Multiple brokerage firms have released updated recommendations on key Indian stocks following Q4FY25 results and recent corporate developments. Here’s a roundup of what fund houses are saying:
BSE share:
Goldman Sachs maintained a ‘Neutral’ rating with a target price of ₹5,340, flagging a potential risk to BSE’s market share if SEBI allows NSE to host index derivative expiries on Tuesdays. Reports suggest that if approved, BSE may be moved to Thursdays, potentially reducing its market share in index options premiums by 3–4 percentage points (around 15%), from 22.2% to 18.8%. Notably, Tuesdays currently account for 24% of options premiums, more than any other weekday.
ITC share:
Goldman Sachs, HSBC, and CLSA maintained ‘Buy’/‘Outperform’ ratings on ITC with target prices of ₹490, ₹510, and ₹496 respectively. Analysts highlighted steady growth in the cigarette segment despite pressure from raw material inflation. HSBC noted a 6% YoY cigarette revenue growth led by volumes, while CLSA observed EBIT margin contraction in the cigarette segment due to higher leaf tobacco costs. All brokerages remained confident in the FMCG margin recovery and attractive valuations.
Sun Pharma share:
Citi retained its ‘Buy’ rating with a raised target of ₹2,220, citing strength in India and EMs, though acknowledging softness in specialty. HSBC cut its target to ₹1,870 but maintained ‘Buy’, warning that the $100M FY26 investment in specialty launches could pressure margins near-term. GS and Jefferies remained cautious with ‘Sell’ calls, while Nomura issued a ‘Neutral’ rating citing below-estimate US revenue and weak FY26 guidance.
Ramco Cements share:
Citi, Nomura, and MS maintained ‘Buy’, ‘Buy’, and ‘Underweight’ ratings respectively. Citi set a target of ₹1,140 and noted weak 4Q EBITDA due to lower volumes and realizations. Nomura pointed out a 26% EBITDA miss, while Morgan Stanley flagged underperformance in weaker southern markets and retained a more bearish stance with a target of ₹746. All firms noted improvements in cement pricing in April–May and debt reduction plans.
Other key updates
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Concor: Morgan Stanley maintained ‘Underweight’, lowering its target to ₹746 citing a miss across revenue and margins. The company also declared a 1:4 bonus issue.
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Grasim: MS kept ‘Equal Weight’ with a TP of ₹2,975 after weaker-than-expected EBITDA and a ₹2.9bn loss. Paints business was noted as a positive outlier.
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Bajaj Auto: Nomura remained ‘Neutral’ at ₹9,413, highlighting the planned €800M investment in KTM via its subsidiary BAIHBV as a long-term strategic move with near-term risks.
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ONGC: CLSA kept a high-conviction ‘Outperform’ with TP of ₹360, expecting a 17% rise in gas output in 2026 as new fields come online.
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OMCs (HPCL, BPCL, IOC): Goldman Sachs upgraded targets across OMCs, citing favorable macro and improved refining/marketing margins – HPCL to ₹475, BPCL to ₹410, and IOC to ₹125.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to consult a certified financial advisor before making investment decisions.
