Fund House & Brokerage Calls

Adani Group

• MS on Adani Power: Initiate Overweight, TP ₹818. Sees 2.5x capacity & 3x EBITDA rise by FY33; new coal PPAs to improve earnings visibility.

• Jefferies on Adani Green: Buy, TP ₹1,300. Capacity expansion to 50 GW by 2030; 4.5–6.3 GW additions in FY26–27; valuations ~63% below peak multiples.

Alcoholic Beverages (JM Financial)

• Strong 12% sales CAGR and 17–20% EBITDA/PAT CAGR expected FY25–28.

• Radico Khaitan – Buy, TP ₹3,515.
• United Spirits – Add, TP ₹1,475.
• United Breweries – Add, TP ₹1,990.
Autos

• MS on Maruti: Overweight, TP ₹18,360. First-time buyers return; discounts easing.

• Citi: Hero (Buy, TP ₹6,100), Eicher (Buy, TP ₹7,850), Bajaj Auto (Sell, TP ₹7,900), TVS (Sell, TP ₹2,800). Notes 2W macro tailwinds > PVs.
Property & Portfolio Strategy (Jefferies GREED & Fear)

• FII positioning at multi-year lows → scope for CY26 rally.

• Portfolio changes: Add Ambuja, Ixigo, Lemon Tree; Remove
Reliance, Axis Bank. Reduce ICICI, REC, JSW Energy.

• Long-term India remains “best global structural growth story.”
Banks & Financials (MOSL / MS)

• PNB: Buy, TP ₹130. Robust balance sheet; loan growth 11–12%.

• Axis Bank: OW, TP ₹1,325. Stronger deposit traction; loan growth
above system.

• SBI Life: OW, TP ₹2,250. 13–14% APE growth, VNB margin 26–28%.

• SBI: EW, TP ₹885. Loan growth 11–12%; NIM ~3%.

• L&T Finance: UW, TP ₹143. Credit costs to moderate by FY27.

• BoB: UW, TP ₹235. NIM dip near term, recovery expected.

• Federal Bank: UW, TP ₹165. Conservative on growth, but strong fee income.

Consumer & Industrials

• MOSL on Prince Pipes: Buy, TP ₹440. Demand outlook better H2FY26; ADD clarity awaited.

• Antique on Bajaj Consumer: Buy, TP ₹325. ADHO focus; 11% revenue, 18% earnings CAGR.

Banking & Insurance (MS)

• SBI Life – OW, TP ₹2,250. Strong APE & margin profile.

• Axis Bank – OW, TP ₹1,325. Strong deposit traction.

• SBI – EW, TP ₹885. Balanced outlook.

• M&M Fin – EW, TP ₹282. Credit costs normalizing.

• BoB – UW, TP ₹235. NIM pressures.

• L&T Fin – UW, TP ₹143. Conservative view.

• Federal Bank – UW, TP ₹165. Limited re-rating scope.

• RBL Bank – UW, TP ₹175. Weak growth metrics.
Autos

• Maruti – OW (MS), TP ₹18,360. First-time buyer demand revival.

• Hero MotoCorp – Buy (Citi), TP ₹6,100.

• Eicher – Buy (Citi), TP ₹7,850.

• Bajaj Auto – Sell (Citi), TP ₹7,900.

• TVS Motors – Sell (Citi), TP ₹2,800.

Power & Infra

• Adani Power – OW (MS), TP ₹818. Capacity, earnings to 3x by FY33.

• JSW Energy – OW (MS), TP ₹659; Buy (Jefferies), TP ₹700. Hydro acquisition positive.

Industrials & Wires

• KEI Industries – Buy (Jefferies), TP ₹4,855. Demand uptick in infra capex.

Consumer & Hotels

• Indian Hotels – Neutral (Macquarie), TP ₹780.

• Cohance Life – Buy (GS), TP ₹1,075.

• PayTM – Neutral (BofA), TP ₹1,290.

Strategy (Jefferies)

• FIIs at multi-year underweight; sets stage for CY26 rally. India remains best structural growth market.

Insights for Investors:

• Heavy Adani focus from global brokers indicates renewed institutional confidence.

• Alcoholic beverages theme emerging as high-growth structural play.

• Auto sector split view: 2W demand improving; PVs facing price-sensitivity.

• Banking divergence: PSUs like PNB & SBI stable; private names (Axis, SBI Life) seen as outperformers.

• Structural India bullishness: FIIs underweight positioning sets stage for CY26 catch-up rally.