Brokerage Radar: HDFC Life's Q3 sparks optimistic calls, CLSA hikes target price on Zomato, Emkay upgrades Paytm

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes L&T Tech, HDFC Life, HDFC Bank and more.

Sell Call, Target At `4,435/Sh

Q3 Revenue & EBIT Were Slightly Better Than Expected

Forward Looking Indicators Include Revenue Guidance (Including Acquisition)

Revised Organic Guidance Is Also Forward Looking

Highest Ever Large Deal Bookings, As Per Mgmt, On Back Of A Weak Q2

Neutral Call, Target At `4,900/Sh

Strong Performance At Both Revenue And Margin Levels Was Seen In Q3 Results

Deal Wins Strong, Pipeline Is Robust

FY25 Guidance Tweaked To 8% Organic Growth (From 8-10% Earlier)

EBIT Margin To Improve Gradually Over FY26-27

Stock Currently Trades At 27.8x FY27 EPS

Buy Call, Target At `6,000/Sh

Q3 Was A Decent With Marginal Downward Revision In FY25 Guidance, Which Is Challenging

Intelliswift Integration Is Margin Dilutive & A Downside Risk To Consensus

Better-than-expected Synergies Would Be A Positive

Think Co Has One Of Best ER&D Capabilities In Sector & Reasonable Relative Valuations

Buy Call, Target At `750/Sh

Sequential Margin Improvement Was Higher Than Expected In Q3

Focus On New Customer Acquisition And Deepening Distribution Should Aid Growth

Margin Has Bottomed Out As Incremental Mix Change On Low Margin Linked Pdts Would Slow Down

Margin Has Bottomed Out As Sales Of Credit Protection Improve

Margin Would Improve In A Rate-Cut Cycle As They Are Negatively Correlated

Buy Call, Target At `750/Sh

Q3 Results Were Better Than Expected

Despite Softer Premium Growth, VNB Was Aided By Better Product Mix

Clarity On Banca Norms Is Limited And This Will Be Key For Visibility Of Growth & Rerating

Outperform Call, Target Cut To `690/Sh

Financial Performance Healthy, But Weak Sentiment Could Persist

No Communication On Banca Mix Capping, Only On Tightening Processes

Growth Slowdown In Q3

Good Financial Performance, Chaotic Regulatory Landscape

2025 Chemicals Industry Outlook Is Subdued

There Are Pockets Of Opportunities In Certain Segments

Expect Challenges To Persist In 2025, But US Mkt May Be The Bright Spot As Demand Has Improved

Reiterate Buy On UPL & Hold On PI Industries

Outperform Call, Target Raised To `400/Sh

Adding To High Conviction List

Recent Stock Correction Offers An Opportunity To Gather Quick Comm & Food Delivery Mkt Leader

Entire Quick Comm Profit Pool Is Set To Expand Rapidly Over Next Three Years

Quick Comm Profit Pool Is Set To Build 51% Revenue CAGR & 502% EBITDA CAGR In FY24-27

Expect Q3 Quick Commerce Margin To Be Softer

Softer Margin Will Largely Be A Function Of Faster Expansion

Outperform Call On Zomato, Target At `315/Sh

Outperform Call On Swiggy, Target At `635/Sh

Outperform Call On Info Edge, Target At `8,630/Sh

Market Perform Call On Nykaa

2024 Was A Robust Year For India’s Internet Stock Performance Delivering 50%+ Sector Returns

Continue To Expect Strong Performance In 2025 With Quick Commerce Most Preferred Sub Sector

Prefer Scaled Platforms (Zomato, Swiggy In QC) & Profitable Leaders (Info Edge In Classifieds)

Expect Further Profitability Improvement In Zomato’s Food Delivery Segment

Zomato To See Strong Topline Growth Driven By Quick Commerce

Swiggy Well Positioned In Market & Will Expect To Benefit From Multiple Growth Drivers

Info Edge Benefits IT Hiring Upcycle & Strengths In Real Estate

Outperform Call, Target At `2,300/Sh

HDB Fin’s Q3 Credit Cost Is Inching Up

PpOP Growth For HDB Fin Was In Line With Loan Growth

Believe The Increase In Credit Costs Could Be Probably Attributed To Stress In Unsecured Segment

There Is Some Stress In The Commercial Vehicle And Construction Equipment Portfolio

Credit Cost Trends For Players With High Unsecured & CV/CE Exposure Has Seen Rising Trajectory In H1

Upgrade To Buy From Add Call, Target Raised To `1,050/Sh From `750/Sh

Recent NPCI Approval Released A Major Regulatory Overhang

Co Which Should Be Able To Rebuild The MTU Base In The Next 12-18 Months

Co Is On The Early Path To Profitability By FY26, With Acceleration Thereafter

Believe Co’s Cash/MCap Provides Strong Margin Of Safety & Can Be Used To Accelerate Biz

Further Easing Of Regulatory Stance Via Potential Approval For Aggregator License Could Be Positive Catalyst