Indian equities are set to track a flurry of brokerage updates today, with several large-cap and sectoral calls coming in across cement, metals, oil marketing companies, real estate, banking, capital goods, and pharmaceuticals. Here are the key brokerage highlights for the trading session of September 16.
Macquarie on Tata Communications share: maintain outperform, TP ₹2210
Macquarie has maintained its outperform stance on Tata Communications with a target price of ₹2,210 per share. In its NDR takeaways, the brokerage highlighted management’s targets of achieving ₹280 billion in data revenue by FY28, representing a 13–14 percent CAGR from FY25 levels. Around 65 percent of this revenue is expected to come from the digital portfolio.
Management also aims to restore EBITDA margins to the 23–25 percent range by FY28 and improve ROCE to 25 percent. The company is guiding for a 300–500 bps EBITDA margin expansion driven by reduction of losses in the digital portfolio, operating leverage, bundling opportunities in customer interaction suites, stickier enterprise deals, and the streamlining of lower-margin legacy contracts.
HSBC on cement sector: multiple upgrades and price target hikes
HSBC upgraded Shree Cement to hold with a higher target price of ₹32,200 per share and Ambuja Cement to buy with a revised target of ₹700 per share. It retained a buy on Dalmia Bharat, raising the target to ₹2,900 per share, and on Ultratech with a revised target of ₹15,410 per share. The brokerage maintained hold on ACC at a target of ₹2,040.
HSBC said consolidation in the sector has strengthened, with the top four players now commanding a 57 percent market share. It noted leverage levels at smaller companies and expects FY26 to mark the peak of capacity additions in the current cycle, which it sees as supportive for pricing.
HSBC on oil marketing companies: steady performance continues
HSBC maintained buy ratings on BPCL (₹420), HPCL (₹520), and IOC (₹190). The brokerage said support from the Indian government has resulted in OMCs delivering steady performance even in a volatile global environment. It also flagged upside risks to earnings estimates, even if oil prices remain at current levels.
Antique on Oberoi Realty, Nalco and metals sector
Antique has retained its buy call on Oberoi Realty with a target price of ₹2,269 per share and on NALCO with a target of ₹262 per share. It noted that non-ferrous prices are firming up, driven by geopolitical tensions, lower inventory levels, and a weaker dollar index.
Citi on Reliance Industries share: maintain buy, TP ₹1690
Citi maintained its buy rating on Reliance Industries with a target price of ₹1,690 per share. The brokerage said SEBI’s recent relaxation of IPO requirements—reducing the minimum public offer size for large companies from 5 percent to 2.5 percent—removes a key overhang for Jio Platforms’ potential listing.
According to Citi, this change eliminates the risk of a large liquidity overhang and largely dispels concerns of a holding company discount post listing, as Jio’s IPO float would now be significantly smaller than earlier anticipated.
Citi on Ashok Leyland share: maintain buy, TP ₹155
Citi reiterated its buy stance on Ashok Leyland with a higher target price of ₹155 per share.
Cantor on Adani Green share: maintain overweight, TP ₹1139
Cantor has reiterated its overweight rating on Adani Green Energy with a target price of ₹1,139 per share.
Motilal Oswal on Kalpataru Power and capital goods sector
Motilal Oswal retained its buy call on Kalpataru Power with a target price of ₹1,450 per share. It added that transmission pipeline activity in the capital goods space remains strong, supporting the outlook for the sector.
Avendus on Deepak Nitrite share: maintain buy, TP ₹2290
Avendus maintained a buy on Deepak Nitrite with a target price of ₹2,290 per share. The brokerage said the company is positioned to benefit from a recovery in phenol spreads as global supply tightens.
It noted that structural earnings growth is underpinned by visibility from upcoming capacity expansions. The polycarbonate project was highlighted as a transformational long-term growth catalyst for the company.
JP Morgan on United Breweries share: maintain overweight, TP ₹2050
JP Morgan maintained its overweight stance on United Breweries with a target of ₹2,050 per share. The brokerage noted that the stock has corrected 10 percent in the past two months, while the Nifty remained flat, and now offers a good entry opportunity.
It flagged challenges in Q2FY26 due to heavy rainfall in several states, which weighed on sales of summer-centric products like beer. However, raw material prices have remained stable, and return bottles are helping improve gross margins. The brokerage expects premiumisation and GTM efforts to drive outperformance, with 6–7 percent volume growth forecast for FY26–27, although near-term EBITDA estimates have been cut by 8 percent.
Jefferies on data centre opportunity
Jefferies highlighted that India’s data centre capacity is set to jump five-fold to 8GW by 2030, requiring $30 billion in facility capex. This would fuel a five-fold rise in leasing revenues to $8 billion by 2030.
The brokerage said Bharti Airtel, Reliance, and Adani Enterprises may account for 35–40 percent of total capacity. Beneficiaries would include construction, electrical and power equipment, and cooling system providers.
Jefferies on pharma sector: mixed trends across companies
Jefferies noted positive trends for Cipla, which continues to gain share in Albuterol and maintains market share in hydrocortisone injectable and lanreotide. Sun Pharma was said to be sustaining double-digit growth for Ilumya and Cequa.
However, Dr Reddy’s was flagged for losing share in gVascepa and gCiprodex, while market share in gRevlimid remained stable. Jefferies also pointed out that Alkem is leading in gEntresto.
Motilal Oswal on banking sector: recovery in sight despite downgrades
Motilal Oswal observed that earnings downgrades are picking up in the banking sector but said a recovery is visible on the horizon.
Other brokerage views: neutral to cautious
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BofA on PB Fintech: Maintained neutral with a target price of ₹2,115 per share. Management reiterated its FY30 aspiration of ₹1 trillion in insurance premium (33% CAGR FY25–30E) and has launched initiatives such as PensionBazaar, PB Money, and PB Health. PolicyBazaar’s FY25 filings show improving insurer mix diversification, with a standalone P&L for both Policy and Paisa.
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Nomura on Apollo Hospitals: Maintained neutral, TP ₹6,856.
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HSBC on ACC: Maintained hold, TP ₹2,040.
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CLSA on Asian Paints: Maintained underperform, TP ₹1,927. It noted competitive intensity in the paints sector remains high despite expectations of easing, with new entrants like Birla Opus and JSW Paints staying aggressive.
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Antique on Vedanta and Hindustan Zinc: Maintained hold on both stocks, TP ₹482 each.
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Antique on Hindalco: Downgraded to hold with a TP of ₹766 per share.
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MOSL on KEC International: Maintained neutral, TP ₹950.
Disclaimer: The views and investment recommendations expressed by brokerages are their own, and not those of this publication. Readers are advised to consult certified financial advisers before making any investment decisions.
