Shares of KEI Industries, HPCL, Avenue Supermarts, and Polycab are in focus today as multiple brokerages have issued updates following quarterly results and sectoral trends. Here’s a roundup of key brokerage views:
Morgan Stanley on KEI Industries share
Morgan Stanley has maintained an Overweight rating on KEI Industries with a target price of ₹4,391 per share. The company’s Q4 profit exceeded estimates, led by a 35% YoY growth in cable and wire revenue. Export sales surged 2.3x YoY, outperforming expectations, while domestic growth remained steady at 21% YoY. Better-than-estimated margins were attributed to operating leverage and a favourable product mix.
Jefferies on HPCL share
Jefferies continues to hold an Underperform stance on Hindustan Petroleum Corporation Ltd. (HPCL), though it has raised the target price to ₹315 from ₹270. The company’s EBITDA was 55% higher than estimates due to robust performance in both refining and marketing segments. However, the brokerage flagged risks, noting that inventory losses are likely in Q1FY26 as crude prices fell $15. It also highlighted the absence of LPG loss compensation by the government in FY25, weakening refining margins despite an expansion in marketing profitability.
Citi on HPCL share
In contrast, Citi has maintained a Buy rating on HPCL with a target price of ₹460 per share. The brokerage said HPCL, like its peers BPCL and IOC, delivered a strong Q4. EBITDA was largely flat sequentially but exceeded expectations, aided by strong gross refining margins, lower operating expenses, and higher-than-expected marketing inventory gains. Citi continues to keep a “positive catalyst watch” on the stock.
Macquarie on HPCL share
Macquarie has also kept an Outperform rating on HPCL with a target of ₹410. It noted that Q4 earnings beat consensus estimates, driven by sequential improvement in GRMs to $8.40 per barrel and a 21% YoY rise in EBITDA, supported by strong refining performance and higher other income.
HSBC on Avenue Supermarts share
HSBC has downgraded Avenue Supermarts (D-Mart operator) to Reduce from Hold, cutting the target price to ₹3,500 from ₹4,500. The brokerage cited a 7% EBITDA miss in Q4, largely due to heightened competition impacting margins. It expects margins to stay soft in mature metro markets and has trimmed FY26 and FY27 EPS estimates by 19% and 21%, respectively.
Jefferies on Polycab share
Jefferies reiterated its Buy rating on Polycab India and raised the target to ₹7,050 from ₹6,485. The company posted its highest-ever profit in FY25, with strong sales compensating for a marginal decline in operating profit margins. Organised market share expanded significantly, now at 26–27% compared to 18% in FY19. Jefferies projects robust CAGR of 20% in sales and 26% in profit over FY25–27, with the stock trading at 34x FY26 estimated earnings—aligned with its five-year average.
Disclaimer: The above brokerage views are for informational purposes only and do not constitute a recommendation to buy or sell any stock. Investors should consult certified financial advisors before making any investment decisions.