ADE has received CoC approval for its Rs145bn resolution plan for JAL (Jaypee), beating others with superior upfront payment terms
Plan, subject to NCLT clearance, may involve carving out Jaypee’s assets across Adani group entities, eg: Ambuja for cement, Adani Realty for land/RE, Adani Power/Green for energy.
JAL’s portfolio spans cement (9.4 MTPA), power (2000+ MW), RE, hotels, and E&C projects, offering synergies with group
HSBC on Metals & Minning
Initiate coverage with a broadly constructive stance
Initiate Buy on Hindalco – TP Rs 980
Initiate Buy on NALCO – TP Rs 291
Believe impact of a series of setbacks suffered by Novelis, Hindalco’s US subsidiary, will fade from FY27
Initiate Buy on TATA Steel – TP Rs 215; losses in Europe should start to fade
Hindustan Zinc – Hold, TP Rs 470; while like silver and zinc exposure, valuation is rich (10.3x EV/EBITDA multiple)
Initiate Hold on Coal India – TP Rs 374
Initiate reduce on Sail – TP Rs 114 & NMDC – TP Rs 59; given muted profitability and increasing capex
JPMorgan on LG Electronics
Recommendation Overweight; Target Price ₹1920
A formidable franchise
Multiple growth drivers in place; Healthy margin and return profile
Forecast revenue/EPS CAGR of 12%/21% over FY26-28E with robust ROCE of 36%
MS on HDFC Bank
Recommendation Overweight; Target Price ₹1225
Loan growth will broadly be in line with system
Bank expects NIMs to stabilize and improve starting H2
Collection efficiency and delinquency levels remain benign across segments
MS on Axis Bank
Recommendation Overweight; Target Price ₹1450
Reiterated guidance of gradual acceleration in loan growth to above system levels in FY26, and ~2-3% higher over the medium term
Expects continued strong traction in SME/mid-corporate banking and acceleration in gold loans
Expect NIMs to trough in Q3, subject to no more rate cuts
MS on SBI
Recommendation Equal-weight; Target Price ₹1025
Reiterated its raised loan growth guidance of 12-14% for FY26
Management expects fee income momentum to stay strong
Bank reiterated its FY26 exit margin guidance of 3%
MS on ICICI Bank
Recommendation Overweight; Target Price ₹1800
Management expects gradual acceleration in loan growth
Expects NIM to remain range-bound subject to limited rate cut
Delinquency remains benign even in the business banking/SME segment
MS on Kotak Mahindra Bank
Recommendation Overweight; Target Price ₹2600
Secured retail loan growth has been broad-based and continues to remain strong
NIMs should improve from Q3 helped by lower funding costs and CRR cut benefit
Unsecured consumer slippages continue to move lower
CITI on Navin Fluorine
Sell, TP Rs 4900
CDMO (15% of FY25 revenues) – Mgmt indicated that a molecule delivered in 2Q should see a repeat order in 3Q
Specialty Chemicals (34% of FY25 revenues) – Mgmt indicated that debottlenecking of MPP capacity at Dahej announced post 2Q indicates their visibility on capacity utilization of existing facilities
HPP (51% of FY25 revenues) – Mgmt indicated global demand for R32 is 300kt
Jefferies on Navin Fluorine
Buy, TP Rs 6635
Co is in discussions with Honeywell to increase HFO production with Rs1bn revenue potential.
Production of data center cooling product for Chemours will start in 1QFY27.
New HF capacity will be commissioned by Jan-26 and contribute to revenues
Project 44% EPS Cagr over FY25-28E – strongest in Chemicals coverage
UBS on OMCs
Strength in middle distillate spreads driving strong refining profitability
Singapore benchmark not reflecting current margins of diesel-heavy refiners
India’s diversified crude sourcing limits impact amid geopolitical dynamics
Prefer IOC and BPCL Over HPCL
IOC – Buy, TP Rs 190
BPCL – Buy, TP Rs 425
HPCL – Buy, TP Rs 540
UBS on RIL
Buy, TP Rs 1820
Strength in refining to drive improvement in O2C earnings
Singapore benchmark not reflecting current margins of diesel-heavy refiners
Reliance’s diversified crude sourcing limits impact amid geopolitical dynamics
Build in improvement in O2C EBITDA from Rs295bn in H1 to Rs340bn in H2FY26, & further to Rs648bn in FY27
Macquarie on Hero Motocorp
Upgrade to O-P 6793
Domestic market share has stabilised, we see upside risk in both motorcycles and scooters, led by GST reduction and product launches.
E2W traction improving; resilient margins notwithstanding ramp-up in 2Ws as ICE margins continue to surprise positively.
Catalysts: market share gains in ICE 2Ws, E2W volume ramp-up and consistent margin delivery
In addition, Street’s willingness to assign a higher multiple
CITI on Cummins
Buy, TP Rs 4875
Management meet takeaways
Cummins India is experiencing steady demand for powergen from the real estate, construction, and infrastructure sectors.
Future datacenter demand from colocation providers is likely to be steady, with lumpy hyperscaler demand
Industrial segment weakness seen in 2QFY26 is likely transitory, with clear potential in railways, defense, and marine
Co continues to expand its distribution reach and noted higher entitlement of customer wallet in the post CPCB4+ era over medium term.
Nuvama on APL Apollo
Buy, TP Rs 2093
Management meet key takeaways
i) Q3FY26E sales volumes to be 900ktons with EBITDA/ton of > INR5k.
ii) Focus is on absolute profitability with a target to exceed INR4.5bn in Q3FY26E EBITDA and INR17bn in FY26E EBITDA
iii) SG Premium brand is being sold at a discount of > INR5k/ton to garner volumes; APL brand rakes in higher EBITDA/ton
iv) Capacity utilisation of the Dubai plant is now 80–85%
BofA India Strategy – Amish Shah
Govt capex: lower than reported, front-ended, on low base
Defense, Ports & Shipping saw surge in capex
Capex on Roads, Railways, Housing seems to have peaked
Expect selective capex focus ahead
Prefer rate cyclicals & defensives over capex plays
Retain constructive stance on rate-sensitive domestic cyclicals, particularly Financials, Real Estate, REITs & Autos
On the defensive front, we prefer exposure to Hospitals, Telecom & regulated Power Utilities
Stay underweight on capex-linked sectors Industrials, Cement and Steel-and globally exposed themes like Metals, Energy and IT
ICICI Sec on NSDL
HOLD | TP ₹1,170
Steady play on capital-market growth with 42% recurring and 58% transaction-linked revenue
Operates in a duopoly; capital-light model with strong ROE
Valued at 40x FY28E EPS, in line with CDSL’s target multiple
High valuation reflects long-term compounding potential and market-share gains
New management and digital initiatives seen as positives
Market momentum remains the key swing factor
Emkay on Pine Labs
Recommendation Reduce; Target Price ₹210
Stiffening competitive pressure
Leadership in enterprise POS business seeing increased competition
Gift-card business monetization driven by interest income on consumer funds
BofA on Info Edge
Recommendation Underperform; Target Price ₹1300
Tailwinds for Naukri if GCC growth continues, but risks from HIRE act
Hire act: A new risk if implemented in its current form
GCC growth, a medium-term driver (if no regulatory risk)
MS on Swiggy
Recommendation Equal-weight; Target Price ₹455
Quick commerce unit economics improving
Contribution Margin breakeven reiterated in 3 quarters
Differentiated store/assortment strategy driving better retention, AOVs, and organic user gains
Positioned its potential fund-raise to act as a defensive buffer against any irrational competition
