Indian equities are expected to see stock-specific action today as several brokerages have released fresh updates and initiations across auto ancillaries, cement, financials, real estate, FMCG, and energy.
Here are the key highlights.
Investec has initiated coverage on Belrise with a buy rating and a target price of ₹185. The brokerage noted that the company, a two-wheeler-focused auto ancillary with largely engine-agnostic products, is well placed for growth as it expands OEM relationships, rolls out new products, and drives premiumisation. Belrise’s four-wheeler business is also expected to see a significant step-up, supported by the H-One acquisition, strong order book, and entry into Japanese OEMs as well as Maruti. Investec forecasts four-wheeler revenue share to rise to 14 percent by FY28 from 9 percent in FY25, with 30 percent PAT CAGR over FY25-28 aided by deleveraging.
Goldman Sachs maintained its buy rating on Marico with a target price of ₹830, citing portfolio transformation as a key driver of revenue and earnings growth. It expects recovery in VAHO to accelerate, aided by GST cuts, while margins could benefit from moderating copra prices and improving profitability in foods and personal care. EPS growth is estimated at 13.5 percent CAGR for FY25-28.
Citi retained a buy on Aadhar Housing with a target price of ₹650 after its management meet. The brokerage said the company is strategically positioning itself as a low-income housing financier, reorienting its distribution across urban and emerging markets. It expects 20-22 percent AUM growth over the medium term, supported by stable spreads of around 5.5 percent and benign credit costs of 25-28 bps. The stock currently trades at 2.6x FY26E book, implying over 4.4 percent RoA and 16 percent RoE.
CLSA turned more constructive on cement stocks, upgrading Ultratech Cement to high conviction outperform with a target price of ₹14,700 and Shree Cement to outperform with a revised target of ₹33,500. It also upgraded Ramco Cement to hold at ₹1,045, while maintaining outperform on Ambuja Cement at ₹670 and Dalmia Bharat at ₹2,650. The brokerage cited an uptick in profitability, pricing discipline, and elimination of coal cess as key positives, with Ultratech best placed to benefit from cost savings and capacity expansion.
Nomura initiated coverage on Prestige Estates with a buy rating and a target price of ₹1,900, calling it a pan-India transformation story. It expects FY26 pre-sales to touch ₹290 billion, about 70 percent higher year-on-year, with upside risks over management guidance. The brokerage also sees annuity and hotel EBITDA scaling up by 4-5x over the next 4-5 years.
Morgan Stanley reiterated its overweight stance on Aditya Birla Fashion & Retail (ABFRL) with a target of ₹131. The brokerage highlighted the launch of OWND!, a new value fashion brand targeted at Gen Z and trend-conscious consumers. ABFRL plans to expand its presence in value fashion by converting StyleUp stores into OWND! outlets and scaling the network to 100 stores by FY26.
Jefferies maintained a buy on HDFC Bank with a target price of ₹1,200 following management interactions. The brokerage said GST reforms could lift credit demand, while US tariffs are likely to have minimal impact on sector loans. It noted stable asset quality, loan growth guidance in line with peers, and operating efficiencies expected from FY27 with digital platforms and branch breakeven.
Macquarie in its sectoral note said credit costs in Q2 could remain elevated, though SME stress is limited to specific pockets. It expects HDFC Bank and ICICI Bank to stand out among banks and retail NBFCs despite the overall pressure.
UBS reaffirmed its buy on Suzlon Energy with a target price of ₹78 after the company secured an 838 MW order from Tata Power, its second-largest order to date. This takes Suzlon’s order book past 6.5 GW, with FY26 year-to-date intake at 1.8 GW, keeping it on track for UBS’s 3.5 GW forecast.
HSBC maintained its buy rating on PB Fintech with a target of ₹2,250, pointing to improved customer acquisition metrics, reduced concentration risk, and distribution strength highlighted in its FY25 annual report. It acknowledged near-term risks on take-rate but said higher renewals and growth momentum should offset these concerns.
Nuvama initiated coverage on Eureka Forbes with a buy rating and a target price of ₹700. As India’s largest electric water purifier company with 40-45 percent market share, it sees the firm benefiting from an underpenetrated market. The brokerage expects 14 percent revenue CAGR and stronger 24-31 percent EBITDA/PAT CAGR over FY25-28, aided by cost optimisation and operating leverage.
Morgan Stanley also shared sectoral insights on telecom, noting operators are rethinking monetisation by phasing out entry-level plans and making higher data packs more attractive. It expects further tweaks in pricing to improve monetisation, with BSNL and Reliance Jio already making strategic changes, including Jio’s push into broadband through multiple offers.