Brokerages released a slew of fresh views and revisions across key sectors including auto, defence, retail, gas utilities, telecom, pharma, and NBFCs. Here is a detailed round-up of the latest target price actions, outlooks, and valuations:
Avendus on Bajaj Auto share: Maintains ‘buy’ on export momentum and EV plans; TP cut to ₹9,350
Avendus retained its ‘buy’ rating but cut the target price to ₹9,350 from ₹9,700. Domestic and export volume CAGR are forecast at ~5% and ~12% respectively between FY25–27. Margins are expected to reach ~20% by FY27, driven by EV portfolio expansion.
Citi on Bajaj Auto share: Retains ‘sell’ on rising domestic competition; TP ₹7,300
Citi flagged the company’s declining market share in the 125cc segment despite healthy exports and potential upside from E3Ws. It maintained a ‘sell’ rating citing limited domestic traction.
Bernstein on Bajaj Auto share: Reiterates ‘outperform’ citing resilience in volatile demand; TP ₹11,000
Bernstein said Q1 beat was modest, but praised Bajaj Auto’s stable positioning and export strength amid weak domestic volumes. Margins declined 50 bps QoQ due to higher input costs.
CLSA on Bajaj Auto share: Maintains ‘outperform’ with export-led growth; TP ₹9,971
CLSA noted 5.5% YoY revenue growth and a stable 19.7% EBITDA margin. Export recovery was supported by LATAM and ASEAN markets, where Bajaj is gaining share.
Avendus on Bharat Forge share: Keeps ‘add’ on margin stability, defence strength; TP ₹1,180
Avendus maintained its ‘add’ rating, projecting 9% revenue CAGR and 12% EBITDA CAGR through FY25–27. The strong ₹9,500 crore defence order book and stable ~28% margins support earnings visibility.
Citi on Bharat Forge share: Maintains ‘sell’ on regulatory risks; TP ₹870
Citi highlighted global macro uncertainty and US tariff risks despite a slight beat in 1Q. 2HFY26 may benefit from order execution, but current valuation offers limited upside.
Avendus on Britannia Industries share: Maintains ‘add’ on pricing-led growth; TP cut to ₹5,800
Avendus cut its target from ₹5,900 to ₹5,800, citing near-term growth driven by pricing with gradual volume recovery. Margins are expected to stabilise around 18% in FY26–27.
MOSL on Britannia share: Retains ‘neutral’ due to margin pressure; TP ₹5,850
MOSL sees pricing-led topline support but notes margin compression and unchanged EPS estimates for FY26/FY27. Demand from core categories remains tepid.
Avendus on Bharti Airtel share: Maintains ‘reduce’ as capex pressures persist; TP ₹1,370
The brokerage cited heavy domestic capex (₹28,500/27,500 crore) and risk of subscriber churn due to VIL/BSNL rollout. Free cash flow is expected to rise to ₹38,700 crore by FY27E.
MOSL on Bharti Airtel share: Upgrades to ‘buy’ on strong Q1 delivery; TP raised to ₹2,285
Strong Q1 performance, reduced net debt and outperformance versus Nifty-50 (+22% CYTD) led to an upgrade. Valuation re-rated to ~12x FY27E EV/EBITDA.
Antique on Bharti Airtel share: Maintains ‘buy’ post inline results; TP raised to ₹2,222
Antique retained its ‘buy’ view with TP raised to ₹2,222 (from ₹2,100), rolling forward valuation to 1HFY28. A tariff hike is expected in 1QFY27. FY26/27 earnings remain stable.
Bernstein on Trent share: Retains ‘outperform’ despite weak revenue per sqft; TP ₹6,500
The 20% YoY revenue growth was below last year’s 57%, despite a 38% area addition. Weak LFL and poor revenue ramp-up at new stores are concerns.
Citi on Trent share: Maintains ‘buy’ despite moderation in growth; TP cut to ₹7,150
Citi expects margin support from cost reversals and stable GM profiles. Store expansion remains muted in Q1, but broader Tier-2/3 push continues.
MOSL on Trent share: Maintains ‘buy’ as margins hold up; TP ₹6,400
MOSL kept its ‘buy’ rating even as growth slowed. Margin expansion surprised positively; PAT was trimmed 1–5% on higher depreciation.
Avendus on Trent share: Downgrades to ‘reduce’ on stretched valuation; TP ₹5,000
Avendus cited muted macros and lowered revenue estimates (cut by 4–6% for FY26/27). Valuation at 65x PE seen as expensive.
Antique on Trent share: Maintains ‘buy’ after earnings beat; TP raised to ₹7,301
Profitability beat estimates in Q1. Despite weak LFL in fashion, opex rationalisation and EBITDA upgrades (+3% FY26/27) support outlook.
MOSL on Divis Laboratories share: Maintains ‘neutral’ as opex weighs on margins; TP cut to ₹6,320
High costs from new projects continue to impact profitability, though custom synthesis remains strong. EPS estimates were cut by 8%/6% for FY26/FY27.
Bernstein on Bajaj Finance share: Maintains ‘underperform’ citing structural EPS concerns; TP ₹640
Despite recent correction, Bernstein sees deeper challenges ahead. It believes earnings constraints extend beyond credit costs and are fundamentally structural.
CLSA on BHEL share: Reiterates ‘underperform’ on weak execution; TP ₹198
Net loss rose 114% YoY in 1Q despite strong order backlog. Execution up just 4% YoY, missing expectations. Thermal orders peaked at 26.6GW in FY25.
CLSA on PVR share: Maintains ‘outperform’ on strong recovery in footfalls; TP ₹1,920
Revenue jumped 23% YoY, with admissions and ATP both rising. Bollywood/Hollywood box office collections surged. July saw 18-month high in attendance.
CLSA on NCC share: Maintains ‘outperform’ despite monsoon hit; TP ₹315
Q1 impacted by slow execution in UP and early monsoons in Mumbai. PAT declined 5%, but backlog grew 33% YoY. Guidance for margin recovery remains.
MOSL on Gujarat Gas share: Maintains ‘buy’ despite weak industrial outlook; TP cut to ₹500
Volume estimates for FY26/27 were cut by 0.6/0.9 mmscmd. EBITDA/scm held at ₹5.9. EPS estimates lowered by 8–9% and the stock trades below its long-term average PE.
MOSL on Lupin share: Maintains ‘neutral’ as upside limited despite growth; TP ₹2,000
MOSL cut TP from ₹2,140 to ₹2,000 after raising earnings estimates by 5.5% (FY26) and 2% (FY27). Strong US performance was noted, but limited rerating scope exists. EBITDA margin seen at 24–25%.
MOSL on PFC share: Maintains ‘buy’ on stable performance and high RoE; TP ₹490
Loan growth guidance (10–11% for FY26) and stable asset quality supported the ‘buy’ view. RoA/RoE are expected at 3%/18%, dividend yield at 4.4%, and valuation remains undemanding at 0.9x P/B and ~5x FY27E P/E.
Disclaimer: The views above are those of the respective brokerages and not recommendations by the publication.
