Bernstein on ICICI Pru MF
Initiate O-P, TP Rs 3500
Co has consistently delivered trifecta of strong fund performance, rising flows, and tight commission control.
This reflects their investment style, & brand
Value it at a premium to peers (in-line with peers on a core-profit multiple) accounting for its enviable trifecta & (relatively larger) alternatives business.
Key-man risk is more pronounced for IPRU AMC than peers
CIO is a driver of their fund performance
While near-term stability is there, eventual succession is a concern.
Offsets include a culture of promoting internally groomed talent who can maintain continuity in investment style (and ideally performance).
HSBC on Tenneco India
Initiate coverage with Buy rating with target price of INR 700; upside 35%
Strong exposure to premiumisation in suspension systems and export growth
Stricter emission norms increase content per vehicle in CAPS division
Premiumisation of passenger vehicle suspensions drives ART growth
India positioned as a low-cost global export hub for parent company
Export revenue CAGR forecast at ~33% during FY26–FY30e
Domestic revenue CAGR estimated at ~12% over the same period
Strong export order book of ~INR20 billion supports growth visibility
Overall FY26–FY30e CAGR of ~14% for revenue and EBITDA
PAT CAGR estimated at ~15% over FY26–FY30e
Margins expected to remain stable at ~18–19% over the medium term
Jefferies on Aavas Fin
Buy, TP Rs 1875
For March Q, Aavas’s AUM grew by 15%YoY (5.8% QoQ) to Rs235bn, in-line with est.
Disbursement grew 16% YoY (8%YoY 3Q) tad ahead of est. but rundown rates were higher too at 19% annualised (16% 3Q) similar to 4QFY25.
AQ improved with GS-3 assets down 12bps QoQ to 1.07% (flat YoY) and 1+DPD down 63bps QoQ to 3.15%.
It added 31 branches in 4Q (35, FY26).
Valuation at 1.5x FY27e P/B appear reasonable, but growth pick up is needed to drive re-rating
CITI on Aavas Fin
Buy, TP Rs 2100
Aavas delivered disbursement growth of 16% YoY and 36% QoQ to Rs23.5bn, marginally ahead of CitiE (>Rs23.1bn).
With prepayments normalizing and BT‑outflows moderating, AUM expanded by 15% YoY and 5.8% QoQ, in line with estimates.
Asset quality improved meaningfully, with 1+DPD declining 63bps to 3.17%, while GS3 eased 12bps to 1.07%
Expect credit costs to remain benign at 10–12bps.
A 15bps PLR cut effective 1 March is expected to pressure yields, with spreads compressing 8–10bps QoQ to 5.25%
Expect Aavas to deliver RoA/RoE of 3.6%/14.9% in 4Q.
Morgan Stanley on Aavas Financiers
Recommendation: Equal-weight; Target: ₹1,600
4QFY26 AUM growth marginal pickup; consensus downgrade likely to continue
5-9% below Refinitiv consensus EPS for FY27 and FY28
Consensus estimate cuts expected
Stock corrected significantly but relative upside at peers
Prefers Aptus and Home First over Aavas at current levels
CLSA on HAL
O-P, TP cut to Rs 5175 from Rs 5436
HAL’s backlog at Rs2.5tn has 14 years of its FY27 product revenue.
Its prospects point to orders of ~US$25bn over FY27-30CL, as expect orders for helicopters, fighters and the Super Sukhoi
Start of Mk1A fighter deliveries in 1QFY27, visibility on GE engine deliveries and the GE 414 MII production deal are key catalysts
Cut FY26-28 EPS 3%-6% assuming a delay in GE engines during FY27
HAL is the cheapest pure-play defence stock despite its sector-leading compelling position.
CLSA on BEL
O-P, TP Rs 522
Govt accelerated emergency procurement of Make in India (MII) defence orders, driving BEL’s order inflow up 65% FY26, 14% ahead of its guidance
Believe best is yet to come in 1HFY27 as BEL looks set for US$6.5bn (80% of backlog) in order wins over the next 12 months from a ~US$12bn pipeline.
This would be led by India’s US$3bn+ QRSAM programme.
BEL also bidding for India’s 5th generation fighter race costing US$12bn with L&T and the Indian S400 system, see as rerating catalyst.
Nomura on BEL
Neutral, TP Rs 435
FY26 OI at INR301bn, exceeding our estimate and company guidance of INR270bn
4QFY26 revenue/EBITDA to grow 12%/9% y-y as FY26 provisional revenue rises 16% y-y
Led by QRSAM, we expect OI to nearly double to INR600bn in FY27F
Trading at 45x/39x FY27F/FY28F EPS
Kotak Inst Eqt on Bharti Airtel
Upgrade to Buy, TP Rs 2250
Bharti’s wireless business performance remains resilient with gradual market share gains and a likely ARPU hike in the near term
Expect three key focus areas—homes, enterprise and data centers (DC)—to witness accelerated capex spends and growth in coming years.
Lower capex over FY2026-28E (21-22% of revenue versus 30% historically) would drive deleveraging and increase shareholder payouts
Believe concerns around capital allocation in NBFC are overdone & recent stock price correction makes risk-reward attractive with stock trading at 8X EV/EBITDA FY2028E
Morgan Stanley on Indian Auto and Shared Mobility
Retail momentum holds, EV penetration rise sharply
March retail aided by early onset of Chaitra Navratri and marriage season
Margin pressure appears to be rising
Price hikes are key monitors
M&M, TVS, MSIL and Hero are preferred OEM
E2W penetration improved 3.3% month on month to 9.8%
TVS remains the number one E2W player with 25.9% market share
EV penetration jumped from 1.5% MoM to 4.9%
Jefferies on India Autos – March Volume Update
Strong double-digit wholesale and registration growth in March
Tractors up 27% year-on-year and 2W up 14%17% year-on-year
Several OEMs highlighted ongoing geo political issue as key risk
March wholesale grew between 24 to 29% year-on-year for TMPV/MM/TVSL
Motilal Oswal on Ashok Leyland
MGMT Meet KTAs
Maintain buy with target price of ₹185
Domestic CV demand, which had revived post-GST rate cut, has sustained even in March 26
Demand revival has been positive across all CV segments
Further, to gain share, co plans a major expansion in Western India with 30 new touchpoints to be added to its current strength of 150 in the region
To factor in the risks due to the ongoing West Asia conflict, we have now lowered our estimates by 13% each for FY27E/FY28E
Citi on Endurance Technologies
Recommendation: Buy; Target: ₹2,900
Estimates trimmed on conservative demand growth outlook
Rising commodity costs expected to pressure margins ahead
Rolls forward valuation to September 27E at target P/E of 37x
