Fund House Recommendations — 1 Oct 2025

Cement & Infrastructure

CLSA on UltraTech Cement: Maintain Outperform; Target Price ₹14,700/sh. (Positive outlook, sector demand resilience)

Financials

CLSA on Muthoot Finance: Maintain Outperform; TP raised to ₹3,600/sh. (Positive – strong gold loan momentum)

CLSA on Manappuram Finance: Maintain Outperform; TP raised to ₹310/sh. (Positive – diversified loan book traction)

Morgan Stanley on Shriram Finance: Maintain Overweight; TP ₹785/sh. (Positive – stable asset quality, steady growth)

Consumer & Manufacturing

JP Morgan on Dixon Tech: Maintain Overweight; TP ₹19,500/sh. (Positive – EMS expansion, strong order visibility)

Jefferies on Consumer Sector: Highlights Amber & Syrma’s applications for PCB manufacturing under Govt Components Scheme; Dixon foraying into cameras & display modules. (Positive – sectoral expansion play)

Morgan Stanley on Consumer Sector: View: Early festive season expected to favor urban consumption in Q3. (Positive sector sentiment)

Healthcare & Pharma

Citi on Sun Pharma: Maintain Buy; TP ₹2,180/sh. (Positive – specialty and US pipeline support growth)

Technology & Digital

JP Morgan on KPIT Tech: Maintain Overweight; TP cut to ₹1,400/sh. (Neutral – valuation sensitivity, auto-tech growth intact)

CLSA on Nazara Tech: Maintain Underperform; TP ₹166/sh. (Neutral – monetization challenges, execution risk)

Renewables & Energy

UBS on Vikram Solar: Maintain Neutral; TP ₹355/sh. (Neutral – waiting for clarity on execution pipeline and margins)

Financial/Services Tech

Jefferies on CMS Info Systems: Maintain Buy; TP cut to ₹445/sh. (Neutral – cautious on earnings trajectory)

Overall Sentiment:

Positive bias in cement, gold finance, EMS/consumer electronics, pharma.

Neutral to cautious stance in tech/renewables with selective downgrades.

Jefferies on EMS Companies

Amber & Syrma: Applied for PCB manufacturing under the Government’s Components Scheme.

Dixon: Expanding into camera and display module manufacturing.

Industry Outlook

PCB manufacturing: ₹18–20M capex per line, ~1x asset turns, ~15% OPM at scale.

EMS capex outlook: ₹90bn estimated for FY26–28e, vs. ₹58bn in FY23–25.

Company Insights

Amber: Electronics division share projected at 30%+ by FY28e (vs. 22% in FY25).

Syrma: PCB business a new foray, contribution expected to be <5% of sales by FY29e.