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Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd Non-MF businesses gaining traction; MF yields under pressure * MF AUM growth has picked up in the recent past, supported by sustained SIP inflows and MTM gains. We expect this momentum to continue, given the rising adoption of MFs as a savings product. Direct investing through discount brokers has also gained traction, and with MF penetration still at just 4%, we expect this trajectory to sustain. CAMS is well-positioned to benefit from this trend. * CAMS continues to reinforce its posi...
Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd
Buy CAMS Ltd for the Target Rs.5,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 04:41:48 pm
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd Well placed to outperform auto and farm segments Healthy launch pipeline to drive market share gains in Auto segments In this note, we present the key insights from Mahindra & Mahindra (MM)’s Annual Report. Some of the company’s key achievements from the Auto segment in FY25 include: 1) a 210bp YoY rise in revenue market share to 22.5%; and 2) a segment RoCE of 45.2%. MM’s similar achievements in the FES segment included market share improvement of 170bp+ to reach ...
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd
Buy Mahindra & Mahindra Ltd for the Target Rs.3,643 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:40:55 pm
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd Margin pressure lingers, CoR remains high * Avenue Supermarts (DMART) posted another weak set in 1QFY26 as standalone EBITDA grew 8% YoY (5% miss) due to weaker gross margin (GM; -25bp YoY) and higher cost of retailing (CoR; up 9% YoY on a per sqft basis). * Standalone revenue grew ~16% YoY, driven by ~14% store area addition. Like-for-like (LFL) growth for over two-year-old stores moderated to 7.1% (vs. 8.1%/9.1% in 4QFY25/1QFY25) due to deflation. * DMART added 9 stores in 1QFY26 (...
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd
Buy Avenue Supermarts Ltd for the Target Rs.4,500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 04:23:38 pm
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd Continues to impress despite margin hiccup Tightens guidance as growth visibility improves * HCL Technologies (HCLT) reported 1QFY26 revenue of USD3.5b, down 0.8% QoQ CC vs. our estimate of 1.2% QoQ CC decline. EBIT margins came in at 16.3% vs. our estimate of 17.5%. New deal TCV stood at USD1.8b (down 8% YoY) in 1QFY26. For FY26, revenue growth guidance was increased to 3%-5% YoY CC (from 2%-5% earlier), implying a CQGR range of 1.4%-2.7% for the next three quarters. EBIT margin guidan...
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Buy HCL Technologies Ltd for the Target Rs.2,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:18:39 pm
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd Navigating through challenges Weak near-term earnings; estimate gradual recovery from 2HFY26 * Axis Bank’s (AXSB) stock has significantly underperformed key private peers, led by concerns on muted growth, elevated credit cost, and a decline in RoE. The bank is strategically shifting toward secured, better yielding segments amid a cautious stance on unsecured retail and aims to outpace system growth by ~3% CAGR over the coming years. * AXSB continues to focus on strengthening it...
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd
Neutral Axis Bank Ltd for the Target Rs.1,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 04:09:09 pm
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd Leadership transition – opportunity in disguise * Hindustan Unilever (HUVR) announced that Ms. Priya Nair, current President of Beauty & Wellbeing at Unilever, will be appointed CEO and MD of the company, effective 1st Aug’25, for a period of five years. Ms. Nair will replace Mr. Rohit Jawa, who will step down on 31st Jul’25 to pursue the next chapter in his personal and professional journey, the company said. * We are surprised by the move because Mr. Jawa is leav...
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd
Buy Hindustan Unilever Ltd for the Target Rs.3,000 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 03:59:07 pm
Neutral Anand Rathi Wealth Ltd for the Target Rs.2,100 by Motilal Oswal Financial Services Ltd Strong start toward FY26 guidance * Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue. Revenue exceeded our estimate by 12%, led by a 23% beat in revenue from the distribution of financial products, while MF revenue was in line. * Opex rose 5% YoY/12% QoQ to INR1.5b in 1QFY26, driven by a 6% YoY increase in employee costs, while other expenses grew 3% YoY. Improved operational efficiency result...
Neutral Anand Rathi Wealth Ltd for the Target Rs.2,100 by Motilal Oswal Financial Services Ltd
Neutral Anand Rathi Wealth Ltd for the Target Rs.2,100 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 03:41:05 pm
Buy Laxmi Dental Ltd for the Target Rs.540 by Motilal Oswal Financial Services Ltd A brighter SMILE awaits! A strong growth trajectory bringing joy to every smile * Laxmi Dental (Laxmiden) is distinguished as India’s only fully integrated provider of dental solutions, led by a highly experienced management team with extensive expertise in the field. * Over the past two decades, the company has established an extensive Business-toBusiness-to-Consumer (B2B2C) network that encompasses over 22,000 dental clinics and dentists across 320 cities, while also exportin...
Buy Laxmi Dental Ltd for the Target Rs.540 by Motilal Oswal Financial Services Ltd
Buy Laxmi Dental Ltd for the Target Rs.540 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 03:37:00 pm
Buy Glenmark Pharma Ltd for the Target Rs.2,430 by Motilal Oswal Financial Services Ltd Innovation validated; blockbuster potential unfolds AbbVie partnership signals a new era for Glenmark Pharma (GNP) GNP’s subsidiary, Ichnos Glenmark Innovation (IGI), has signed an exclusive licensing agreement with AbbVie for its lead investigational asset, ISB-2001. * The deal validates several aspects of GNP: a) the strength of IGI’s BEAT protein platform for oncology and auto-immune diseases; b) the potential of ISB-2001 to treat relapsed/refractory multiple myeloma; and...
Buy Glenmark Pharma Ltd for the Target Rs.2,430 by Motilal Oswal Financial Services Ltd
Buy Glenmark Pharma Ltd for the Target Rs.2,430 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 02:44:42 pm
Buy TCS Ltd for the Target Rs.3,850 by Motilal Oswal Financial Services Ltd A disappointing quarter No growth kicker yet, but margin scope intact * TCS reported revenue of USD7.4b in 1QFY26, down 0.6% QoQ in USD terms vs. our estimate of 1.2% growth. Growth was led by Hi-Tech/Manufacturing (up 3.1%/3.0% QoQ). BFSI/Energy & Utilities grew ~2.0%/2.9% QoQ in USD terms. India was down 31% QoQ (in USD terms). Ex-India business was also down 0.5% QoQ in CC terms, missing estimates. EBIT margin was 24.5% (up 30bp QoQ), above our estimate of 24.2%. PAT was up 4% Qo...
Buy TCS Ltd for the Target Rs.3,850 by Motilal Oswal Financial Services Ltd
Buy TCS Ltd for the Target Rs.3,850 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 02:31:34 pm
Buy Suzlon Energy Ltd for the Target Rs.82 by Motilal Oswal Financial Services Ltd Focus on execution, local content notification in 1HFY26 We reiterate our BUY rating on SUEL with a TP of INR82. Our positive outlook is driven by (i) expected adoption of the RLMM local content draft notification by 2QFY26, (ii) healthy order prospects, including ~1.5GW NTPC orders, where SUEL is a strong contender; (iii) estimated ~4GW of new orders in FY26, taking the closing order book to ~6.5GW; (iv) gradual phase-out of the ISTS waiver over the next four years, which should help to r...
Buy Suzlon Energy Ltd for the Target Rs.82 by Motilal Oswal Financial Services Ltd
Buy Suzlon Energy Ltd for the Target Rs.82 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 02:20:14 pm
Buy P N Gadgil Jewellers Ltd for the Target Rs.825 by Motilal Oswal Financial Services Ltd Inspiring store rollout plans for FY26; soft industry demand in 1QFY26 We interacted with the management of PN Gadgil (PNG) to discuss the industry outlook, growth prospects for its business, profitability outlook, and other focus areas. Here are the key takeaways from the discussion: - * Jewelry demand was subdued in 1QFY26, particularly in Jun’25, due to a ~30-35% YoY surge in gold prices (crossed INR100,000 mark in retail market). Consumers started postponing shopping, which is...
Buy P N Gadgil Jewellers Ltd for the Target Rs.825 by Motilal Oswal Financial Services Ltd
Buy P N Gadgil Jewellers Ltd for the Target Rs.825 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 02:05:59 pm
Buy JK Cement Ltd for the Target Rs.7,300 by Motilal Oswal Financial Services Ltd Built for the long haul Delivering on expectations; expansions boost volume growth * JK Cement’s (JKCE) stock performance has played out broadly in line with our expectations, reflecting its strong track record of consistent operational delivery and disciplined execution. Over the past several years, JKCE has evolved into a structurally stronger business, outperforming peers. * The company has a robust pipeline and aims to expand its capacity to 50mtpa by FY30. This target will...
Buy JK Cement Ltd for the Target Rs.7,300 by Motilal Oswal Financial Services Ltd
Buy JK Cement Ltd for the Target Rs.7,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 02:00:18 pm
Neutral Bharat Dynamics Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd Lock, Load, Succeed! Securing the skies, expanding the base Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms. With a focus on developing advanced guided missiles, underwater weapons, and airborne products, BDL currently holds an order book of ~INR227b and a prospect pipeline of INR500b. In recent years, BDL’s revenue has been adversely impacted by supply chai...
Neutral Bharat Dynamics Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd
Neutral Bharat Dynamics Ltd for the Target Rs.1,900 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 01:53:36 pm
Buy Delhivery Ltd for the Target Rs.480 by Motilal Oswal Financial Services Ltd Built to scale, wired for speed! Well-positioned to capitalize on the ‘Express’ opportunity * Delhivery is India’s leading 3PL logistics player, catering to a wide network of ~19,000 pincodes. Its service offerings include express parcels, part truck load (PTL), supply chain services, and others. Delhivery, which commenced operations in 2011 as an express logistics player, has rapidly increased its presence in the PTL segment after the acquisition of Spoton Logistics i...
Buy Delhivery Ltd for the Target Rs.480 by Motilal Oswal Financial Services Ltd
Buy Delhivery Ltd for the Target Rs.480 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 12:59:41 pm
Buy Kalyan Jewellers Ltd for the Target Rs.660 by Motilal Oswal Financial Services Ltd Strong double-digit SSSG continues Kalyan Jewellers (Kalyan) released its pre-quarterly update for 1QFY26. Here are the key takeaways:   Company-level update * Kalyan reported consolidated sales growth of ~31% YoY (est. 28% in 1QFY26, 37% in 4QFY25, and 27% in 1QFY25) despite volatility in gold prices and geopolitical tensions. * As of 30th Jun’25, the total number of stores stood at 406, with 287 stores of Kalyan India, 81 stores of Candere, 2 stores of Kalyan US, a...
Buy Kalyan Jewellers Ltd for the Target Rs.660 by Motilal Oswal Financial Services Ltd
Buy Kalyan Jewellers Ltd for the Target Rs.660 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 12:59:10 pm
Buy Titan Company Ltd for the Target Rs.4,250 by Motilal Oswal Financial Services Ltd Domestic LFL growth in low double digits TTAN released its pre-quarterly update for 1QFY26. Following are the key highlights: Jewelry division * Domestic jewelry revenue grew ~18% YoY (ex-bullion) (est. 22% YoY in 1QFY26, 9% YoY in 1QFY25), despite gold price volatility affecting consumer sentiment. * Akshaya Tritiya witnessed strong traction; however, rising gold prices from May to mid-June led to softened customer purchases. * Like-for-like (LFL) domestic growth for Tanishq, ...
Buy Titan Company Ltd for the Target Rs.4,250 by Motilal Oswal Financial Services Ltd
Buy Titan Company Ltd for the Target Rs.4,250 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 12:55:24 pm
Buy Lodha Developers Ltd for the Target Rs.1,870 by Motilal Oswal Financial Services Ltd MMR leader growing in Pune, Bangalore, and new businesses LODHA’s presales are expected to clock a 20% CAGR, led by healthy collections and a comfortable debt level of 0.2x as of 4QFY25 end. The company entered Pune and is scaling up at a healthy pace. Additionally, it has completed its pilot phase in Bengaluru and started scaling up with the acquisition of a 5.6msf project with a GDV of INR66b in FY25. Further, LODHA is expanding its commercial and industrial portfolios to garner st...
Buy Lodha Developers Ltd for the Target Rs.1,870 by Motilal Oswal Financial Services Ltd
Buy Lodha Developers Ltd for the Target Rs.1,870 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-15 12:46:18 pm
Buy Siemens Energy India Ltd for the Target Rs.3,300 by Motilal Oswal Financial Services Ltd Ramping up execution and margin performance Siemens Energy India (ENRIN) reported 2QFY25/1HFY25 financials, which were better than our estimates. The comparable numbers for the previous period are not available. Revenue growth improved 24% QoQ and EBITDA margin stood strong at 19.1% for the quarter, driven by strong margins in the power transmission segment. Margins were soft in the power generation segment. EBITDA margin has been continuously improving for the company for the past two qua...
Buy Siemens Energy India Ltd for the Target Rs.3,300 by Motilal Oswal Financial Services Ltd
Buy Siemens Energy India Ltd for the Target Rs.3,300 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 12:38:14 pm
Buy SRF Ltd for the Target Rs.3,700 by Motilal Oswal Financial Services Ltd Recovery complete; poised for growth in FY26 After a subdued performance in FY24, SRF witnessed a healthy recovery in FY25 across all segments. Moreover, the company expects to sustain the growth momentum going forward * In FY25, EBITDA grew ~7% YoY to INR28.3b, driven by growth in Chemicals (up 5%) and Performance Films & Foils (PFF) (up 45%), while Technical Textiles (TTB) saw a decline (down ~8%). Although its margin performance remained mixed across segments, SRF achieved a heal...
Buy SRF Ltd for the Target Rs.3,700 by Motilal Oswal Financial Services Ltd
Buy SRF Ltd for the Target Rs.3,700 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-15 12:18:10 pm
Buy Petronet LNG Ltd for the Target Rs.410 by Motilal Oswal Financial Services Ltd Tide is turning, slowly * We upgrade PLNG to Buy with a DCF-based TP of INR410/sh. According to our DCF analysis (WACC: 11.2%), at CMP, PLNG is pricing in an unrealistic scenario of a 20% decline in tariff at both the Dahej and Kochi terminals in FY28 with no tariff hike thereafter, and 0% terminal growth. Additionally, the street narrative that competing terminals are taking away market share has: 1) not played out so far as utilization at competitor terminals continues to languish at 14-...
Buy Petronet LNG Ltd for the Target Rs.410 by Motilal Oswal Financial Services Ltd
Buy Petronet LNG Ltd for the Target Rs.410 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial services Ltd
2025-07-14 03:38:20 pm
Buy KEC International Ltd for the Target Rs. 950 - Axis Securities Ltd Investment Rationale Robust order book & L1 position: The company holds a robust order book and L1 position of over Rs 44,639 Cr, with a T&D and Non-T&D mix of 61:39. Additionally, a strong bid pipeline of Rs 1,80,000 Cr is under evaluation. As of now, order intake for FY26 stands at Rs 4,639 Cr, with management expecting total inflows of Rs 30,000 Cr during the year. This order book provides clear revenue visibility for the next 6-8 quarters. The company has guided for 15% rev...
Buy KEC International Ltd for the Target Rs. 950 - Axis Securities Ltd
Buy KEC International Ltd for the Target Rs. 950 - Axis Securities Ltd
Source: Axis Securities Ltd
2025-07-14 03:18:53 pm
Buy Avenue Supermarts Ltd for the Target Rs. 4,810 - Axis Securities Ltd Margins Fell Short; But A Recovery is Anticipated in H2 Est. Vs. Actual for Q1FY26: Revenue – INLINE; EBITDA – MISS; PAT – MISS Recommendation Rationale • In Q1FY26, DMart reported a 16.3% YoY revenue growth, partially impacted by a 100–150 bps drag from deflation in key staples and non-food categories, as well as the temporary closure of a Navi Mumbai store for renovation. The company added 9 new stores during the quarter, taking the total store count to...
Buy Avenue Supermarts Ltd for the Target Rs. 4,810 - Axis Securities Ltd
Buy Avenue Supermarts Ltd for the Target Rs. 4,810 - Axis Securities Ltd
Source: Axis Securities Ltd
2025-07-14 03:02:31 pm
Hold Tata Consultancy Services Ltd for the Target Rs.3,625 - Axis Securities Ltd Uncertainty Persists; Decent Deal Wins Est. Vs. Actual for Q1FY26: Revenue – INLINE ; EBIT Margin – MISS ; PAT – BEAT Recommendation Rationale • Macro headwinds uncertainty: In Q1FY26, the company experienced delays in decisionmaking and project initiations, particularly for discretionary investments, due to prevailing macro headwinds. Global operations were impacted by U.S. tariffs, economic uncertainty, and persistent supply chain disruptions. Additionally, c...
Hold Tata Consultancy Services Ltd for the Target Rs.3,625 - Axis Securities Ltd
Hold Tata Consultancy Services Ltd for the Target Rs.3,625 - Axis Securities Ltd
Source: Axis Securities Ltd
2025-07-14 02:50:43 pm
Hold Avenue Supermarts Target Rs 3,923 - Prabhudas Liladhar Capital Ltd Hyper competition, Rich valuations limit upside Quick Pointers: ? High competitive intensity in FMCG impacted Gross margin while higher operational costs impacted profitability ? LFL at 7.1%, Bill cuts/store/day declines 1.1% while Av Bill value up 3.1% despite deflation in FMCG ? GM&A share at 24.7% for 1QFY26 up by 210bps vs 22.26% in FY25 We cut our FY26/FY27 EPS estimates by 1.0%/1.9%, respectively, as we expect margin pressures to persist due to 1) Continued high compe...
Hold Avenue Supermarts Target Rs 3,923 - Prabhudas Liladhar Capital Ltd
Hold Avenue Supermarts Target Rs 3,923 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-14 02:28:08 pm
Buy Avenue Supermarts Ltd for the Target Rs. 4,500 by Motilal Oswal Financial Services Ltd Margin pressure lingers, CoR remains high * Avenue Supermarts (DMART) posted another weak set in 1QFY26 as standalone EBITDA grew 8% YoY (5% miss) due to weaker gross margin (GM; -25bp YoY) and higher cost of retailing (CoR; up 9% YoY on a per sqft basis). * Standalone revenue grew ~16% YoY, driven by ~14% store area addition. Like-for-like (LFL) growth for over two-year-old stores moderated to 7.1% (vs. 8.1%/9.1% in 4QFY25/1QFY25) due to deflation. * DMART added 9 stores in 1QFY26 (...
Buy Avenue Supermarts Ltd for the Target Rs. 4,500 by Motilal Oswal Financial Services Ltd
Buy Avenue Supermarts Ltd for the Target Rs. 4,500 by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services Ltd
2025-07-14 09:43:04 am
Buy LatentView Analytics Ltd For Target Rs.635 - ARETE Securities Ltd Latentview reported 32% YoY revenue growth in FY25 to Rs 8,478 mn led by 63% growth in Financial Services, 22% in Technology, and 10% contribution from the acquisition of Decision Point Analytics. EBITDA rose ~40% to Rs 1,888mn, driven by improved employee cost efficiency which decreased to 66% in FY25 as compared to 67.7% in FY24, even as administrative expenses rose 29% YoY due to investments in cybersecurity and M&A-related legal costs. However, PAT grew modestly by 9% to Rs 1,733 mn, ...
Buy LatentView Analytics Ltd For Target Rs.635 - ARETE Securities Ltd
Buy LatentView Analytics Ltd For Target Rs.635 - ARETE Securities Ltd
Source: ARETE Securities Ltd
2025-07-12 12:32:40 pm
Add TCS Ltd For Target Rs. 3,500 By Emkay Global Financial Services Ltd Weak quarter; macro uncertainty weighs on growth TCS’s Q1FY26 operating performance was weaker than our expectation. Revenue declined 0.6% QoQ (-3.3% CC) to USD7.42bn, below our estimate, impacted by the ramp-down in BSNL deal, delays in decision-making and project commencement with respect to discretionary investments amid elevated macro uncertainty. BSNL deal’s ramp-down impacted growth by 2.8%, while international revenue declined 0.5% QoQ in constant currency (CC). EBITM ex...
Add TCS Ltd For Target Rs. 3,500 By Emkay Global Financial Services Ltd
Add TCS Ltd For Target Rs. 3,500 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-12 12:12:23 pm
Buy Anant Raj Ltd For Target Rs. 800 By Emkay Global Financial Services Ltd Riding India’s data center drive We reiterate BUY on Anant Raj with an unchanged TP of Rs800. The company has announced the commissioning of its second Data Center (DC) facility at Panchkula, and is also expanding its existing capacity at Manesar, Haryana. We expect operations to start over the next two months, with annualized occupancy at ~70%, which would improve ahead. This would take total operational DC capacity to 28MW (including 0.5MW of cloud capacity), from 6MW currently. Fo...
Buy Anant Raj Ltd For Target Rs. 800 By Emkay Global Financial Services Ltd
Buy Anant Raj Ltd For Target Rs. 800 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services
2025-07-12 11:45:55 am
Sell Tata Elxsi Ltd For Target Rs. 4,165 By Choice Broking Ltd Big miss on estimates: Rev -2.0%, EBIT -15.7%, PAT -17.6% vs. Consensus * Revenue for Q1FY26 came at INR 8.9Bn down 1.8% QoQ and 3.7% YoY (vs Consensus est. at INR 9.1Bn). * EBIT for Q1FY26 came at INR 1.6Bn, down 11.2% QoQ and 27.9% YoY (vs Consensus est. at INR 1.9Bn). EBIT margin was down 193bps QoQ and 610bps YoY to 18.2% (vs Consensus est. at 20.9%). * PAT for Q1FY26 stood at INR 1.4Bn, down 16.3% QoQ and 21.6% YoY (vs Consensus est. at INR 1.7Bn).   Market headwinds ...
Sell Tata Elxsi Ltd For Target Rs. 4,165 By Choice Broking Ltd
Sell Tata Elxsi Ltd For Target Rs. 4,165 By Choice Broking Ltd
Source: Choice Broking
2025-07-12 11:32:22 am
Buy Tata Consultancy Services Ltd For Target Rs. 3,950 By Choice Broking Ltd Q1FY26 Revenue & EBIT miss on weak macros; PAT beats on other income * Revenue for Q1FY26 came at INR 634.3Bn down 1.6% QoQ (vs Consensus est. at INR 646.5Bn). * EBIT for Q1FY26 came at INR 155.1Bn, down 0.6% QoQ (vs Consensus est. at INR 156.9Bn). EBIT margin was up 26bps QoQ to 24.5% (vs Consensus est. at 24.2%). * PAT for Q1FY26 came at INR 127.6Bn, up 4.4% QoQ (vs Consensus est. at INR 122.5Bn) owing to 62% QoQ spike in other income which was on account of higher interest inc...
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
2025-07-12 11:17:39 am
Buy Max Financial Services Ltd For Target Rs. 1,800 By JM Financial Services The rerating is structural We initiate coverage on Max Financial Services with a BUY rating and a target price of INR 1,800, valuing the company at 2.2x FY27e EVPS of INR 1,025 for Axis Max Life Insurance. The company holds 80% economic interest in one of India’s leading bank-led insurers, Axis Max Life Insurance Company, rebranded from Max Life Insurance in Dec’24. The insurer delivered individual APE growth of 18% in FY25, 3pps above private sector, and is leading YTDFY26 gro...
Buy Max Financial Services Ltd For Target Rs. 1,800 By JM Financial Services
Buy Max Financial Services Ltd For Target Rs. 1,800 By JM Financial Services
Source: JM Financial Services Ltd
2025-07-12 09:52:40 am
Buy Wockhardt Ltd for the Target Rs. 1,870 - Axis Securities Ltd Investment Rationale * Turnaround in Financial Performance: Wockhardt has undergone a significant transformation in the past few years, shifting from a debtridden, compliance-hit generic drugmaker to a more focused, innovation-led pharmaceutical company. Post the divestment of its domestic formulations business to Dr. Reddy’s, the company deployed proceeds to deleverage the balance sheet and fund R&D. The company has revenues remained broadly stable, hovering between Rs 2,800 Cr ...
Buy Wockhardt Ltd for the Target Rs. 1,870 - Axis Securities Ltd
Buy Wockhardt Ltd for the Target Rs. 1,870 - Axis Securities Ltd
Source: Axis Securities Ltd
2025-07-10 11:46:32 am
Buy Gujarat Industries Power Company Ltd for the Target Rs. 242 - Axis Securities Ltd Investment Rationale * Efficient Lignite-based Power plants: GIPCL operates – Surat Lignite Power Plant (SLPP phase I and II) of 250 MW each. Both the plants have strong operational history; in FY24, they achieved PLFs at 62.4% and 70.2% respectively against the average PLF of 69% for all India Coal and Lignite Based Power Plants. SLPP – Phase I has a PPA with GUVNL for 30 years since its commissioning in February 2000, and it will extend it by another 10 years. SLPP – Ph...
Buy Gujarat Industries Power Company Ltd for the Target Rs. 242 - Axis Securities Ltd
Buy Gujarat Industries Power Company Ltd for the Target Rs. 242 - Axis Securities Ltd
Source: Axis Securities Ltd
2025-07-10 11:36:11 am
Buy Titan Company Ltd For Target Rs. 3,350 By Emkay Global Financial Services Ltd TTAN saw growth moderation in Q1 with 17% growth in the jewelry business vs recent trends of ~25% growth. Also, LTL growth for TTAN in the early double digits is weaker vs 18-19% for peers. In our view, Street’s expectation of a high-teen jewelry growth for FY26 at stable margin is at risk, as the 17% growth in Q1 comes on a weak base (9% growth); the rest of FY26 has a strong base of ~25% growth, enabled by a 900bps duty-cut last year. Further, the revenue mix is seemingly weak current...
Buy Titan Company Ltd For Target Rs. 3,350 By Emkay Global Financial Services Ltd
Buy Titan Company Ltd For Target Rs. 3,350 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 11:10:45 am
Buy Devyani International Ltd For Target Rs. 190 By Emkay Global Financial Services Ltd Media reports suggest that Devyani and Sapphire are considering a merger, via a share swap deal. The combined entity has a scale of Rs80bn in FY25, with potential revenue CAGR of 15% over FY25-28 (similar to JUBI’s). The current margin profile is depressed and should get a boost from a potential demand revival; we build in EBITDA CAGR of ~25% over FY25-28E. The merger also has definite potential synergies in the form of HO cost optimization, faster go-tomarket, and store cost/capex effi...
Buy Devyani International Ltd For Target Rs. 190 By Emkay Global Financial Services Ltd
Buy Devyani International Ltd For Target Rs. 190 By Emkay Global Financial Services Ltd
Source: Emkay Global Financial Services Ltd
2025-07-09 10:49:13 am
Buy ACME Solar Holdings Ltd for Target Rs. 325 by Elara Capital Leading the Charge to a Greener Future India’s ambitious 500GW renewable energy target by FY30, up from the current 220GW, sets a strong growth backdrop for companies like ACME Solar Holdings (ACMESOLA IN). With 2.8GW of operational solar capacity and 4.1GW under development, ACME is rapidly expanding its portfolio to 7.0GW by FY28. The company is diversifying into firm and dispatchable renewable energy (FDRE) at 2.6GW, and hybrid at 750MW segments to enhance returns and grid reliabi...
Buy ACME Solar Holdings Ltd for Target Rs. 325 by Elara Capital
Buy ACME Solar Holdings Ltd for Target Rs. 325 by Elara Capital
Source: Elara Capital
2025-07-09 09:06:40 am
Buy Zee Entertainment Enterprises Ltd For Target Rs. 179 - Prabhudas Liladhar Capital Ltd Execution of aspirational goals key to re-rating Quick Pointers: ? Promoter stake to rise to 18.3% after ~169.5mn warrants get converted into equity over the next 18 months. ? The plan is to achieve EBITDA break-even in ZEE5 during FY26E. We cut our FY27E EPS estimates by 4% as we account for dilution impact resulting from issuance of ~169.5mn fully convertible warrants at a price of Rs132 on a preferential basis to entities forming part of the promoter group. Out of the total pre...
Buy Zee Entertainment Enterprises Ltd For Target Rs. 179 - Prabhudas Liladhar Capital Ltd
Buy Zee Entertainment Enterprises Ltd For Target Rs. 179 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 02:14:57 pm
Accumulate Torrent Pharmaceuticals Ltd For Target Rs. 3,850 - Prabhudas Liladhar Capital Ltd Acquires JB Chem, Strengthening it’s branded generic business Torrent Pharma’s (TRP) acquisition of JB Chemicals & Pharma (JBCP) appears strategically compelling, making it the 5th largest player in the domestic pharma market. This will further be strengthening its position in high-margin chronic therapies and opens up many newer therapeutic areas. The deal also adds JBCP’s CDMO vertical, offering diversification and growth optionality. The acquisition is likely to...
Accumulate Torrent Pharmaceuticals Ltd For Target Rs. 3,850 - Prabhudas Liladhar Capital Ltd
Accumulate Torrent Pharmaceuticals Ltd For Target Rs. 3,850 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 02:04:02 pm
Buy Krishna Institute of Medical Sciences Ltd For Target Rs. 725 - Prabhudas Liladhar Capital Ltd New clusters to drive the next leg of growth We visited KIMS’ newly commissioned 300-bed Thane hospital and met the management. We expect the unit to ramp up rapidly given its strategic location and the lack of large hospitals in and around Thane micro market. The management indicated that KIMS will continue to grow at double digits despite new bed additions. The company is on track to commercialize greenfield expansions in Bengaluru markets by Q2FY26. Further, new leadership team hi...
Buy Krishna Institute of Medical Sciences Ltd For Target Rs. 725 - Prabhudas Liladhar Capital Ltd
Buy Krishna Institute of Medical Sciences Ltd For Target Rs. 725 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:55:05 pm
Accumulate Dalmia Bharat Ltd For Target Rs. 2,273 - Prabhudas Liladhar Capital Ltd Higher prices to uplift near term performance Quick Pointers: * Cement prices in East and South are higher by ~Rs12 and ~Rs35/bag respectively from Q4 average despite some fall in June due to early monsoon. * Volume is expected to take a hit in Q1FY26 due to sluggish demand especially in the East amid monsoon. Cement demand remains muted especially in the key Eastern region where demand is struggling over last 5 quarters. Despite regime change in Odisha and upcoming elections in W...
Accumulate Dalmia Bharat Ltd For Target Rs. 2,273 - Prabhudas Liladhar Capital Ltd
Accumulate Dalmia Bharat Ltd For Target Rs. 2,273 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:45:50 pm
Buy Mahindra & Mahindra Ltd For Target Rs. 3,539 - Prabhudas Liladhar Capital Ltd Building a solid foundation for future growth Quick Pointers: * Achieved leadership position in revenue market share in E-SUV business * Thar Roxx and 3XO to see capacity increment of ~1.5k each M&M’s Q4FY25 Standalone revenue grew by 24.5% YoY, coming in 2.3%/4.4% higher than PLe/consensus estimates. The growth in revenue was aided by strong volume growth in in Auto and Farm division as well as better mix in the automotive division led its realizations to increase by 6....
Buy Mahindra & Mahindra Ltd For Target Rs. 3,539 - Prabhudas Liladhar Capital Ltd
Buy Mahindra & Mahindra Ltd For Target Rs. 3,539 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:38:43 pm
Buy Lemon Tree Hotels Ltd For Target Rs. 174 - Prabhudas Liladhar Capital Ltd Deleveraging timelines key to re-rating Quick Pointers: * Debt declines by Rs1,905mn in FY25 * Aurika, MIAL reported an occupancy of 80% with an EBITDA margin of 67% in 4QFY25 LEMONTRE’s operational performance was broadly in-line our estimate with EBITDA margin of 53.9% (PL 53.0%), led by 14.9% growth in RevPAR to Rs5,462 while PAT was aided by a lower tax rate of 11.5%. Aurika, MIAL’s performance showed an improvement with an occupancy of 80% and EBITDA margin of 67%...
Buy Lemon Tree Hotels Ltd For Target Rs. 174 - Prabhudas Liladhar Capital Ltd
Buy Lemon Tree Hotels Ltd For Target Rs. 174 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:25:34 pm
Hold Century Plyboard Ltd For Target Rs. 775 - Prabhudas Liladhar Capital Ltd Healthy Margin Outlook Despite Recent Pressures CPBI has guided revenue growth of 10%/20%/20%/40% in FY26 across its Plywood/Laminate/MDF/PB segments with expected EBITDA margin of 12- 14%/single digit/15%/low single digit for Plywood/Laminate/MDF/PB. We believe Plywood performance will continue with healthy volume growth and better realizations as company took a price hike of 2% in Q1FY26 and improvement in laminates and MDF segments. CPBI aims to reach a turnover of Rs120bn by FY31. We e...
Hold Century Plyboard Ltd For Target Rs. 775 - Prabhudas Liladhar Capital Ltd
Hold Century Plyboard Ltd For Target Rs. 775 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:15:13 pm
Accumulate Ipca Laboratories Ltd For Target Rs. 1,525 - Prabhudas Liladhar Capital Ltd Muted FY26 revenue growth guidance Quick Pointers: ? Guided for 8-10% revenue growth in FY26 with OPM improvement of 100bps ? Impairment charges in Q4FY25 stood at Rs 2.1bn. Ipca Labs (IPCA) reported EBITDA of Rs4.1bn (up 35% YoY), was in line with our estimates. However, mgmt. FY26 guidance of 8-10% revenue growth was below our expectations (12-13%). Resultant, our FY26E and FY27E EPS stands reduced by 4-8%. API and generic business growth were muted in FY25; recovery will be gra...
Accumulate Ipca Laboratories Ltd For Target Rs. 1,525 - Prabhudas Liladhar Capital Ltd
Accumulate Ipca Laboratories Ltd For Target Rs. 1,525 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 12:04:23 pm
Buy Samhi Hotels Ltd For Target Rs. 313 - Prabhudas Liladhar Capital Ltd Improved BS health to drive re-rating Quick Pointers: * Same store RevPAR increases 20.6% YoY to Rs5,958 in 4QFY25. * Net debt declined to Rs14,289mn post fund infusion by GIC. We increase our PAT estimates after accounting for minority interest by 20.6%/12.7% for FY26E/FY27E as we re-align our debt & interest forecast post fund infusion by GIC into a newly created JV platform for upscale hotel assets. SAMHI reported an in-line operating performance with EBITDA margin of 38.1%...
Buy Samhi Hotels Ltd For Target Rs. 313 - Prabhudas Liladhar Capital Ltd
Buy Samhi Hotels Ltd For Target Rs. 313 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:58:43 am
Hold TCI Express Ltd For Target Rs. 816 - Prabhudas Liladhar Capital Ltd Volume and margin pressure persists Quick Pointers: * Aiming for a volume growth of 7-8% in FY26E. * EBITDA margin at multi-quarter low of 9.2%. We cut our EPS estimates by 8%/12% for FY26E/FY27E and downgrade TCIEXP to HOLD (earlier BUY) amid persistent volume growth challenges and pricing pressure. TCIEXP reported weak set of results as revenues declined 3.0% YoY to Rs3,075mn (PLe Rs3,033mn) with an EBITDA margin of 9.2% (PLe 11.2%) as volumes declined for 6th quarter in a row t...
Hold TCI Express Ltd For Target Rs. 816 - Prabhudas Liladhar Capital Ltd
Hold TCI Express Ltd For Target Rs. 816 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:53:40 am
Buy Apollo Hospitals Enterprise Ltd For Target Rs. 8,100 - Prabhudas Liladhar Capital Ltd In line quarter; Guided stable hospital margins Quick Pointers: * Hospital OPM guided at 24% (flat YoY) despite capacity addition in FY26 * Reiterated EBITDA break-even in 24x7 by 2HFY26; expects 30% jump in GMV. Apollo Hospitals Enterprise (APHS) reported consolidated EBITDA of Rs7.7bn (up 20% YoY), was in line with our estimates. Adjusted for 24x7 losses and ESOPs cost (~Rs1.6bn), EBITDA was Rs9.3bn, up 18% YoY. The recent stake sale in HealthCo to Advent and merger with Keimed ...
Buy Apollo Hospitals Enterprise Ltd For Target Rs. 8,100 - Prabhudas Liladhar Capital Ltd
Buy Apollo Hospitals Enterprise Ltd For Target Rs. 8,100 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:39:50 am