Jefferies on Adani Ports
Buy, TP Rs 2150
Forum takeaways
Adani Ports remains confident of achieving its 1 bnt cargo target by 2030 (16% CAGR vs JEFe’s 13%), driven by organic growth in domestic ports and ramp up at its international ports. Integrating technology into its strong port infrastructure is a focus area.
Logistics is a growth enabler for ports as well.
Balance sheet remains strong with potential to turn net cash by FY31E, indicating room for growth capex.
Capital allocation remains a key focus area
Jefferies on Adani Power
Buy, TP Rs 270
Forum takeaways
Management reiterated its target of expanding capacity by 2.5x to 45 GW by FY32. 56% of the upcoming 23.7 GW capacity is already locked in under long-term PPAs and the aim is to tie up 100%, which lowers the risk profile further
Believe Adani Power should see 22% EBITDA CAGR over FY26-30E and turn FCF positive by FY30E from negative levels currently
Jefferies on Adani Energy
Recommendation: Buy, Target: ₹2060
Management remains upbeat on prospects of its Trading business
Highlighted that India’s transmission outlook remains robust
Reiterated their guidance on medium-term annual capex run-rate of Rs 20000-25000 cr
Smart meters and trading business is ramping up well and will be the key growth drivers going forward
Jefferies on Adani Green
Recommendation: Buy, Target: ₹1695
Management remains confident of adding 5 GW capacity in FY27E
Aligning capacity addition timelines with transmission infrastructure to mitigate curtailment risk
Plans to ramp up Battery Energy Storage System (BESS) capacity from 3.6 GWh currently to 10 GWh+ by FY27E remain on track
Capacity tie-up with Adani Energy Solutions caps merchant upside, though improves earnings predictability
Jefferies on HDFC AMC
Recommendation: Buy, Target: ₹3130
India’s MF industry has multiple growth levers
HDFC AMC is investing in physical distribution to expand into lower-tier markets
Expanding both investment/sales teams to grow GIFT/AIF/PMS business
Expect 20% AUM/14% operating profit growth over 2 yrs
Jefferies on Indian Hotels
Recommendation: Buy, Target: ₹875
Mgmt remains highly constructive on the long runway of India’s hospitality upcycle
Strong Q1 momentum has sustained into Q2, underpinning confidence of exceeding FY27 revenue growth guidance of 12-14%
Over the next few years, IHCL targets ~10% LFL growth and ~5% non-LFL growth
Growth supported by a robust pipeline, new business growth and favourable demand-supply dynamics
Jefferies on L&T
Buy, TP Rs 5000
Forum takeaways
Management reiterated that Middle East (ME) and domestic private sector are driving order flow.
FY27E guidance of 10-12% revenue growth factored execution delays from West Asia conflict and assumed 2HFY27 would be better.
Thermal BTG and offshore HVDC order books are sizable and execution should pick up in the medium-term.
Earnings visibility and global tensions easing are key upside drivers.
JPM on Hero Motocorp
OW, TP Rs 6845
Management meet key takeaways
(1) HMCL has reorganized into four independent business units (India commuter, India premium, EVs and Exports) to drive tangible measured outcomes in each segment;
(2) management views FY26 as an inflection to offset adverse category mix through market share gains in scooters, EVs and commuter;
(3) wholesale and retail trends may diverge near term as festival is delayed by 2-3 weeks;
(4) exports remain a key growth vector with a partnership-led “local-for-local” strategy and ambitions to scale towards >1m units by FY30;
(5) electrification is a multi-pronged strategy with VIDA and Ather both improving share simultaneously;
(6) overall margins should gradually improve as RM inflation plateaus and pricing flows through.
HMCL has been losing 120 bps of market share per year in recent years due to adverse segment shifts and share losses within segments.
Given its attractive valuation (13x FY28E P/E, adj. for associates), see scope for re-rating if HMCL can
(i) hold market share through the upcoming festive period on a YoY basis
(ii) (ii) close the growth gap vs. peers over the medium term, supported by stronger execution in ICE scooters, EVs and exports.
JPM on Payment Fintechs
Upgrade Paytm to OW, TP Raised to Rs 2100 from Rs1300
Estimate industry revenue pool from this MDR to be ~Rs170bn on a run rate basis for FY27.
Of this pool, 20-30% each is likely to go to acquiring banks (and their payment aggregators) and TPAPs (third party application providers or apps).
Paytm acts both as a TPAP and acquiring payment aggregator (PA)
Estimate that incorporating MDR revenues across both transaction legs drives a 35-54% Ebitda/EPS upgrade over FY27-29E
Increase Paytm’s target PE multiple to 46x (from 44x)
Pinelabs acts as a acquiring PA, MDR benefits drive 9-28% Ebitda/EPS upgrades over FY27-29E
Increase the Pine Labs’ target PE multiple to 42x (from 40x)
PineLabs – Neutral, TP Raised to Rs 190 from Rs145
CLSA on M&M Fin
O-P, TP Rs 425
Believe MMFS is well placed at this juncture
Co has found the right balance between NIM and asset quality the past few quarters
Scaling-up of insurance distribution has further aided profitability.
ROA has been above management’s 2.2% guided range for the past three quarters now.
While FY26 was a slow year for AUM growth, expect it to pick up to mid-teens in FY27 and beyond.
El Nino may pose some risks to asset quality, but note previous episode in 2023 did not have a significant impact at that time
Stock has corrected 12%-13% over past month due to rising crude prices, making valuations attractive.
At an 11x PE, valuations are below that of all its vehicle finance peers.
Kotak Securities on Semicon 2026
Kaynes’ OSAT ramp-up remains a key monitorable, with customer validation underway and further capacity expansion plans under ISM 2.0
Dixon and Syrma are accelerating backward integration
Investments in displays, camera modules and PCBs aimed at increasing domestic value addition and enhancing margins
Avalon and Cyient DLM could benefit from the emerging semiconductor equipment ecosystem
Also await potential new JVs, partnerships and capacity announcements under ISM 2.0, which could create additional growth opportunities
Macquarie on BEL
Recommendation: Outperform, Target: ₹550
FY27 order inflow is down 50% YoY due to order timing
Maintain FY27 order inflow forecast of Rs 55000 cr
Q1FY27 provides strong revenue visibility
Investec on Global Health
Initiate Buy, TP of Rs 1730
Scaling beyond its core, ARPOB growth to continue at mid to high single digit
Doubling beds in 5 years: most additions post FY29E
Forecast 16% / 23% revenue / EBITDA CAGR FY26-29
HSBC on Avenue Supermart
Reduce, TP Rs 3520
Pricing differential for Dmart Ready/Dmart store marginally higher at 5%/~10% vs. online peers
Pricing is only moat Dmart has vs other retailers; store adds remain skewed towards non-metros
Disappointing status quo for strategy
Bernstein on Zydus Life
O-P, TP Rs 1457
On September 16th, Novartis discontinued its drug VHB937 for Amyotrophic Lateral Sclerosis (ALS)
Believe this significantly improves commercial landscape for Zydus’ NCE candidate Usnoflast for this disease
Given these two drugs target different biological pathways, reiterate positive view on probability of success for Usnoflast
Key determinant of value remains whether Usnoflast can demonstrate a clinically meaningful slowing of disease progression in ongoing UNITE-ALS study
Zydus has already received Orphan designate status in ALS for this drug & has a priority review tag from the US FDA, both of which translate in high Return on Research Capital if clinical data is clean
Expect Usnoflast demonstrates meaningful efficacy in phase IIb and thus estimate that due to its oral administration and potential applicability across broad ALS populations it can generate $100Mn annual run rate with a faster ramp up than Saroglitazar