Brokerage commentary remained active across sectors on Tuesday, with earnings reactions, target price revisions and management commentary keeping several stocks in focus.
Shares of UPL are likely to be closely tracked after mixed views from brokerages. Kotak Institutional Equities maintained a Sell rating on the stock while raising its target price to ₹630. The brokerage said the company’s third-quarter performance was ahead of estimates, although below-the-line items disappointed. Kotak retained its FY2026 EBITDA growth guidance of 12–16% and made only modest revisions to its FY2026–28 estimates. In contrast, Investec reiterated a Buy rating on UPL and raised its target price to ₹975, noting that Q3 EBITDA of ₹24.3 billion was 12% ahead of estimates, driven by stronger revenues and margins. Investec highlighted strong double-digit growth in Europe and the rest of the world, while growth in the Americas was muted at 3% year-on-year due to deferred shipments. Management’s confidence in fourth-quarter growth and a decline in net debt to EBITDA in FY26 was also flagged.
Indus Towers is also in focus after UBS maintained a Neutral rating with a target price of ₹495. The brokerage described the quarter as mixed, with revenues coming in below expectations but EBITDA and profit supported by solid cost control. Consolidated revenues declined 0.5% quarter-on-quarter, while EBITDA excluding provision reversals rose 2% QoQ and profit after tax of ₹17.8 billion was slightly ahead of estimates.
Shares of PB Fintech are likely to see heightened activity amid multiple brokerage views. Citi maintained a Buy rating with a target price of ₹2,225, citing a robust third quarter and strong niche positioning. The brokerage said incremental regulatory changes are unlikely to materially alter business dynamics and highlighted management’s interest in international expansion, with a board meeting scheduled on February 5, 2026, to raise funds. Bernstein maintained an Outperform rating with a target price of ₹2,210, focusing on potential M&A and fund-raising plans, while cautioning that regulatory discussions around commissions could keep investor sentiment volatile. Morgan Stanley, however, maintained an Underweight rating with a target price of ₹1,370, citing valuation concerns amid regulatory and fund-raising uncertainties. CLSA retained an Outperform rating with a target price of ₹2,050, highlighting strong premium growth, healthy margins and management’s plans to pursue international opportunities through a potential QIP.
Hyundai Motor India remains in focus after CLSA and Nomura commented on its quarterly performance. CLSA maintained an Outperform rating with a target price of ₹2,853, noting margin pressure due to higher fixed costs, raw material inflation and a weaker product mix, partly offset by lower discounts. The brokerage said the company is optimistic on volume growth supported by GST rate cuts, new products and export growth. Nomura reiterated a Buy rating with a target price of ₹2,698, citing a new model cycle from the second half of FY27 and a leadership transition as key catalysts.
Ather Energy is also being tracked after Nomura reiterated a Buy rating with a target price of ₹812, highlighting continued strong performance, margin improvement driven by the Pro Pack and its position as a top two-wheeler pick for the quarter.
Shares of GAIL are in focus following contrasting brokerage views. Nomura maintained a Buy rating with a target price of ₹209, stating that earnings are likely to bottom out in the third quarter as transmission volumes recover and tariffs increase from the fourth quarter. CLSA retained an Outperform rating with a lower target price of ₹185, flagging weak gas trading and petrochemical performance and cutting EPS estimates to factor in lower profitability.
In the financials space, Morgan Stanley said rising bond yields have weighed on sentiment, though third-quarter results showed broad-based improvement in asset quality across coverage. The brokerage reiterated its preference for Shriram Finance, SBI Life, AB Capital and Bajaj Finance among large and mid-caps, while also highlighting Aptus Value Housing and PNB Housing Finance among small-cap names.
LIC Housing Finance remains in focus after CLSA maintained an Outperform rating but cut its target price to ₹600. The brokerage noted a steady quarter supported by better net interest income and controlled credit costs, though loan growth remained weak amid strong competition.
Dr Lal PathLabs is also on the radar after CLSA retained an Outperform rating with a target price of ₹1,660, citing stable margins, volume-led growth and expectations of double-digit organic growth without near-term price hikes.
Finally, Ultratech Cement remains a high-conviction pick for CLSA, which reiterated its Outperform rating with a target price of ₹14,500. The brokerage highlighted strong demand tailwinds, industry consolidation, expected price increases, and management’s confidence in industry-leading volume growth and profitability improvement.
Disclaimer: This article is based solely on brokerage reports and commentary provided by the user. The views expressed are those of the respective brokerages and do not constitute investment advice or recommendations by the publication.
