BoFA Sec on Phoenix Mills
Initiate Buy, TP Rs 2300
View it as a high-quality compounder with a very healthy balance sheet.
Occupancy uptick, mark-to-market & new malls/offices should drive a 20% EBITDA CAGR over FY26-29E, accelerating annually.
India offers a long runway for retail capacity addition, with Phoenix Mills set to remain active in acquiring new land.
Jefferies on SBI
Buy, TP Rs 1320
Forum takeaways
Chairman pointed that economy is holding-up well despite concerns & bank is focused on consistent growth & profitability, operating efficiencies, scale-up in segments like self-employed & professional loans, retail current deposits, wealth mgt, improving cross-sells & digitization
This can aid 13-15% growth in loans, ROE of 15%+ with ROA of 1%+
Jefferies on Ultratech Cement
Buy, TP Rs 14065
Forum takeaways
Mgmt highlighted that cement demand has positively surprised in recent months, with strength across segments, supporting its expectation of 7-8% industry growth over next 3-5 years. UTCEM continues to target DD vol growth & marketshare gains.
Recent px hikes have partly stuck, though further hikes may be needed to offset inflation.
Oplev from past investments should support improving ROCE & earnings growth.
Jefferies on Hitachi
Buy, TP Rs 45790
Forum takeaways
Management is confident on power transmission and distribution (T&D) spend being a multi-year growth story in India.
Renewed focus on increasing the share of services in revenues should add to growth ahead.
Battery Energy Storage System (BESS) and Data Centers were highlighted as a huge opportunity in India ahead
Believe 54% EPS CAGR in FY26-29E should drive upside.
Jefferies on Torrent Power
Buy, TP Rs 1780
Forum Takeaways
Management plans to add 3 GW of Pumped Storage Project (PSP) by FY29E.
However, have not factored it in estimates for FY29E-30E, leaving scope for upside.
Transmission infra unavailability is leading to delays in commissioning timelines though our estimates had already factored delays.
Evacuation challenges to remain in near term
Expect 13% EBITDA CAGR over FY26-30E led by 36% CAGR in RE EBITDA
Jefferies on MDR
Govt has notified 40bps MDR on P2M payments above Rs2,000 on UPI; there are some exclusions & caps
This is higher than expectation of 25bps and lifts revenue pool for industry to help expand the market and drive growth
Had factored 25bps for Paytm, but now raise further by 10-12% for FY28-29e & Target price raised to Rs2150
Factor full benefit for Pine Labs leading to 20-25% EPS lift for FY28-29e & Target price raised to Rs235
Jefferies on Lenskart
Fireside Chat with Peyush Bansal
Lenskart’s core vision remains simple – solve vision correction at scale
With eyewear penetration still low, Peyush sees a long runway ahead
Company’s moats rest on customer obsession, technology, and full-stack control
International business is net additive and there are cross-learnings
Focus remains on rapid expansion, with margins expected to follow scale
Nomura on Lupin
Buy, TP Rs 2675
Management meet takeaways
Expressed strong confidence in:
1) sustaining India growth at 1.2-1.3x of market growth in the medium term;
2) execution on complex generics, particularly in the respiratory segment over the next 3-5 years with key filings expected in FY27F;
3) significant product-specific upside from Apixaban 505b(2) in the near term
4) sustaining double-digit growth in the medium term in other markets (outside of India and the US).
Management expects base business EBITDA (without upside from product specific opportunity) to sustain above 20-21% level and intends to raise it to 25% over years with improvement in business mix.
Lupin undertaking the implementation of multiple use cases of artificial intelligence and automation across functions and expects this to drive efficiency gains and cost savings that have not been quantified at this stage
HSBC on SRF
Buy, TP Rs 3300
India gains as China cuts R32 gas exports by c17kt during JanJuly 2026, lending strength to fundamentals in near term
India’s c81kt R32 capacity addition a concern into 2027.
Diversion of quota towards R134a partially offsets oversupply
Pickup in specialty chemicals can catalyse momentum
JPM on Cement
September Cement Dealer checks suggests
1) Southern India has seen some price hikes while most other places continue to see flat pricing but
2) demand is still mostly lackluster.
Most of feedback was as expected, but there have been some positives
September quarter will likely see weaker earnings due to monsoon seasonality and cost pressures.
A late festive season could prolong the lean period but we may be close to the bottom for the cement stocks’ relative performance
Stocks could rebound starting late November – once the seasonality kicks-in for demand and companies are able to raise prices as well
UTCEM is top pick in the sector for investors looking to benefit from the seasonal uptick in the sector.
Kotak Securities IC Bagmane Prime
Recommendation: Add, Target: ₹118
Purpose-built for global occupiers
Six grade-A office assets within SBD and ORR micro-markets of Bengaluru
Most of the feedback was as expected, but there have been some positives
12.6% NOI CAGR expected over FY2026-30E, led by under-construction assets
GCCs to continue driving demand for commercial real estate in India
Drop in occupancy and city concentration remain key risks
Goldman Sachs on Emami
Recommendation: Buy, Target: ₹625
Distinct business unit driven by Emami’s Chief Growth Officer
Target to grow at 20-30% CAGR, while turning profitable
Emami’s core business also likely to see improving growth in FY27
Emami’s valuations at 18x FY28 are ~50% below peers, and we see a catalyst for re-rating
JPMorgan on FMCG
Demand outlook: From recovery to durability
Crude-led inflation clouds FY27 margin outlook
Overseas operations add to earnings volatility
Strategic continuity and execution remain key differentiators
Earnings visibility matters more than cheap valuations
Fmcg sector performance holds up well during inflation upcycle
Hul – Maintain Overweight; Cut TP to Rs 2375 from Rs 2425
Marico – Maintain Overweight; Cut TP to Rs 915 from Rs 960
Godrej Consumer – Maintain Overweight; Cut TP to Rs 1000 from Rs 1050
Dabur – Maintain Neutral; Cut TP to Rs 425 from Rs 485
Colgate – Maintain Neutral; Cut TP to Rs 1976 from Rs 2250
Honasa – Maintain Underweight with TP of Rs 410
Macquarie on GMR Airports
Recommendation: Outperform, Target: ₹120
Aug-26 portfolio traffic grew 0.9% YoY to 9.4 million passengers, supported by Delhi’s 2.7% growth
YTD FY27 traffic rose 0.4% YoY to 49 million; Delhi grew 5.5%, while Hyderabad declined 11.5%
Hyderabad’s fourth control-period tariff order was issued; Bhogapuram commenced operations on 17 August
MOSL IC Turtlemint Fintech
Recommendation: Buy, Target: ₹180
Powering Bharat’s insurance journey
Improving activation + ticket size = revenue growth
Headroom for indirect cost efficiency
A turnaround story: see renewal revenue contribution rising to 25%+ by FY29
Ebitda margin should expand to ~22% by FY29 from ~13% in FY26
Trading at an attractive valuation
