Brokerage Radar: Jefferies lowers Bandhan Bank's target, HSBC trims IndusInd Bank's price aim

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Bandhan Bank, Sun Pharmaceutical, Vedanta and more.

Bandhan Bank

CLSA On Bandhan Bank
Outperform Call, Target At `220/Sh
Q3 NII Was In-line, PpOP & Profit A Miss
Slippages Spiked Driven By Microfinance & Co Made Technical Write-off
Management Commented That Collection Efficiency Is Improving
AUM Growth Moderated From 21% To 14% YoY

Jefferies On Bandhan Bk
Buy, Target Cut To `185/Sh
Q3 Profit Missed Est On Higher Write-off & One-time Costs That Offset One Time Income
Slippages Were High Will Be Higher In Q4 Before Tapering Off In H1FY26
Loan Growth Will Be Led By Secured Loans That Will Drag NIM But Lead To Lower Volatility
Despite More Conservative Mfi Book, Pressure Drives Us To Cut FY26-27 Profit Est By 6-8%

Biocon

HSBC On Biocon
Buy Call, Target At `430/Sh
Q3 Below Estimates, Though Sequential Pick-up In Rev Across Segments Is Reassuring
Co Is Well Placed For Operational Turnaround, Led By Execution Of High-value Biosimilars
Launch Of Insulin Aspart From Malaysia Is Next Catalyst

Jefferies On Biocon
Hold Call, Target At `400/Sh
Q3 Missed Estimates Due To Soft Performance From Generics & Biosimilars Division
Growth Is Expected To Pick-up Here On With New Launches In UK/EU & US
Key To Monitor Is Market Share Gains In New Launches
Key To Monitor Is FCF Generation Given High Capex Intensity
Cut FY26/27 EBITDA By 4%/5%

Vedanta

CLSA On Vedanta
Outperform Call, Target At `530/Sh
Q3 EBITDA Was Above Estimates On Better Aluminium Profitability
Aluminium Cost Of Production Was Up On Higher Purchased Alumina Cost
COP Was Sequentially Lower For Zinc For Both India And International
Debt Repayment To Parent Vedanta Resources Can Be Managed Via Brand Fees/Dividend

MOSL On Vedanta
Neutral Call, Target At `500/Sh
Operational Performance In-Line; Lower Tax Outgo Drives Profit Beat
Management Targets To Maintain Strong Growth In Earnings
Co Remains Firm On Its Deleveraging Plans
Going Forward, Higher Cash Flows Will Support Both Expansion Plan & Deleveraging Efforts

Sun Pharma

HSBC On Sun Pharma
Buy Call, Target At `2,280/Sh
Lower R&D Led To EBITDA Margin Beat In Q3
Outlook For Specialty Product Sales Remains Healthy
Next Update On Leqselvi (Alopecia Drug) Litigation In April 2025

CLSA On Sun Pharma
Hold Call, Target At `1,880/Sh
Co Reported In-line Revenue, A Beat On EBITDA Margin & In-line Profit
US Mkt Declined YoY Due To Lower Generic Revlimid Sales In Q3
India, Emerging Markets & Rest Of The World Markets Saw Robust Growth

Jefferies On Sun Pharma
Buy Call, Target At `2,265/Sh
Q3 Better Than Estimates Even After Adjusting For $45 m Milestone Income
India Delivered 14% YoY Growth Led By Volumes
US Sales Declined 8% QoQ Due To Lower Sales Of Generic Drugs
Global Specialty Sales Maintained Momentum
Co Is Well-placed To Conclude More Deals In Specialty With Strong Infra In Place

IndusInd Bank

CLSA On IndusInd Bank
Outperform Call, Target At `1,300/Sh
Muted Quarter Given Stress In MFI Industry
PpOP Was Largely In-line While Credit Costs Were 20-25 bps Higher
MFI Slippages Increased Sequentially, While Non-MFI Retail Slippages Were Marginally Better
Silver Lining Here Is That Dec Was Much Better Oct/Nov In Terms Of Early Delinquencies
Overall Loan Growth Was Modest While NIM Contracted Another 15 bps QoQ

Bernstein On IndusInd Bank
Outperform Call, Target At `1,300/Sh
RoA Declining To 1% Along With An EPS Decline Of 40% For 2nd Successive Quarter
Asset Quality Trends Are Still Weak But Worst, At Least For MFI Segment, Appears To Be Over
Given Current Valuation Multiples, A Sign Of Bottoming Out Would Be Seen As A Positive

HSBC On IndusInd Bank
Buy Call, Target Cut To `1,150/Sh
Most Metrics Remain Under Pressure, More Stress Likely To Follow
Value May Only Be Realised In The Medium To Long-term
Cut FY26-27 EPS Estimates 12-16% On Expectations Of Lower Loan Growth
Pressure On Almost All Earnings Metrics, But At 1x FY26 BV, Risk-Reward Ratio Is Favourable

Jefferies On ONGC
Buy Call, Target At `375/Sh
Q3 Standalone EBITDA Was Marginally Ahead Of Estimates
Domestic Production Was Marginally Ahead And Realisations Were In-line
Profit Was Below Est/Consensus On Higher D&A, Lower Dividend Income & Higher Tax Rates
Consol Profit Was Below Driven By Weaker Performance By Subsidiaries

HSBC On Chola Invst
Buy Call, Target At `1,510/Sh
Co Continues To Deliver Higher AUM/EPS Growth
Asset Quality Performance Was A Tad Soft
Despite Elevated Credit Costs For Now, Think Co Can Deliver 25% EPS CAGR Over FY25-27
Increase EPS By 4-6% For FY25-27

Nomura On Marico
Buy Call, Target At `800/Sh
Good Performance In Q3, On Way To Becoming Better
Sales Above Estimates; EBITDA In-line
New Price Hikes In Parachute To Support Growth & Margin
Growth Business Sees Strong Growth, On Track To Be Profitable

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