Jefferies on Adani Ent
Buy, TP Rs 3000
NMIA’s inauguration marks a strategic expansion in India’s aviation infra, easing congestion for MMR.
Phase-1 adds 20mn pax capacity (total: 90mn), & bridges gaps to underserved regions
AEL’s dual airport strategy— owning NMIA/MIAL—enables coordinated slot allocation & removes intraregional competition
A strong non-aero focus across retail, hospitality, & RE should enhance monetisation, positioning NMIA as a high-growth asset in Adani’s airport portfolio
Antique on Precision Wires
Initiates coverage with a BUY rating; Target Price: ₹281
Leading copper winding wire manufacturer catering to Power, Consumer Durables (ACs), Railways, Data Centers & EVs/Hybrids
EVs/Hybrids use 2-3x more copper than ICE vehicles, driving strong demand
Backward integration through copper recycling/refining to enhance margins & supply security
Premium product mix + integration expected to drive >2x EBITDA growth (FY25–28E)
CAGR FY25–28E: Revenue +16% | EBITDA +35% | PAT +38%
EBITDA margin set to rise to 6.5% (from 4.1% in FY25)
Strong balance sheet with ₹233.5 Cr net cash (FY25)
JM Financial on Niva Bupa
Initiates coverage on Niva Bupa – Add, TP Rs88
Health insurance industry growing in high teens; Niva Bupa’s GWP CAGR 25% (FY25-28E), then 20-25%
Growth subdued in 2HFY25 due to premium amortization; normalizing from 2HFY26
Combined ratio: 101% in FY25, improving to ~99% by FY28E
PAT down 27% YoY in FY26E, recovers to Rs 460cr by FY28E
Positives: strong distribution, scale benefits; risks: high claims, margin pressure
Trades at 96/62/33x FY26/FY27/FY28E EPS and 1.8/1.4/1.2x GWP, implying premium vs peers
Earnings catch-up likely from FY28E
Nomura on Prestige
Buy, TP Rs 1900
Co’s presales grew 50% y-y to Rs 60bn in quarter (ahead of est. Rs 47bn)
Beat driven by one more plotted development launch towards fag end of the quarter (Crystal Lawns – GDVINR5.3bn, which was not accounted for )
& stronger-than-expected sustenance sales of roughly Rs 40bn
One key theme which believe is reflecting in 2QFY26 reported nos is strong sustenance sales from existing inventory
MS on Prestige
TP: Rs 1,900, maintain Overweight
2QFY26 pre-sales: Rs 6,000cr (+50% YoY), 26% above estimate
1HFY26 pre-sales: 70% of FY26 midpoint guidance (Rs 26,000cr, +53% YoY)
Pending launch pipeline: ~Rs 28,400cr (as of 1QFY26), provides strong visibility toward FY26 guidance (Rs 25,000-27,000cr)
2Q LTM pre-sales: +65% YoY (1Q: +30% YoY), strongest among peers
Collections: Rs 4,210cr (+54% YoY); 1H collections up 55% YoY
Strongest FY26 pre-sales growth among peers, aided by diversification and market share gains in Mumbai and NCR
Upside driver: Crystal Lawns, Bangalore launch (Rs540cr GDV);
total 3.87 msf new launches in 2Q across Bangalore & NCR
GS on Interglobe Aviation
Buy, TP Rs 6000
Recent trends highlight a moderation in domestic air traffic, though international traffic continues to demonstrate strong growth
With capacity expansion and robust demand across global routes, expect international travel to remain the primary engine for growth in coming quarters
Expect market leader IndiGo to deliver 11% CAGR (FY25-28E) in ASK driven by 19% CAGR (FY25-28E) in International expansion.
IndiGo is well-positioned to capitalise on international with better pricing, and a more extensive pipeline of new routes, helping it sustain growth.
MS on Energy & Chemicals
Indian energy markets are diffusing across oil, gas, biofuels, chemicals, and photons, driving tech-led capital realignment
his supports large-cap integrated energy plays amid SOE reforms, robust domestic demand, and a China anti-involution pivot
Prefer RIL, PI, Tata Chemicals, and OMCs.
CLSA on PVR
O-P, TP Rs 1920
Indian gross box office collections up 20% YoY YTD & festive season ahead should help to allay concerns over structural risks for multiplexes, including from streaming services
India has immense movie content and YTD Bollywood/Hollywood film releases are up by ~25% YoY.
Meanwhile sector leader PVR Inox with 1,743 screens across 111 cities continues to expand, funded by internal accruals.
CLSA on IRB Infra
O-P, TP Rs 72
2QFY26 tolling trends was that overall toll growth improved to 9% YTD vs 8% in 1Q despite early arrival of monsoons as of Sep 2025 & 2Q tolls rose 11% YoY
Importantly, toll growth rate doubled in FY26 YTD at 100% owned (6% YoY) and Public InvIT (7% YoY), while tolls at its private Infrastructure Trust (InvIT) assets rose 11%.
Toll revenue from its flagship Mumbai-Pune e-way is up 4% YoY in 1HFY26 vs 2% over same period in FY25.
IRB InvIT’s board approved debt refinancing, which should support its dividends
CITI on Eternal
Buy, TP raised to Rs 395 from Rs320
Growth momentum in Blinkit remains stellar – focus on user acquisition is visible in acceleration in app-traffic, continued investment in dark store expansion, & new cities additions
Believe, this has further solidified Blinkit’s market leadership in recent Qs, driving upside to growth and margins –
Now expect FY26/27E QC GOV growth at 123%/57% YoY.
Expect Adj EBITDA margin break-even in 3QFY26 & further expansion to 1.9%/3.0% of GOV in FY27/28E
On Food Delivery, continue to expect stable trends with growth in mid-high teens range and margins at 4.3/4.5% in FY26/27E.
CITI on Lupin
Buy, TP Rs 2260
Lupin is setting up a new respiratory facility in US with investments of US$250m over next five years.
Given respiratory is an important segment for the company, having an additional facility in the US will help co de-risk its complex inhaler pipeline
Separately, investment in US may also help the company smoothly navigate geopolitical risks like tariffs as have seen Trump administration’s recent softer stance on cos making investment announcements
MOSL on Delhivery
Target Price: ₹540 | Rating: Buy maintained
Processed 104.4M shipments in Sept’25 — strong festive start
PTL & Supply Chain Services remain high-growth, underpenetrated segments
Core margin expansion driving capital efficiency
EBITDA margins expected to sustain at 16–18% over next 2 yrs
Forecast CAGR (FY25–28): Sales +14% | EBITDA +38% | APAT +53%
Citi on Swiggy
Target Price: ₹495 (↑ from ₹465) | Rating: Buy
Food Delivery: GOV +19% YoY | Revenue +21% YoY | Adj. EBITDA margin 2.8%
Quick Commerce: GOV +23% QoQ / +106% YoY | Revenue +26% QoQ / +111% YoY | Margins -2.9%
Overall: Revenue +64% YoY | Adj. EBITDA loss ₹760 Cr | Cash burn ₹950 Cr
Cash balance: ~₹6,800 Cr (post Rapido stake sale) | QC near breakeven in 1–3 qtrs
Jefferies on Pharma
Stable trends for leading generic players except Zydus
Generics surged in Sacubitril Valsartan (Entresto) led by Alkem and Zydus
Cipla launched Paclitaxel and gained share in Albuterol, Hydrocortisone and generic Revlimid, though it lost share in Lanreotide
Sun’s specialty drugs Ilumya and Cequa posted strong year-over-year growth
Dr Reddy’s gains market share in generic Ciprodex, stable in generic Vascepa while losing in generic Revlimid
Zydus weak in generic Asacol HD
UBS on ABB
Recommendation Neutral; Target Rs5360
ABB Parent exits Robotics business; No major impact on ABB India
Robotics division accounted for 4%/2.3% of ABB India revenue/PBIT (CY24)
Parent’s deal value implies India Robotics value at Rs 60-70 vs our valuation of Rs 120
MS on Schloss Bangalore
Recommendation Overweight; Target Rs562
Believe the share price will rise over the next 60 days
Q2 saw moderation, but expect trends to improve in Q3
Expect hotel industry Q2 RevPAR growth to moderate from double digits to high-single digits
Macquarie on IRCTC
Recommendation Outperform; Target Rs900
Trinity Spotlight: RoCE, Free Cash Flow underappreciated
See high potential for re-rating for IRCTC, notwithstanding the company’s public-sector roots
Re-rating could be driven by a better appreciation of IRCTC’s impressive ROCE and FCF
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