Brokerage Radar: HSBC kicks off coverage on Hyundai Motors, mixed calls on DMart, Goldman Sachs bullish on BSE

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Asian Paints, Avenue Supermarts, BSE and more.

Bernstein On DMart
Outperform Call, Target At Rs 5,800/Sh
Amidst Low Expectations, Co Delivered A Positive Q3FY25
Q3 EBITDA & PAT Margin Declines Were Largely Due To Higher Grocery Share
Key Highlight Was Unexpected Announcement On Change In CEO Starting 2026
Q3FY25 Same-store Sales Growth Seems To Have Recovered But It May Be Seasonal
Expect Limited Same-store Sales Growth Improvement Further Over Next 1-2 Quarters
Weakness In FMCG Share Will Continue & Grocery Will Keep Gaining As Key Strength

JPMorgan On DMart
Neutral Call, Target Cut To Rs 4,150/Sh
Q3 EBITDA/PAT Was Below Estimate Due To Higher-than-expected Employee/Other Expenses
Gross Margin Was Broadly Flat QoQ & YoY Despite Adverse Mix
Appointed Of Anshul Asawa As CEO Designate Was An Important Development

MS On DMart
Underweight Call, Target At Rs 3,260/Sh
Q3 Margin Was Lower Than Estimates
Discounting Intensity Remains, Though Impact Was Lower Sequentially, As Per Management
Mgmt Commentary In Recent Quarters Has Raised Doubts About Growth Algorithm

Macquarie On Financials
Expect FY26 To Show Better Loan Growth
A Slight Moderation In Margin & Stable Credit Costs & Opex Ratios
In Large Private-Sector Banks, There Is Solid 14-19% EPS Growth, 16-17% RoEs
In NBFCs, There Is Selective Risk-Reward, Insurance Is Having Regulatory Overhang
HDFC Bank, ICICI Bank, AB Capital, PFC, Shriram Fin, LIC Are Top Picks
Upgrade LIC, ICICI Lombard To Outperform From Neutral
Downgrade SBI Life To Neutral From Outperform & PB Fintech To Underperform From Neutral

HSBC On Hyundai Motors
Initiate Buy Call, Target At Rs 2,200/Sh
Co Well Positioned To Benefit From Long-term Growth In India Auto Sales
New Launches And Capacity Expansion To Drive Growth In The Next 2-3 Years
Margin Looks Set To Remain In A Narrow Range
Weaker-than Expected Model Launches Is Main Downside Risk

HSBC On Life Insurance
Industry’s Individual APE Growth Remained Muted In Q3FY25
Industry’s Individual APE Growth Impacted By Revised Surrender Norms, Weak Equity Markets
Growth For Pvt Insurers With High Bancassurance Sh In Individual APE Was Impacted More Than Others
In Dec’24, SBI Life Reported Healthy Growth Over A Strong Base
Sustained APE Growth Would Be A Key Catalyst

Macquarie On Paints
Acknowledge Sustained Demand Weakness & Thus Moderate EPS Est & Target Price
Maintain View Of Limited Impact From Grasim's Entry
Uncertainty Is Compounded By Proposed Sale Of Akzo's Decorative Business
Preference Remains On Asian Paints (Outperform Call), Followed By Kansai Nerolac (Neutral Call)

GS On BSE
Initiate Neutral Call, Target At Rs 5,060/Sh
Co Stands To Benefit From Strong Growth Tailwinds For Country’s Equity Capital Markets
Strong Nominal Growth In Indian Listed Corp Earnings Acts As A Powerful Compounder
Expecting 11% Cash ADT CAGR & Index Options Market Share Gain To 17%
Options-reform Driven Lower Clearing Charges To Drive 10% Of EBITDA Margin & 5% Of RoE Expansion
With Valuations Near All-time Highs, Peg In Line With Global Peers & Risk-reward Largely Balanced

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