A series of fresh brokerage views have put the spotlight on multiple large and mid-cap stocks, including Hyundai Motor India, Hindustan Aeronautics (HAL), Divi’s Laboratories, CreditAccess Grameen, BHEL, and Kaynes Technology. The notes reflect a mix of earnings reactions, valuation reassessments, and evolving sector dynamics.
Hyundai Motor India received a wave of positive sentiment. CLSA retained an Outperform with a target price of ₹2,155, citing a strong Q4 EBITDA margin at 14.1%, led by higher-than-expected ASPs. JPMorgan also maintained an Overweight with a ₹2,060 target, noting a beat on margin and revenue but flagged muted FY26 domestic growth. Nomura remained Buy with an upgraded TP of ₹2,291, citing medium-term visibility, export tailwinds, and model launches from 2HFY26. Macquarie echoed the ASP-led margin beat and retained Outperform with a ₹2,100 TP.
HAL saw mixed reactions. Morgan Stanley downgraded the stock to Equal-Weight with a target cut to ₹5,092, calling the 8–10% FY26 growth guidance underwhelming. Jefferies stayed bullish, raising the target to ₹6,475 and highlighting a 765 bps EBITDA margin surprise. JPMorgan reiterated Overweight with a ₹6,105 TP, optimistic about ₹1 trillion of new orders and continued strong margins.
CreditAccess Grameen witnessed varied opinions post-Q4. CLSA downgraded the stock to Underperform with a TP of ₹1,050, citing high credit costs (9%) and stress in Karnataka. Nomura upgraded it to Neutral with a raised TP of ₹1,090, citing improving NII and reversing delinquency trends. Goldman Sachs retained Sell with a TP of ₹700, projecting an 88% YoY PAT decline due to elevated credit costs.
Divi’s Laboratories also came under broker scrutiny post-Q4 results. Jefferies maintained a Hold with a TP of ₹6,200, noting an in-line performance and patent-related risks. Goldman Sachs kept Neutral with a TP of ₹5,800, flagging caution on pricing in the generics segment. Morgan Stanley remained Overweight with a raised TP of ₹7,185 after a strong 21% YoY EBITDA growth and 34.3% margin. Nuvama retained Buy, assigning a TP of ₹7,225, citing best margins in several quarters and new capacity commissioning at Unit-III.
Kaynes Technology was downgraded by Morgan Stanley to Equal-Weight, with a target cut to ₹6,155. The brokerage noted a 40% outperformance over Sensex in three months and said the stock is now pricing in its aggressive 39% core EBITDA CAGR estimate.
Lastly, BHEL remained under CLSA’s radar, which acknowledged the resurgence of fossil fuel orders as a positive. However, the brokerage flagged valuation concerns, saying the stock trades at an expensive 35x FY26 P/E.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to consult certified financial professionals before making any investment decisions.
