Powered by: Motilal Oswal

News

Market Outlook Stock Market Economy News Industry News Commodity Top News Currency Top News Expert Views Women Wealth Motilal Research Center Motilal Long Term Motilal Short Term Motilal Sector Stocks Mutual Fund Top News Pre-Budget Expectation World Market More News World Top News Stock On The Move IPO Analysis Broking Firm Views - Long Term Report Broking Firm Views - Sector Report Broking Firm Views - Short Term Report Beyond Market Car Beyond Market Entertainment Beyond Market Fashion Beyond Market Gadgets Beyond Market Health Beyond Market India Beyond Market Life Style Beyond Market Sports IPO Reports Special Event Reports
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
Hold Grindwell Norton Ltd For Target Rs. 1,739 - Prabhudas Liladhar Capital Ltd Persistent headwinds temper near-term outlook We attended the annual investor call of Grindwell Norton (GWN) in which the management highlighted the financial performance of the company for FY25 and their strategic focus on the domestic market amid export uncertainties. Significant front-end investments in Abrasives capacity position the company to cater to a broader customer base, while the Ceramics & Plastics segment continues to benefit from healthy domestic demand across precision ...
Hold Grindwell Norton Ltd For Target Rs. 1,739 - Prabhudas Liladhar Capital Ltd
Hold Grindwell Norton Ltd For Target Rs. 1,739 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:33:52 am
Accumulate Elgi Equipments Ltd For Target Rs. 559 - Prabhudas Liladhar Capital Ltd Healthy Q4; global business is key monitorable Quick Pointers: * During the quarter, the compressor sales mix was 52% from India and 48% from the RoW. * Management has guided for 10% YoY revenue growth with an EBITDA margin of ~16%. Elgi Equipments (ELEQ) reported a healthy quarter, with revenue growing 14.7% YoY and EBITDA margin improving by 64bps to 15.1%. During the quarter, the domestic order inquiries remained strong though the order finalizations were delayed. ELGI’s ...
Accumulate Elgi Equipments Ltd For Target Rs. 559 - Prabhudas Liladhar Capital Ltd
Accumulate Elgi Equipments Ltd For Target Rs. 559 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:29:51 am
Buy Oil India Ltd For Target Rs. 649 - Prabhudas Liladhar Capital Ltd Production growth to remain key monitorable Quick Pointers: * Net oil realization stood at US$74.5/bbl, while gas realization came in at US$6.5/mmBtu * Production target of 4mmt of oil and 5bcm of gas by FY28E Oil India (OINL) reported growth of 2.8% QoQ growth in oil production while gas sales fell by 2.5% QoQ. Oil price realization rose marginally from USD73.8/bbl in Q3FY25 to USD74.5/bbl in Q4FY25. Despite higher oil realization and flat gas realization combined with growth in ...
Buy Oil India Ltd For Target Rs. 649 - Prabhudas Liladhar Capital Ltd
Buy Oil India Ltd For Target Rs. 649 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:20:26 am
Accumulate NMDC Ltd For Target Rs. 75 - Prabhudas Liladhar Capital Ltd Weak qtr; volume ramp up is the key Quick Pointers: * NMDC has guided for ~55mt of sales volume for FY26. * NMDC is targeting to ramp up KIOCL’s 3mtpa pellet plant in FY26 NMDC’s reported weak Q4FY25 operating performance mainly due to weak pricing and flattish volumes. Realization declined 7% QoQ on product mix deterioration and price cuts of Rs350/t undertaken for lump and fines in Q4FY25. NMDC received lower premium over quoted prices in a weak pricing environment d...
Accumulate NMDC Ltd For Target Rs. 75 - Prabhudas Liladhar Capital Ltd
Accumulate NMDC Ltd For Target Rs. 75 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:15:36 am
Accumulate KEC International Ltd For Target Rs. 911 - Prabhudas Liladhar Capital Ltd Decent Q4 amid strong domestic momentum Quick Pointers: * Tender pipeline stands at ~Rs1.8trn, with T&D being the primary driver. * Management guided a ~15% YoY revenue growth with EBITDA margin ranging 8-8.5% in FY26. Meanwhile, Order intake is expected to be ~Rs300bn. We revise our FY26/27 EPS estimates by -4.0%/-1.8%, factoring in continued weakness in Civil, Railways and O&G despite strong growth in T&D. KEC International (KEC) reported revenue growth of 11.5% YoY,...
Accumulate KEC International Ltd For Target Rs. 911 - Prabhudas Liladhar Capital Ltd
Accumulate KEC International Ltd For Target Rs. 911 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:09:48 am
Reduce Gujarat Fluorochemicals Ltd For Target Rs. 3,541 - Prabhudas Liladhar Capital Ltd Fluoropolymers to grow at 25% in FY26 Quick Pointers: * The LPF plant has achieved mechanical completion, with trial production expected to commence next month, while electrolyte, PVDF, and PTFE binder grades are in the advanced stages of customer validation * In FY26, total capex is expected to be Rs16bn, with 12bn for EV business largely to increase current capacity while balance Rs4bn for Fluoropolymers and Refrigerants business Gujarat Fluorochemicals reported consolidated rev...
Reduce Gujarat Fluorochemicals Ltd For Target Rs. 3,541 - Prabhudas Liladhar Capital Ltd
Reduce Gujarat Fluorochemicals Ltd For Target Rs. 3,541 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 11:05:33 am
Buy Aurobindo Pharma Ltd For Target Rs. 1,440 - Prabhudas Liladhar Capital Ltd Resumption of PenG plant remains key trigger Quick Pointers: * FY26 guidance with high single digit revenue growth ex Revlimid and flat OPM. * Awaiting approval from local pollution board to re-start PenG facility. Aurobindo Pharma’s (ARBP) Q4FY25 EBITDA of Rs17.9bn (up 6% YoY) was in line with our estimate. FY26 guidance of high single digit revenue growth ex gRevlimid with flat margins was below our estimate. Resultant our FY26 and FY27E EPS stands reduced by 4-5%. Other e...
Buy Aurobindo Pharma Ltd For Target Rs. 1,440 - Prabhudas Liladhar Capital Ltd
Buy Aurobindo Pharma Ltd For Target Rs. 1,440 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:58:58 am
Buy Narayana Hrudayalaya Ltd For Target Rs. 1,950 - Prabhudas Liladhar Capital Ltd EBITDA beat aided by Cayman business Quick Pointers: * Reiterated expansion plan of 1,535 beds by FY29 with total capex requirement of Rs. ~30bn across locations in Bengaluru, Kolkata and Raipur. * Rs650mn losses in FY25 from its clinics and NHIC business. Narayana Hrudayalaya (NARH) reported EBITDA of Rs3.6bn (up 23% YoY) in Q4FY25, 5% above our estimates aided by higher profitability across Cayman units. The Cayman business reported profitability of Rs1.7bn, up 39% YoY and 28% Q...
Buy Narayana Hrudayalaya Ltd For Target Rs. 1,950 - Prabhudas Liladhar Capital Ltd
Buy Narayana Hrudayalaya Ltd For Target Rs. 1,950 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:51:02 am
Buy Cello World Ltd For Target Rs. 746 - Prabhudas Liladhar Capital Ltd Steady growth though margins contract Quick Pointers: * Consumerware up 23.7% in Q4FY25, gross margins contract by 240bps * Writing Instruments decline due to reduction in exports sales, while domestic sales remains flat Consumerware revenue (68.7% of total revenue) reported strong growth driven by improved performance in in-house manufactured glass drinkware products, supported by a focus on cost efficiency. Opalware products also performed well during the period. Writing Instru...
Buy Cello World Ltd For Target Rs. 746 - Prabhudas Liladhar Capital Ltd
Buy Cello World Ltd For Target Rs. 746 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:43:56 am
Buy S Chand and Company Ltd For Target Rs. 286 - Prabhudas Liladhar Capital Ltd BS health improves; growth trajectory eyed Quick Pointers: * Revenues to surpass Rs8,000mn in FY26E. * EBITDA margin likely to be in the band of 18-20% in FY26E.. SCHAND reported an in-line operating performance with EBITDA margin of 43.1% (PLe 42.2%) while there was a narrow miss at bottom-line level due to higher-than-expected tax rate of 26.7% (PLe 21.9%) amid non-recognition of DTAs in subsidiaries. Management expects revenues to surpass Rs8,000mn with EBITDA margin of ~18-20%...
Buy S Chand and Company Ltd For Target Rs. 286 - Prabhudas Liladhar Capital Ltd
Buy S Chand and Company Ltd For Target Rs. 286 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:39:28 am
Buy InterGlobe Aviation Ltd For Target Rs. 6,084 - Prabhudas Liladhar Capital Ltd Yield and benign crude aids profits Quick Pointers: * ASKM growth is likely to be in mid-teens during 1QFY26E. * Board recommends a dividend of Rs10 per share after a gap of 5 years.   We increase our FY26E/FY27E PAT estimates by 13%/10% as we fine tune our yield and fuel CASK assumptions. INDIGO reported better than expected performance with FX adjusted EBITDAR margin of 30.8% (PLe 28.5%) led by 1) 2.2% rise in yield to Rs5.32 aided by Maha Kumbh and 2) 6.6% fall in fuel ...
Buy InterGlobe Aviation Ltd For Target Rs. 6,084 - Prabhudas Liladhar Capital Ltd
Buy InterGlobe Aviation Ltd For Target Rs. 6,084 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:28:06 am
Buy Fortis Healthcare Ltd For Target Rs. 785 - Prabhudas Liladhar Capital Ltd Strong FY26 guidance Quick Pointers: ? Guided for 150-200bps improvement in hospital EBITDA margins in FY26. ? Diagnostic biz’s margins to reach 23% in FY26 and 25% by FY27.   Fortis Healthcare’s (FORH) Q4FY25 EBITDA at Rs4.36bn; up 14% YoY was in line with our estimates. Though hospital margins improved by 170bps/190bps YoY in FY24/FY25, we see further scope for improvement aided by 1) improving case and payor mix, 2) cost rationalization initiatives including...
Buy Fortis Healthcare Ltd For Target Rs. 785 - Prabhudas Liladhar Capital Ltd
Buy Fortis Healthcare Ltd For Target Rs. 785 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:22:41 am
Buy Max Healthcare Institute Ltd For Target Rs. 1,300 - Prabhudas Liladhar Capital Ltd In-line quarter; expansion plan on track Quick Pointers: * ~1,500-bed expansion underway in FY26 at Max Smart, Nanavati, Mohali and a greenfield unit in Gurgaon. * Dwarka unit achieved break-even vs loss of Rs50mn in Q3.   Max Healthcare Institute (MAXHEALT) reported healthy EBITDA growth of 26% YoY to Rs 6.32bn; in line with our estimates. The company showed phenomenal growth (18% EBITDA CAGR) over FY22-24, despite negligible capacity additions. We expect pick-up in the g...
Buy Max Healthcare Institute Ltd For Target Rs. 1,300 - Prabhudas Liladhar Capital Ltd
Buy Max Healthcare Institute Ltd For Target Rs. 1,300 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:17:06 am
Reduce Laxmi Organic Industries Ltd For Target Rs. 172 - Prabhudas Liladhar Capital Ltd Margin pressure continues Quick Pointers: * Volumes increased by 1% YoY in Q4FY25 and 11% YoY in FY25 across both the business units * The company has signed LOI with Hitachi Energy to set up production of an eco-efficient gas used in Hitachi’s SF6-free high-voltage switchgear portfolio   Laxmi Organic Industries (LXCHEM) reported a topline of Rs7.1bn, reflecting a decline both YoY and sequentially, primarily due to continued pricing pressure across its product segme...
Reduce Laxmi Organic Industries Ltd For Target Rs. 172 - Prabhudas Liladhar Capital Ltd
Reduce Laxmi Organic Industries Ltd For Target Rs. 172 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 10:04:19 am
Sell Gujarat Gas Ltd For Target Rs. 372 - Prabhudas Liladhar Capital Ltd Lower industrial vol propels EBITDA/scm Quick Pointers: * Morbi volume stood at 2.8mmscmd in Q4 and is down to 2.5mmscmd now * Near terms concerns remain in terms of volume offtake with gas being expensive compared to propane Gujarat Gas (GUJGA) reported decline of 4% YoY and 2% QoQ in total sales volume to 9.3mmscmd in Q4FY25 (PLe 9.7mmscmd). However, due to lower mix of industrial volume, EBITDA/scm of Rs5.4 beat our estimates of Rs4.7. EBITDA stood at Rs4.5bn (-24% YoY, +18% Qo...
Sell Gujarat Gas Ltd For Target Rs. 372 - Prabhudas Liladhar Capital Ltd
Sell Gujarat Gas Ltd For Target Rs. 372 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-05 09:57:35 am
Buy ABB India Ltd For Target Rs. 6,851 - Prabhudas Liladhar Capital Ltd Mixed quarter; execution remains in focus Quick Pointers: * Base order inflow increased ~10.0% YoY to Rs35.5bn, while large orders decreased by 44.8% to Rs2.1bn in Q1CY25 * Domestic/export revenue mix stood at 93%/7% vs (92%/8% in Q1CY24) We revised our EPS estimates for CY25/CY26 by -1.5%/-1.5% factoring in executing delays in Process Automation. ABB India (ABB) reported quarterly performance with modest revenue growth of 2.6% YoY with flattish EBITDA margin of 18.4%. During the ...
Buy ABB India Ltd For Target Rs. 6,851 - Prabhudas Liladhar Capital Ltd
Buy ABB India Ltd For Target Rs. 6,851 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 04:12:57 pm
Buy Triveni Turbine Ltd For Target Rs. 772 - Prabhudas Liladhar Capital Ltd Healthy Q4; watchful on order finalizations Quick Pointers: * Order inflows grew by 44.3% YoY to Rs6.3bn with a domestic/export mix of 70%/30% * Order book stands at Rs19.1bn with a domestic/export mix of 43%/57% and a Product/Aftermarket mix of 86%/14% We revise our FY26/FY27 EPS estimates by -7.4%/-8.8% accounting for elongation of order finalization and back ended U.S. revenue. Triveni Turbine (TRIV) reported a healthy quarter with revenue growth of 17.5% YoY while EBITDA margi...
Buy Triveni Turbine Ltd For Target Rs. 772 - Prabhudas Liladhar Capital Ltd
Buy Triveni Turbine Ltd For Target Rs. 772 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 04:08:16 pm
Hold Bajaj Electricals Ltd For Target Rs. 641 - Prabhudas Liladhar Capital Ltd Focus on profitability with margin expansion and cost efficiencies Quick Pointers: * Consumer Products (CP) up 8.4% in Q4FY25, Coolers, Morphy Richards and domestic appliance up double digits, Fans reported low single digit growth * Lighting was flat in Q4FY25 with single digit growth in Consumer lighting offset by degrowth in professional lighting   CP segment grew 8.4% YoY (accounted for 79% revenue), with strong growth across all products segment except fans which grew ...
Hold Bajaj Electricals Ltd For Target Rs. 641 - Prabhudas Liladhar Capital Ltd
Hold Bajaj Electricals Ltd For Target Rs. 641 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 04:04:20 pm
Accumulate Thermax Ltd For Target Rs. 3,629 - Prabhudas Liladhar Capital Ltd Decent quarter signals gradual recovery Quick Pointers: * The quarterly results were impacted from technological intervention costs of Rs660mn in Bio-CNG. * Order book mix stands at Industrial Products/Industrial Infra/Green Solutions/Chemicals of 39/51/8/2%, and a domestic/export mix of 77/23%.   We revise our FY26/FY27 EPS estimates by -2.2%/-3.0% factoring in probable execution delays in Industrial Infra. Thermax (TMX) delivered a decent performance in Q4, reporting 11....
Accumulate Thermax Ltd For Target Rs. 3,629 - Prabhudas Liladhar Capital Ltd
Accumulate Thermax Ltd For Target Rs. 3,629 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:57:11 pm
Buy Jupiter Life Line Hospitals Ltd For Target Rs. 1,720 - Prabhudas Liladhar Capital Ltd In-line EBITDA; bed expansion on track Quick Pointers: * Potential bed expansion in existing Thane unit with likely additional FSI * 78 beds added at Indore in Q4FY25; visibility of 2,500 beds by FY28/29. JLHL’s Q4 consolidated EBITDA grew by 26% YoY (4% QoQ) to Rs783mn, largely in line with our estimates, aided by higher ARPOB. Its operational efficiency has been strong in the competitive markets of MMR. The company reported revenue/EBITDA CAGR of 20%/25% over FY22-25. Give...
Buy Jupiter Life Line Hospitals Ltd For Target Rs. 1,720 - Prabhudas Liladhar Capital Ltd
Buy Jupiter Life Line Hospitals Ltd For Target Rs. 1,720 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:35:27 pm
Hold PVR Inox Ltd For Target Rs. 1,040 - Prabhudas Liladhar Capital Ltd Razor sharp focus on cost & BS health Quick Pointers: ? Plans to open ~100-110 screens in FY26E. ? Footfalls declined 6.4% YoY to 30.5mn.   PVRINOX reported better than expected performance with pre-IND AS EBITDA loss of Rs110mn (PLe loss of Rs366mn) led by better cost control (on same-store basis fixed cost was up 0.4% YoY to Rs7,639mn). Given the ongoing challenges surrounding footfall growth, PVRINOX is now in a reset mode where the focus is to 1) rationalize cost, ...
Hold PVR Inox Ltd For Target Rs. 1,040 - Prabhudas Liladhar Capital Ltd
Hold PVR Inox Ltd For Target Rs. 1,040 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:29:14 pm
Buy Fine Organic Industries Ltd For Target Rs. 4,930 - Prabhudas Liladhar Capital Ltd Steady performance, expansion plans progressing Quick Pointers: * EC obtained for the new SEZ plant, construction to complete in 18 months post inception * New subsidiaries in USA to set up a manufacturing facility in the USA and UAE to enhance supply chain efficiency respectively   Fine Organic (FINEORG IN) reported a consolidated revenue of Rs6bn, reflecting a growth of 11% YoY and 18% QoQ. This was driven by an 18% sequential increase in both domestic and export revenue...
Buy Fine Organic Industries Ltd For Target Rs. 4,930 - Prabhudas Liladhar Capital Ltd
Buy Fine Organic Industries Ltd For Target Rs. 4,930 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:21:12 pm
Buy Britannia Industries Ltd For Target Rs. 5,941 - Prabhudas Liladhar Capital Ltd Sales and margins recovery underway Quick Pointers: * Relaunched Cheese, Cake & Rusks with change in recipe & packaging design along with standardized pricing across channels * 4Q25 volume growth ~6%; No further price hikes expected   BRIT has sustained 6% volume growth in 4Q while EBIDTA margins are down 20bps as 140bps gain from lower RM costs have neutralized by higher manpower costs (Stock options writeback in 3Q25). FY26 outlook seems promising as an expected ...
Buy Britannia Industries Ltd For Target Rs. 5,941 - Prabhudas Liladhar Capital Ltd
Buy Britannia Industries Ltd For Target Rs. 5,941 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:11:08 pm
Reduce Dr. Reddy`s Laboratories Ltd For Target Rs. 1,225 - Prabhudas Liladhar Capital Ltd Weak margins; scale up in base business is key Quick Pointers: * Adj for NRT portfolio, revenues grew by 12% YoY. * GMs impact of 80bps due to reduced manufacturing overhead leverage and one time severance cost.   Dr. Reddy’s (DRRD) Q4FY25 EBITDA was below our estimate. The base business margins and US sales ex of gRevlimid continued to remain weak. We have scale up base business margins from current level of 16% to +20% in FY27E. Our FY27E EPS stands cut by 4-5%. DR...
Reduce Dr. Reddy`s Laboratories Ltd For Target Rs. 1,225 - Prabhudas Liladhar Capital Ltd
Reduce Dr. Reddy`s Laboratories Ltd For Target Rs. 1,225 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 03:02:55 pm
Buy Pidilite Industries Ltd For Target Rs. 3,428 - Prabhudas Liladhar Capital Ltd Strong visibility across segments Quick Pointers: * PIDI continues strong UVG trajectory at 9.8%, * 4Q25 VAM usage is USD 880/ton. 1Q levels are expected in similar range   PIDI continues strong UVG at 9.8% in 4Q, and 160bps gross margin expansion given benign input costs. PIDI continues to focus on strong volume-led profitable growth led by its strategy of developing pioneer categories and entering newer segments. B2B continued its growth momentum driven by Industri...
Buy Pidilite Industries Ltd For Target Rs. 3,428 - Prabhudas Liladhar Capital Ltd
Buy Pidilite Industries Ltd For Target Rs. 3,428 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 02:48:57 pm
Buy Cera Sanitaryware Ltd For Target Rs. 7,319 - Prabhudas Liladhar Capital Ltd Focus on premiumization leads margins expansion We are maintaining our ‘BUY’ rating given the recent significant correction in stock price. Cera Sanitaryware (CRS) has reported decent results in the challenging weak demand scenario. However, CRS has taken price hike of 6%/1% in faucet/sanitaryware during FY25. The B2B segment showed improved momentum in the quarter, partially offsetting the slower demand in the retail space for CRS. CRS reported 5.8% growth in revenue with 130b...
Buy Cera Sanitaryware Ltd For Target Rs. 7,319 - Prabhudas Liladhar Capital Ltd
Buy Cera Sanitaryware Ltd For Target Rs. 7,319 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 02:40:38 pm
Buy Jindal Stainless Ltd For Target Rs. 678 - Prabhudas Liladhar Capital Ltd Strong domestic; improving export market outlook Quick Pointers: * Mgmt. guided for cons FY26 EBITDA/t range of Rs19k-21k with 9-10% YoY volume growth as traction is improving in key export markets like US & EU. * Chromeni plant is operating at 55% utilization in Apr’25 and expected to ramp up to ~75% by end FY26E.   Jindal Stainless (JDSL) reported largely in-line standalone operating performance in Q4FY25 led by strong volume growth. Volumes grew 13% YoY to 643...
Buy Jindal Stainless Ltd For Target Rs. 678 - Prabhudas Liladhar Capital Ltd
Buy Jindal Stainless Ltd For Target Rs. 678 - Prabhudas Liladhar Capital Ltd
Source: Prabhudas Lilladher Capital Ltd
2025-07-04 02:32:20 pm