GS on Eternal
Buy, TP Rs 350
Believe TAM concerns for Blinkit may be overdone, at least from a value perspective, though industry’s MTU penetration at 50%+ of underlying TAM could approach maturity levels in 1-2 years.
As far as competition is concerned, while expect Blinkit’s share gains vs. Swiggy to continue, note Blinkit’s growth may have been adversely impacted in recent months due to elevated competition from a few new entrants as well as existing players.
Having said that, contest notion that elevated competition would prohibit margin expansion for Blinkit (as evidenced in Dec ’25 quarter), & believe there are enough levers to offset potential headwinds.
JPM on Shriram Fin
OW, TP Rs 1180
While are cautious on Indian NBFC sector with rate-cut driven re-rating likely behind (40% valuation re-rating in 2025) and potential Asset Quality (AQ) stress from Middle East conflict related disruptions, MUFG Bank’s strategic investment positions SHFL uniquely
MUFG completed a Rs 396bn capital injection in early Apr’26 and has already supported a credit rating upgrade for SHFL (CRISIL & ICRA recently upgraded to AAA vs. AA+), which should drive a sustainable 80-100bps decline in SHFL’s cost of funds over time
Believe this should significantly improve SHFL’s competitive positioning vs. peers, which enjoy a more than 100bps cost of funding advantage, with new growth levers.
Lower funding costs should significanlty improve SHFL’s flexibility to push growth in lower yield loan segments (e.g. new CVs), while continuing to deliver ROA expansion.
Overall, expect SHFL to deliver a PAT CAGR of 25% over FY26-28, supported by (i) AUM CAGR of 18% over FY26-28, a significant acceleration vs. 16% CAGR over FY24-26, and (ii) RoA expansion of 43bps over FY26-28, primarily driven by lower cost of funds
CITI on Coal India
Neutral, TP Rs 430
Coal India (CIL) has announced they are absorbing higher costs on account of West Asia crisis
(1) Cost of explosives used for blasting – up 26% in a month,
(2) cost of industrial diesel – up 54% in less than a month.
Explosives and industrial diesel account for 8% of CIL’s costs (4% each); current inflation suggests an increase of 3% in CIL’s total costs.
Further, some subsidiaries have reduced the reserve price for e-auction coal and increased the quantity.
While expect e-auction prices to be on an uptrend as global prices have risen, lowering reserve price and increasing quantities could mean discount to import parity may rise beyond 30% (5-qtr avg).
JPM on Coal India
Neutral, TP Rs 403
Coal India’s stock price fell 4% on Friday (vs. Nifty +1%) following an announcement that it is absorbing raw material price shocks & reducing reserve price of coal in e-auctions
Est. that impact on EBITDA from rising explosives and industrial diesel prices could be 7-8% annually (Rs30bn increase), which could lower COAL’s fair value by 4.5-5.5%, all else being equal.
Details around e-auction prices are a bit unclear, but clearly suggest that benefit anticipated from rising international thermal coal prices may not be fully realized
Goldman Sachs On Solar Industries
Maintains Buy Rating With A Target Price Of ₹18,900
Explosives Prices Up Sharply Driven By 44% Rise In Ammonium Nitrate Prices
Coal India Explosive Costs Increased ~26% Indicating Strong Pricing Environment
Higher Input Costs Supporting Realization Improvement For Explosives Players
Structural Demand Supported By Mining Activity And Coal Production Needs
Positive Outlook Maintained With Strong Pricing Tailwinds And Earnings Visibility
Axis Capital On Ujjivan SFB
Recommendation Buy, Target ₹77, Earlier Target ₹66
Secured For Success
Transition To Diversified Universal Banker Contender
Secured Mix Improving (~49%) & Targeting 65%-70% By FY30
Strong Growth: Loans +26% YoY; Disbursements At Record Highs
Asset Quality Has Normalised; Collections Near ~99.8%
CASA To Improve
Capital Raise Likely, To Support Next Growth Phase
HSBC On Dixon
Recommendation Hold, Target ₹11,500
VIVO JV Approval Not Yet Come Through, Meaning FY27 Volumes Will Take A Hit
Q4 Should Register Moderate Growth, But Focus Is On Next Quarter As Costs Remain Volatile
Cut FY27 Estimates By 8% As VIVO JV Delay Erodes Top-Line Growth
Axis Capital On HDFC Life
Recommendation Buy; Target ₹750, Earlier Target ₹840
Valuation Factors In Soft Growth
APE Growth Capped Despite Diversified Product-Mix
VNB Margin To Improve But To Be Range-Bound
Implied Valuation Offers Favourable Risk-Reward
