capital
2025-04-18 12:08:12 pm
Buy Mold-Tek Packaging Ltd. For Target Rs.957- Axis Securities Ltd Investment Rationale * Pharma Segment to be a Key Growth Driver: The rising demand for pharma packaging presents a strong growth opportunity for MoldTek to expand into this large sector. With the new US government imposing duties on China, the management is witnessing growing interest from clients in tablet containers, EVT tubes, canisters, and CT/CRC caps for the pharmaceutical segment. The company has recently introduced over 12 new bottle SKUs, along with two sizes in child-resistant pa...
Buy Mold-Tek Packaging Ltd. For Target Rs.957- Axis Securities Ltd
Buy Mold-Tek Packaging Ltd. For Target Rs.957- Axis Securities Ltd
Source: Axis Securities Ltd
2025-04-18 10:26:00 am
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd Revenue & EBIT marginally misses estimates, PAT beats expectations * Revenue for Q4FY25 came at INR 225.0Bn, up 1.3% YoY and up 0.8% QoQ (vs Consensus est. at INR 226.8Bn). * EBIT for Q4FY25 came at INR 38.8Bn, up 9.5% YoY and 0.8% QoQ (vs consensus est. at INR 39.2Bn). EBIT margin was up 128bps YoY and flat QoQ to 17.3% (vs consensus est. at 17.2%). * PAT for Q4FY25 came at INR 35.8Bn, up 25.5% YoY and 6.6% QoQ (vs consensus est. at INR 33.6Bn). Q1FY26 revenue guidance of -3...
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd
Reduce Wipro Ltd For Target Rs. 252 By Choice Broking Ltd
Source: Choice Broking Ltd
2025-04-18 09:24:29 am
Buy Zydus Lifesciences Ltd For Target Rs. 1,134 By Choice Broking Ltd Astellas vs Lupin and Zydus in the Myrbetriq Legal Battle * Astellas Pharma is the innovator of Myrbetriq, a treatment for overactive bladder, launched in 2012, which later became a blockbuster drug. * In 2019, Lupin and Zydus Lifesciences filed ANDAs with the USFDA to market generic versions of Myrbetriq. * Both companies have since faced patent litigation initiated by Astellas. * In June 2023, the Delaware district court invalidated Astellas’ Mirabegron patent, because it ...
Buy Zydus Lifesciences Ltd For Target Rs. 1,134 By Choice Broking Ltd
Buy Zydus Lifesciences Ltd For Target Rs. 1,134 By Choice Broking Ltd
Source: Choice Broking Ltd
2025-04-18 09:17:09 am
Buy Lupin Ltd For Target Rs. 2,396 By Choice Broking Ltd Astellas vs Lupin and Zydus in the Myrbetriq Legal Battle * Astellas Pharma is the innovator of Myrbetriq, a treatment for overactive bladder, launched in 2012, which later became a blockbuster drug. * In 2019, Lupin and Zydus Lifesciences filed ANDAs with the USFDA to market generic versions of Myrbetriq. * Both companies have since faced patent litigation initiated by Astellas. * In June 2023, the Delaware district court invalidated Astellas’ Mirabegron patent, because it ...
Buy Lupin Ltd For Target Rs. 2,396 By Choice Broking Ltd
Buy Lupin Ltd For Target Rs. 2,396 By Choice Broking Ltd
Source: Choice Broking Ltd
2025-04-18 09:05:31 am
Buy Tata Steel Ltd For Target Rs. 153 By Elara Capital Europe turnaround – A step forward While Tata Steel’s (TATA IN) India operations continue to outperform peers with strong margin, its European operations have remained a drag on consolidated financials. However, today’s announcement focusing on improving the cost structure at Tata Steel Netherland (TSN) marks a positive step towards reducing this drag and should support an improvement in valuation. Also, it will enable TSN to survive in challenging conditions. Domesticall...
Buy Tata Steel Ltd For Target Rs. 153 By Elara Capital
Buy Tata Steel Ltd For Target Rs. 153 By Elara Capital
Source: Elara Capital
2025-04-14 04:01:08 pm
Buy Tata Consultancy Services Ltd For Target Rs. 3,970 By Elara Capital Valuations undemanding We upgrade Tata Consultancy Services (TCS IN) to BUY from Accumulate as: i) valuations are closer to pre-Covid levels, ii) given the continued thrust by clients to spend on technology, iii) strong TCV and iv) short-lived tariff related impact, as indicated by the management. Q4 revenue came in tad below our estimates and margin for Q4 was hit by tactical interventions – Planned promotion of some senior employees and certain brand-related spends. TCS ended FY25 ...
Buy Tata Consultancy Services Ltd For Target Rs. 3,970 By Elara Capital
Buy Tata Consultancy Services Ltd For Target Rs. 3,970 By Elara Capital
Source: Elara Capital
2025-04-14 03:40:28 pm
Buy Tata Consultancy Services Ltd For Target Rs. 3,950 By Choice Broking Ltd TCS misses Q4FY25 estimates by narrow margins. * Revenue for Q4FY25 came at INR 644.8Bn up 5.3% YoY and 0.8% QoQ (vs Consensus est. at INR 648.4Bn). * EBIT for Q4FY25 came at INR 156.0Bn, down 2.0% YoY and 0.4% QoQ (vs Consensus est. at INR 161.4Bn). EBIT margin was down 180bps YoY and 28bps QoQ to 24.2% (vs Consensus est. at 24.8%). * PAT for Q4FY25 came at INR 122.2Bn, down 1.7% YoY and 1.3% QoQ (vs Consensus est. at INR 127.4Bn).   TCS secures USD 12.2Bn in Q4FY25, may ...
Buy Tata Consultancy Services Ltd For Target Rs. 3,950 By Choice Broking Ltd
Buy Tata Consultancy Services Ltd For Target Rs. 3,950 By Choice Broking Ltd
Source: Choice Broking Ltd
2025-04-14 02:38:46 pm
Buy Adani Green Energy Ltd For Target Rs. 1,500 By Emkay Global Financial Services We maintain our constructive view on Adani Green Energy on the back of attractive valuation and robust growth outlook. Operationally, FY25 saw an extended and severe monsoon in Khavda, which affected project work, with stabilization limiting CUF increase. Slowdown in power demand growth in H2 also impacted broader merchant rates. Nevertheless, the management is confident about cumulatively adding 5GW, and the 2030 target of 50GW remains intact. AGEL’s focus on storage solutions is also ...
Buy Adani Green Energy Ltd For Target Rs. 1,500 By Emkay Global Financial Services
Buy Adani Green Energy Ltd For Target Rs. 1,500 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 01:44:50 pm
Buy Varun Beverages Ltd For Target Rs. 800 By Emkay Global Financial Services Our analysis of CY24 AR suggests that VBL is making big investments to capture industry tailwinds, expand new categories, and ramp-up its presence in Africa, with recent acquisition of rights for South Africa/Tanzania regions. With likely commissioning of 4 more plants, VBL’s peak-month capacity is ~65% higher ahead of CY25 season vs CY22, which remains a big edge in times of high competitive intensity. In addition, focus remains on serving the market better with consolidation of distri...
Buy Varun Beverages Ltd For Target Rs. 800 By Emkay Global Financial Services
Buy Varun Beverages Ltd For Target Rs. 800 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 12:54:42 pm
Buy Maruti Suzuki India Ltd For Target Rs. 13,500 By Emkay Global Financial Services We upgrade MSIL to BUY from Add while revising up our TP by 5.5% to Rs13,500 at 25x core Mar-27E PER (rolled-over) despite a muted near-term PV industry environment. Notably, new launches have historically driven volume growth in PVs; MSIL’s launch cycle turns positive in FY26E (vs a muted industry launch pipeline) with 2 major upcoming ICE SUVs (5-seater likely in Sep-25E; 7-seater likely in Jan-26E; combined production of ~18-20K/mth per industry checks; we factor in 12K units/mth), a...
Buy Maruti Suzuki India Ltd For Target Rs. 13,500 By Emkay Global Financial Services
Buy Maruti Suzuki India Ltd For Target Rs. 13,500 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 09:30:08 am
Buy JK Tyre & Industries Ltd For Target Rs. 400 By Emkay Global Financial Services We hosted the management of JK Tyre. KTAs: 1) Demand for CV tyres to improve QoQ in Q4; replacement outlook stays healthy (double-digit CV growth expected in FY26); exports remain relatively resilient despite geopolitical uncertainties. 2) Q3 margin dip due to strategic inventory buildup amid higher RM is seen partially reversing in Q4; RM basket to be largely range-bound in the near term; JKI targets realizing the FY25YTD under-recovery of ~4-5% during FY26 via strategic price hikes, better ...
Buy JK Tyre & Industries Ltd For Target Rs. 400 By Emkay Global Financial Services
Buy JK Tyre & Industries Ltd For Target Rs. 400 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-14 09:13:44 am
Neutral Anand Rathi Wealth Ltd For Target Rs. 1,900 by Motilal Oswal Financial Services Ltd Beat on PAT supported by growth in other income * Anand Rathi Wealth (ARWL) reported operating revenue of INR2.2b in 4QFY25, up 20% YoY (4% miss). Overall revenue growth was driven by a strong 28% YoY growth in the MF business revenue, which reached INR1b. For FY25, overall revenue from operations grew 30% YoY to INR9.4b. * Opex grew 18% YoY to ~INR1.3b (flat sequentially), driven by 20% YoY growth in employee costs to INR1b. Other expenses grew 11% YoY to INR300m. * PAT for the quar...
Neutral Anand Rathi Wealth Ltd For Target Rs. 1,900 by Motilal Oswal Financial Services Ltd
Neutral Anand Rathi Wealth Ltd For Target Rs. 1,900 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 05:48:50 pm
Buy TCS Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd Extreme short-term uncertainty to weigh on outlook Margin recovery and valuation offer cushion; reiterate BUY * TCS reported revenue of USD7.5b in 4QFY25, down 1.0% QoQ in USD terms vs. our estimated decline of 0.8%. FY25 revenue stood at USD30.2b, up 4.2% YoY in CC. 4Q growth was led by BFSI (up 1.3% QoQ). Regional markets declined 6% QoQ (BSNL), whereas all other verticals were down ~1.0% QoQ. In terms of geographies, India was down 15% QoQ, the US was flat, while Europe was up 2% QoQ...
Buy TCS Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd
Buy TCS Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 04:43:39 pm
Buy Hindustan Aeronautics Ltd For Target Rs. 5,100 by Motilal Oswal Financial Services Ltd Charting the next frontier in Defense! Hindustan Aeronautics (HAL) is a market leader in aerospace defense. It boasts a strong order book of INR1.8t as of 31st Mar’25, along with a promising prospect pipeline of INR6t, which is likely to be awarded over the next few years. The company is transitioning from a traditional licensed model to an indigenized model and is currently working on marque projects such as Tejas Mk1, Tejas Mk1a, Su-30 upgrade, Dornier-25, and Light Utility Helicop...
Buy Hindustan Aeronautics Ltd For Target Rs. 5,100 by Motilal Oswal Financial Services Ltd
Buy Hindustan Aeronautics Ltd For Target Rs. 5,100 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 04:40:01 pm
Neutral Alkyl Amines Chemicals Ltd For Target Rs. 1,610 by Motilal Oswal Financial Services Ltd ADD benefits on ACN to be assessed in the medium term * The anti-dumping duty (ADD) on Acetonitrile (ACN) imports from China, Russia, and Taiwan may offer Alkyl Amines Chemicals (AACL) a margin and market share upside from 2HFY26. However, the near-term impact is limited due to the pre-duty stocking. China’s continued access to SEZ markets and ongoing MIPA competition may partially offset the benefits. * AACL is diversifying its product mix to reduce reliance on any single offerin...
Neutral Alkyl Amines Chemicals Ltd For Target Rs. 1,610 by Motilal Oswal Financial Services Ltd
Neutral Alkyl Amines Chemicals Ltd For Target Rs. 1,610 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 12:30:00 pm
Neutral Tata Steel Ltd For Target Rs. 140 by Motilal Oswal Financial Services Ltd Tata Steel Nederland announces restructuring measures; aims to cut costs from FY26 We attended Tata Steel’s Investor call held on 9th Apr’25. Following are the key highlights from the discussion: * Tata Steel Nederland (TSN) has adopted a comprehensive transformation program to maximize production efficiencies, reduce fixed costs, and optimize product mix and margins. As part of this initiative, the TSN will standardize the processes, increase automation, and eliminate dupli...
Neutral Tata Steel Ltd For Target Rs. 140 by Motilal Oswal Financial Services Ltd
Neutral Tata Steel Ltd For Target Rs. 140 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 12:15:10 pm
Buy Indian Hotels Ltd For Target Rs. 950 by Motilal Oswal Financial Services Ltd Reinventing the hospitality landscape Indian Hotels’ (IH) transformational journey over the past decade is marked by bold strategic moves—embracing an asset-light model, reimagining Ginger Hotels, and expanding into new segments. With visionary leadership at the helm, the company has reinforced its legacy while sustaining profitable growth in the hospitality sector. * IH has rapidly embraced an asset-light growth strategy, with management contract room keys expanding at an 1...
Buy Indian Hotels Ltd For Target Rs. 950 by Motilal Oswal Financial Services Ltd
Buy Indian Hotels Ltd For Target Rs. 950 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 11:59:16 am
Neutral KEI Industries Ltd For Target Rs. 3,000 by Motilal Oswal Financial Services Ltd Capacity expansion to drive growth We met with KEII’s management to gain insights into near-term industry trends and the company’s growth outlook. Management indicated that demand remains strong for cables, led by an increase in government capex activities. The demand for wires has also improved, supported by an improvement in real estate demand and higher copper prices, which are encouraging inventory stocking. The company has maintained its revenue growth target of ~18% in FY...
Neutral KEI Industries Ltd For Target Rs. 3,000 by Motilal Oswal Financial Services Ltd
Neutral KEI Industries Ltd For Target Rs. 3,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 10:29:17 am
Buy Gujarat Gas Ltd For Target Rs. 475 by Motilal Oswal Financial Services Ltd Twin tailwinds emerging! * Valuation de-rating largely over, in our opinion: Over the last six months, GUJGA’s share price has corrected 34%, with the stock now trading at 21x FY27E P/E. Weakness in the stock price was driven by 1) higher spot LNG prices leading to elevated raw material costs and 2) subdued industrial and commercial PNG volumes amid weak ceramic exports and weak competitiveness vs. other fuels like Propane. However, we now believe fundamentals are undergoing a transf...
Buy Gujarat Gas Ltd For Target Rs. 475 by Motilal Oswal Financial Services Ltd
Buy Gujarat Gas Ltd For Target Rs. 475 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 10:17:37 am
Buy PN Gadgil Ltd For Target Rs. 825 by Motilal Oswal Financial Services Ltd Strong double-digit SSSG; store expansion on track PN Gadgil (PNG) released its pre-quarterly update for 4QFY25. Here are the key takeaways:   Revenue * PNG saw ~5% YoY consol. revenue growth (est. 10% in 4QFY25, 24% in 3QFY25) during the quarter. * The company discontinued HO Bullion accounting from 3QFY25, resulting in reported numbers being lower than the underlying performance. * PNG’s SSSG stood at 26.3% during the quarter. * The Retail segment saw ~50% Yo...
Buy PN Gadgil Ltd For Target Rs. 825 by Motilal Oswal Financial Services Ltd
Buy PN Gadgil Ltd For Target Rs. 825 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:45:50 am
Buy Kalyan Jewellers Ltd For Target Rs. 625 by Motilal Oswal Financial Services Ltd Strong double-digit SSSG growth Kalyan Jewellers (KALYAN) released its pre-quarterly update for 4QFY25. Here are the key takeaways:   Company level * KALYAN reported consolidated sales growth of ~37% YoY (est. 36% in 4QFY25, 40% in 3QFY25, and 34% in 4QFY24), primarily driven by robust wedding demand. * On 31st Mar’25, the total number of stores stood at 388, comprising 278 Kalyan India stores, 73 Candere stores, one store in the US, and 36 Kalyan Middle East stores....
Buy Kalyan Jewellers Ltd For Target Rs. 625 by Motilal Oswal Financial Services Ltd
Buy Kalyan Jewellers Ltd For Target Rs. 625 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:41:08 am
Buy Titan Company Ltd For Target Rs. 3,800 by Motilal Oswal Financial Services Ltd Strong growth led by surging gold prices TTAN released its pre-quarterly update for 4QFY25. Here are the key highlights: TTAN added 72 stores during the quarter, and its total retail presence (including CaratLane) stood at 3,312 stores at the end of 4QFY25.   Jewelry division * Standalone jewelry sales (excl. bullion) grew 24% YoY in 4QFY25, boosted by the surge in gold prices (vs. our estimates of 18% growth in 4QFY25 and 26% in 3QFY25/19% in 4QFY24). * Growth was led ...
Buy Titan Company Ltd For Target Rs. 3,800 by Motilal Oswal Financial Services Ltd
Buy Titan Company Ltd For Target Rs. 3,800 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-13 09:32:47 am
Buy Trent Ltd For Target Rs. 6,800 by Motilal Oswal Financial Services Ltd Growth moderates sharply Trent released its 4QFY25 pre-quarter update. * Trent’s standalone revenue (incl. GST) grew ~28% YoY (vs. our estimate and 3QFY25 growth of ~36% YoY) to INR43.3b, likely due to further moderation in SSSG (from a high single digit in 3Q). * Trent’s annualized revenue per store in 4QFY25 was flat YoY at INR168m (vs. 8% in 3QFY25). * Trent added 136 net stores (up 29% YoY) across its fashion formats in 4QFY25, though the bulk of the store addition...
Buy Trent Ltd For Target Rs. 6,800 by Motilal Oswal Financial Services Ltd
Buy Trent Ltd For Target Rs. 6,800 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-12 04:58:23 pm
Add IndusInd Bank Ltd For Target Rs. 875 By Emkay Global Financial Services We downgrade IndusInd Bank (IIB) to ADD from Buy, slashing our TP by ~22% to Rs875. This follows IIB hosting an analyst call on 10-Mar-25 to discuss the impact of huge accounting discrepancies observed in its forex derivatives portfolio which is expected to have an adverse impact of 2.35% on its net worth as of Dec-24 (post tax: ~Rs15.8bn). This is based on preliminary findings, and the final impact may vary following completion of the external audit in Q4FY25. Past accounting discrepancie...
Add IndusInd Bank Ltd For Target Rs. 875 By Emkay Global Financial Services
Add IndusInd Bank Ltd For Target Rs. 875 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-12 02:23:38 pm
Add Anupam Rasayan India Ltd For Target Rs. 800 By Emkay Global Financial Services We visited Anupam’s plants based in Jhagadia and Surat, Gujarat, and also met Deputy CFO Vishal Thakkar. The plant at Jhagadia has units 4 & 5 and that in Surat has units 1, 2, 3, and 6. Most of the company’s plants are multi-purpose in nature wrt reaction capabilities required for any application segment. A large part of the capex has been completed, with Unit 4 set to commission in a couple of months and no large capex planned for FY26-27. The management expects peak revenue...
Add Anupam Rasayan India Ltd For Target Rs. 800 By Emkay Global Financial Services
Add Anupam Rasayan India Ltd For Target Rs. 800 By Emkay Global Financial Services
Source: Emkay Global Financial Services
2025-04-12 02:08:09 pm
Buy Affle India Ltd For Target Rs. INR 2,000 By Elara Capital Ltd Affle India (AFFLE IN), in its 3i-summit (innovation, impact, intelligence), indicated its ambition to grow 10x (at a 25% CAGR) in a decade to leverage two decades of rich expertise. It aims to focus on: a) underpenetrated MSME advertising and b) rapidly growing adoption of connected TV (CTV). AFFLE developed tools to tap growing ad demand from MSMEs, harnessing a market of 70mn enterprises. It demonstrated OptiX AI and CTV AI tools, supported by data and ROI-driven strategies. With robust pr...
Buy Affle India Ltd For Target Rs. INR 2,000 By Elara Capital Ltd
Buy Affle India Ltd For Target Rs. INR 2,000 By Elara Capital Ltd
Source: Elara Capital
2025-04-10 11:30:46 am
Buy Avenue Supermarts Ltd For Target Rs. 4,450 by Motilal Oswal Financial Services Ltd 4QFY25 pre-quarter update Slightly weaker revenue growth of ~17% YoY (on high base); store additions accelerate * DMART’s 4QFY25 standalone revenue at INR145b grew 16.7% YoY (vs. our estimate of ~20%), driven by 14% YoY store addition and likely mid- to highsingle-digit SSSG. After a pickup to 17.5% YoY in 3Q, revenue growth moderated in 4Q, albeit on a high base of 20% in 4QFY24. * However, store additions accelerated, with 28 stores opened during the quarter (vs. 22 stores op...
Buy Avenue Supermarts Ltd For Target Rs. 4,450 by Motilal Oswal Financial Services Ltd
Buy Avenue Supermarts Ltd For Target Rs. 4,450 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-04 05:10:43 pm
Neutral Aditya Birla Fashion Ltd For Target Rs. 285 by Motilal Oswal Financial Services Ltd Prioritizing profitable and organic growth to unlock value We attended ABFRL’s Investor Day held on 3rd Apr’25. Below are the key takeaways: * Over the last few years, ABFRL has built its portfolio around five key consumption themes – western wear, ethnic wear, masstige and value retail, luxury retail, and digital brands – through organic and inorganic routes. * The company is gearing up for the demerger of its legacy lifestyle brands and athleisure portfolio ...
Neutral Aditya Birla Fashion Ltd For Target Rs. 285 by Motilal Oswal Financial Services Ltd
Neutral Aditya Birla Fashion Ltd For Target Rs. 285 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-04 04:56:24 pm
Buy Prestige Estates Ltd For Target Rs. 1,725 by Motilal Oswal Financial Services Ltd Significant launches to fuel FY26 presales PEPL has a diverse portfolio with a presence in residential, office, retail, and hospitality segments. The company’s 9MFY25 incremental BD of 15msf and the launch pipeline of INR800b would result in a presales CAGR of 14% over FY24-27E to reach INR315b by FY27E. PEPL is expanding its commercial segment (by 43msf) as well as its hospitality portfolio. Therefore, its commercial rental income is likely to clock a 53% CAGR to reach INR19.5b and ...
Buy Prestige Estates Ltd For Target Rs. 1,725 by Motilal Oswal Financial Services Ltd
Buy Prestige Estates Ltd For Target Rs. 1,725 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-04 04:36:49 pm
Accumulate Hindalco Industries Ltd For Target Rs. 734 By Elara Capital Ltd Long-term margin levers in place In the long run, Hindalco Industries (HNDL IN) may witness margin expansion in its domestic business, driven by operational benefits from coal mines and a higher share of value-added products. For Novelis, margin growth would be supported by operating leverage, contract repricing, and cost-saving initiatives. As most margin drivers are likely to materialize beyond FY27, we retain our earnings estimates and our TP of INR 734. As our TP offers an upside poten...
Accumulate Hindalco Industries Ltd For Target Rs. 734 By Elara Capital Ltd
Accumulate Hindalco Industries Ltd For Target Rs. 734 By Elara Capital Ltd
Source: Elara Capital
2025-04-04 12:29:28 pm
Buy Tega Industries Ltd For Target Rs. 2,025 By JM Financial Services New Product launches to drive incremental growth Tega Industries (Tega) is the 5th largest manufacturer of mill liner globally and the second largest manufacturer of polymer-based mill liner. Sector dynamics place Tega in a sweet spot due to a) long lead/conversion time, creating entry barriers, b) no dependency on mining capex (caters to consumable products), c) depleting ore grade and d) continued demand for metals such as copper and gold (75-80% of Tega’s revenue is derived from t...
Buy Tega Industries Ltd For Target Rs. 2,025 By JM Financial Services
Buy Tega Industries Ltd For Target Rs. 2,025 By JM Financial Services
Source: JM Financial Services
2025-04-04 12:17:25 pm
Buy INOX India Ltd For Target Rs. 1,240 By JM Financial Services A strong legacy with some interesting prospects; initiate with BUY INOX India Limited is India’s largest manufacturer of cryogenic equipment, a dominant player, ~4x the size of its nearest competitor. Its key strengths are (1) 30+ years of expertise in engineering and design, quality management, and testing, (2) an impeccable execution track record, and (3) most globally required certifications in place, all of which make it a preferred supplier for its clients. INOX operates in t...
Buy INOX India Ltd For Target Rs. 1,240 By JM Financial Services
Buy INOX India Ltd For Target Rs. 1,240 By JM Financial Services
Source: JM Financial Services
2025-04-04 12:11:14 pm
Buy Godrej Properties Ltd For Target Rs. 2,500 By JM Financial Services Godrej Properties (GPL) has delivered a CAGR of 34% in bookings over the 5-year period FY19-24 driven by significant share of sales from new launches. GPL was able to ramp up its launches from 12msf in FY19 to 20msf in FY24. The company’s market share doubled from 2% to 4% (on a pan-India basis) as it was one of the biggest beneficiaries of industry tailwinds. It has already built a pipeline of c.100 msf and with the recent fund-raise of INR 60bn, the management intends to double down i...
Buy Godrej Properties Ltd For Target Rs. 2,500 By JM Financial Services
Buy Godrej Properties Ltd For Target Rs. 2,500 By JM Financial Services
Source: JM Financial Services
2025-04-04 11:55:12 am
Hold Datamatics Global Services Ltd For the Target Rs. 610 by Choice Broking Ltd Assessing Q3 Results amid Trump Tariffs & Macroeconomic Challenges Revenue beats estimates, EBIT misses, PAT rises on exceptional gain. * Revenue for Q3FY25 came at INR 4.2Bn up 15.2% YoY and 4.6% QoQ (vs CEBPL est. at INR 4.1Bn). * EBIT for Q3FY25 came at INR 0.4Bn, up 2.3% YoY and 13.7% QoQ (vs CEBPL est. at INR 0.6Bn). EBIT margin was down 133bps YoY but up 84bps QoQ to 10.5% (vs CEBPL est. at 14.6%). * PAT for Q3FY25 stood at INR 0.7Bn, up 80.0% YoY and 75.4% QoQ (vs CEBPL...
Hold Datamatics Global Services Ltd For the Target Rs. 610 by Choice Broking Ltd
Hold Datamatics Global Services Ltd For the Target Rs. 610 by Choice Broking Ltd
Source: Choice Broking
2025-04-04 11:47:07 am
Buy Tata Communications Ltd For Target Rs. 1,927 By Geojit Financial Services Ltd Digital transformation drives expansion Tata Communications operates in 190+ countries, serving 7,000+ clients, including 300+ Fortune 500 companies. It is a major global network services provider, offering software-defined networking solutions. * In Q3FY25, Tata Communication Ltd revenue increased 3.8% YoY to Rs. 5,798cr, driven higher data-segment revenue. * Data segment revenue grew 6.2% YoY to Rs. 4,903cr, aided by growth in core connectivity by 2.8% YoY to Rs. 2,590cr and digita...
Buy Tata Communications Ltd For Target Rs. 1,927 By Geojit Financial Services Ltd
Buy Tata Communications Ltd For Target Rs. 1,927 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-04-04 11:35:29 am
Buy JK Paper Ltd For Target Rs. 392 By Geojit Financial Services Ltd Fundamental View JK Paper Ltd, part of the legacy JK Group, established in 1938 and headquartered in New Delhi, is a leading Indian paper manufacturer. It offers a diverse range of products, including copier paper, writing and printing paper, and packaging solutions under renowned brands such as JK Copier and JK Bond. With production facilities in Odisha and Gujarat, the company caters to both domestic and international markets, exporting to regions like the US, UK, Middle East, and Africa...
Buy JK Paper Ltd For Target Rs. 392 By Geojit Financial Services Ltd
Buy JK Paper Ltd For Target Rs. 392 By Geojit Financial Services Ltd
Source: Geojit Financial Services Ltd
2025-04-04 11:26:55 am
Buy Hindustan Aeronautics Ltd For the Target Rs. 5,000 by Choice Broking Ltd Delivery of First GE F404 - IN20 Engine for Tejas Mark- 1A is Sentimentally Positive Recently, GE Aerospace successfully delivered the first F404-IN20 engine to HNAL, marking the commencement of a contract signed in August 2021 for 99 engines. With this milestone, HNAL is set to deliver 12 Tejas Mark-1A fighter aircraft this calendar year, with an annual production rate of 24 aircraft expected from next year onward. This positive development is likely to bolster investor confidence in the ...
Buy Hindustan Aeronautics Ltd For the Target Rs. 5,000 by Choice Broking Ltd
Buy Hindustan Aeronautics Ltd For the Target Rs. 5,000 by Choice Broking Ltd
Source: Choice Broking
2025-04-02 02:18:37 pm
Buy Hindware Home Innovation Ltd For the Target Rs. 253 by Choice Broking Ltd Upon demerger of EBITDA loss making Consumer Products Business, market would 1) rerate Building Products Business valuation multiple and 2) ascribe positive value to the loss - making consumer business HINDWARE’ Consumer Products Business has been loss making at the EBITDA level (FY24/9MFY25 EBITDA loss of INR 125/139Mn) and has always been a drag on the core financials of HINDWARE. Separating the 2 businesses is a welcome development and would most likely rerate the Building Product...
Buy Hindware Home Innovation Ltd For the Target Rs. 253 by Choice Broking Ltd
Buy Hindware Home Innovation Ltd For the Target Rs. 253 by Choice Broking Ltd
Source: Choice Broking
2025-04-02 02:08:33 pm
Buy Ashok Leyland Ltd For the Target Rs. 260 by Choice Broking Ltd Switch Mobility UK’s Cessation to Have a Limited Short-Term Impact but is LongTerm Positive for AL * Despite Switch Mobility UK’s revenue growth from £13.9Mn (INR 1,539Mn) in FY23 to £24.8Mn (INR 2,817Mn) in FY24, its contribution to Switch’s total revenue declined from 60.7% to 37.2%, as Switch Mobility India outpaced it with stronger growth. However, Switch UK accounted for only 0.7% of AL's consolidated revenue in FY24, highlighting its diminishing rele...
Buy Ashok Leyland Ltd For the Target Rs. 260 by Choice Broking Ltd
Buy Ashok Leyland Ltd For the Target Rs. 260 by Choice Broking Ltd
Source: Choice Broking
2025-04-02 01:59:56 pm
Hold TATA Elxsi Ltd For the Target Rs. 4,900 by Choice Broking Ltd Assessing Q3 Results amid Trump Tariffs & Macroeconomic Challenges TELX missed estimates by substantial margins. * Revenue for Q3FY25 came at INR 9.3Bn up 2.7% YoY but down 1.7% QoQ (vs CEBPL est. at INR 9.9Bn). * EBIT for Q3FY25 came at INR 2.2Bn, down 9.8% YoY and 7.8% QoQ (vs CEBPL est. at INR 2.6Bn). EBIT margin was down 327bps YoY and 156bps QoQ to 23.5% (vs CEBPL est. at 26.8%). * PAT for Q3FY25 stood at INR 1.9Bn, down 3.6% YoY and 13.3% QoQ (vs CEBPL est. at INR 2.2Bn)...
Hold TATA Elxsi Ltd For the Target Rs. 4,900 by Choice Broking Ltd
Hold TATA Elxsi Ltd For the Target Rs. 4,900 by Choice Broking Ltd
Source: Choice Broking
2025-04-02 01:50:12 pm
Buy Paradeep Phosphates Ltd For Target Rs. 145 By JM Financial Services Hike in subsidies to lift profitability The Government of India announced a total subsidy of ~INR 373bn for the P&K fertilisers for the upcoming Kharif season (1HFY26) which is ~43% higher than the total subsidy (including retrospective additional DAP subsidy) for 1HFY25. Further, based on the NBS policy rates, the subsidies for DAP and NPK-20 have been increased by 10% and 15% YoY respectively for 1HFY26. This is likely to result in higher gross spreads for Paradeep Phosphates in 1HFY...
Buy Paradeep Phosphates Ltd For Target Rs. 145 By JM Financial Services
Buy Paradeep Phosphates Ltd For Target Rs. 145 By JM Financial Services
Source: JM Financial Services
2025-04-02 12:28:40 pm
Buy One 97 Communications Ltd For Target Rs. 1,010 By JM Financial Services Potential regulatory triggers enabling strong optionality With Paytm working its way up post the disruption last year, we anticipate three potential regulatory triggers over the coming fiscal year – 1) MDR on higher ticket / larger merchants’ UPI payments, 2) Removal of embargo on Paytm Payments Bank, and 3) Grant of PA (Payment Aggregator) /PG (Payment Gateway) license. While even one of these coming to fruition could create significant upside opportunity, timing is trickier t...
Buy One 97 Communications Ltd For Target Rs. 1,010 By JM Financial Services
Buy One 97 Communications Ltd For Target Rs. 1,010 By JM Financial Services
Source: JM Financial Services
2025-04-02 12:20:56 pm
Neutral V-Mart Retail Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd 4QFY25 pre-quarter update Revenue up 17% YoY (broadly in line) * V-Mart’s 4Q revenue grew 17% YoY to INR8b (~2% lower than our last published estimate), driven by 8% blended SSSG (vs. 15%/10% YoY in 2Q/3Q) and ~12% YoY store addition. * SSSG for V-Mart (core) stood at 7% (vs. 10% in 3Q), while SSSG for Unlimited came in at 10% (vs. 11% in 3Q). * We believe that less severe winters in North India could be a reason for the moderation in SSSG for V-Mart (core). * The company...
Neutral V-Mart Retail Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd
Neutral V-Mart Retail Ltd For Target Rs. 3,850 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-02 11:55:56 am
Buy Hindalco Ltd For Target Rs. 770 by Motilal Oswal Financial Services Ltd Capacity expansion to drive next leg of growth; HNDL wellplaced to capitalize We attended Hindalco’s (HNDL) Investor Day held on April 01, 2025. Below are the key highlights from the meeting: * HNDL and its subsidiary, Novelis, are investing ~USD10b in growth projects to significantly boost capacities. In India, HNDL is expanding its aluminum upstream (Aditya smelter 180 KT, alumina refinery 850 KT), downstream (FRP-170 KT, battery enclosures etc), and copper capacities (smelter 3...
Buy Hindalco Ltd For Target Rs. 770 by Motilal Oswal Financial Services Ltd
Buy Hindalco Ltd For Target Rs. 770 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-02 11:49:41 am
Neutral Westlife Foodworld Ltd For Target Rs. 800 by Motilal Oswal Financial Services Ltd Focus on volume growth; store expansion continues * We recently hosted Westlife Foodworld’s (WESTLIFE) management at our Ideation Conference to gain insights into the company's current business environment and future plans. Over the past six months, the company has experienced a stable demand environment, with a slight improvement in 4QFY25, however this is seasonally weak quarter. A favorable base is further contributing to an improved growth print. Consumer sentiment is expecte...
Neutral Westlife Foodworld Ltd For Target Rs. 800 by Motilal Oswal Financial Services Ltd
Neutral Westlife Foodworld Ltd For Target Rs. 800 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-04-02 11:00:48 am