Brokerage houses have issued fresh reports on several key companies, with positive outlooks on names like Pidilite Industries, Swiggy, Thermax, and Bharti Airtel, while opinions remained divided on Dr. Reddy’s and ABB. Here’s a roundup of brokerage commentary:
Pidilite Industries share:
UBS has reiterated a Buy rating on Pidilite with a target price of ₹3,600 per share. The brokerage noted that revenue and margin performance in the recent quarter were broadly in line. Management remains optimistic about consumer demand and is targeting double-digit profitable UVG growth in FY26. UBS highlighted sequential improvement in urban demand, continued rural outperformance, and steady growth in the B2B segment. The report also pointed to strong opportunities in the construction sector and a growing momentum in the paints business. The company is focusing on rural and small-town markets for demand generation. UBS also flagged the electronic adhesives market as a $1 billion opportunity by FY30. The exceptional item in the quarter was linked to impairment losses on investments and loans to an associate.
Goldman Sachs also maintained a Buy call on Pidilite with a target of ₹3,475 per share. The brokerage noted strong near double-digit volume growth despite a muted consumption environment and a rise in advertising and promotional expenses.
Swiggy share:
Multiple brokerages have taken positions on Swiggy following its latest performance. Bernstein has given an Outperform call with a target price of ₹435 per share, saying the company delivered an in-line quarter with strong execution in food delivery. Food delivery GOV grew 17.6% YoY, ahead of Zomato. Contribution margin improved to 7.8% while adjusted EBITDA stood at 2.9%. However, losses in quick commerce widened.
Citi maintained a Buy rating with a ₹425 target, noting 18% YoY growth in food delivery and strong but slightly lagging user growth in quick commerce. Adjusted EBITDA loss was ₹730 crore, higher than Citi’s estimate of ₹670 crore.
JP Morgan gave the highest target at ₹540 with an Overweight rating, citing strong revenue and margins in food delivery and manageable losses in quick commerce. It flagged that FCF turned negative due to working capital and store capex.
Macquarie, however, has issued an Underperform rating with a much lower target of ₹260, highlighting that quick commerce losses remain a concern, with a contribution margin loss of ₹30 per order.
ABB India share:
UBS initiated coverage with a Neutral rating and a target price of ₹5,900. For Q1CY25, order intake, revenue, and EBITDA were up 4%, 3%, and 3% YoY, respectively. However, revenue and EBITDA missed consensus estimates by 8% and 6%. While base orders grew 10% and profitability remained strong at 18.4%, UBS noted that weak short-cycle industrial demand and execution risks could limit upside.
Thermax share:
UBS maintained a Buy rating on Thermax with a target of ₹4,100. The company posted a 12% YoY rise in revenue and a 10% increase in EBITDA in Q4FY25. Revenue was in line, while EBITDA missed consensus by 2%. The industrial products segment recorded 18% revenue growth and 47% PBIT growth with a margin of 14.4%.
Manappuram Finance share:
CLSA has given an Outperform rating on Manappuram Finance with a target price of ₹260. The brokerage noted a 10% miss in Q4 PPOP due to lower margins and higher operating expenses. However, gold AUM saw recovery and housing AUM remained strong. The company plans to reduce its microfinance share to 10% of the portfolio and aims for a 90% secured book. Gold loan growth is projected at 20% in FY26.
Dr. Reddy’s Laboratories share:
Brokerages remain split on Dr. Reddy’s. Nomura has issued a Buy rating with a target of ₹1,575, citing a Q4 beat with EBITDA and PAT surpassing estimates by 12% and 33%. The firm expects double-digit growth in FY26 with a 25% EBITDA margin.
Goldman Sachs has a Neutral view with a target of ₹1,200, noting revenue and EBITDA growth of 20% and 15% YoY respectively, but pressure on gross margins.
JP Morgan is Underweight with a ₹1,060 target, pointing to weak core EBITDA margins and slow India growth. Kotak Institutional Equities has a Reduce call at ₹1,180 due to a 13% EBITDA miss and concerns over U.S. sales. Citi has issued a Sell call with a ₹1,110 target, warning of continued margin decline despite near-term benefits from gRevlimid volumes.
Bharti Airtel share:
Morgan Stanley retained an Overweight rating on Bharti Airtel with a target of ₹1,870 per share. The brokerage noted that tariff hikes in Nigeria supported revenue and that the company is increasing local currency debt to reduce forex exposure. FY25 capex stood at $670 million, with FY26 guidance between $725–750 million. The Airtel Money IPO has been delayed to the first half of FY26.
OMCs (IOC, BPCL, HPCL):
CLSA stated that the current macro environment is supportive for oil marketing companies but flagged risks such as potential fuel price cuts, excise duty hikes, and inventory losses in Q1FY26. The firm also noted that while domestic demand weakened in March, petrol consumption remains robust. The recent output cuts by OPEC add another layer of complexity.
Disclaimer: This article is purely informational and is based entirely on brokerage reports shared above. It does not constitute investment advice. Business Upturn and the author do not recommend buying or selling any stock mentioned.
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