Brokerage reports released post Q4 earnings have led to a flurry of revisions and ratings across key stocks. While optimism remains around names like ONGC, IndiGo, and Uno Minda, brokerages turned cautious on IndusInd Bank following a surprise Q4 loss, and bearish on Colgate-Palmolive and Swiggy amid margin and growth concerns.
Bullish calls
ONGC share
CLSA maintained High Conviction Outperform with TP ₹360 citing strong oil/gas output from KG-98/2 field despite PAT miss due to dry well write-offs.
Jefferies retained Buy, TP ₹375; sees positive trend in daily crude and gas output, while HPCL’s performance supported consolidated EBITDA.
InterGlobe Aviation (IndiGo) share
Citi, Jefferies, and Morgan Stanley raised targets (TPs ₹6,500, ₹6,300, ₹6,502 respectively), highlighting a strong Q4, industry tailwinds, and Moody’s investment-grade rating.
Goldman Sachs (Buy, TP ₹5,700) pointed to stable operating metrics but flagged near-term yield pressure.
Uno Minda share
Nomura (Buy, TP ₹1,242) and Goldman Sachs (Buy, TP ₹1,260) see it as a long-term EV and premiumisation play, with greenfield margin drags expected to ease from FY26.
PFC share
Bernstein retained Outperform, TP ₹525, praising the 13% FY25 loan book growth and proactive asset quality management.
Power Grid share
Also rated Outperform by Bernstein, TP ₹340; despite weak FY25 capitalization, long-term capex visibility remains a key positive.
Max Healthcare share
UBS maintained Buy, TP ₹1,350; expansion of 1,200 beds expected to support premium valuations and earnings growth.
Cipla share
Citi reiterated Buy, TP ₹1,800; although Abraxane faces rising competition, the product remains a key growth driver for FY26–27.
Hexaware share
HSBC initiated coverage with a Buy rating, TP ₹950, citing 20% EPS growth over two years and attractive valuation metrics.
Cautious to Neutral
IndusInd Bank share
A wave of cautious views followed the bank’s ₹2,328.9 crore Q4 loss:
Macquarie (Outperform, TP ₹1,210) sees value but flagged asset quality and management clarity concerns.
Jefferies (Buy, TP ₹920) noted the clean-up may help reset future growth.
CLSA (Hold, TP ₹725), Nuvama (Reduce, TP ₹600), and HSBC (Reduce, TP ₹660) all cut estimates sharply citing repeated one-offs and governance issues.
UBS downgraded to Sell, TP ₹600, stating the stock is not inexpensive and lacks strategic clarity.
Oil India share
Nomura retained Neutral, TP ₹460; flagged Q4 miss on higher expenses but noted strong refining margin support from NRL.
Astral share
Morgan Stanley maintained Equal-weight, TP ₹1,502; revenue miss and PVC-led inventory losses weighed on sentiment, though plumbing margins held steady.
Max Healthcare share
HSBC held Hold, TP ₹1,055; Q4 was in line but sees limited re-rating from current valuations despite expansion.
Bearish views
Colgate-Palmolive
Goldman Sachs reiterated Sell, TP ₹2,630; flagged margin contraction despite gross margin expansion, citing rising costs and competitive pressure in oral care.
Swiggy
Macquarie maintained Underperform, TP ₹260, trimming FY26–28 forecasts. The firm sees downside risk to Instamart breakeven targets and continued sluggishness in food delivery.
Disclaimer: This article is for informational purposes only. It does not constitute investment advice. Please consult a financial advisor before making any investment decisions.
