1. UBS on Coforge
Initiate Neutral, TP Rs 1240
Coforge has consistently delivered strong growth driven by execution, with organic growth of c13-15% over FY24-25 (overall growth of c15-30%)
Estimate revenue CAGR of 15% over FY26-28E
Stock has corrected 35% YTD, with PEG ratio of 0.8x seeming attractive
However, have some concerns :
1) acquisitive nature of co (concerns persist around dilution and integration)
2) relatively weaker positioning for GenAI as per VECTOR framework
Therefore, believe risk reward seems balanced now
2. MOSL on Coforge
Buy, TP Rs 1880
Since US–Iran conflict broke out, STK has decline of 9-10% (45% from its peak) & underperformed some of its mid-cap peers by 2-9%
Coforge seems to have two disadvantages vs peers:
(1) relatively higher exposure to the travel vertical vs peers,
(2) Middle East exposure.
Even so, believe the stock is currently pricing in an extreme bear-case scenario
At current levels, valuations appear attractive (19x/15x FY27/28E P/E)
3. HSBC on Max Healthcare
Upgrade to Buy, TP raised to Rs 1125 from Rs 1060
Think Max has ample growth drivers to support earnings growth
Bake in EPS CAGR of 28.5% over FY26-28e
Robust growth outlook and execution outweigh short-term issues (e.g. loss of top doctors, MVT disruptions)
Positive on:
a) net addition of 2,240 beds (43% capacity addition) between now & FY28e, of which 60% will be brownfield beds
b) economies of scale benefit from brownfield additions
c) scale-up of recent large format hospitals at Noida and Dwarka
d) access to a large pool of CGHS patients which has been helping it to quickly fill occupancy and cover fixed costs at new hospitals
4. KOTAK BANK ; Bank Set to acquire Deutsche Bank’s retail business in Rs 4,500-crore deal
Deal expected to signed and announced next week.; Reports
Bank likely selected as preferred buyer outbidding Federal Bank
Deal part of Deutsche group’s retail exit strategy (consolidation)
Note : Deutsche bank has Rs 27k cr retail and loan deposit book
Wealth management business expected to be around Rs 7000cr
5. MS in ITC
EW, TP Rs 346
Sharp tax increases are unprecedented & lead to uncertainty.
ITC shares are down 25% YTD (vs. BSE Sensex – 10%)
Think incremental pricing actions & impact on volumes and EBIT growth in 1QF27 could be key catalyst.
6. MS on Grasim
OW, TP Rs 3865
Management meet takeaways,
Paints – Clear execution roadmap with Rs100bn revenue target in 3 years of full commercial launch (by 2028); currently on track with strong supply-side build-out.
B2B e-commerce • Asset-light B2B digital platform addressing inefficiencies in building materials procurement (pricing, availability, fragmentation)
Cellulose • Increasingly focus is on high-margin, value-added products like Lyocell – 110kt capacity expansion is underway & should be commissioned in two phases with first phase of 55kt starting F2028.
Chemicals • Strategy has been to shift from commodity-caustic to higher-value derivatives and specialty epoxy
7. MS on MFIs
Govt. has announced a Credit Guarantee Scheme for MFIs, effective 20 March 2026
This applies to loans sanctioned by lending institutions (banks, FIs, etc.) to NBFC MFIs/MFIs for on-lending to small borrowers
This is applicable up to 30 June 2026 or until guarantees for amount Rs200bn are issued, whichever is earlier.
Prima facie, this appears to be positive for MFIs as they recover from an asset quality cycle and rebuild their loan books.
However, need clarity on
Is the Rs3bn cap per lending institution or across all lenders?
Does MFI include diversified NBFCs lending in the MFI segment?
Is lending rate capped at the lower or upper of EBLR/MCLR + 2ppt?
8. DAM Capital on Premier Energies
Buy, TP Rs 1295
Plant visit takeaways,
Reinforced strong conviction that Premier is steadily developing a strong competitive moat through its technological and execution capabilities which would be difficult for competitors to replicate.
Co.’s superior positioning is on the back of its ability to
1) achieve best-in-class cell efficiency,
2) commission and stabilize cell plant without any tech tie-up,
3) ramp-up solar cell lines within 4-6months (vs 12-18months for peers)
4) drive product innovation through its in-house R&D (G12R cells, zero busbar cells, etc)
9. MOSL on Kalyan Jewellers
Buy, TP Rs 550
Demand in India remains resilient despite a spike in gold prices
Geopolitical issues may hit MENA business in near-term
India store expansion drive to continue
Candere turns profitable; growth momentum remains strong
EBITDA margin expansion led by mix and operating leverage
Deleveraging and lower finance costs to support profitability
10. Nuvama on Allied Blenders
Buy, TP Rs 670
Management meet Key insights
i) Q3 weakness was regulatory-led (Telangana destocking, Maharashtra policy impact) with Q4 to rebound.
ii) Premiumisation continues and to reach ~50% of mix by FY28 (47% in 9MFY26).
iii) ABD Maestro (80%/20% JV of ABD/Ranveer Singh) gaining traction with new launches (Rangeela, Yello) and luxury positioning (The Collective).
iv) Favourable RM basket, India-UK FTA and backward integration to expand EBITDA margin to 17–18% by FY28 (13.2% in 9MFY26)
11. CLSA on ASK Auto
O-P, TP Rs 640
Honda Motorcycle & Scooter India (HMSI) is set to expand its capacity by 28%, jumping from 6.25mn to 8mn units annually, powered by a Rs15bn expansion at its Tapukara plant
Move cements Honda’s push to offer compelling products and services.
For ASK Automotive (ASK), which derives c.35% revenue from HMSI, this expansion is a structural tailwind.
And with HMSI yet to fully unleash its electric 2W portfolio—where content per vehicle is 30–50% higher than ICE—ASK stands perfectly positioned for next wave of growth
12. MS on Grasim
OW, TP Rs 3865
Management meet takeaways,
Paints – Clear execution roadmap with Rs100bn revenue target in 3 years of full commercial launch (by 2028); currently on track with strong supply-side build-out.
B2B e-commerce • Asset-light B2B digital platform addressing inefficiencies in building materials procurement (pricing, availability, fragmentation)
Cellulose • Increasingly focus is on high-margin, value-added products like Lyocell – 110kt capacity expansion is underway & should be commissioned in two phases with first phase of 55kt starting F2028.
Chemicals • Strategy has been to shift from commodity-caustic to higher-value derivatives and specialty epoxy
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