Brokerages have released fresh views on a range of Indian companies across banking, auto, retail, pharma, and consumer segments. Key developments including tariff reprieves, earnings previews, and sector-specific updates are likely to influence stock action today. Here’s a summary of what top brokerages are saying:

Pharma sector gets breather from US tariffs: HSBC

HSBC has offered a positive view on the Indian pharma sector, stating that exemption from fresh US tariffs provides a temporary relief. Indian pharma companies derive 10–50% of their revenue from the US market. While tariff talks may return, major disruption is not expected. Moreover, companies with US-based manufacturing are likely to benefit further.

SBI, HDFC Bank, Bandhan Bank in focus on strong Q4 updates

  • UBS upgraded SBI to Neutral, raising its target price to ₹840. The brokerage cited balanced risk-reward, healthy PPOP/assets at ~1.5%, and positive momentum from liquidity surplus and tax rebates.

  • HDFC Bank received a Buy call from Jefferies with a target of ₹2,120. Q4 saw 5.4% loan growth, with retail lending up 9% YoY and deposits rising 14%.

  • Bandhan Bank was also rated Buy by Jefferies (TP ₹185), noting 11% loan growth and steady MFI collections at 97.7%.

  • Federal Bank received a Buy initiation from CLSA (TP ₹230), citing plans to scale RoE to 14% by FY27–28 and its strong NR deposit base.

Tata Motors slips on tariff worries; CLSA cuts TP to ₹765

CLSA downgraded Tata Motors to Outperform from High Conviction Outperform, slashing its target price to ₹765 from ₹930. The move comes amid concerns over potential 25% US tariffs and Jaguar model cuts, which could slash JLR volumes by 14% in FY26. JLR margins and EBITDA projections have been cut, though free cash flow is expected to remain positive.

DMart, Marico in spotlight on Q4 trends

  • Avenue Supermarts (DMart) was rated Underweight by Morgan Stanley with a target of ₹3,260. While Q4 revenue rose 16.7% YoY to ₹14,460 crore, five-year CAGR trends have moderated below the company’s historical average.

  • Marico received an Equal-weight rating (TP ₹625) from Morgan Stanley, with revenue growth seen in high teens during Q4, led by pricing actions. Gross margin contraction is expected due to copra and vegetable oil inflation.

Varun Beverages to benefit from summer momentum: HSBC

HSBC retained a Buy rating on Varun Beverages, with a target price of ₹670. The brokerage expects Q1 India volumes to grow 14% YoY, with 30% revenue and 31% EBITDA growth aided by M&A synergies and strong execution in traditional trade.

Other key brokerage calls:

  • Jefferies has maintained Buy on Bajaj Finance (TP ₹9,250) after strong Q4 AUM growth of 26%.

  • MS reiterated Underweight on Bank of India and Bank of Baroda, citing moderated loan and deposit growth.

  • UBS upgraded Bank of Baroda to Buy (TP ₹290), citing controlled credit costs and attractive valuation.

  • UBS downgraded IndusInd Bank to Sell (TP ₹600), citing concerns over deposit growth, management, and audit overhang.

Disclaimer: This article is for informational purposes only. Investors are advised to consult with certified financial advisors before making any investment decisions.

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