Brokerage Radar: UltraTech Cement bags upgrades, Citi bullish on Indus Towers, Dr Reddy's sees 'sell' tags

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes HPCL, Indus Towers, Dr Reddy's and more.

Jefferies On UltraTech
Buy Call, Target At `13,265/Sh
All-Round Recovery Seen In Q3
Maintain Co As Their Top Cement Pick
Recent Price Uptick & Operating Leverage Will Drive Uptick In Q4 EBITDA To `1,100-1,150/t
Expect 14% Volume CAGR In FY24-FY27

Nuvama On UltraTech
Hold Call, Target Revised To `11,574/Sh
Marginally Revising Up FY25, FY26 & FY27 EBITDA By 1% Each
Factoring In Better Demand Growth And Pricing Environment

DAM Capital On UltraTech
Upgrade To Buy, Target Price Revised To `12,550/Sh
Structurally, Indian Cement Sector Should Witness Breather Led By Uptick Of Govt Infra Hereon
Slowing Pace Of Consolidation May Also Result Into Uptick In Indian Cement Sector
Mkt Share Gains Should Continue Owing To 11% Volume CAGR Over FY25-27 Vs 6-7% Ind CAGR

Equirus On UltraTech
Long Call, Target At `13,490/Sh
Co Remains Our Top Cement Pick
Remain Bullish On Stock Given Its Strong Cash Flow Generation, Good Leverage Position
Sustained Focus On Cost Control, Aggression In Timely Capacity Additions Key Positives

CLSA On BPCL
Upgrade From Underperform To Hold, Target At `271.2/Sh
Miss In Q3 Results Led By Refining & Surprise Inventory Expense
Co Expects Losses To Be Largely Compensated For BY Govt In Upcoming Budget
Mgmt Expects Share Of Russian Crude In Sourcing Mix To Fall From 30% To 20% In March
Fall In Share Of Russian Crude In Sourcing Mix Should Be Easily Manageable
Stock Trades Near Our Tgt Price After Correction, Hence Upgrade From Underperform To Hold

MS On BPCL
Overweight Call, Target At `419/Sh
Remain Overweight On Co With Oversupply In Feedstock & Strong Domestic Growth
Management Confident About Allocation Of Subsidy For Cooking Gas By April 2025
More Light Was Given By Co On Long-term Growth Plans & Near-term Headwinds
CO Expects To Gain Market Share Back From Private Players Eventually

Citi On Indus Towers
Buy Call, Target At `485/Sh
Key Positives From Q3 Include Past Dues, Tenancies & Free Cash Flow
Q3 Marked Commencement Of Meaningful Tenancy Additions From Vi
Co Grabbed A Dominant Share Of Vi’s Rollouts
FCF Generation In Q3 Was Very Strong, Which Should Be Similar, If Not Higher In Q4
H2FY25 May See FCF Of `20/Sh, Which Could Be Entirely Paid Out As Dividend

HSBC On DRL
Hold Call, Target At `1,250/Sh
Q3 Revenue Beat On Integrated Nicotine Replacement Therapy Biz & R&D Milestone Income
Operationally Q3 Was In-line
Launch Of Anti-diabetic Medication Semaglutide In Canada In Early 2026 Offers Some Relief
Relief From Semaglutide Won’t Be Sufficient To Offset Revlimid Fall
Believe Growth Led By Semaglutide Will Be For A While Before Long-term Drivers Scale Up

Citi On DRL
Sell Call, Target At `1,100/Sh
Q3 Was Subdued & Missed Expectations As Decline In US Was More Pronounced
Consolidation Of NRT, Lower R&D Spend & Decline In Base-line SG&A Helped In Flattish EBITDA QoQ
Commentary Was Positive On Long-term Drivers
Iron Sucrose, Which Is Anticipated By Street In Near-term, Has Been Delayed

CLSA On DRL
Underperform Call, Target At `1,120/Sh
US Sales Flat YoY But Declined QoQ Due To Lower Sales In Revlimid In Q3
Co Expects To Launch 15-20 Products In Us Over FY26/CY27
India Business Was Healthy
Slightly Raise Rev & Margin Estimates Over FY25-27 On Higher Growth In Recently Acquired NRT Biz

Citi On HPCL
Buy Call, Target `450/Sh
Q3 EBITDA Rose Sharply
Sequential Earnings Improvement Was Marked By Improved Refining & Marketting Margin
Like BPCL, Miss Vs Est Was Largely On Higher Forex Losses, Staff Costs & Some Inventory Losses
Unlike BPCL, Refining Performance Was Largely In-line
All Eyes Will Be On Budget For Compensation To OMCs’ For Their LPG Losses

Nomura On Sona BLW
Buy Call, Target Cut To `636/Sh
Slow Near-term; Tech-Driven Growth To Continue
Q3 EBITDA In-line With Estimates
Factoring In A Weaker Outlook For US EV Market; Pick Up In India EVs A Key Growth Driver
Lower EPS Est By 9%/16%/18% Over FY25/26/27