Brokerage Radar: Jefferies boosts MGL target, UBS initiates coverage on Tata Power with 'Buy'

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Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Tech Mahindra, Bharti Airtel, Ashok Leyland, and other stocks. Tech Mahindra Nomura On Tech Mahindra

Buy Call, Target `1,600/Sh

Q1 Broadly In-line With Estimate

EBIT Margin At 8.5% Was Up 110 bps QoQ Vs Estimate Of 8.4%

EBIT Margin Partly Aided By Normalisation Of Sub-contracting Expenses, Down 200 bps QoQ

Deal Wins At $534 m Was Up 49% YoY, EPS At `9.6 Was Up 23% YoY

Business Repair Underway

Outperform Call, Target `1,390/Sh

Co Reported In-line Revenue Of $1,559 m, Growth Of 0.7% QoQ CC/-1.2% YoY CC

Growth Was Led By Healthcare & Retail Verticals While Telecom Declined

EBIT Margin Was A Beat At 8.5%, Led By Operational Improvements

Telecom Was Impacted By Seasonality In Comviva Biz, Declined 1.9% QoQ CC Jefferies On MGL

Buy Call, Target Raised To `1,990/Sh

Q1 EBITDA Was 9% Ahead Of Estimate On Lower Gas Cost

Q1 Overall Volume Grew Double-digits For Second Consecutive Quarter, Much Ahead Of IGL

Expect Strong Vol Growth Over FY25/26 On Strong RO Additions

Rising APM Shortfall Puts A Lid On Margin, But Recent Price Hikes Are Assuring

Raise Target Multiple To 16x- In Line With IGL's Since Co’s Volume Growth Outlook Is Superior

Downgrade To Underperform, Target Cut To `685/Sh From `800/Sh

Q1 EBITDA Was Below Consensus Largely On Lower Volumes (+1% YoY)

Q1 Profitability Of `733/t, (Down 3% QoQ & 8% YoY) Was Higher Than Expected On Better Prices

Co Expects To Achieve 30 mt Capacity By FY26 After Kurnool Line 2 Clinker Expansion

Co’s Expectation To Achieve 30 mt Capacity Looks Higher Than Its Earlier Guidance

Overweight Call, Target `850/Sh

Stock Underperformed Going Into Q1 Earnings, & Expect Some Recovery

Quarter Saw Better Than Expected Margin & A 26% Beat On Core PpOP

Credit Cost Was At 146 bps Vs Guidance Of 110-120 bps, Co Retained Its Full-year Guidance

Q1 RoA Was 1.6% In-line With Full Year Guidance Despite A Seasonally Soft Quarter

PAT 27% Above Est Led By A Strong Beat On Revenues As Well As Costs

Margin Beat Was 10 bps, & Fee Income Was 17% Above Estimates

Initiate Buy, Target `510/Sh

Co Embracing Energy Transitions Across Dimensions

Co Has Strong EBITDA Growth For Businesses Linked To Renewables Value Chain

Renewables Value Chain Includes Renewable Power Generation, Solar Equipment Mfg

Renewables Value Chain Includes Large-scale Solar EPC Projects & Pumped Storage

Stock Trades At 3.3x FY26 P/BV & 11.6x FY26 EV/EBITDA

Sell Call, Target `350/Sh

Q1 Sales Growing 1% YoY, Down 12% Vs Estimates

Q1 Sales Growing Impacted By Weakness Across Divisions (Except API Segment)

EBITDA Margin Also Came Below Estimate At 14.3%, Down 367 bps Vs Estimate

EBITDA Margin Lower Primarily Due To Higher R&D Spends & Operating Deleverage

Co Did Not Provide Quantitative Topline Guidance For FY25

Mgmt Said That They Have Laid Strong Foundations For Medium-term Growth Starting H2FY25

Co Expects Margin To Improve To 20% Levels Driven By Asset Utilisation & Productivity Gains

Buy Call, Target `247/Sh

Q1 EBITDA Margin Largely In-line With Estimates

Management Mentioned That It Continues To See Strong Demand In All Its Business Units

Co’s Biz Segments Such As Power Solutions, Aftermarket Contributed Strongly To Top Line

Co’s Biz Segments Such As Defence, Intl Operations Also Contributed Strongly To Top Line

Key Catalysts Will Be Improved CV Growth, Double-Digit EBITDA Growth Over FY25-26F

Key Catalysts Will Be Upside From EV Biz, For Which No Value Has Been Assigned By Us

Sell Call, Target `650/Sh

Tall Take Ahead For Management To Deliver On Guidance

Miss On Q1 Margin; Unlikely Near Term Relief

Needs Mid-teens Growth And Nearly 100 bps Margin Improvement In H2

Management Alluded To Seeing Improvement In US Biotech Funding

Mgmt Alluded Start Of Pilot Projs In Discovery Which Should Help Them Pick Up Pace In H2

Believe Any Meaningful Impact Of Same Is Likely To Come In FY26 Only

Buy Call, Target `1,780/Sh

Q1 Consol PAT Of `214 Cr Primarily Driven By Its Lending Subsidiary – Bajaj Finance

Bajaj Finance Contributed 81% Of Co’s Profit

Bajaj Finance Has Strong AUM Growth; Pressure On NIM/Elevated Credit Cost A Concern

Bajaj Allianz Life Insurance Showed Steady Growth In APE

Bajaj Allianz Life Insurance Has Pressure On Margin Due To Change In Product Mix

Bajaj Allianz General Insurance Premium Growth Healthy; RoE Inched Up To 21.3%

Equal-Weight Call, Target `1,675/Sh

Q1 PAT Was 2% Above Estimates

PBT Was Only 1% Above Est As NII Miss Of 1% Was Offset By 4% Beat On Operating Costs

Credit Cost Of 20 bps Was In-line With Estimates

Tweak FY25-27 EPS Estimates

Remain Equal-Weight As Valuation, 2.8x NTM P/BV, Appears Full For F2027 RoE Of 15.3%

Equal-Weight Call, Target `1,330/Sh

Airtel Africa Q1FY25 Revenue/EBITDA Fell Short Of Estimates

Other Key Highlights Were Lower Capex, Full Repayment Of Holdco Debt

Other Key Highlights Were Continued Traction In Mobile Money

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