Macquarie on Adani Ports
Recommendation – Outperform, Target ₹2100, Earlier Target ₹1860
Building towards a billion tonnes
Raise FY31 volume estimate to 931 MT on NQXT addition, Colombo ramp-up and expected domestic growth
Better visibility supports a long term volume upgrade
Optimistic on long-term prospects supported by diversification efforts, execution track record, and expansion plans supported by cash flow
Valuation looks reasonable
Bernstein on Sun Pharma
O-P, TP Rs 2235
On Tuesday, Moody’s assigned Sun pharma a Baa1/Stable rating and S&P a preliminary BBB+/Stable rating after incorporating the full $11.75bn acquisition,
including Organon’s existing debt and transaction funding
This reinforces June 26 view that combined cash flows can service acquisition debt while preserving investment in R&D, manufacturing and shareholder returns, and both arrived at investment grade
This, believe, is an independent validation of thesis that Organon’s cash generation will be amplified in hands of Sun through market and product synergies & thus unlock
about $1Bn value in synergies over next three-four years
Expect co to broadly stay away from declaring any dividends or buybacks over FY27-29 & believe integration office setup under direct CEO supervision will prioritize synergy extraction &
supply-chain integrations over FY28.
Macquarie on Cipla
Recommendation – Outperform, Target ₹1675
Pithampur plant observation
Seems the key observations from the last inspection on Field alert report submission has been addressed
However, there are five repeat observations from the last inspections
Believe the latest observations have limited implications in near-term earnings outlook
Observations related to microbial contamination and adverse environmental conditions are typically viewed as critical compliance concerns
These are likely to require robust remediation measures and substantial supporting evidence within the Capa framework to satisfactorily address the Fda’s concerns
Jefferies on Financial
The 25% CAGR Club of Indian Financials
Identify five Indian financials with Mkt Cap near/above $5bn that can deliver 25% Cagr in op. profit over next three years
Include a combination of fintechs (Groww, Paytm, PB Fintech), bank (AU Bank), & Nbfc (Poonawalla)
In most, founders are also CEOs
Rate these as Buys, as growth compounding, despite higher valuations, delivers investor returns
CLSA on Axis BK
O-P, TP 1550
Domestic deposit growth remains healthy, & traction in FCNR(B) deposit mobilisation has outpaced its overall deposit market share
While resulting liquidity could weigh in on margins in near term, it should be NII accretive
Medium-term guidance of credit growth 300bp above industry remains intact
With more automation of processes, management expects operating leverage benefits to continue in medium term.
Interestingly, asset quality remains resilient despite the Middle East war/El Niño.
In cards, management acknowledged that pressure on revolver rates remains
Axis is one of top picks, supported by ROE improvement & attractive valuations.
At 1.3x FY28 core PB, valuations remain attractive.
UBS on ICICI Lombard
Recommendation – Neutral, Target ₹1930
India Summit 2026: Price aggression persists; company stance unchanged
On Motor TP reserving, the company indicated of it’s prudent approach to have limited incremental impact
Focus on maintaining pricing discipline and avoiding price-led competition
Remains confident of sustaining superior profitability vs industry
Investec on IIFL Finance
Recommendation Buy, Target ₹770
Turning a corner – Multi engine recovery
Gold finance industry is at a turning point
Iifl’s gold finance business is the crown jewel
Home Finance/Mfi are turning around
Expect Aum/Pat Cagr of 18%/37% over Fy26-29 as the legacy issues are in the base
Bernstein on Paytm
Recommendation – Outperform, Target ₹2200
Expect meaningful operating leverage from existing business
Introduction of MDR on UPI could provide meaningful upside on profitability
See clear right to win and a long growth runway
Jefferies on Power Sector
India Power Monthly – Demand well north of 10% Yoy growth
Aug 2026 power demand rose 13% Yoy on a base of 4% Yoy rise in Aug 2025
Sept 2026 generation to date is also strong at 22% Yoy rise on a base of 2% Yoy decline
Maintain 7% Yoy Fy27E demand growth estimate as demand remains strong in Apr-Aug 2026 at 9% Yoy rise
Merchant prices are up 22% Yoy Aug 2026
Top picks – Adani Energy, Jsw Energy and Ntpc
Macquarie on Thermax
Recommendation – Neutral, Target ₹4100
Positioning for growth; execution remains key
Mgmt highlighted healthy private-sector capex demand supported by ongoing brownfield capex
Capex environment remains reasonable rather than broad-based
Remain constructive on growth prospects, driven by data centres, water treatment, waste-heat recovery and energy-transition solutions
Jefferies on KEI Ind
Buy, TP cut to Rs 6150 from Rs 6920
KEI stock has corrected 21% from its peak & 16% since its 1QFY27 results beat.
Ultratech’s launch on 3rd Sept 2026 has raised investor concerns on KEI’s future profitability
Believe current market price factors in approx. 300 bps loss in market share for KEI over FY26-30E in its retail segment & no offset from power or exports
Retain FY27E-30 estimates, as believe any weakness in retail revenues should be offset between power/exports.
HSBC on Marico
Buy TP Rs 1020
Management meet takeaways
Reiterated their aspiration of 20%-plus EBITDA growth in FY27
VAHO turnaround remains structural driven by industry tailwinds, distribution expansion and new launches
Delivery of guided growth should aid re-rating
JPM on Cement
UTCEM is only OW-rated stock in Indian cement space:
a) while its multiples have come off recently, it still trades at a premium to almost all of its peers on EV/EBITDA
b) it has outperformed most Indian cement companies over last 12 months
UTCEM’s valuation premiums correlate with better operating metrics (higher P/B explained by higher RoE; higher P/E by better expected EPS growth).
In addition, UTCEM has had lowest historical EBITDA volatility of major Indian cement companies
With large, pan-India market share & material near-term capacity growth, UTCEM should be able to maintain its operational advantages, supporting the valuation premium.
JPM on Tata Technologies
UW, TP Rs 540
Management meet Key takeaways
(1) OEMs are increasingly looking at outsourcing more work to vendors, given the need to recalibrate their cost base and still invest in vehicle production programs in light of the increasing competition from China;
(2) EV will still be a long-term trend over 5-10 years, but the pace of EV adoption/penetration will be slower than what was expected three to four years ago;
(3) company expects the growth from non-anchor clients to outpace anchor customers over the next three to five years;
(4) vendor consolidation exercises are prevalent in the EU and even the US, albeit to a lesser extent, & co has been on right side of it;
(5) FY27 guidance of double-digit org revenue growth remains, and management believes it can continue that growth even into FY28 and beyond;
(6) company targets a return to 18% EBITDA margins from the current 16%, but no timeline has been set, as near-term priority is growth
(7) M&A strategy is focused on adding capabilities, customers or both
JPM on LTM
Neutral, TP Rs 4050
Management meet Key takeaways were:
1) LTM has seen 55-60% of its customer contracts already go through AI deflation and expects the remaining customers to ask for this over the next 4-6 quarters.
2) Geopolitics-led uncertainty remains elevated, visible most in the Middle East business resulting in delays in client decision-making making the 6% rev growth for FY27 non-trivial.
3) Although LTM expects 2Q growth to be impacted by these challenges, 2Q should be better than 1Q, and 3Q growth should be better than 2Q (on the back of deal ramp-ups).
4) As growth improves, margins should see expansion with target margins similar to FY26.
5) It hopes to complete the Randstad acquisition in 3QFY27, which could add 3-4% to overall revenues in FY27 while aiming to limit the margin dilution.
6) M&A strategy is focused around capabilities, customers and geo expansion as it intends to diversify the portfolio.
UBS on Angel One
Recommendation – Neutral, Target ₹360
India Summit 2026: Revised Cas framework awaited
Expects strong runway for MTF growth
Not looking to change guidance or cost spends at this point
Company believes Cas has a transient impact on volumes
Retail participation, MTF adoption and customer additions should continue to support growth
MOSL on Titan
Buy, TP Rs 6000
Management meet takeaways
Remains constructive on long-term jewelry opportunity, supported by sustained industry formalization, improving buyer growth, and continued store expansion
TTAN’s jewelry market share has increased to 8.5% in FY26 from 4.5% in FY19 and is targeted to reach 11% by FY30
Co plans to expand its jewelry network from 824 stores (ex-CaratLane) in FY26 to 1,400 stores by FY30.
Management remains confident of achieving its FY30 targets, including 20% revenue CAGR (FY26-30) at consolidated level, backed by higher execution intensity
Management remains comfortable with sustaining jewelry EBIT margin at around 11% level over medium term.
Management highlighted increasing jewelry purchases around Dhanteras in South India, indicating a broader regionalization of festive demand.
Internationally, Tanishq remains focused on localization, with Indian customers accounting for 80-85% of its overseas customer base.
Kotak Securities on Delhivery
Recommendation Buy, Target ₹550, Earlier Target ₹540
The well-positioned pragmatist
The two-player market positioning continues to gain acceptance
Positioning made strong by presence of Ptl and lower Meesho presence
The growth story continues with new legs being discovered
Pragmatism to continue on pricing and capex
MOFSL on Indraprastha Gas
Maintains Buy with a target price of ₹195, expecting margin recovery ahead Cng volumes outside Delhi Ncr are growing 20%+, supporting diversification
Delhi CNG volumes excluding buses grew around 11% Yoy
1Qfy27 Ebitda margin of ₹3.4/scm likely marked the trough, with recent price hikes aiding recovery
Delhi EV policy remains a long term risk, but near term impact on CNG volumes is estimated at below 1% annually
Igl has passed on most gas cost increases while maintaining CNG’s cost advantage over petrol and diesel
Mofsl expects 14% Ebitda and Pat Cagr with 7% volume CAGR over FY26 to FY28