CLSA on M&M
O-P, TP Rs 4417
Investor day key takeaways
Co remains confident on maintaining its market leadership position for SUVs, tractors and LCVs
With new launches and focus on void spaces, MM expects there is scope for further market share gains in some of the segments
MM is looking for an organic revenue Cagr of 15-40% in various segments during the FY26-30 period versus a 25% Cagr over the last five years on an overall basis
MM plans to focus on export markets across all three areas of tractors with the Oja brand, LCVs with global pickup launches and UVs with new launches
MM has upgraded its tractor volume growth guidance for FY25-30 from a 7% Cagr to a 9% Cagr
MM plans to grow its revenue for the LCV business by 1.6x during FY25-30
MM has aggressive plans to grow its growth gems
CITI on M&M
Buy, TP Rs 4230
Mgmt aspires for revenue to grow 8x over FY20-30 for SUVs and LCVs, while for farm equipment, aspirations are 3x revenue growth
Mgmt increased its FY25-30 CAGR estimate for domestic tractor industry to 9% from 7% earlier.
In SUVs, while focus on new models was reiterated, +vely surprised by teaser of a new model launch planned on 27th Nov (till now only XEV9S was expected)
International expansion, technology interventions and farm machinery growth (ex-tractors) are other areas mgmt will be focusing on.
Mgmt was also optimistic on the growth gems and noted that M&M share in their combined value is Rs480bn
Nomura on M&M
Buy, TP Rs 4355
Investor day takeaways
Key highlights: 15-40% organic growth across businesses over FY26-30
Auto business aims to achieve 8x revenue growth between FY20 and FY30E
Farm business targets 3x growth (over FY20-30E
Last Mile Mobility targets 6x growth, MMFS 5x growth in AUM while Mahindra Holidays targets 3x growth in keys and revenues.
Tech Mahindra has guided for 1.3x revenue growth between FY20 and FY27E with margins improving to 15%
Stock’s current valuation at 13.1x EV/EBITDA appears attractive
MS on M&M
OW, TP Rs 4407
Investor day key takeaways
It targets 8x revenue growth in SUVs & LCVs
In the farm business, it targets 3x growth over F20-30.
LCVs are the biggest beneficiaries of GST rate cuts. Within UVs, M&M has seen a 3% increase in top-end variant mix.
Tractor industry growth outlook upgraded to 9% CAGR over F25-30 (7% before).
M&M aims to reach a US$2bn in value by 2030.
Emerging growth gems to establish a ‘right to win’.
CITI on Auto & Auto Parts
Top picks: Maruti > M&M > Hyundai; in parts: Endurance
OEMs cautious: mid-single-digit volume growth in 2HFY26
RM costs rising slightly; exports strong (LatAm, ASEAN, Africa)
Rare-earth supply stable; Nexperia chip tissue manageable
MS on Maruti
Target Rs18,489; Recommendation Overweight
Post-festive demand/booking trends is holding well
Operating leverage and net pricing will be key drivers of margins in coming quarters
Discounts peaked in Q2
Continues to see a healthy growth rate in exports
MS on Hyundai
Target Rs2842; Recommendation Overweight
Growth will be partly supported by launch of the new Venue which has received a good initial feedback
New plant ramp-up could drive an increase in staff costs, overheads, and depreciation, by 20-25%
Nuvama on Vedanta
Buy, TP Rs 686
Vedanta’s focus on demerger, delivery and deleveraging (3Ds) is on course to pay off, supported by tailwinds of commodity prices
Likely favourable outcome by NCLT in Dec-25 (demerger likely by Q4FY26-end), removal of overhang (not buying JP Associates) & further Rs 20 DPS by Jan-26 are additional triggers
Expect EBITDA to increase at a CAGR of 16% over FY25–28E on back of lower aluminium CoP, aluminium and zinc volume growth and higher commodity prices
Consolidated net debt is likely to fall to Rs 610bn by end-FY27 (net debt/EBITDA ex-HZ to fall to 1.4x from 2.7x in FY25).
MS on TCS
OW, TP Rs 3430
A strategic equity investment of USD1bn by a private equity player should further validate the prospects of this business
See potential for more announcements related to developments in this business, which should help to provide more clarity
TCS had previously highlighted potential investment of up to $6-7bn for its 1GW data center capacity, of which $2bn of equity investment has been committed.
JPM on TCS
OW, TP Rs 4050
TCS announced a partnership with PE firm TPG with a commitment to invest $1bn for a 27-49% stake in its newly formed Data centre business, HyperVault
TCS and TPG jointly pledged to invest up to RS180bn (~$2bn) in HyperVault in equity over several tranches.
TCS previously announced a 1 GW AI ready data centre with an outlay of $6.5bn with a mix of debt and equity and likely equity partners
Event enables TCS to embark on its capex plans while limiting TCS’s direct equity outlay to $1bn over next 5-6 years as it recently highlighted
Kotak Securities on TCS
Target ₹3300
TCS’s equity investment of ~US$1 bn over the next few years for Al DC business
Believe TCS’s ability to raise external funding for the data center business should allay investor concerns related to capital allocation policy
Remain confident that the company can continue to return 80-100% of its free cash flow to shareholders
MS on Urban Company
Target price 119, Rating: Underweight
Core India consumer services growing steadily with steady-state adjusted EBITDA margin guided at 9-10% of NTV
Native showing strong operating leverage with m YOY margins improving from -30% to -9%
InstaHelp scaled to 468K orders in Oct-25 across select micro-markets
MS on M&M Finance
Target ₹300
Gave its medium-term loan growth, credit cost and ROA targets
Loan growth and ROA targets appear more like aspirations over the medium to long term
Our FY26-28 estimates are significantly below this
Citi on L&T
Target Rs4500; Recommendation Buy
L&T sees clear opportunities in the Middle East across areas
Sees potential in Europe as well and has recently announced a partnership for renewable projects integration
Domestically, an improvement in private sector projects, now 30% of the domestic backlog, is aiding growth
Jefferies on Tech Mahindra
Target Rs1270; Recommendation Underperform
Gradual growth recovery; margin focus intact
Highlighted focus areas for the next 18 months to drive growth and margins
Reiterated its margin guidance of 15%
MS on Leela
Overweight, target price Rs562
Guides to mid-high teens EBITDA growth for FY26
RevAR growing 3x faster than luxury industry; further improvement expected
Pure-play luxury positioning supporting strong pricing power
Capital-heavy strategy with owned luxury assets; BKC & Dubai hotels on track
Brookfield’s 76% ownership supports aggressive but disciplined expansion
MS on IndiGo
Target ₹6698
Reiterated high-teens growth in capacity for H2, driven by seasonally improving demand trends and visibility on market opportunities
Expects ex fuel ex forex CASKs to grow in the low single digits
Expects its passenger revenue per ASKM to remain flat YoY in Q3
MS on Apollo Hospitals
Target ₹8813
Four hospitals are expected to commission in FY26
Expected EBITDA losses from new hospitals around Rs 150 cr in FY27
For Apollo Healthco, the company expects 25-30% annual growth trajectory
