A host of brokerage reports released today are likely to influence investor sentiment, with revised calls and target prices across key names such as SBI, Kotak Mahindra Bank, Marico, Avenue Supermarts, IOC, and JSW Steel.
SBI share
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CLSA maintained an ‘Outperform’ rating with a raised target of ₹1,050, noting a profit beat aided by higher treasury gains. However, loan growth moderated to 12% YoY, and estimates were cut by 4% due to NIM and growth concerns.
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Bernstein retained a ‘Market-Perform’ rating with a TP of ₹900, pointing out RoA was sustained above 1% on strong non-interest income.
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JPMorgan maintained an ‘Overweight’ rating with a TP of ₹915, terming trends as “unexciting but not weak.” It expects FY26 NIMs to decline by 12–15 bps due to easing cycle effects.
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UBS held a ‘Neutral’ stance with a TP of ₹840, citing downward revision in loan growth guidance and short-term NIM pressure.
Kotak Mahindra Bank share
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CLSA downgraded the stock to ‘Hold’ from ‘Outperform’, but raised the target to ₹2,225 from ₹2,125. It flagged a 3% PPoP miss and cut FY estimates by 3–5% on lower NII and higher opex.
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Bernstein maintained a ‘Market-Perform’ call with a TP of ₹1,950, citing a 13% YoY EPS decline. It noted sluggish deposit growth and margin vs. growth trade-offs.
Marico share
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Ambit issued a ‘Buy’ call and raised its target to ₹766 from ₹736. It highlighted 20% revenue growth and a strong turnaround in Saffola and VAHO.
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Morgan Stanley stayed ‘Equal-weight’ with a TP of ₹674, projecting 25% growth in the food business and 2.5x scale-up in digital brands by FY27.
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Jefferies maintained a ‘Buy’ rating, raising the TP to ₹800 from ₹780, noting strong India volume growth and a reasonably positive outlook despite margin pressures.
Avenue Supermarts (D-Mart) share
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Jefferies maintained a ‘Hold’ call but cut the target price to ₹4,100 from ₹4,225 due to a drop in margins to 6.8%, attributed to intensifying competition. EPS estimates were trimmed by 4–7% for FY26–27.
IOC share
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CLSA kept a ‘Hold’ rating but raised the TP to ₹135 from ₹120, citing a strong profit beat driven by higher-than-expected refining and marketing margins. FY26–27 estimates were revised up by 4–9%.
JSW Steel share
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CLSA reiterated an ‘Underperform’ rating with a target of ₹825, flagging uncertainty over capex and EBITDA recovery from the BPSL acquisition. The brokerage estimates a 5–9% valuation impact.
Disclaimer: This report is for informational purposes only and does not constitute investment advice. Stock market investments are subject to market risks. Please consult a qualified financial advisor before making any investment decisions.
