Global and domestic brokerages have released fresh views on several Indian companies. Below is a detailed roundup of their key stock calls:
Zee Entertainment
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Kotak Institutional Equities: Reduce, Target Price ₹127
Zee’s board has approved issuing fully convertible warrants to promoter group entities at ₹132 per warrant, totalling ₹2,240 crore. This would increase promoter shareholding from 3.99% to 18.39%. While this strengthens the balance sheet and improves accountability, Kotak maintains ‘Reduce’, awaiting more clarity on growth capital utilisation and recovery in linear TV ad trends.
BSE Ltd
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Goldman Sachs: Neutral, Target Price ₹2,490
The stock has corrected 10% over the past four sessions, weighed down by stagnating market share in index options. GS warns of a potential downside if SEBI mandates expiry day changes from Tuesday to Thursday. A shift could dent BSE’s market share and lead to ~8% EPS downside risk.
Max Financial
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Citi: Initiate Buy, Target Price ₹1,840
Citi notes a balanced product mix, a robust distribution network, and management’s focus on growth stability at Axis Bank post-rebranding. It sees long-term potential, though regulatory clarity and margin improvement remain key.
Navin Fluorine
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Jefferies: Buy, Target Price ₹5,280
Jefferies sees strong monetisation potential from the ₹2,000 crore capex over the past three years. It expects 35% EPS CAGR over FY25–27 driven by new contracts in spec chem, CDMO and HPP segments.
Tata Motors
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CLSA: Outperform, Target Price ₹805
CLSA notes JLR’s cautious FY26 guidance on EBIT margins (5-7% vs 8.5% in FY25) and FCF neutrality, citing global headwinds and BEV demand issues. However, long-term profitability is expected to improve by FY27. -
Jefferies: Underperform, Target Price ₹600
Jefferies slashed FY26-28 EPS estimates by 12–19%, pointing to macroeconomic, regulatory and operational challenges faced by JLR. -
Morgan Stanley: Equalweight, Target Price ₹715
MS highlighted similar risks from trade protectionism, BEV transition challenges and weakening global macro indicators, particularly in China.
City Gas Stocks
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Nomura:
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MGL: Buy, TP ₹1,680
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IGL: Neutral, TP ₹210
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Gujarat Gas: Reduce, TP ₹406
Nomura views falling APM gas allocations and EV adoption as pressure points for the sector. It prefers MGL due to lower competition in its region, while Gujarat Gas faces pricing pressure in the industrial segment.
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Quick Commerce
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Jefferies:
Amazon’s Q-Commerce foray (branded ‘Now’) in Bengaluru appears robust, with aggressive pricing and wide product availability. Jefferies warns that competition for Swiggy and Zepto may intensify despite Amazon’s late entry.
QSR Sector
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CLSA:
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Underperform: Jubilant Foodworks, Westlife
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Outperform: Devyani International, Restaurant Brands Asia (Burger King)
CLSA believes competition is high in the pizza and burger space. While KFC and Burger King continue to gain market share, McDonald’s is underperforming compared to local restaurants.
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Cement Sector
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CLSA:
Spot prices are up 4–6% over the FY25 average, especially in south and east India. CLSA expects industry-wide volume CAGR of 7% over FY25–27 and EBITDA/t growth of 18%. Ambuja Cements and Ultratech are better placed to benefit from the trend.
Disclaimer: The stock ratings and target prices mentioned in this article are based on reports from respective brokerage firms. Business Upturn does not recommend or endorse any investment action based on this information. Please consult a certified financial advisor before making investment decisions.
