On May 26, several prominent stocks are in focus today as brokerages have released updated views and target price revisions for key Indian stocks following Q4 results. Here’s a look at the top calls and commentary from Nomura, Jefferies, Morgan Stanley (MS), HSBC, and Macquarie.

Glenmark Pharma, GMR Airports, NTPC among key brokerage mentions

Glenmark Pharma received a Neutral call from Nomura with a target price of ₹1,500. The brokerage cited a Q4 earnings miss and failure to meet FY25 guidance. India revenue growth was notably weak at just 0.4% YoY, impacted by subdued respiratory demand and competition in diabetes drugs. A ₹370 crore exceptional loss further pressured net earnings.

GMR Airports earned a Buy call from Jefferies, with the target hiked to ₹100 per share. Q4 EBITDA growth was driven by 10% growth in passenger traffic and a one-off boost from land monetisation at DIAL. Jefferies sees FY26 EBITDA growth accelerating to over 45%.

NTPC also received a Buy call from Jefferies, retaining its target at ₹490. The Q4 EBITDA beat estimates by 6%, led by strong 90% margins in the renewable energy segment. Management guided for a sharp ramp-up in capacity from 4 GW in FY25 to 11.8 GW in FY26.

Cement stocks, steel stocks, and auto stocks: Mixed signals

JK Cement got a Buy call from Jefferies, target ₹5,520. Q4 EBITDA beat estimates on better volume and realisations. Its ongoing 6 MTPA expansion remains on schedule.

Grasim Industries was also rated Buy by Jefferies (TP ₹3,280), despite a Q4 miss in VSF and chemicals. Jefferies remains optimistic due to traction in its paint business and B2B e-commerce scaling.

JSW Steel saw divergent views:

  • Macquarie retained Outperform (TP ₹1,034) citing Q4 EBITDA beat and improved margins ahead.

  • Morgan Stanley (MS) maintained Equal-weight (TP ₹1,000), noting overseas underperformance but guided for 10% volume growth in FY26.

Ashok Leyland stock:

  • Nomura maintained Buy (TP ₹275), highlighting steady EBITDA and pickup in replacement demand.

  • MS rated it Overweight (TP ₹284) with EBITDA ahead of estimates and margin at 15%.

  • HSBC, however, downgraded to Hold with TP raised to ₹260, flagging future margin pressures despite Q4 outperformance.

Other key stocks’ brokerage views

  • Divis Labs was rated Overweight by MS, target ₹7,185, after announcing a second capex-backed supply agreement. Combined incremental revenue from two global deals could reach ₹1,890 crore.

  • CONCOR saw contrasting views:

    • Jefferies retained Buy (TP ₹825) despite weak Q4 margins; remains optimistic on 13% volume growth in FY26 aided by DFC connectivity.

    • HSBC maintained Hold, slashing target to ₹740 and lowering FY26 estimates.

Disclaimer: This article is for informational purposes only. Business Upturn does not provide any investment advice or stock recommendations. Investors are advised to consult a qualified financial advisor before making any investment decisions.

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