Adani Green Energy received an ‘outperform’ rating from Macquarie with a target price of ₹1,200, citing its leadership in India’s energy transition. The company aims to expand capacity to 50GW by FY30 from 12GW, with a 25% EBITDA CAGR expected over the next five years. Despite heavy capex of $10 billion through FY30, annual operating cash flow of $1.8 billion is projected, leading to a decline in Net Debt/EBITDA to 5x from 7x.
Morgan Stanley initiated coverage on Dr. Agarwal’s Healthcare with an ‘overweight’ rating and a ₹502 target, highlighting its high market potential, strong barriers to entry, and asset-light model. The company’s revenue is 1.7x that of its closest peer, with 19% revenue and EBITDA CAGR forecast for FY25-27.
IndusInd Bank saw its target cut to ₹900 from ₹1,300 by CLSA after a net worth hit of ₹15 billion due to an accounting gap. Investor concerns persist over management continuity and a possible invocation of the promoter’s stock pledge. However, CLSA expects microfinance recovery and margin support from rate cuts to aid long-term fundamentals.
Indian Hotels saw its target raised to ₹925 by UBS on strong corporate and leisure demand. With new industry projects delayed, supply growth is expected to remain capped at 4-5% for the next 3-4 years. UBS raised FY26-27 EBITDA estimates by 1-2%.
In the telecom space, UBS remains bullish on Indus Towers (TP ₹440), citing an improving FCF and dividend outlook. Vodafone Idea (TP ₹12.1) retains a ‘buy’ rating, with potential government relief seen as a key catalyst. Bharti Airtel (TP ₹1,705) remains ‘neutral’ with limited near-term triggers.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors are advised to conduct their own research before making any investment decisions.
