GS on Maruti
Upgrade to buy, tp raised to Rs 18900
To factor in
Potential Pickup in Market for Entry Level Cars Post GSTS & Price Changes
Resumption of new model launches after a gap of 2.5 years with Victoris SUV + Evitara
Favorable Exposure to pay commission in Upcoming Auto Demand Cycle
Relatively low co2 risk vs peers heading into cafe 3 regime in fy28e
Investec on Maruti
Buy, tp raised to Rs 18475
Well Placed to Benefit from Antixipated Demand upturn Driven by GST Rate Rationalization & Monetary Easing Measures
Recent launch of Victoris Should Strengthen Maruti’s Presence in Fastgrowing Mid-Size SUV Space
Additional, implementation of 8th pay commission from 2026 should help maruti (as 15% msil customer base is government employees).
Exports to Remain Robust, Driven by Healthy Demand for SUVs (Such as Fronx, Jimny), Ramp-up of e-Vitara Production and Expanding Presence in Various Geography.
Val of 29x fy27e p/e vs 5y avg of 28x is support
HSBC Asia Strategy – India Upgrade
India Now appears attractive on a regional basis
Upgrade to overweight from neutral; Sensex target at 94,000
Asia equities are up ~ 20% ytd, largely driven by domestic retail investors (esp.
India is upgraded to overweight from neutral – Valuations have normalized, government policy is supportive, and foreign positioning remains light.
China’s rally continues, fuled by retail liquidity, thought markets look crowded; Hong Kong Remains Volatile.
Japan and Korea Look Stretched after Strong Run-ups; Asean Equites Remain Subdued Due to Politics
Earnings growth expectations can fall a little further
Government Policy is among the positive factor for equities
GS on Ashok Leyland
Downgrade to n, tp Rs 140
See Limited Upside after Recent Rally
Thesis Around Pickup in Mix Towards Higher Tonnage Vehicles & Improving Margin Environment for Cv Industry is now more accurately reflected in Current Stock Price
With a broader economy wide shift away from Capex and Towards Consumption, Expect Car Volume Growth to Exced Cv Volume Growth Over Next 12 Months
Nuvama on cesc
Upgrade to buy, tp Rs 200
CESC’s Re Growth Plans Have Solidified; It aims to double pat to rs28bn over fY25–30e LED by
i) 1.2/3.2gw re addition by fy27e/29e and 10gw target by fY32e – 3.8GW Approved/7.6GW Transmission Connectivity Applied for in highly in high potential state
ii) New Solar Manufacturing Initiative (3GW Each Cell, MODULE) COD by FY28E.
While CMP Captures Recent Tariff Hikes/RA Recovery, Valuations underplay Strong Re Pipeline & Solar Manufacturing Initiative While a Potanical Up Discom Win Cold Add a New Growth Optionality
Nuvama on Minda Corp
Buy, TP Rs 620
Minda’s Vision 2030 Meet Highlights
i) 2030 Revenue/EBITDA TARGET of INR175BN/21BN implies a Cagr of 28%/30% over fY25–30E
ii) Incremental Revenue Over FY25-30E to be aid by growth in existing business, Premiumization, Higher Exports, New Products and Other Opportunities
iii) Premiumization to be Driven by Growth in the Smart Access, Cockpit Electronics and Ev Harness SEGMENTS.
iv) By fy30E, Revenue Share of Pvsshal expand to 25% (14% in fY25), 2/3WS ‘to Fall to 40% (47%), and Cvs’ to Dip to 25% (28%)
Antique on upl
Mantains Buy with a Target Price of ₹ 760 (Previous ₹ 730)
Deleveragging remains the key re-rating catalyst; Divestments, If any, Cold Provide UPSide
Ebitda Margin Expected to Gradually Scale Up to 22% -23% in the Medium Term
Management Expects FY26 Revenue/Ebitda Growth of 4%-8%/10%-14%Yoy
Net debt projectioned at 13,000c by fY26 and ₹ 10,500c by fY27, Reducing D/E And Net Debt/Ebitda from 1x/4.6x in fy24 to 0.4x/1x by fY27
Ms on swiggy
Ow, TP Rs 450
Swiggy’s Board Approved Sale in Rapido for Rs24BN; Strengthaning Its Balance Sheet & In Line With Management Commentary
Board also approved swiggy transferring its instamart business into a wholy owned step down subsidiary on a slump sale basis.
As per co, this proposed transfer would help create an efficient and more focused entity for the Quick Commerce Business
Nomura on swiggy
Buy, TP Rs 550
Moneties Rapido Investment to Raise Rs 24bn
Corporate restructuring of ownership in Instamart (Q com) biz
Believe restructuring is a step in direction of enabling instalm to Crosses 51%
Macquarie on Swiggy
UP, TP Rs 285
Rapido stake-sale; Instamart Slump Sale
Swiggy had a net cash balance of about us $ 580mn; Rapido stake sale shores up net cash balance to over us $ 850m
Believe Slump Sale of Instamart Adds Weight to View that External Fund Raises are required as est. Annual ebitda loss of us $ 400-450mn in base case
For food delivery, presence of a new player with a lower commission structure model presents downside risk
Despite Large Tam Potential, Our Work Sugges That The Building Blocks to Support Any meaningful Fully Accounted Economic Profit in the Next 3 Years Are Absent
Citi on Indusind Bank
Sell. TP Rs 765
Management Meet TakeaWays
1) Post Ceo & Cfo Coming on Board, Bank Now Focuses on filling Ed positions
2) Forward Flows (Particularly in MFI) to Keep Slippages Elevated; Stabilization/Normalization Anticipated in 2H
3) Credit cost continent on Accelerated Write-off Timing (AMORTUZED Through the Fiscal or One-Time Impairment
4) Weak Vehicle Finance Demand, Run-Down in Mfi to Be Offset by Other Retail Segments Growth, Resumption in Corporate Growth
5) Rebuilding fee income will be key post to low base in 1q
6) Efforts underway to Curtail Opex Growth (2H costs to be below that of 1h).
With Roa/RE Reset Lower at 0.5%/4%, Flawless Execution and Strategic Roadmap Under New Leadership will be key
Macquarie on Marico
OP, TP Rs 820
Marico Sees Diversification Through Digital Brands/ Foods Scale Up, Premiumization-Led Growth in International and GST Cut Aiding Hair Oils Growth.
It is confident on digital portfolio fy27 Exit Arr Reaching 2.5x FY24 Levels and Reiterated Target of Double-Digit Ebitda Margin in FY27.
See Resectant Margin Resilience & Belief of GST CUT-LED Faster Recovery in Hair Oils Structurally Aiding Medium-Term Growth Outlook.
Kotak instal on adani ports
Buy, tp raised to Rs 1900
Take note of strong pace of value addition in its communication
Anticipate Strong Volume Growth in Two-Thirds of Apsez’s Port Portfolio, Comprising Container Portfolio of Mundra, East Coast Assets & Transplant Terminals, Reflex in 16%/PATEDA/PATED Cagrs over fy2025-28
Stock Trades at 14.5x 1-IR FWD Ev/Ebitda
Kotak instict on indus tower
Buy, TP Rs 400
View recently Announced African FOY by Indus Towers Favorably.
Africa offers High Growth Opportunity, Both Organic and Inorganic, Given Significant Network/Subscriber under-payment and fragmental market unlike India.
High tenancy with Airtel Africa (AAF) Being The Anchor Tenant and Partial Linkage to Us $ in Rental Terms to Hedge Currency Risk Bold Make Tower Economics Favorable
Expect Investments in Initial Years to Be Measured
MS on India Financials
22 September 2025 marked the start of the festival of Navratri as well the festive season sales of e-commerce giats giazon and flipkart
Analyzed the credit card spending data from the RBI for 22 September (Rs12,950 Cr)
A Monday Typically Includes Weekend Spending Spilloverrs
Combining Sunday and Monday Spending, Compute a Week-On-Veeek Increase of 54% for 22 September 2025
Ms on ab fashion
Recommendation overweight; Target price ₹ 131
Believe the Worst in terms of pantaloons’ performance is behind us
Expect growth and profitability to improve, former ve, with the latter preceding the former
At a company level, expert abfrl to be ebitda positive (post rent) in fy28
See a Valuation Re-Rating Opportunity, with Limited Downside
Mosl on aditya birla fashion
TP Rs 100 Vs RS 85 (Mantain Neutral)
Improved Execution Remains Key to a Sustained Rerating
Pantaloons: Retail Identity Revamp Underway; focus on improving margins
OWnd!: Rebranding of Style-up to Cater to Gen Z
Ethnics: Profitability to improve with the Reduction in TCNS Losses
TMRW: Separate Fundraising to Accelerate Growth and Fund Acquisitions
Luxury Retail: Profitable and Growing Portfolio of Premium High-Ed Brands
Raise FY26-27e Revenue By 5-8%, Driven by Higher Growth in Tmrw, Luxury Retail, And Hind!
FY26/27e ebitda Increases 12%/26%
Expect abfrl to remain in losses over fy25-28, due to the drag from tmrw
Citi on Consumer
All eyes on demand uptick post GST Rate Cuts – F & B Benefits More
Companies to offer discounts to reduce also destrocking
Elasticity of Demand May Vary Across Categories
Remain Selective – Prefer Britannia, Varun Beverages, Godrej Consumer
MS on HCL Tech
Recommendation equalweight; Target price ₹ 1680
Large Deal Win Announced
HCL Had Indicated Slipping of Closure of Couple of Large Deals Into Q2
In this context, the deal should brings some comfort and confidence for their Q2 Deal TCV Numbers
Mosl on sri lotus developers and realty
Initiating Coverage, TP Rs 250, Buy Rating
Proxy to Mumbai’s redeevelopment story
Niche play in the luxury redeevelopment space with a proven track record
Asset-Light Model Enables Rapid Scaling
Robust collections and a healthy margin to generate a strong surplus
Expects to clock a presales Cagr of 129% over fY25-28
Expected to post a 58% Cagr in Revenue over FY25-28, Reaching INR21.6B by FY28
Ebitda is expected to grow at a 52% Cagr and Reach INR10.2B by fy28 with a 47% margin
Company is expected to achieve a pat of INR7.7b by 28, reflecting a 50% Cagr over fY25-28
Roe and Roce are expected to remain about 26% by fY28
Bofa on Infosys
Recommendation buy; Target price ₹ 1780
A Significant Cash Build on Books is Dilvent for Return Ratios
Post the buyback program, company’s cash chest appears adequate
Given the capital strategy, think buybacks are essential to meet the target
Jefferies on Sun Pharma
Recommendation buy; Target price ₹ 2070
Sun pharma focuses on volume growth and differentted products in India
GLP Seen as a Key Opportunity
Specialty Business Drove Margin Gains in Past 5 Years