Brokerages rolled out fresh calls on Grasim, Mankind Pharma, Jubiliant Food, Apollo Hospitals and more while also tracking opportunities across defence, renewable energy, engineering and industrials.
MS on PI Industries
- Maintain Overweight with TP of Rs 3883.
- Moving Cautiously into FY27.
- Return to positive revenue growth anticipated in FY27, with improved prospects across agchem verticals.
- Pharma to take 2-3 years to scale to 2x current revenue base – a key level for margin inflection.
- Contract assets expected to be maintained at current levels.
MS on Apollo Hospital
- Maintain Overweight with TP of Rs 8,833.
- Strong Growth in Revenue and Digital Losses Narrowing.
- Strong Q4 beat led by operating leverage.
- Digital losses have narrowed sharply, indicating improving unit economics and path to profitability.
MS on Paints
- Birla Opus gained 90bps market share QoQ.
- Crossed 10% paints market share in March 2026.
- Company is nearing Berger’s revenue size if just seen for the paints and putty business.
- Aspires to secure the position of #2 player.
- For the industry, company guided for double-digit value growth in FY27, with Opus continuing to outperform the industry.
- Tactical opportunities may continue to arise.
- Overall the segment appears to remain in a de-rating environment.
- Competitive intensity remains high, moats are getting diluted, and predictability of growth is waning.
MS on AB Capital
- Maintain Overweight with TP of Rs 408.
- Raises Rs 4,000 crore equity via preferential issue.
- Post-money overall shareholding dilution is 4%.
- Promoter shareholding will improve to 68.9% vs 68.5% pre-money.
- Fund raise from promoter and IFC is a positive outcome for the stock as it prevents potential stock supply.
- Attractive starting point of valuation makes risk reward attractive.
MS on Jubilant Food
- Maintain Equal-weight with TP of Rs 486.
- Q4: Weak Quarter; Near term Headwinds.
- Margin headwinds are seen for the near term from inflation in LPG costs, labours cost and commodities.
- Dominos has taken a ~1.2% price hike so far.
- Q1 LFL growth is seen higher than Q4, with sequential improvement expected through FY27.
Jefferies on Jubilant Food
- Maintain Buy; Cut TP to Rs 600 from Rs 850.
- Still Waiting for Pick-up in Earnings Growth.
- Consumer tech platforms becoming preferred ways for investors to play the consumption theme.
- Jubilant’s Q4 provided no reason to revisit the name.
- Flat SSSG & cautious short term margin commentary suggest wait for a turnaround continues.
- Exit trajectory results in a 10-12% cut in EBITDA as mgmt aims for a calibrated price hike, which we view as a prudent strategy.
- Retain BUY, but upside is subject to pick up in earnings growth.
Macquarie on Jubilant Food
- Maintain Underperform with TP of Rs 390.
- Q4 Ebitda beat; cautious near-term outlook.
- Q4 Ebitda beat on healthy India margin, strong international performance.
- Concerned about the high base weighing on Jubilant’s ability to reach 5-7% LFL growth in the next few quarters.
MS on Lenskart
- Maintain Overweight with TP of Rs 576.
- Q4 Beat: Another Strong Quarter.
- Focus remains on sustaining growth.
- Annual volume growth of 25% is still the target.
- ASP growth in the past two quarters reflects a weaker base.
- Steady-state EBITDA margin target of 25% was reiterated.
- Sees store additions in FY27 similar to FY26.
- Small towns (Tier2 and below) have been performing well.
MS on Mankind Pharma
- Maintain Overweight; Hike TP to Rs 2,735 from Rs 2,500.
- Recovery Back on Track; Growth Visibility Strengthens.
- Chronic-led momentum and robust OTC/BSV traction should continue.
- Though international growth remains muted.
Jefferies on Grasim
- Maintain Buy; Hike TP to Rs 3,600 from Rs 3,440.
- Improving Standalone Biz Drive Strong Exit to FY26.
- Q4 beat est on strong VSF perf and lower losses in new business.
- Paints rev grew at robust with expanding mkt share trajectory to continue in FY27.
- B2B Ecomm is expected to turn profitable by FY27 exit.
- Strong perf in VSF was driven by mix, efficiencies, & low pulp prices.
Citi on Grasim
- Maintain Buy; Hike TP to Rs 3600 from Rs 3450
- Q4 Resilient, VSF EBITDA Up QoQ
- Paints Market Share Crosses 10%
- Stock will be driven by cement and paints supported by VSF/chemicals
- Holdco discount should keep narrowing as paints volumes/profitability rise and on elevated dividend from UltraTech
Macquarie on Apollo Hospital
- Maintain Underperform with TP of Rs 6,230.
- Q4FY26 results: Modest beat, another business segment deal
- Announced the merger of its Mother & Child and Fertility care businesses with Cloudnine.
- Believe the market may perceive the transaction valuation as underwhelming.
Jefferies on AB Capital
- Maintain Buy with TP of Rs 425.
- Est. the equity infusion should be 2% EPS accretive and 11% Book Value accretive.
- ROE dilution should be 140-132 bps for FY27-28 and accretion to SOTP valuation should be 3%.
- Est. standalone tier 1 cap will rise to 15.7% from 13.8% FY26.
MS on Samvardhana Motherson
- Maintain Overweight; Hike TP to Rs 150 from Rs 144.
- Inflection Year: Aerospace And Consumer Electronics In Focus.
- Auto business could a see softer H1 as global auto production slows down.
- New platform ramp-ups will help but believe scaling up in aero and consumer electronics will be the key stock drivers.
- Could see re-rating in FY27 as the market starts to price in the non-auto opportunity.
Citi on Samvardhana Motherson
- Maintain Sell; Hike TP to Rs 110 from Rs 100
- Q4 Results Above Estimates as Emerging Businesses Surprise Positively
- Cost Pressures to Persist
- Remain cautious on sustenance of global demand
- Also slightly concerned on rising interest cost.
Jefferies on Samvardhana Motherson
- Maintain Buy with TP of Rs 160.
- Growing Well Despite Subdued Macro.
- Expect 26% EPS CAGR over FY26-28.
- Global auto volumes remain range-bound.
- Recent acquisitions should boost growth in FY27-28.
- Also like its expansion in electronics & aerospace.
- Higher commodity costs could pose some margin pressure in H1FY27, but should get passed on to customers subsequently.
Jefferies On Lenskart
- Maintain Buy; Hike TP to Rs 600 from Rs 575.
- Delivered another standout qtr, with strong growth & smart margin gains.
- Mgmt commentary remains positive, with excessive focus on compounding growth.
- This should percolate into better profitability.
- AI is touching all aspects of business, and Lenskart benefits from its control over the value chain.
Citi on Ola Electric
- Maintain Sell; Hike TP to Rs 26 from Rs 22.
- Q4 Results Below Estimates.
- Gross Margins Impress But Operating Leverage is Still Low.
- Mgmt Optimistic on Demand.
- We would look for sustained volume growth before getting more constructive.
Jefferies on BEL
- Maintain Buy; Hike TP to Rs 585 from Rs 565.
- Visibility remains strong.
- Visible double-digit earnings growth medium-term.
- 15%+ earnings CAGR outlook remains intact.
Citi on AU SFB
- Maintain Buy with TP of Rs 1,225.
- Distribution-led mkt share gains in wheels and gold loans.
- Commercial banking compounding at >25%.
- Q4 NIM has seasonal benefits and should not be extrapolated; CoFs may have bottomed out.
- Reiterated credit cost guidance at 90 bps on average assets for FY27.
- Credit cost tailwinds from few businesses coming out of stress cycle to offset macro-driven headwinds.
- Credible and durable growth runway to compound at 2-2.5x nominal GDP.
- Medium-term cost-to-assets (ex-CGFMU) is targeted below 4%.
- Opex commitment centered around liability branches, marketing/branding, technology.
- Decision on equity raise will be contingent on having full clarity on the growth visibility.
Jefferies on Mankind Pharma
- Maintain Buy; Hike TP to Rs 3000 from Rs 2900
- Faith Vindicated
- Base business grows in double digits
- FY27 should be a progressive year
- See continued outperformance in chronic therapies
- See improving growth in acute therapies, and revival in exports
- Stays top pick
GS on CE Info
- Maintain Buy; Cut TP to Rs 1,350 from Rs 1,400.
- Q4 miss: IoT margin surprise, order book execution needs more time.
- Mgmt indicated that Rs 1000 cr revenue target might be pushed out given the order delays.
- Following the delays in execution owing to a higher mix of government business offset partly by better margins.
Jefferies India Strategy – Mahesh Nandurkar
- Not CAD but all-time low capital flows is the culprit for INR pressure.
- Equity market driven outflows accounted for $78bn over the last two years.
- Strong domestic flows provided an easy exit to foreign capital escaping an expensive market.
- Potential valuation correction/AI trade unwinding/Hormuz opening could stem these outflows.
- Past INR depreciation episodes show turnaround possibilities from here.
- Real Effective Exchange Rate at 91 (INR 9% undervalued) provides comfort and historically (barring GFC), INR has rebounded from such levels.
- RBI’s foreign exchange reserves at $597 bn (Adj. for $100bn forward shorts) provide a 9-month import cover, which is below average but still substantial.
- Expect INR to move to $93-95 over next 12 months assuming Hormuz opens soon.
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