Here are key brokerage and fund house recommendations for stocks in focus today:

Ceat

  • CLSA: Outperform, target Rs 3,933
    Camso integration and overall margin revival are near-term objectives; company expects 200–300 bps margin expansion in FY26; Camso deal offers $1.2 bn revenue potential after 3 years.

  • Nomura: Buy, target Rs 3,945
    Focus on growing ahead of industry; steady market share gains in 2W and PCR; OHT mix expected to rise to 25% by H2FY26.

  • Nuvama: Buy, target Rs 3,800
    Positive FY26 exports outlook; targeting gains in PCR/TBR segments; building in 14% revenue CAGR and 26% EBITDA CAGR over FY25–27.

Bharti Airtel

  • Macquarie: Outperform, target raised to Rs 2,050
    Sees effective industry tariff support, improving FCF and RoIC; ARPU projected to rise 11% to Rs 290 by FY27.

Tata Motors

  • Nomura: Neutral, target Rs 799
    Harrier EV to drive EV penetration; estimates EV penetration at 4%/5% for FY26/27 vs 2.3% in FY25; positioning similar to M&M BEVs.

KEC International

  • Nomura: Buy, target Rs 985
    Healthy order pipeline at Rs 1.8 lakh crore; domestic T&D segment expected to see healthy growth over next 3–4 years; targeting over Rs 3,000 crore revenue from cables business over next 2 years.

Cement stocks (Sector view)

  • Jefferies: Positive sector view
    Q4 EBITDA growth strong at 11% YoY and 67% QoQ; expects further pricing recovery in South in Q1; sees sector profitability turnaround in FY26.
    Top picks: UltraTech, Shree Cement, JK Cement.

REITs

  • HSBC:

    • Embassy Office Parks REIT: Buy, target Rs 435

    • Brookfield REIT: Buy, target Rs 330
      Distribution per unit grew strongly, yields at 6–7%; improving occupancies and new asset builds key growth drivers; expecting mid-teen returns again in FY26.

Telecom sector

  • Jefferies: Positive view
    Q4 sector revenue growth at 15% YoY; Bharti remains preferred pick; continued subscriber loss at Vodafone Idea (VIL) seen as positive for Bharti/Jio.

Other views previously provided — already included / unchanged:

  • Morgan Stanley on Godrej CP, M&M, Tata Power — Overweight (Positive)

  • HSBC on Indian Economy — expects inflation to trend below target; 25 bps rate cut expected.

  • Moody’s on Indian Banks — neutral; asset quality to hold, gold loan growth may slow.

  • MS on JSW Steel, ICICI Lombard, Infosys, Tata Motors — already mapped (Neutral / Overweight / Equal Weight).

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisors before making any investment decisions.

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