CITI on DRL
Sell, TP Rs 990
Novo Nordisk is pursuing a dual-brand strategy to retain its share for Semaglutide (GLP-1) in the markets anticipating generic competition this year.
In Dec’2025, company secured Canadian approval for Poviztra / Plosbrio (Wegovy / Ozempic equivalents) and expected to introduce these products to directly compete with impending generics.
Novo’s lower-priced offerings are expected to slow generic uptake, & is negative for Dr. Reddy’s, which received a CRL for its generic filing in Nov 2025 (approval challenges)
Are cautious on generic Semaglutide potential for Dr Reddy’s & estimates for product (cUS$50m for FY27/28E) are significantly lower than street expectations.
CLSA on Cement
2026 outlook
Anticipate a robust outlook in 2026 with a second consecutive year of 20%+ growth in profit pool, supported by rising demand and improved profitability
Demand recovery is expected to accelerate, driven by stronger independent home builder activity, increased government spending and a rebound in private Capex.
Low ROCEs, high industry consolidation and improving demand should restore pricing discipline, boosting margins.
Larger players are likely to continue gaining market share through capacity expansion and cost savings, translating to superior profitability.
While positive momentum should benefit all players, prefer Ultratech and Ambuja.
Jefferies on Telecom
2026 outlook
In 2026, Jio’s IPO should not only boost tariff outlook but also drive up sector valuations.
Potential AGR relief would boost Indus’ growth outlook & support its re-rating as well
Expect tariff hikes in Jun-26 to drive up sector revenue growth, which, along with steady capex, should boost FCF generation and ROCE
Bharti Airtel – top pick – TP raised to Rs 2760, given multiple growth levers & strong FCF generation
Indus Tower – Buy, TP raised to Rs 510 from Rs 425
Jefferies on Pharma
2026 outlook
Expect a weak 1HCY26 for firms with gRevlimid exposure-such as Dr. Reddy’s, Cipla, and Zydus-as competitive pressures on this high-margin product intensify from Feb.
Meanwhile, domestic players Torrent, Mankind, Ajanta, Alkem to see stable growth
Expect Section 232 ruling in the USA in 1QCY26, this will be a major event to monitor for pharma tariffs
Top picks – Mankind Pharma, Ajanta Pharma, Sun Pharma and Zydus
Upgrade Entero to a Buy from Hold, TP Rs 1320
MS on Pharma
Cipla’s CMO Partner For Lanreotide, Pharmathen, Gets Nine Form 483 Observations
Dr. Reddy’s Has A Moderate Regulatory Overhang Tied To OOS Handling
Recent CRL For DRL’s Denosumab Highlights Continued FDA Caution
FDA Caution May Delay Key Biosimilar Approvals For 3-6 Months
HSBC on Tata Steel
Buy, TP Rs 215
European steel companies have rallied sharply over the past 6 months (29-63%) as CBAM finally comes into effect
Expect European steel prices to increase & see upside risks to TATA Netherlands estimates
TATA’s underperformance is surprising given European footprint (7MT)
MS on Tata Steel
OW, TP Rs 200
Indian business: Crude steel production during 3QF26 was 6.34mnt (+11% YoY, +12% QoQ).
Overall Indian sales volumes were 6.04mnt (+14% YoY, +9% QoQ)
Tata Steel Netherlands: 3QF26 crude steel production was 1.68mnt vs. 1.67mnt last quarter.
Sales were 1.4mnt vs. 1.54mnt last quarter (1.53mnt in 3QF25).
Tata Steel U; 3QF26 sales were 0.52mnt vs. 0.57mnt last quarter (note: production was nil as both blast furnaces have ceased operations)
Tata Steel Thailand: Reported production was 0.31mnt vs. 0.36mnt last quarter (and 0.26mnt in 3QF25), with sales at 0.29mnt vs. 0.36mnt last quarter (and 0.28mnt in 3QF25).
HSBC on Info Edge
Buy, TP Rs 1625
Billings growth in 3Q was steady at 12% for overall business and 11% for recruitment – decent considering weak macro
As such, in 3Q expect some moderation in revenue growth, though management commentary will be key
core business valuation looks attractive, to us, for INFOE growth
Nomura on Info Edge
Buy, TP Rs 1585
3QFY26 update — Naukri billing slightly below expectations
Real estate (99acres) billings grew 14.4% y-y vs expectation of 17% y-y growth.
Other verticals’ (Education and Matrimony) billings grew 13.7% vs expectation of 20% y-y growth
Overall billings were up by 11.8% y-y vs expectation of 13.6% growth
Citi on Info Edge
Maintains ‘Sell’ With Target Price Of ₹1300
Q3 Business Update: Steady Billings Growth
Other Verticals Are More Competitive Compared To Recruitment
Growth And Profitability In The Non-Recruitment Verticals Is Improving At A Modest Pace
Remains Cautious In The Backdrop Of Weak IT Hiring Outlook
Believes The Medium-Term Growth Headwinds From GenAl Is A Major HeadwindShow more
HSBC on UPL
Buy, TP Raised to Rs 925 from Rs 850
Advanta is a long-term value creator with a robust delivery; see drivers in place to support growth and value creation
Media reports suggested UPL is exploring capital markets for Advanta, which could unlock value & support debt reduction
Advanta has delivered an impressive revenue/EBITDA CAGR of 18%/23% over last 5 yrs which has markedly outperformed other seed cos in India/globally
Macquarie on QSR
Demand remains subdued across industry, with delivery continuing to outperform dine-in
Cutting EPS 7-23% given a delayed recovery.
Remain hopeful for a demand recovery in 2H CY26 but acknowledge a demand uptick remains key for sector performance.
Prefer Devyani/Sapphire > Westlife > Jubilant.
Jubilant Food – Maintain Underperform; Cut TP to Rs 460 from Rs 495
Devyani – Maintain Outperform; Cut TP to Rs 160 from Rs 200
Westlife Food – Maintain Outperform; Cut TP to Rs 600 from Rs 750
Sapphire Food – Maintain Outperform; Cut TP to Rs 270 from Rs 335
Morgan Stanley on Indian economy
First advance estimates shows real GDP at 7.4% YoY for FY26 vs 6.5% in FY25
First advance estimates have come in higher than the RBI’s real GDP growth estimate of 7.3% for FY26
Real GDP is expected to track at 6.9% in F2H26; In F1H26, Real GDP growth was at 8%
Nominal GDP Growth is expected to soften to 8% YoY in FY26
Implied 2HFY26 data suggests consumption may slow vs 1HFY26, while capex growth is likely to accelerate
Sustained strength in high-frequency data in QE Dec-25 is encouraging
Consumption recovery will continue, driven by Fiscal & Monetary support and improved purchasing power
Broad based pickup in Capex is expected led by Improving investor sentiment
Domestic demand is likely to drive growth amid continued tariffs and global uncertainty
Nomura on India GDP
Advance estimates confirm GDP growth moderated in H2 due to softer consumption
FY26 nominal GDP growth slows to 8%, but is neutral for budget
Remain optimistic about India’s growth prospects in FY27
Lagged effects of past policy easing, low inflation, stable global growth, possible detente in trade tensions with the US and a regular drumbeat of structural reforms should ensure GDP growth of 7.1% vs 7.5% expected in FY26
BofA on Banks
HDFC Bank – Maintain Buy with TP of Rs 1175
ICICI Bank – Maintain Buy with TP of Rs 1750
Improving growth outlook but risk of more rate cuts looms
Expect healthy earnings for ICICI and HDFC
Earnings drivers – pick up in growth; broadly stable NIM
Citi on ICICI Lombard
Maintains ‘Sell’ With Target Price Of ₹1710
Expects Motor TP Rate Hike In Q4FY26/FY2027
Confident On Reinsurance Pricing
Risk-Adjusted Growth Amidst Elevated Competitive Pressure
Morgan Stanley on insurance
Industry underlying growth (ex-AIC) ~18% in Dec-25 (24% in Nov); public players at ~15%; AIC declined 73% vs 30% in Nov-25
Private multi-line players grew 15%; SAHIs strong at 39% (vs 36% in Nov) aided by GST cut and base benefit
Headline industry premium up 14% YoY in Dec-25 (24% in Nov); public players up 5% YoY
Q3FY26 headline industry growth at 11%; private multi-line up 13%; SAHIs grew 38%
Nuvama on Interglobe Aviation
Maintain Hold with target price of ₹5069
Expect peak earnings quarter to be one of Indigo’s worst
Indigo’s Q3FY26E EBITDAR to fall 25% YoY due to one of Indigo’s worst operational disruptions while regulatory action outcome is uncertain
No extension of Indigo specific FDTL relaxations yet, raising risk of re-occurrence
Near-term outlook looks challenging given operational disruptions
Premium valuation multiples are likely to de-rate given concerns on growth on regulatory actions and competition due to duopoly concerns
Elara on Power
Power generation in Q3FY26 remains flat, declining by 0.3% YoY
Weaker output in Oct-Nov was offset by a sharp rebound in December, driven by higher demand
Peak power demand strengthened in December; rising 7.6% YoY to 241.2GW, nearing FY26 YTD highs
Surge in power demand was due to increased use of heating appliances
Electricity volume increases 11.9% YoY on IEX in Q3FY26
Top Picks: CESC, NLC India and NTPC