Fund Houses’ Recommendations

Goldman Sachs (GS)

Marico: Buy, Target Price ₹830/share — Positive view on international growth and domestic recovery.

Q2 Earnings Outlook: Upgrades seen in Consumer Discretionary (ex-Autos), IT, and Commodity Cyclicals — Positive Sector Bias.

Morgan Stanley (MS)

AU Small Finance Bank: Overweight, Target Price ₹1,000/share — Strong deposit traction and balance sheet strength.

RBL Bank: Underweight, Target Price ₹175/share — Asset quality concerns persist.

Citi Research

Kotak Mahindra Bank: Buy, Target Price ₹2,525/share — Solid loan growth and improving margins.

Bank of Baroda: Buy, Target Price ₹310/share — Robust business momentum; valuations attractive.

AU Small Finance Bank: Retail disbursements (ex-gold loans) at ₹15,000 crore, up 12% QoQ and 18% YoY — Positive.

HDFC Bank: Buy, Target Price ₹1,180/share — Margins stable; valuations reasonable. (Neutral outlook).

L&T Finance: Gross advances up 22.4% YoY, ahead of estimates — Positive.

DMart: Sell, Target Price ₹3,300/share — Valuations stretched amid slower revenue growth.

IndusInd Bank: Sell, Target Price ₹765/share — Profitability pressure expected due to funding cost trends.

Jefferies

JSW Cement: Buy, Target Price ₹170/share — Growth visibility supported by capex cycle and demand recovery.

HSBC

Varun Beverages (VBL): Buy, Target Price ₹640/share — Strong volume momentum and margin outlook.

JP Morgan

Indian Hotels: Overweight, Target Price ₹890/share — Sustained recovery in occupancy and ARR.

Mahindra Finance: Overweight, Target Price ₹330/share — Rural recovery supports asset growth.

DMart: Neutral, Target Price ₹4,350/share — Slower-than-expected topline growth post strong rally.

Macquarie

Adani Ports: Outperform, Target Price ₹1,760/share — Healthy cargo volume and margin resilience.

Bernstein

HDFC Bank: Outperform, Target Price ₹1,150/share — Core profitability intact; balance sheet remains strong.

CLSA

Nykaa: Outperform, Target Price ₹260/share — Improving unit economics and growth in BPC and fashion segments.

Motilal Oswal (MOSL)

Max Financial Services: Upgrade to Buy, Target Price ₹2,000/share — Strong premium growth outlook.

HDFC Life: Upgrade to Buy, Target Price ₹910/share — Healthy protection mix; margin expansion likely.

Insurance Sector View: MOSL expects insurance penetration and margin growth to improve, led by selective upgrades in Max Financials and HDFC Life — Positive.

UBS

L&T Finance: Disbursements up 25% YoY (vs UBS est. 17%) and Retail AUM up 17% YoY — Beat; Positive.

Bank of Baroda: Sequential acceleration in loans and deposits above estimates — Positive.

Kotak Mahindra Bank: Sustained business traction — Positive.

DMart: Q2 revenue up 15.4% YoY (below UBS est. 18%) — Neutral.

Goldman Sachs on DMart: Sell, Target Price ₹3,370/share — Slower growth; high valuations limit upside.