Morgan Stanley on Maruti Suzuki (Tactical buy)

Maintain Overweight; target price ₹17,895 

Positive tactical view (next 30 days); expects near-term outperformance 

Stock corrected ~20% in 6 months vs Nifty down ~8% 

Correction driven by margin concerns and West Asia demand worries 

FY27 domestic volume growth guided at ~10%, ~200 bps ahead of estimates 

Margins likely to bottom out in Q1FY27, followed by recovery 

Operating leverage, lower discounts and richer mix to support margins 

Valuation below long-term averages 

70–80% probability assigned to positive scenario

Goldman Sachs on Maruti Suzuki

Maintain Buy, Target price ₹15,800 

Q4 broadly in line with expectations 

Domestic volume growth guidance at 10% for FY27 

Channel inventory lean at ~12 days 

Capacity addition of 500k units planned in FY27 

Price hike optionality remains key monitorable 

Exports outlook balanced despite Middle East logistics issues 

Potential price hikes could materially aid EPS growth 

Demand momentum remains healthy despite geopolitical concerns 

High-demand models continue facing supply constraints

Motilal Oswal on Maruti Suzuki

Maintain Buy with a target price of ₹15,529 (vs ₹15,392) 

Demand outlook remains upbeat 

Healthy demand to offset cost headwinds, with minimal margin pressure 

GST rate cuts aiding small car demand, improving affordability 

~10% domestic volume growth expected in FY27, supported by strong order backlog and launches 

Expect ~16% earnings CAGR over FY26–28

HSBC on Maruti

Buy, TP Rs 15000

MSIl reported an in-line 4Q and has managed commodity inflation well so far

Volume growth guidance of 10% was positive and underscores the resilient demand environment

Valuations at 20x FY28e EPS look undemanding; MSIL is also a key beneficiary of 8th Pay commission

Jefferies on Maruti

Hold, TP Rs 13800

MSIL’s Mar-Q EBIT grew 30% YoY (inline with JEFe), but PAT fell 3% YoY (15% miss) on lower financial income.

PV demand is holding up well and MSIL expects its domestic volumes to grow 10% in FY27 (JEFe: 7%).

MSIL’s market share, however, has slipped to a 13-year low amid demand shift towards SUVs, which is a concern.

Post recent fall, stock is at 24x FY27E PE vs last 10-yr average of 26x

Cut FY27-28E EPS by 9%;

UBS on Maruti

Neutral, TP cut to Rs 13970

Revenue surge fails to lift margins

Q4FY26: RM impact partially neutralised by lower discounts and other exp.

1) Management expects its domestic volumes to grow at 10% for FY27;

2) First time buyer ratio is currently at 51% (v/s. 42% in 1HFY26);

3) After having 30%+ export growth in FY26, the outlook remains contingent on end-market demand now given the ongoing conflict;

4) Full year FY27 capex guidance upped at Rs14bn in light of the capacity expansion plans;

5) The dealer inventory levels are currently ~12 days;

6) The company is on track to launch 7 SUVs by FY30, though launch timelines may be lumpy.

CLSA on Eternal

High Conviction O-P, TP Rs 505

Blinkit’s NOV rose 95% YoY, in line with est.

Contribution margin was flat QoQ despite 4% lower AOV, largely seasonal.

Orders grew 93.3% YoY, 4% ahead of estimate with lower CAC leading to 98.5% MTU growth

Confidence on Blinkit’s business model is strengthened due to robust growth/profitability despite heightened competitive intensity.

Acceleration in food delivery NOV continued as Zomato continues to expand MTUs by improving affordability

Jefferies on Eternal

Buy, TP cut to Rs 400

Despite high competitive intensity, Eternal reported further improvement in Q/C profitability, which is commendable

Growth was modest, partly reflecting seasonality, but mgmt has guided for c60% CAGR over 3Y, retaining 5-6% EBITDA margin.

Food delivery saw no impact from gas shortages and delivered a strong NOV, with an equally positive outlook.

Notably, management has also guided for US$1bn consol EBITDA by FY29E and views AI as an enabler

GS on Eternal

Buy, TP Rs 340

Q4 indicate Blinkit’s underlying NOV growth is closer to mid-teens qoq, rather than high-single digits, and quick commerce margins can expand despite elevated competition.

Additionally, food delivery growth continues to accelerate; see these as positive near-term drivers of stock price

Expect Blinkit’s June ‘27 NOV growth to accelerate to 15% qoq (80% YoY), driven by better AOV, higher number of days, & positive impact from summer quarter; forecast EBITDA margin to further improve to +0.6% of NOV.

In food delivery, expect 19% YoY NOV growth in 1QFY27, with 20 bps qoq EBITDA margin expansion due to recent increase in platform fee.

HSBC on Eternal

Buy, TP Rs 300

4Q was a tad below expectations, though medium-term growth guidance was significantly positive vs estimates

Blinkit seems unperturbed by near-term competition & expects meaningful pick-up in growth in QC in 1QFY27

See long-term value in Eternal (USD1.1bn EBITDA in FY30), though near-term volatility may persist

Macquarie on Eternal

U-P, TP Rs 200

Sequential growth moderation; optimistic guide

Zomato – Food Delivery. NOVg at 19% Y-o-Y and adj EBITDA margin at 5.5% was in-line with VA consensus

District – Going Out. 6% Q-o-Q NOV growth and -3% adj EBITDA margin.

Guidance of US$150mn adj EBITDA by FY30 maintained.

Incred on Eternal

ADD, TP Rs 383

Aiming at 20% yoy & 60% CAGR in FD and QC businesses. 

Expects to reach adjusted EBITDA of US$1bn by FY29F

Rternal’s leadership in its segments and control over unit economics supports our view

Rising competitive intensity is a key downside risk to our estimates and valuation

DAM Cap on Eternal

Buy, TP Rs 330

In-line operations; strong QC growth guidance

built in 44% CAGR (NOV) growth over FY26-29E

This will be led by 18% CAGR in FD and 59% CAGR in QC business.

Blinkit has already become Adj EBITDA profitable.

Going forward should observe exponential growth in profitability till the time business reaches to a stable EBITDA margin of 4-5%.

Competitive intensity remains a key risk

Food margins should remain range bound; value Blinkit on EV/EBITDA on FY28 at 70x, while FD business is valued at 30x

CLSA on Bandhan BK

O-P, TP raised to Rs 220

2nd good quarter for Bandhan Bank after several tough quarters since mid-2024.

4QFY26 PAT was 26% above estimate, driven by stronger fees and lower credit costs, partly offset by higher opex

Bank hit a 1% ROA after six quarters.

AUM growth picked up to 13% YoY, aided by a pickup in MFI growth.

Reported NIM improved 30bp QoQ to 6.2%, driven largely by term deposit repricing.

But, most importantly, asset quality improved meaningfully

Net slippage ratio improved 100bp QoQ to 1.9% and was half of the 2QFY26 level; this drove the sharp credit cost beat

Going ahead, management targets 14-15% loan growth with a largely stable loan mix.

It also expects another 10-20bp NIM improvement and a pickup in fees.

Jefferies on Bandhan Bk

Buy, TP Rs 215

For Mar-Qtr, Bandhan Bank’s profit of Rs5bn (up 68% YoY) beat estimates with lower credit costs & higher fees.

Stability in MFI sector & trends in election-bound states are supporting credit quality.

This, along with scope for expansion in NIM should aid turnaround in earnings over FY27-28

Tweak est. to factor 4Q results & are tad conservative vs mtg guidance given volatility in this sector

UBS on Bandhan BK

Neutral, TP raised to Rs 200

Q4 PAT beat: Strong beat on credit costs; partly offset by higher Opex

MFI book grows at c7.5% QoQ; CASA ratio up c200bp

Management aim for a FY27 exit ROA of 1.6% – 1.8%

Believe stock’s current valuation prices in a large part of asset quality improvement & see limited upside from current levels (c1x FY27E P/BV, stock up 24% YTD)

Macquarie on Bandhan BK

U-P, TP Rs 130

PAT beats estimates driven by lower credit costs

Slippages moderate, loan growth picks up pace

Lower borrowing costs support NIM expansion

Management guidance remains ambitious, targeting 14– 15% loan growth & 1.6–1.8% RoA by 4QFY27, supported by 10–20bps NIM expansion (from deposit repricing), fee income traction & lower PSLC costs.

4Q stood out for Bandhan in an otherwise weak year, but believe consistent performance is needed for a possible re-rating

JPM on Bandhan BK

Neutral, TP raised to Rs 157

4QFY26: Core performance misses, AQ improvement supporting RoA expansion, sustainability key

While Bandhan’s strategic pivot is underway, & guidance for 1.6-1.7% of RoA by FY27 exit (vs 1.1% in 4QFY26, reported) is positive, trend has been very volatile historically

Await more visibility on sustainability of ongoing recovery, especially in light of ongoing macroeconomic headwinds.

Current valuations at 1.03x FY27 P/BV appear fair & cap any significant upside

Raise forecasts for FY27/28E by 17%/2% resp.

Elara Capital on Bandhan Bank

Maintain Buy, Target price ₹220 (vs ₹186 earlier) 

Strong Q4 with PAT up over 65% YoY 

NII growth at 4% QoQ supported by better NIMs 

Controlled slippages with improvement in MFI portfolio 

SMA-0 improved though SMA-1 and SMA-2 remain monitorables 

Loan growth improving with secured mix at ~56% 

NIM up 10 bps QoQ to 6.12% 

Industry MFI trends indicate possible inflection point 

Better predictability driving rerating potential 

Elections in key states remain monitorable for collections

HSBC on Dalmia Bharat

Buy, TP Rs 2490

Better cost control drives profit beat in 4Q despite lower volumes; April price hikes cover 1Q cost inflation of INR125-150/t

Management’s focus on profitable growth, higher utilization and RoCE improvement is a positive

Valuation (11.6x EV/EBITDA) & regional exposure (South, East) are key positives

CLSA on Dalmia Bharat

O-P, TP Rs 2240

Delivered a mixed quarter, with Ebitda of Rs9bn (+14% YoY) marginally ahead of consensus but in line with estimate, aided by lower costs.

However, volume grew just 4%, lagging industry growth of 6%–7%.

Management reiterated confidence in outgrowing the industry over FY27–28, driven by a demand recovery and operational normalisation.

April price hikes should partly offset near-term cost inflation, though rising petcoke, packaging and logistics costs (Rs125–150/t impact) could weigh margins

Morgan Stanley on Dalmia Bharat

Maintain Underweight, Target price ₹2,015 

EBITDA/t beat estimates at ₹1,025/t 

Volumes weaker than expected due to asset breakdown 

West Asia crisis could drive ₹125–150/t cost inflation in Q1FY27 

Power and fuel costs better than estimates 

PAT broadly in line with expectations 

Net debt/EBITDA improved to 0.46x 

75mnt capacity target for FY28 reiterated 

Roadmap to capacity expansion yet to be disclosed 

Overhangs remain despite operational beat

Goldman Sachs on Dalmia Bharat

Maintain Neutral, Target price ₹2,090 (vs ₹2,120 earlier) 

Q4 volumes impacted by kiln shutdown in Odisha 

Volume growth would have been ~6% YoY adjusted for outage 

EBITDA/t improved to ₹1,025/t 

Cost control and better realizations aided profitability 

Pricing improved in key regions during April 

Management expects ₹120–150/t cost inflation in Q1FY27 

Competition intensity rising in South and East India 

Near-term growth may outperform industry on favorable base

Bernstein on Sapphire Foods

Maintain Neutral; target price ₹240 

Q4FY26 revenue grew ~11% YoY to ₹7.9bn; FY26 revenue at ₹31bn 

Store additions strong, with 24 in Q4 and 89 in FY26 

EBITDA margin at ~7.7%; adjusted PBT margin improved to ~1.1% 

KFC India growth strong (~15% YoY); SSSG improved to ~4% 

Pizza Hut India weak, with SSSG at –7% and negative margins 

Sri Lanka business saw healthy SSSG, though margins impacted by fuel costs 

Merger-related decisions remain key, with limited near-term triggers

Goldman Sachs on Sapphire Foods

Not Rated 

KFC SSSG at +4% YoY, ahead of estimates 

Adjusted for Navratri shift, SSSG at +6% YoY 

Demand momentum sustained into April 

Value initiatives driving traffic growth across regions 

KFC EBITDA growth at 23% YoY 

Price hikes of ~1.5–2% taken in March/April 

Pizza Hut trends still weak but better than estimates 

Sri Lanka business continues strong double-digit growth 

FY27/FY28 sales estimates raised driven by KFC recovery

Elara Capital on Jindal Saw

Downgrade to Accumulate from BUY 

Target price ₹280 (unchanged) 

Q4 impacted by MENA export disruptions and logistics issues 

Standalone volumes down 11% YoY 

Order book remains healthy at ~1.9mn tonnes 

Provides ~17 months revenue visibility 

Middle East expansion projects progressing on schedule 

Near-term earnings impacted by logistical constraints 

YoY earnings growth expected from Q2FY27 onwards 

Strong medium-term outlook supported by capex revival 

Stock up ~17% since initiation leading to downgrade

Morgan Stanley on Go Digit General Insurance

Maintain Equal-weight, Target price ₹328 

IndAS profit growth strong despite softer IGAAP print 

IGAAP PBT missed estimates as combined ratio worsened 

Underlying IndAS profit growth at 69% YoY 

Economic combined ratio rose to 111.7% 

Motor competition showing early signs of easing 

GWP growth at 6% YoY lagged industry growth 

Management maintaining profit-focused approach 

Valuations seen as full despite improving ROE trajectory 

Awaiting better entry point

Morgan Stanley on Leela Palaces Hotels & Resorts

Maintain Overweight, Target price ₹579 

RevPAR grew 6% YoY in Q4 

ARR growth at 15% offset by lower occupancy 

Middle East conflict impacted international travel demand 

Domestic business remained resilient 

April trends improving with better ARR trajectory 

Management expects double-digit revenue and EBITDA growth in Q1FY27 

Growth supported by owned portfolio and new properties 

Balance sheet remains strong with net debt/EBITDA at 1.6x 

Dubai refurbishment timelines unchanged despite conflict

Morgan Stanley on Ashok Leyland (Tactical sell)

Maintain Equal-weight; target price ₹180 

Negative tactical view (next 30 days); expects near-term underperformance 

Stock up ~20% in 6 months vs Nifty down ~8%, indicating recent rerating 

CV volume growth healthy in 1HFY27, but expected to taper from 2HFY27 

Rising commodity costs likely to pressure margins 

Valuation less compelling at ~13x FY27 EV/EBITDA (ex-HLF) 

70–80% probability assigned to negative scenario

Morgan Stanley on REC

Maintain Overweight, Target price ₹455 

Weak quarter with PAT down 21% YoY 

PAT missed estimates by 17–22% 

Higher provisioning and weaker PPOP impacted earnings 

NIM at 3.55%, below estimates 

AUM growth muted at 3% YoY 

Disbursements down 9% QoQ 

Higher Stage 1 coverage drove elevated provisioning 

Asset quality underlying trends remain healthy 

Valuation attractive at ~6x FY27 P/E and ~1x P/BV

Jefferies on Emmvee Photo

Buy, TP Rs 350

Emmvee reported a beat with Ebitda/PAT 13%/17% ahead of JEFe.

Order book was flat q/q with strong visibility of revenue/Ebitda over FY27-1HFY28.

Though working capital expanded, balance sheet is net-debt free as co begins expansion capex

Raised FY27E Ebitda 4% and project 26% Ebitda Cagr over FY26-28E.

Power demand recovery in FY27 should aid renewables

Find valuation attractive at 35% discount to peers.

Nomura on Indus Tower

Initiate Buy, TP Rs 490

Structural data growth; Vi’s positive outlook key

Vi’s stabilization unlocks tenancy growth; valuation gap vs global peers to narrow

Dividend resumption could be a key re-rating trigger

Est. a total dividend payout of Rs19/sh by Indus in FY26F, implying a dividend yield of 4.7% at CMP

Jefferies India Strategy

Following substantial equity selling of $56 billion in CY24–25 amid elevated valuations 

Promoter buying of $4 billion+ in CY26 TD represents a noteworthy shift 

While still selective, these actions appear to coincide with valuation normalisation 

Buying is generally concentrated in asset-heavy sectors, viz. power, infrastructure, and property 

Key companies include Adani Enterprises, GMR, JSW Energy, Godrej Properties, AESL, Lodha, Grasim, Jindal Stainless, Maruti, and Indus Towers