Morgan Stanley: Maintains ‘Overweight’ rating, target price Rs 500. Says revenue beat was driven by agri business.
Citi: Reiterates ‘Buy’ call, target Rs 500. Expects margin recovery and stronger earnings in H2FY27.
Macquarie: Calls the stock ‘Outperform’, target Rs 500. Notes robust cigarette growth, improving FMCG margins.
Jefferies: Retains ‘Buy’ with a higher target of Rs 535. Highlights multi-quarter high cigarette volume growth, though EBIT margins declined.
Emkay Global: Sees gradual recovery in cigarette volumes and emphasises the importance of containing market share loss. Warns of near-term risks tied to potential tax changes under the compensation cess replacement.