Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Reliance Industries, Bharti Airtel, Kalyan Jewellers and more.
Bernstein On Reliance Ind
Outperform Call, Target At Rs 1,520/Sh
Believe 2025 Will See A Recovery Cycle For Co
Jio ARPU Increase Of 12%, Without Tariff Hikes & Subscribers Of 4-5%
Retail To Revert To Double-digit EBITDA Growth
Increase In GRM Margin (After A Decline From $9/bbl In FY24)
Expect Earnings Growth To Be Led By Telecom & Retail, While Refining Margin See Rebound
Valuations Are At 3-year Low, Making Risk Reward Attractive
Jefferies On Reliance Ind
Buy Call, Target At Rs 1,690/Sh
Co Underperformed Nifty By 15% In CY24 On Concerns Over Medium-term Growth Outlook Of Retail
Co Underperformed Nifty By 15% In CY24 Due To Lower Earnings Growth In FY25
See Restoration Of Mid-teens Growth In Retail
See Likely Listing Of Jio & Improvement In O2C Profitability In FY26
Project 14% EBITDA Growth In FY26 With All Segments Contributing
Valuation Is Cheapest Since COVID Shock Of Mar’20
HSBC On Bharti Airtel
Buy Call, Target At Rs 1,940/Sh
Expect Dividend To Rise By 114% YoY To Rs 17/Sh In FY25 As FCF Outlook Improves
Cash Flow Needs At Promoter Entity Rise
Estimate Dividend/Sh To Quadruple In 3 Years To Rs 34 In FY27
Dividend/Sh Estimates Are 28-45% Ahead Of Consensus For FY25-27
Growth Levers Are Intact: Rising Mobile ARPU, Expanding Home Broadband Subs & Rising FCF
Citi On Kalyan Jewellers
Buy Call, Target At Rs 810/Sh
Q3 Update Shows Continues Outperformance On Growth
Management Expects To Add 30 ‘Kalyan’ & 15 ‘Candere’ Stores In India In 4QFY25
90 ‘Kalyan’ & 80 ‘Candere’ Stores Are Expected In India In FY26
Jefferies On Oil & Gas
Reliance Ind Should See Restoration Of Mid-teens Growth In Retail In FY26
Project 14% EBITDA Growth In FY26 With Valuation Cheapest Since COVID
ONGC Is Attractive With Production Growth & Pricing Reform
Production Growth & Pricing Reform For ONGC Led Improved Profitability In FY26 & Trading Cheap
GAIL's Healthy Vol Growth & Likely Re-rating From Potential Tariff Hike Keeps It In Preferred List
Prefer BPCL Amongst OMCs, Maintain Underperform Call On CGDs
Jefferies On Autos
Over FY25-27, Expect 2-wheeler & Tractor Volumes To Grow At 13-15% CAGR
Over FY25-27, Expect 2-wheeler & Tractor Volumes Outpacing 5-8% For PVs & Trucks
M&M Is Gaining Share Across Tractors, PVs & LCVs
TVS Motor Has Gained In Both Domestic And Export 2-wheelers In Recent Years
M&M, Eicher Motors And TVS Motor Are Preferred Buys
Buy Call On Bajaj Auto, Target Cut To Rs 10,350/Sh From Rs 13,400/Sh
Buy Call On Hero Moto, Target Cut To Rs 4,900/Sh From Rs 5,500/Sh
Buy Call On Eicher Motors, Target Raised To Rs 6,600/Sh From Rs 5,500/Sh
Buy Call On M&M, Target Raised To Rs 4,075/Sh From Rs 3,700/Sh
Nuvama On DOMS
Buy Call, Target At Rs 3,210/Sh
Demand Is Recovering & Co’s Capacities Remain Optimally Utilised
Confident Of Core Business Revenue Growth Of 20% YoY In FY25
Consolidated Revenue To Grow 23–25% In FY25
Uniclan Revenues To Jump Post Addition Of A Third Line; EBITDA Margin To Stay Within 5–7%
New Pencil Capacities To Come On Stream Partially In Q4FY25 & Fully In Q1FY26
EBITDA Margin Likely To Be 17–17.5% In FY25
Given Low-Margin Guidance, Cutting FY25/26/27 EPS By 3%/6%/7%
Nuvama On Dr Reddy’s
Upgrade To Buy Call, Target At `1,553/Sh
Revlimid Patent Expiry In 2026 Poses A Significant Threat To Earnings Growth
Revlimid Drug Contributed 40% To Co’s FY24 EBITDA
Observe Management Has Mapped Out Strategies To Mitigate Impact Of Revlimid Loss
Key Asset Launches Of Drugs In Canada & US Are Expected To Largely Offset Revenue Loss
Reckon Proactive Measures Shall Mitigate About 80% Of The Expected EBITDA Impact
Macquarie On Zydus Life
Outperform Call, Target At Rs 1,365/Sh
Specialty Portfolio Progress Bodes Well
Co’s New Drug Application For CUTX-101 For Menke's Disease Has Been Accepted By US FDA
Co Has Entered Into An Agreement With CVS Health To Include Its Branded 505(B)2 Products
Believe Co Has A Good US Generic Pipeline Supplemented By A Strong Speciality Pipeline
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