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LAURUSLABS

buy COLPAL

buy HINDUNILVR

buy SUNTECK

buy CANFINHOME

Duration: Month

Target:915

neutral CELLO

buy DCBBANK

buy SHOPERSTOP

Duration: Month

Target:520

neutral SAPPHIRE

buy PVRINOX

neutral

LAURUSLABS

buy COLPAL

buy HINDUNILVR

buy SUNTECK

buy CANFINHOME

Duration: Month

Target:915

neutral CELLO

buy DCBBANK

buy SHOPERSTOP

Duration: Month

Target:520

neutral SAPPHIRE

buy PVRINOX

neutral

Healthy momentum in CDMO/FDF; earnings upcycle intact ARV recovery, CDMO scale-up, and operating leverage drive a 2Q beat! * Laurus Lab (LAURUS) delivered yet another better-than-expected quarter with a 6%/18%/38% beat on revenue/EBITDA/PAT. Higher formulation sales (FDF; backed by robust ARV revenue), a superior mix in the CDMO segment, and improving operating leverage led to a strong 2QFY26 performance. * Along with improving traction in the human health CDMO segment, the company h...

Buy Laurus Labs Ltd for the Target Rs. 1,110 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 10:21:13 am

Buy Colgate Ltd for the Target Rs. 2,850 by Motilal Oswal Financial Services Ltd

Muted 2Q print; watchful for growth recovery ahead ? Colgate’s (CLGT) 2QFY26 performance remained weak as its revenue fell 6% YoY to INR15.2b (in line) on a high base of 10% growth and due to the impact of GST-led transition (trade disruptions). We believe that volume is likely to have declined ~5% (in line). CLGT continued to focus on premiumization and investing in its brands, resulting in the premium portfolio delivering better revenue growth. ? Gross margin expanded 100bp YoY ...

Buy Colgate Ltd for the Target Rs. 2,850 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 10:10:30 am

Buy Hindustan Unilever Ltd for the Target Rs. 3,050 by Motilal Oswal Financial Services Ltd

Macro drivers constructive; expectations rising for 2HFY26 * Hindustan Unilever’s (HUVR) 2QFY26 consolidated revenue rose 2% at INR162.5b (in line), with flat underlying volume growth (est. 2.5% and 4% in 1QFY26). Demand trends remained stable; however, the GST transition and prolonged monsoon weighed on performance during the quarter. The GST transition and trade pipeline adjustments impacted volume growth by ~2%. Nonetheless, management expects 2HFY26 to be better than 1HFY26. *...

Buy Hindustan Unilever Ltd for the Target Rs. 3,050 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 10:01:47 am

Buy Sunteck Realty Ltd for the Target Rs. 574 by Motilal Oswal Financial Services Ltd

Collections miss but financials strong The uber-luxury and premium segment drives 87% of sales in 2Q * SRIN reported pre-sales of INR7b in 2QFY26, up 34% YoY/7% QoQ (19% above estimate). In 1HFY26, presales were INR13.6b, up 32% YoY. ? Collections were up 24% YoY at INR3.3b for 2QFY26 (28% below estimate). In 1HFY26, collections stood at INR6.8b, up 12% YoY. * The net debt-to-equity ratio rose to 0.04x in the quarter from 0.02x QoQ. * In 2QFY26, the company entered into a joint de...

Buy Sunteck Realty Ltd for the Target Rs. 574 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 09:51:35 am

Neutral Can Fin Homes Ltd for the Target Rs. 915 by Motilal Oswal Financial Services Ltd

Steady quarter; reported NIM expands ~20bp QoQ Advances grew ~8% YoY; impact of IT transformation business to be monitored * Can Fin Homes’ (CANF) PAT for 2QFY26 grew ~19% YoY to ~INR2.5b (~5% beat). PAT grew 16% YoY in 1HFY26 and is expected to rise ~20% YoY in 2HFY26. NII grew 19% YoY to ~INR4b (~8% beat) in 2QFY26, while fees and other income stood at ~INR63m (PY: INR72m). * Opex rose ~28% YoY to INR762m (~13% higher than MOFSLe). The cost-toincome ratio stood at ~19%. (PQ: ...

Neutral Can Fin Homes Ltd for the Target Rs. 915 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 09:37:38 am

Buy Cello Ltd for the Target Rs. 700 by Motilal Oswal Financial Services Ltd

Improving prospects with new plant ramp-up and demand revival CELLO has been witnessing muted performance for the last few quarters due to a weak demand scenario amid a consumption slowdown. Further, the geopolitical stress has been affecting exports of writing instruments, and a new glassware facility at Falna (Rajasthan) has incurred higher initial costs that hit CELLO’s profitability. However, with consumption gradually picking up both for consumerware and writing instrument busin...

Buy Cello Ltd for the Target Rs. 700 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 09:34:37 am

Healthy NII and lower provisions drive earnings beat NIM expands 3bp QoQ * DCB Bank (DCBB) reported 18.3% YoY growth in PAT at INR1.84b (30% beat) amid better NII and controlled provisions. * DCBB’s NII grew 17.1% YoY to INR5.9b (5% beat, up 2.7% QoQ), while NIM improved 3bp QoQ to 3.23% vs. our expectation of 10bp QoQ decline. * Business growth was healthy with an advances growth of 19% YoY/3.4% QoQ to INR530b, whereas deposits grew 19% YoY/4.4% QoQ to INR648b. CASA mix sto...

Buy DCB Bank Ltd for the Target Rs. 165 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-25 09:01:01 am

Neutral Shoppers Stop Ltd for the Target Rs. 520 by Motilal Oswal Financial Services Ltd

Footfall recovery drives growth; profitability remains under pressure due to investments in new ventures * Shoppers Stop’s (SHOP) revenue growth accelerated to 10% YoY in 2QFY26 (vs. +6% YoY in 1Q), led by a 10-year high LFL of ~9.4% in departmental stores and ~70% YoY growth in INTUNE (driven primarily by store additions). * Store additions remained muted, with four net store additions during the quarter. The scale-up in INTUNE has been slower than expected, with only seven store...

Neutral Shoppers Stop Ltd for the Target Rs. 520 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 05:58:45 pm

Buy Sapphire Foods Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Early festive season adds pressure * Sapphire Foods India (SAPPHIRE) reported revenue growth of 7% YoY (in line) in 2QFY26, backed by a 10% YoY increase in store count. KFC sales grew 7% YoY and same-store sales declined 3% (in line). Excluding Navratri, sales grew 10% YoY with flat SSSG. Pizza Hut (PH) revenue declined 6% YoY as same-store sales declined 8% (est. -7%). PH in Tamil Nadu grew in double digits, backed by mass media advertising. PH saw 5% store additions. Sri Lanka posted hea...

Buy Sapphire Foods Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 02:43:05 pm

Neutral PVR-Inox Ltd for the Target Rs. 1,245 by Motilal Oswal Financial Services Ltd

Continued momentum at box office drives strong 2Q * PVR-INOX (PVR) maintained its strong momentum from 1Q, with footfalls improving 15% YoY, driven by a steady and diverse slate of films across languages and scales as 12 movies crossed the INR1b mark in 2QFY26. * Occupancy rose to 28.7%, driven by quality content and footfall-enhancing initiatives, which helped PVR deliver the best quarter in terms of revenue, EBITDA and profitability in the last two years. * Pre-INDAS EBITDA rose 64...

Neutral PVR-Inox Ltd for the Target Rs. 1,245 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 02:31:33 pm

Sell India Cements Ltd for the Target Rs. 300 by Motilal Oswal Financial Services Ltd

EBITDA above est.; steady progress in brand transition * India Cements (ICEM) reported an EBITDA of INR814m (24% beat) in 2QFY26 vs. an operating loss of INR1.6b in 2QFY25. The improvement in profitability was led by strong cost-control measures, as opex/t dipped ~17% YoY in 2Q. Sales volume grew ~6% YoY to 2.4mt (~6% beat). The company reported a net loss of INR69m (est. loss of INR257m) vs. a loss of INR2.5b in 2QFY25. * Management highlighted that the brand transition from ICEM to UT...

Sell India Cements Ltd for the Target Rs. 300 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 02:22:52 pm

Buy IndiaMART Ltd for the Target Rs. 2,900 by Motilal Oswal Financial Services Ltd

Battling in familiar waters Churn in silver accounts continues * IndiaMART (INMART) reported 2QFY26 revenue growth of 12% YoY vs. our estimate of 9.5% YoY growth. Deferred revenue rose 17% YoY to INR17.5b. EBITDA margin was down ~260bp QoQ to 33.2%, in line with our estimate of 34%. PAT stood at INR830m, down 39% YoY, below our estimate of INR1,176m due to lower other income. * For 1HFY26, revenue/EBITDA grew 12.4%/3.6% and PAT declined 5.2% YoY. We expect revenue to grow 13%, wherea...

Buy IndiaMART Ltd for the Target Rs. 2,900 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 02:12:10 pm

Buy CEAT Ltd for the Target Rs. 4,523 by Motilal Oswal Financial Services Ltd

Margin beat led by lower input costs Camso integration benefits to be back-ended * CEAT 2QFY26 earnings at INR1.85b came in above our estimate of INR1.4b, aided by higher-than-expected margin of 13.3% (est. 11.8%). The GST rate cut is expected to boost tyre demand in the replacement and OEM segments. Further, benign input costs would help maintain margins for the core business. * While the recent Camso acquisition is expected to take time to be earnings accretive, we remain positive ...

Buy CEAT Ltd for the Target Rs. 4,523 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 01:59:41 pm

Buy Sobha Ltd for the Target Rs. 1,877 by Motilal Oswal Financial Services Ltd

Robust collections fuel revenue momentum Healthy YoY performance in Gurugram and Bangalore * SOBHA’s total bookings stood at 61%/-8% YoY/QoQ to INR19b (in line) in 2QFY26. Its share of bookings was 56%/-10% YoY/QoQ at INR15.4b. For 1HFY26, SOBHA clocked INR39.8b of sales (up 30% YoY), guided by 2.8msf of volumes (up 35% YoY). * Bangalore contributed 69.7% for 2QFY26 with the value of INR13.3b, aided by sales momentum at SOBHA Town Park. * NCR contributed INR3.1b during the q...

Buy Sobha Ltd for the Target Rs. 1,877 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 12:56:01 pm

Buy CIE Automotive India Ltd for the Target Rs. 502 by Motilal Oswal Financial Services Ltd

India to remain the key growth driver Earnings beat led by improved operational performance * CIE Automotive India (CIEINDIA)’s consolidated PAT at INR2.1b came in ahead of our estimate of INR2b, led by better-than-expected performance in both India and Europe and favorable currency movement. Demand in India is likely to recover across segments post GST rate cuts. However, Europe's demand is likely to remain lackluster given the macro headwinds. * The India business is expe...

Buy CIE Automotive India Ltd for the Target Rs. 502 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 12:51:45 pm

Buy Atul Ltd for the Target Rs. 7,520 by Motilal Oswal Financial Services Ltd

Performance segment continues to drive growth * Atul (ATLP) reported in-line revenue of INR15.5b (+11% YoY) in 2QFY26. Revenue from the Performance & Other Chemicals segment increased 12% YoY, while the Life Science Chemical segment’s revenue rose 8% YoY. EBITDA grew 10% YoY to INR2.7b and PAT increased 31% YoY to INR1.8b. * We broadly retain our estimates for FY26/FY27/FY28. We estimate a CAGR of 12%/14%/17% in revenue/EBITDA/PAT during FY25-28E. The stock is trading at ~23.8...

Buy Atul Ltd for the Target Rs. 7,520 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 12:43:26 pm

PAT below est. due to a one-off; VRS to impact 2HFY26 PAT * UTI AMC’s 2QFY26 operating revenue came in at INR 3.9b (in-line), reflecting growth of 5% YoY/3% QoQ. Yield on management fees came in at 41.2bp in 2QFY26 vs. 43.6bp in 2QFY25 (42bp in 1QFY26). For 1HFY26, operating revenue grew 8% YoY to INR7.7b. * Total opex came in at INR2.4b, registering a growth of 27% YoY (14% above estimates), driven by 38% YoY growth in employee expenses. EBITDA stood at INR1.5b (17% miss) in 2QFY...

Buy UTI AMC Ltd for the Target Rs. 1,700 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 12:33:37 pm

Buy RBL Bank Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Emirates NBD deal to unfold new growth opportunities NII in line; higher provisions lead to slight earnings miss * RBL Bank (RBK) reported 2QFY26 PAT of INR1.8b (5% miss), down 20% YoY, due to higher-than-expected provisions and lower other income. * Emirates will invest USD3b to acquire a 60% stake in RBK through a preferential issue at INR280 per share, triggering an open offer for an additional 26% stake, potentially increasing its holding to 74% after the transaction, subject to ...

Buy RBL Bank Ltd for the Target Rs. 350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 12:01:14 pm

Selective recovery in 2HFY26… …3Q pressures may temper gains before 4Q pickup * Tata Technologies (TTL) reported revenue of USD150.9m in 2QFY26, up 4.5% QoQ in CC terms vs. our estimate of 1.5% QoQ in CC. Services segment revenue stood at USD115.6m, rising 3.0% QoQ in CC. EBIT margin was 13.4% (down 20bp QoQ), below our estimate of 14.5%. PAT was down 2.8% QoQ and up 5.1% YoY to INR1,655m (in line with our est. of INR1,640m). * For 1HFY26, TTL’s revenue was largel...

Sell Tata Technologies Ltd for the Target Rs. 570 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 11:49:55 am

Buy Metro Brands Ltd for the Target Rs. 1,400 by Motilal Oswal Financial Services Ltd

Double-digit growth sustains with acceleration in store additions * Metro Brands (MBL) delivered in-line 11% YoY revenue growth in 2Q, driven by an improvement in in-store sales (+10% YoY vs. 4% YoY in 1Q), acceleration in store additions, and robust 39% YoY online growth. * MBL’s store additions ramped up with ~38 net store additions in 2Q (significant pick-up from ~20 net store additions over the past 10 quarters), driven by a scale-up of the value format Walkway and addition in...

Buy Metro Brands Ltd for the Target Rs. 1,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 11:33:58 am

Buy Poonawalla Fincorp Ltd for the Target Rs. 605 by Motilal Oswal Financial Services Ltd

Beat on PPoP; elevated opex and credit costs weigh on earnings AUM surges ~68% YoY; NIM improves ~25bp sequentially * Poonawalla Fincorp’s (PFL) 2QFY26 PAT stood at ~INR742m (inline) vs a loss of ~INR4.7b in 2QFY25. PPOP in 1HFY26 was flat YoY, and we expect PPOP in 2HFY26 to grow by ~66% YoY. NII in 2QFY26 grew ~37% YoY to ~INR7.6b (~13% beat). Other income rose ~64% YoY to ~INR1.4b. Higher non-interest income was primarily due to higher fee income during the quarter. * Opex r...

Buy Poonawalla Fincorp Ltd for the Target Rs. 605 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 11:22:48 am

Neutral L&T Technology Ltd for the Target Rs. 4,400 by Motilal Oswal Financial Services Ltd

A steady quarter Guidance demands tight delivery * L&T Technology’s (LTTS) 2QFY26 revenue grew 1.3% QoQ in CC terms vs. our estimate of 1.0% QoQ growth. Sustainability grew 3.0% QoQ, while Mobility declined 1.4% QoQ. * EBIT margin stood at 13.4%, rising 10bp QoQ, in-line with our estimate of 13.4%. PAT rose 4.1% QoQ to INR3.2b, in line with our estimate of INR3.2b. * For 1HFY26, revenue/EBIT/PAT grew 16.1%/1.1%/1.8% YoY. We expect revenue/EBIT/PAT to grow 10.9%/8.1%/14.4...

Neutral L&T Technology Ltd for the Target Rs. 4,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 11:08:00 am

Buy 360 ONE WAM Ltd for the Target Rs.1,400 by Motilal Oswal Financial Services Ltd

Strong inflows and better yields drive ARR income beat * 360 One WAM (360ONE) reported operating revenue of INR7.6b (in-line), reflecting a 30% YoY growth. For 1HFY26, revenue grew 20% YoY to INR14.2b. Revenue growth was driven by a 39% YoY growth in ARR income to INR5.5b (6% beat), and 9% YoY growth in TBR income to INR2.1b (in-line). * ARR AUM rose 22% YoY to INR2.9t (in-line), while TBR AUM grew 34% YoY to INR2.2t (in-line), taking the total AUM to INR5.1t (+27% YoY). * Cost-to-in...

Buy 360 ONE WAM Ltd for the Target Rs.1,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 10:59:21 am

Buy Federal Bank Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd

Strong earnings beat led by surprise NIM performance Reiterates 55bp credit cost guidance for FY26 * Federal Bank (FB) reported 2QFY26 PAT of INR9.6b (down 10% YoY, up 11% QoQ, 13% beat), led by healthy NIMs (up 12bp QoQ, vs our estimate of 8bp decline). * NII stood healthy (8% beat to MOFSLe), as NIMs expanded 12bp QoQ to 3.06% amid a faster reduction in CoF. FB remains focused on reorienting its asset mix to improve yields and the CASA mix. * Advances grew 6% YoY/1% QoQ, led by ...

Buy Federal Bank Ltd for the Target Rs. 250 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 10:42:48 am

Neutral IDFC First Bank Ltd for the Target Rs. 80 by Motilal Oswal Financial Services Ltd

Asset quality stress peaks out; earnings set to gain pace Business growth remains robust * IDFC First Bank (IDFCFB) reported 2QFY26 PAT of INR3.5b (up 76% YoY/ down 24% QoQ, in line). * NII grew 7% YoY/3.6% QoQ to INR51.2b (in line). NIMs declined 12bp QoQ to 5.6%. Opex grew 13% YoY to INR51.2b (in line). * Net advances rose 20% YoY/5.5% QoQ. Deposit growth was robust at 24% YoY/4.5% QoQ, with CASA mix improving to 50.1% (up 210bp QoQ). * GNPA/NNPA ratios declined by 11bp/3bp Q...

Neutral IDFC First Bank Ltd for the Target Rs. 80 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 10:34:02 am

Neutral IndusInd Bank Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd

NII in line; spike in provisions drives losses NIMs decline 14bp QoQ * IndusInd Bank (IIB) reported 2QFY26 loss of ~INR4.4b (vs. our estimated profit of INR3.1b), owing to accelerated provisions on MFI and write-offs. * NII declined 18% YoY to INR44.1b (in line). NIMs stood at 3.32% (down 14bp QoQ /76bp YoY). * Other income fell 24% YoY to INR16.5b (13% miss). Operating expenses grew 2% YoY/5% QoQ to INR40.1b (8% lower than MOFSLe). * Loan book declined by 2% QoQ (down 9% YoY),...

Neutral IndusInd Bank Ltd for the Target Rs. 800 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 10:21:25 am

Neutral Oberoi Realty Ltd for the Target Rs. 1,779 by Motilal Oswal Financial Services Ltd

Healthy performance of 360 West with improved annuity income Operational highlights – 2QFY26 * In 2QFY26, Oberoi Realty (OBER) achieved pre-sales of INR13b, down 10% YoY and 21% QoQ (7% below our est.), wherein ~62% was contributed by Elysian and 360 West. In 1HFY26, bookings stood at INR29.4b, up 18% YoY. * Volumes were down 9% YoY / 29% QoQ to 0.25msf (16% below estimates). In 1HFY26, volumes stood at 0.6msf, up 24% YoY. * Total units booked in the quarter stood at 158, wh...

Neutral Oberoi Realty Ltd for the Target Rs. 1,779 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 10:08:26 am

Neutral Havells India Ltd for the Target Rs. 1,640 by Motilal Oswal Financial Services Ltd

Weak Lloyd performance; Cable segment maintains growth Short summer and high channel inventory weigh on Lloyd’s performance * Havells India’s (HAVL) 2QFY26 earnings were in line with estimates. Revenue increased ~5% YoY to INR47.8b. EBITDA grew ~17% YoY to INR4.4b. OPM expanded 90bp YoY to 9.2% (vs. our estimate of 9.5%). However, (Ex-Llyod) segment margin expanded 2.3pp YoY to 12.2% (+1.2pp vs. our estimate). PAT grew ~19% YoY to INR3.2b (+5% vs. estimates led by higher oth...

Neutral Havells India Ltd for the Target Rs. 1,640 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 09:54:33 am

Buy JSW Energy Ltd for the Target Rs. 655 by Motilal Oswal Financial Services Ltd

EBITDA in line; higher-than-expected DDA and interest hurt PAT * Higher-than-expected depreciation and interest costs dampen PAT: JSW Energy (JSWE)’s consolidated revenue at INR51.8b missed our est. by 9%. However, EBITDA was in line at INR29.9b, supported by a higher EBITDA margin of 58% vs. our est. of 53%. Adj. PAT was 16% below our estimate at INR7b, primarily due to lower-than-estimated other income and higher interest/depreciation expenses arising from additional capitalization...

Buy JSW Energy Ltd for the Target Rs. 655 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 09:52:22 am

Buy Punjab National Bank Ltd for the Target Rs. 135 by Motilal Oswal Financial Services Ltd

In-line earnings; lower opex offsets other income Margin contracted 10bp QoQ * Punjab National Bank (PNB) reported 2QFY26 PAT of INR49b (14% YoY growth, in line) amid lower-than-expected opex, partly offset by lower other income and higher-than-expected provisions. * NII remained broadly flat YoY/declined 1% QoQ to INR104.7b (inline), while NIMs contracted 10bp QoQ to 2.6%. * Other income declined 5% YoY and 18% QoQ to INR43.4b (11% miss). Total revenue, thus, declined 2% YoY/7% Q...

Buy Punjab National Bank Ltd for the Target Rs. 135 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 09:37:01 am

Buy JSW Steel Ltd for the Target Rs. 1,350 by Motilal Oswal Financial Services Ltd

In-line 2Q; newly added capacity to drive growth * JSW Steel (JSTL) posted a consolidated revenue of INR451.5b (+14% YoY and +5% QoQ), which was broadly in line with our estimate of INR431b. * EBITDA stood at INR71.2b (+31% YoY), supported by strong volume growth and lower input costs; however, it declined by 6% QoQ over muted steel prices sequentially. * EBITDA/t for the quarter stood at INR9,693/t and was up 9% YoY. It dipped 14% QoQ (vs. our est. of INR8,900/t). APAT stood at INR1...

Buy JSW Steel Ltd for the Target Rs. 1,350 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-22 09:15:33 am

Buy UltraTech Cement Ltd for the Target Rs. 14,460 by Motilal Oswal Financial Services Ltd

Earnings in line; positive demand outlook 200mtpa milestone ahead of schedule; phase IV expansion announced * UltraTech Cement’s (UTCEM) 2QFY26 earnings were in line with our estimates. EBITDA grew ~53% YoY to INR30.9b. EBITDA/t increased ~32% YoY to INR914 (estimated INR951). OPM expanded 3.3pp YoY to ~16% (vs. our estimate of ~17%). PAT increased ~75% YoY to INR12.3b. * Management indicated a positive demand outlook, supported by GST 2.0, rural market, urban real estate, stea...

Buy UltraTech Cement Ltd for the Target Rs. 14,460 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-21 09:53:53 am

Buy HDFC Bank Ltd for the Target Rs. 1,175 by Motilal Oswal Financial Services Ltd

Steady quarter; margin decline controlled at 8bp QoQ Asset quality remains robust * HDFC Bank (HDFCB) reported 2QFY26 profit at INR186.4b, up 11% YoY (11% beat), led by healthy NII and robust other income. * NII grew 5% YoY to INR 315.5b (in line). Margins on total assets declined 8bp QoQ to 3.27% (est. 3.24%). * Other income stood at INR143.5b (16% beat, 25% YoY growth), led by treasury gains of INR23.9b (INR2.9b in 2QFY25). * Provisions grew 29.6% YoY to INR35b (8% higher tha...

Buy HDFC Bank Ltd for the Target Rs. 1,175 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-21 09:41:22 am

Buy Reliance Industries Ltd for the Target Rs. 1,700 by Motilal Oswal Financial Services Ltd

Operationally in-line 2Q; FCF generation picks up significantly in 1H * RIL posted an operationally in-line 2Q, with consolidated EBITDA rising 5% QoQ to INR459b (+10% YoY), driven by a strong recovery in Reliance Retail (RR). * For RR, growth rebounded in 2Q, with 18-23% YoY growth across key categories and 17% YoY growth in EBITDA (2% ahead). * RJio EBITDA was up ~3.5% QoQ (~1% ahead), driven by ~8.3m net adds and rising customer engagement on 5G/FWA. * Consol. O2C EBITDA grew 3...

Buy Reliance Industries Ltd for the Target Rs. 1,700 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 02:43:31 pm

Buy Piramal Finance Ltd for the Target Rs. 1,460 by Motilal Oswal Financial Services Ltd

Predictability returns, profitability builds - Upgrade to BUY Legacy book wind-down nears end; retail engine providing growth visibility The earnings volatility seen during the transition period is now comfortably behind, with the legacy wholesale portfolio largely run down and a retaildominated book driving consistency in performance. Improved NIMs, sustained cost efficiencies, and stable asset quality underpin a visible improvement in the RoA trajectory. The company’s retail tra...

Buy Piramal Finance Ltd for the Target Rs. 1,460 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 02:28:11 pm

Buy ICICI Bank Ltd for the Target Rs. 1,700 by Motilal Oswal Financial Services Ltd

Another quarter of operational excellence! Margins surprise positively; asset quality remains robust ICICI Bank (ICICIBC) continues to deliver an exemplary performance, rising above all sectoral challenges, as it sustains RoA in the range of 2.3-2.4%, which is even beyond the aspirational level for most banks. * Moreover, the bank has maintained a strong balance sheet as provisions declined 26% YoY/50% QoQ, placing the bank well on track to comfortably beat its credit cost guidance. ...

Buy ICICI Bank Ltd for the Target Rs. 1,700 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 02:17:49 pm

Buy Dalmia Bharat Ltd for the Target Rs. 2,660 by Motilal Oswal Financial Services Ltd

Profitability in line; lower opex/t drives better margin GST rate cut passed on; capacity expansions on track * Dalmia Bharat’s (DALBHARA) 2QFY26 operating performance was broadly in line with estimates. EBITDA grew ~60% YoY to INR7.0b (in line). EBITDA/t increased 56% YoY to INR1,009 (vs. estimate of INR980). OPM expanded 6.3pp YoY to ~20% (1pp above our estimate). PAT grew ~329% YoY to INR2.4b, albeit on a low base (~11% above our estimate, aided by higher other income and lower...

Buy Dalmia Bharat Ltd for the Target Rs. 2,660 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 02:07:59 pm

Buy 360 ONE WAM Ltd for the Target Rs. 1,400 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 01:57:23 pm

Buy AU Small Finance Bank Ltd for the Target Rs. 925 by Motilal Oswal Financial Services Ltd

Headwinds receding; earnings growth set to accelerate NIMs expand 5bp QoQ * AU Small Finance Bank (AUBANK) reported a healthy PAT of INR5.6b (13% beat), aided by NIM expansion and healthy business growth. * NII expanded 4.9% QoQ to INR21.4b (up 8.6% YoY/ 4.9% QoQ, 6% beat on MOFSLe), aided by 5bp NIM expansion to 5.5%. * PPoP grew 6.9% YoY (down 7.8% QoQ) to INR12.1b (8% beat). * Provisions stood at INR4.8b (4% higher than MOFSLe, down 10% QoQ). The bank reported 30bp of credit...

Buy AU Small Finance Bank Ltd for the Target Rs. 925 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 01:51:02 pm

Neutral Oberoi Realty Ltd for the Target Rs. 1,779 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 01:45:30 pm

Buy Dixon Technology Ltd for the Target Rs. 22,500 by Motilal Oswal Financial Services Ltd

In-line 2Q; to benefit from volume and margin improvement Dixon Technology (Dixon)’s 2QFY26 revenue/PAT came in line with our estimates, with the mobile segment registering a strong growth of 42% YoY. Due to the base effect of Ismartu integration and improved volumes from existing clients, mobile volumes jumped YoY during the quarter. This quarter's performance was hit to an extent by demand slowdown due to GST rate changes and the postponement of decision-making from customers. ...

Buy Dixon Technology Ltd for the Target Rs. 22,500 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 12:57:04 pm

Buy Polycab India Ltd for the Target Rs. 9,110 by Motilal Oswal Financial Services Ltd

Robust growth in C&W, along with margin expansion FMEG remains profitable despite seasonal headwinds * Polycab India (POLYCAB) posted yet another strong quarter with revenue growing ~18% YoY to INR64.8b (in line) in 2QFY26, driven by ~19%/14% growth in Cables and Wires (C&W)/FMEG segments. EBITDA (adjusted for one-off gain of INR300m in the EPC business) increased ~56% YoY to INR9.9b (~11% beat), and OPM expanded 3.8pp YoY to 15.3% (+1.5pp vs. estimates). Adjusted PAT grew ~50% ...

Buy Polycab India Ltd for the Target Rs. 9,110 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 12:51:08 pm

Neutral Hindustan Zinc Ltd for the Target Rs. 510 by Motilal Oswal Financial Services Ltd

In-line performance led by favorable pricing * Hindustan Zinc (HZ)’s revenue at INR85.5b (+4% YoY/+10% QoQ) remained largely in line with our est. of INR81b. The growth was driven by better commodity prices, offset by lower volumes. * EBITDA was also in line at INR44.5b (+7% YoY/+15% QoQ) during the quarter. EBITDA margin stood at 52% in 2QFY26 vs. 49.7% in 1QFY26 and 50% in 2QFY25. The improvement was primarily on account of favorable metal prices and lower cost of production. ...

Neutral Hindustan Zinc Ltd for the Target Rs. 510 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 12:43:46 pm

Neutral Can Fin Homes Ltd for the Target Rs. 870 by Motilal Oswal Financial Services Ltd

Early green shoots in core markets; NIM to remain in focus Gradual revival in key states; digital transformation also a monitorable * Can Fin Homes (CANF) is showing early signs of revival, with business momentum gradually improving across its key markets of Karnataka and Telangana. Disbursements in these states are witnessing steady growth, supported by stronger housing demand, improved customer sentiment, and stabilizing policy conditions, particularly for e-Khata issuances (in Karnat...

Neutral Can Fin Homes Ltd for the Target Rs. 870 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 11:55:41 am

Neutral Zee Entertainment Ltd for the Target Rs. 100 by Motilal Oswal Financial Services Ltd

Weak ad revenue, high A&P spends lead to washout 2Q * Zee Entertainment (Zee) reported weak 2QFY26, with 54% YoY decline in EBITDA (13% miss), due to persisting weakness in domestic ad revenue (- 12% YoY) and higher A&P spends (up 42% YoY). * However, Zee5’s performance remained robust with ~32% YoY revenue growth and further reduction in operating loss to INR312m (vs. a loss of INR658m QoQ and INR1.6b YoY). * Management remains hopeful of a recovery in ad revenue in 2H...

Neutral Zee Entertainment Ltd for the Target Rs. 100 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 11:38:58 am

Sell Cyient Ltd for the Target Rs.1,050 by Motilal Oswal Financial Services Ltd

Stabilization underway But broad-based recovery yet to emerge * Cyient’s (CYL) DET business reported 2QFY26 revenue of USD164.4m, up 0.5% QoQ in constant currency (CC) terms, in line with our estimate of 0.5% growth. Transportation & Mobility grew 3.9% QoQ CC, while Network & Infrastructure rose 3.6% QoQ CC. EBIT margin of DET business at 12.2% missed our estimate of 12.6%. DET PAT was down 16% QoQ/22.4% YoY at INR1,370m (est. 1,455m). ? For 1HFY26, DET revenue grew 1.3...

Sell Cyient Ltd for the Target Rs.1,050 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 11:27:11 am

Buy Kajaria Ceramics Ltd for the Target Rs. 1,451 by Motilal Oswal Financial Services Ltd

Flat tiles volume; healthy margins drive a PAT beat Tiles’ volume/revenue/EBITDA/PAT grew 1%/2%/31%/58% YoY in 2Q * Kajaria Ceramics (KJC) reported another quarter of strong margins, whereas its tile volume and revenue were flat owing to soft demand conditions. * Bathware and Adhesives’ revenue grew ~14% and ~77% YoY, respectively, and contributed ~11% to the total revenue. * EBITDA margin surged 390bp YoY and 110bp QoQ to 18%, aided by softer gas costs and cost optimi...

Buy Kajaria Ceramics Ltd for the Target Rs. 1,451 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 11:01:16 am

Buy Angel One Ltd for the Target Rs. 2,900 by Motilal Oswal Financial Services Ltd

Continued recovery in broking; beat on PBT due to cost control * Angel One (ANGELONE) reported total income at INR9.4b (down 21% YoY but grew 6% QoQ), which was in line with our estimates. For 1HFY26, total income declined 21% YoY to INR18.3b. * Total operating expenses grew 3% YoY (in line) to INR6.2b. The CI ratio increased to 65.5% vs. 50.1% in 2QFY25, with employee expenses up 19% YoY while admin expenses declined 8% YoY. Operating profit for 2QFY26 came in at INR3.2b, reflecting a ...

Buy Angel One Ltd for the Target Rs. 2,900 by Motilal Oswal Financial Services Ltd

Source: Motilal Oswal Financial Services
2025-10-20 10:50:41 am