Citi on Colgate Target ₹2,000 | Recommendation: Sell Focus on balanced growth, though margin trade-offs persist. Significant runway to increase oral-care consumption. Growth expected to become more balanced across volume, price and mix. Driving consumption through greater availability and affordability. Premiumisation remains the key growth engine.
JPMorgan on Colgate Target ₹2,250 | Recommendation: Neutral Premiumisation takes centre stage. Growth ahead of margins. Growth to be balanced across volume, price and mix. Premiumisation is the biggest growth lever. Margins likely to moderate in the near term.
Goldman Sachs on Colgate Maintains Sell; target price at ₹2,050 Growth strategy focused on volume, premiumisation and low single-digit pricing. Toothpaste penetration near 100 per cent; consumption frequency remains the key growth runway. Urban non-twice-daily brushers decline to 76 per cent from 80 per cent; rural non-daily brushers at 45 per cent vs 55 per cent. Per capita usage rising gradually to 1.07x in 2025 vs 1.00x in 2023. Premium mix increases to 18.6 per cent in YTD26 from 14.8 per cent in 2023. Sensitive toothpaste sub-category growing around 10x the overall category pace. Gross margin expected at 69–70 per cent, supported by FTG savings. EBITDA growth expected to lag sales as advertising spend rises above 16 per cent. E-commerce contribution around 2x the category average and fully accretive. No timeline for portfolio expansion beyond oral care.
Jefferies on defence and power equipment Power equipment players drive margin uptick. Hitachi Energy and Siemens Energy saw margin expansion of 410-450 bps YoY, driven by operating leverage. BHEL’s margins turned positive YoY. Commodity prices impacted margins of others ex-defence. Remain positive on defence and T&D equipment. Top picks: Siemens Energy, Hitachi Energy, Hindustan Aeronautics, L&T and KEI. BHEL – Maintain Underperform; hike TP to ₹270 from ₹220. Siemens – Maintain Hold; hike TP to ₹4,415 from ₹4,000. Hindustan Aeronautics – Maintain Buy; hike TP to ₹6,800 from ₹6,300. KEI Industries – Maintain Buy; hike TP to ₹6,920 from ₹6,150. BEL – Maintain Buy; cut TP to ₹490 from ₹550.
Citi on India autos | Sector outlook 11 of 19 stocks beat EBITDA estimates in 1QFY27. Demand outlook better than expected despite monsoon and inflation concerns. Managements guide for high-single to low-double-digit volume growth. Capacity expansion announcements reflect confidence in demand growth. 1Q margins declined YoY, cushioned by tight cost control. Elevated commodity costs could impact 2Q margins. Sector-wide price hikes taken in July to support margins. West Asia geopolitical disruption had minimal impact on volumes. EV focus driving incremental volumes across several OEMs. Top picks: Maruti, Eicher Motors and Mahindra & Mahindra.
CLSA on auto sector Retail registrations continue to be healthy for August 2026. Auto retail registrations continued to witness healthy growth, with the festive season approaching. During the first 15 days of August 2026, retail registrations grew 16 per cent / 4 per cent / 5 per cent / 14 per cent YoY in 2W / PV / CV / tractors.
Jefferies on Belrise Recommendation: Accumulate Target ₹280 | Earlier target ₹250 Decent June quarter; expanding footprint. Cost pressures behind; sanguine on full-year margin. Good new order traction; expanding beyond autos.
Citi on India equity strategy BSE100 EBITDA and PAT growth at 6 per cent and 9 per cent YoY, well above preview estimates. Top-line growth at 14 per cent YoY excluding energy, ahead of estimates. Margin pressure seen across consumer, industrial and financial sectors. FY27/FY28 earnings estimates unchanged since July. Nifty target at 26,800 for June 2027, based on 18x one-year forward PE. Positive drivers: GST tailwind, wage hikes and credit growth. Key risks: AI productivity impact and elevated crude costs. Constructive on financials, telecom, healthcare and utilities. Underweight on IT services, staples and metals.
Citi on India industrials Defence: Demand is underpinned by a broad-based programme pipeline. Procurement is widening in areas such as electronic warfare, autonomous systems and counter systems. Some demand should gradually become recurring in nature, as an increasing installed base drives demand for services/lifecycle support. Power infra and utilities: Grid connectivity, land and equipment availability are key execution constraints. Capex remains broad-based across generation, storage, transmission and distribution.
HSBC on AC sector Blue Star – Upgrade to Buy from Hold; TP at ₹1,780. Voltas – Maintain Buy; cut TP to ₹1,450 from ₹1,460. A strong quarter for the India cooling industry. The RAC industry grew 25 per cent in Q1FY27, with estimated volume growth of 20-22 per cent. Voltas fared better than Blue Star. Looking at summer sales (Jan-Jun), Blue Star had stable margins despite the slow growth from a high base.
DAM Capital on Milky Mist Target ₹175 | Recommendation: Accumulate Pure-play exposure to dairy’s fastest-growing categories. Margins built on mix amid higher working capital. GST rationalisation: a durable accelerant to formalisation. Best-in-class margin structure, defended through a difficult cost cycle. Ad-spends well below FMCG players; margin expansion creates room to scale it.
Jefferies on Radico Khaitan Target ₹5,200 | Recommendation: Accumulate Alcobev industry is entering a multi-year premiumisation cycle. Trend most evident in vodka, where Radico is the market leader. Strong innovation, execution and a supportive regulatory environment. Radico to deliver sector-leading growth in its premium portfolio. Premium mix and India-UK FTA benefits are expected to drive continued margin expansion.
Nuvama on BSE Downgrades to Hold from Buy; target price cut to ₹3,240 from ₹4,090. CAS has reset volumes, with expiry-day decay trading dynamics impaired. Index option volumes under CAS have reset to a new low. RBI bank guarantee norms expected to start impacting from Q4FY27. Q4FY26 presents the toughest base of the cycle. BSE’s contract share at about 51.5 per cent, while ADPTV share stands at about 36 per cent. Further contract share gains offer limited incremental upside. CAS has dragged the volume run-rate to a new low. VIX recovery remains the key swing factor; a move to 16–18 could lift premium per contract and ADPTV.
Citi on Akums Drugs Recommendation: Accumulate Target ₹860 | Earlier target ₹610 Earnings quality improves on CDMO strength. Domestic CDMO remains the key growth driver; other segments stay subdued. Hike FY27E/FY28E EPS estimates by 5 per cent / 10 per cent to reflect a more constructive API pricing outlook.
