A host of global and domestic brokerages have released fresh views on Larsen & Toubro, LTI Mindtree, ITC, Emmvee Photo, NSDL and more ahead of Tuesday’s session.
They have also shared their outlook on banks, NBFCs, pharma, renewables and consumer-facing businesses, alongside broader views on India’s macroeconomic trajectory.
Citi on LTIMindtree
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Citi maintains a Sell rating with a target price of Rs 5,480.
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The stock has been placed on a 30-day downside catalyst watch.
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Investor expectations of double-digit exit revenue growth for FY26 and FY27 appear challenging.
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Further EBIT margin expansion could be difficult amid sector-wide pressures.
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Valuations are closer to faster-growing peers like Coforge and at a premium to large caps.
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Q3 results could reset expectations.
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Risk-reward is seen as unattractive.
Citi on L&T Finance
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Citi maintains a Buy rating with a target price of Rs 330.
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Disbursement growth remains strong at over 40% YoY and 19% QoQ.
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Retail AUM growth has crossed 20%.
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Borrowing costs could improve further.
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Operating expense ratios are expected to remain broadly stable.
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Return on assets is estimated at around 2.4%.
Jefferies on Emmvee Photo
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Jefferies initiates coverage with a Buy rating and a target price of Rs 320.
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India’s solar installations are expected to grow at a 24% CAGR over FY25–28.
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Early entry into TOPCon, DCR-led profitability and a well-funded balance sheet provide an edge.
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Industry profitability may normalise from FY28 onwards.
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Jefferies expects high-teens steady-state RoCE.
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EBITDA is projected to grow at a 56% CAGR over FY25–28.
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The stock trades at nearly a 50% discount to peers.
InCred on Larsen & Toubro
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InCred initiates coverage with a Hold rating and a target price of Rs 4,187.
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Near-term order inflows are seen peaking.
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Domestic core segment orders are expected to decline 19% YoY in H2 FY26.
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Global core segment orders may soften through FY27.
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Sales growth in Saudi Arabia could moderate beyond FY27.
Jefferies on Consumer Durables
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Polycab – Maintain Buy; TP raised to Rs 9,230 from Rs 8,960.
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LG India – Maintain Buy; TP cut to Rs 1,950 from Rs 1,980.
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Voltas – Maintain Buy; TP raised to Rs 1,680 from Rs 1,635.
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Blue Star – Maintain Buy; TP raised to Rs 2,000 from Rs 1,990.
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Havells – Maintain Hold; TP cut to Rs 1,560 from Rs 1,620.
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Jefferies sees a sweet spot in cables & wires in 2026 due to strong demand and 6–8% price hikes.
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Incremental demand over the next five years is expected to outpace supply.
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Air-conditioner makers could benefit from a normal summer and low base.
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Data centres and solar products are emerging growth drivers.
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Rising copper and aluminium prices and a weak rupee remain margin risks.
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Top picks are Polycab and LG India.
Citi on Telecom Sector
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Bharti Airtel – Maintain Buy; TP raised to Rs 2,475 from Rs 2,405.
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Reliance Industries – Maintain Buy; TP raised to Rs 1,860 from Rs 1,805.
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Indus Towers – Maintain Buy; TP raised to Rs 515 from Rs 500.
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Vodafone Idea – Maintain High Risk Buy; TP raised to Rs 15 from Rs 14.
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Bharti Hexacom – Maintain Neutral; TP raised to Rs 2,005 from Rs 1,885.
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Next tariff hike is now expected around Jio’s listing in H1 CY26.
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Tariff hike expectations deferred to Q1 FY27.
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Jio’s listing could act as a catalyst for RIL and Bharti.
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Focus may shift to completion of Vodafone Idea’s bank debt raise.
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This could influence the timing of Indus Towers’ shareholder payouts.
Jefferies on Auto Sector
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Eicher – Maintain Buy; TP raised to Rs 8,650 from Rs 8,000.
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Hero MotoCorp – Maintain Underperform; TP raised to Rs 5,000 from Rs 4,950.
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Hyundai – Maintain Underperform; TP cut to Rs 2,000 from Rs 2,050.
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Ashok Leyland – Maintain Hold; TP raised to Rs 175 from Rs 135.
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Jefferies enters 2026 with a positive outlook for auto demand.
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Volume CAGR of 6–8% expected across segments over FY26–28.
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TVS, Eicher and M&M are expected to gain market share.
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Risks remain for Hero MotoCorp and Hyundai.
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TVS is expected to deliver the highest EPS CAGR at 26%.
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Preferred buys are TVS, M&M and Eicher.
Avendus Spark on NSDL
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Avendus Spark initiates coverage with a Sell rating and a target price of Rs 900.
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NSDL has lost market share in demat accounts.
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Market share losses have impacted multiple revenue streams.
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Recurring issuer fee income is growing at a slower pace.
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The benefit of mandatory dematerialisation has largely played out.
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Transaction income growth is increasingly reliant on pledge income.
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EBITDA margins are expected to trail CDSL.
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Valuations are seen as stretched at 40x FY28 core PAT.
Macquarie on Bank Q3 Updates
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Kotak Mahindra Bank and Axis Bank reported strong loan growth.
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Axis Bank surprised positively on deposit growth.
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IndusInd Bank saw loan growth moderation driven by the MFI segment.
HSBC on Maruti Suzuki
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HSBC maintains a Buy rating and raises the target price to Rs 18,500 from Rs 17,000.
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The brokerage believes it is time for profitability delivery.
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Market share has normalised back to around 40%.
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Overall demand outlook remains strong.
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Q3 and Q4 margin delivery is critical for the stock.
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An EBIT margin below 10% could disappoint the market.
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Commodity prices remain a near-term risk.
Investec on PVR Inox
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Investec maintains a Hold rating with a target price of Rs 1,238, implying 21.8% upside.
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Q3 box office trends suggest 9% consolidated revenue growth.
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The Q4 content slate appears strong and should support growth on a low base.
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FY26E is expected to be the first PAT-positive year since FY20.
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Investec plans to reassess its stance as execution plays out.
Macquarie on ITC
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Macquarie downgrades ITC to Neutral from Buy.
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Target price is cut to Rs 330 from Rs 500.
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A sharp tax hike is expected to hit cigarette volumes by around 15%.
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Lower leaf tobacco costs may provide some margin relief.
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Pricing ladder expansion could hurt mix and profitability.
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FY27–28 EPS estimates are cut by 18%.
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