CITI on Voda Idea & Indus Tower
Voda Idea stated that Supreme Court “has permitted GOI to consider grievances of Co on issues relating to AGR”
Believe this could have significant positive ramifications for Voda Idea &, by extension, for Indus Towers
With a large lumpsum amount towards AGR dues coming up for payment by VI to govt. in Mar’26, believe that relief should be forthcoming well ahead of this deadline – ie, in coming weeks & months
Indus Tower – Buy, TP Rs 460
Voda Idea – Buy/High Risk – TP Rs 10
UBS on Indus Tower
Neutral, TP Rs 425
Q2FY26: Broadly in-line results
Indus added c4.3k towers (vs 2.5k in Q1FY26 & 4-8k in prior quarters, ex Q4 when towers were acquired from Bharti) in line with est. & ended the quarter with 256.1k towers
Overall tenancy ratio was down QoQ to 1.62x ( vs 1.63x in Q1FY26 and 1.65x in Q2FY25
Avg. rental per tower was up 1.3% QoQ to Rs 67.9k and average rental per tenant was up 1.4% QoQ to Rs41.7k
CLSA on Indus Tower
High Conviction O-P, TP Rs 520
2QFY26 core revenue of Rs52.4bn, up 11% YoY/3% QoQ, ahead of est.
Reported Ebitda was down 6% YoY/up 5% QoQ at Rs46bn, but when adjusted for collections of past overdue was up 15% YoY/3% QoQ, ahead of est.
Indus tenancy additions were 4,505, below est., yet base is up 10% YoY/1% QoQ
Board’s dividend reinstatement is also awaited
B/S has net cash of Rs29.6bn, with lease liabilities at 118% of debt
Stock at 5.5x 27CL EV/Ebitda
CLSA on Sona BLW
O-p, TP Rs 570
2QFY26 Ebitda margin was 25.3%, 228bps higher than est. despite BEV revenue declining & integration of lower Ebitda margin railway business.
Revenue increased 24% YoY, while BEV revenue declined 17% YoY as one of key global EV customers continued to face challenges for one of its main models.
SONA highlighted that three of its direct competitors in Europe have filed for insolvency due to tough operating conditions, which could potentially lead to SONA receiving more orders from Europe
Nomura on Sona BLW
Buy, TP Raised to Rs 605
Delivering well in tough times
2Q revenue beat led by railways & traction motor
Believe potential business wins from struggling auto component suppliers in EU will be a key upside for Sona
Opportunity size in near-term is EUR 300m, from which Sona can get 15-20% share
Also, with order wins across multiple segments, further ramp-up in traction/ suspension motor, railway, etc will diversify the revenue mix further
STK trades at 39x FY27F EPS, which looks attractive
CITI on Sona BLW
Target Price 610 (vs ₹630) – cut slightly on trimmed estimates
EBITDA slightly above estimates on better revenue and margins; PAT in line due to lower other income
Management cautious on global light vehicle demand softness
Diversified product, segment, and customer base to sustain medium-term growth
Net order book down QoQ after revising OEM volume assumptions
Shift to light/rare-earth-free magnets helping ease supply chain pressures
Estimates marginally reduced; valuation at 42x FY27E EPS
MS on IOC
OW, TP Rs 168
IOCL beat both consensus and MSe core PAT at Rs97bn, adjusted for estimated inventory gain of Rs6.7bn (US$1.8/bbl) and FX losses of Rs14bn.
Integrated margin of US$12.6/bbl (including US$1.5/bbl of LPG loss) was above estimates & mid-cycle: best in two years, despite lower Russia crude.
Marketing volumes grew 5% YoY in F2Q26, above industry growth of 2% as higher fuel refinery margins helped IOCL take share from peers which are less integrated.
Russian crude intake at 19% (vs 24% QoQ); IOCL remains flexible to source US/ other crudes offering best returns
Awaits clarity on future Russian oil imports
Nomura on IOC
Buy, TP Rs 160
2Q beats estimates on strong refining GRM
Reported refining margin of USD10.7/bbl was helped by an inventory gain of USD1.7/bbl (vs an inventory loss of USD4.8/bbl in 1QFY26).
Crude throughput dropped 6% q-q to 17.6mn tons.
Adjusted net income at INR76bn was up 34% q-q
Petchem segment posted EBIT profit of INR1.7bn vs a loss of INR10mn in 1QFY26.
UBS on PNB Hsg
Buy, TP Rs 1200
Steady quarter; CEO appointment awaited
Emerging and affordable now 38% of loan book
Management takeaways
Co reduced its base rate by 10 bp during quarter while cost of fund has declined by nearly 15bps in 1H
Co maintained NIM guidance of 3.7% for FY26
Increase in GNPA in affordable book is largely attributed to seasoning of book & co highlighted that number remains well below peers
There was some negative impact of Monsoon on disbursement which is expected to normalise in 2H
Write off pool remains around Rs10bn which provides visibility to low credit cost for next few quarters
There was an ECL write-back of Rs700m on a standard wholesale account of Rs3.3bn due to early repayment resulting in net write-back of 55bps in quarter
Bernstein on PNB Hsg
Market Weight, TP Rs 1010
Delivered an EPS growth of 24% YoY in Q2, supported by steady retail-led expansion, strong recoveries, & contained credit costs.
However, margin compression & higher non-employee opex partially offset operational gains.
Recoveries remained healthy, while slippages were largely contained despite an uptick in affordable segment.
AuM growth remains healthy, but dip vs past
Co maintained its strategic focus on the Emerging and Affordable segments, which together registered a robust 25% YoY growth.
Management reiterated a loan growth guidance of 17–18% for FY26.
CITI on Bata
Target Price 750 (vs ₹850) – cut on weak Q2 performance and reduced estimates
Revenue down 4% YoY, 9% below estimates, despite store and category expansion, premiumization focus, and early festival season
EBITDA fell 17% YoY (30% below est.); Adj. PAT down 61% YoY (67% below est.)
Growth hit by post-GST deferments and July warehouse disruption
Profitability hurt by higher pre-festive markdowns and elevated marketing spends
FY26-28E revenue cut by 3-4%, EPS cut by 16-24%; TP rolled forward to Sep-27E (30x P/E)
MS on SRF
Target Price: ₹2,175 — reflects refrigerant gas strength but underplays supply risks
Core PAT ₹390 Cr (+93% YoY, -10% QoQ); ~10% below estimates
Chemicals EBIT missed estimates; Strong refrigerant gas performance offset weak specialty chemicals
Packaging underperformed due to softer market volumes
Record quarter overall, led by domestic strength & export recovery
Specialty chemicals remained muted but saw traction in legacy products & new molecule launches
FY27E EV/EBITDA at 24.4x — factors in refrigerant gas tailwinds, but domestic supply risks persist
Citi on Gold
Gold reaches our bearish $4,000 target
Next stop $3,800/oz, material support likely around the 100-day at ~$3,600/oz
President Trump’s shift towards dealmaking and a possible end to the US shutdown-are set to see gold continue to move lower
Jefferies on Financials
Productivity Divergences Across Banks to Reflect in Growth and Profits
Banks’ productivity is divergent on retail deposits & fees, which, in turn, drive divergence in growth & profitability
HDFC Bank, SBI, & IDFC Bank have higher deposit productivity, but PSUs & IndusInd Bank rank lower
On fee/asset, IDFC Bank is higher, larger Pvt Bks in the middle, & PSUs are lower
IDFC Bank may see some drop as it normalizes rates, branch growth, & asset base
BofA on Consumer Durables
Selective festive revival
Mixed festive trends across consumer durables categories
Televisions drive festive demand; upgrades lead growth
Cooling products drag; inventory overhang persists
AC sales may meaningfully pick up only in early Q4 once temperatures begin to rise
Margin and production discipline key for AC players
Jefferies on Supreme Industries
Recommendation Buy; Target Rs5,100
Pipes Volume Growth Strong at +17%; But Margin Misses
Mgmt retains FY26e outlook of +15-16% vs 10% estimates
Mgmt retains operating margins target of 14.5%-15% with benefits from potential ADD
Investec on Adani Energy
Recommendation Buy; Target Rs1,290
Growth fuelled by asset additions and smart meter rollout
Power demand in Mumbai’s distribution area saw subdued growth due to heavy monsoon rains that curtailed electricity usage
EBITDA growth led by strong contribution from transmission and smart meter business
CLSA On Supreme Ind
Maintain Hold, TP Rs4,275
Weak Q2 With 7% YoY Decline In EBITDA, Vol Up 12% YoY, Partly Helped By The Wavin Acqn
FY26 Vol Growth Guidance Of 12%-14%, EBITDA Margin Of 14.5%-15.5%
Mgmt Hopeful Of A Demand Uptick In H2, Driven By Agri & Infra
If Demand Rebounds, Vols May Meet Guidance, But Margin Tgt Seems Hard To Achieve
Nuvama on Realty Sector
Housing sales (by value) down 6% YoY in Sep-25, but up 8% YoY in 9mCY25, driven by a 13% YoY jump in Q3CY25
Launches (by value) fell 12% YoY in Sep-25 and 6% in Q3CY25; still up 3% YoY in 9mCY25
Unsold inventory steady at ~18 months, enabling developers to raise prices
Prices surged across all major cities – up to 39% Yoy in NCR (Sep-25)
Mid-cycle housing stocks now depend on breadth, product mix, and interest rates rather than pre-sales
Top picks: Prestige Estates and Brigade Group
Nuvama on Jubilant Ingrevia
Target Price Rs971 (vs Rs910) – raised on improving specialty mix and CDMO traction
Growth and profitability driven by specialty chemicals segment, with sales up 12% YoY and steady EBITDA margin expansion
Nutrition and chemical intermediates segments faced pricing pressure, impacting profitability
CDMO business gaining traction from Q2FY26; large CDMO order commissioning in early 2026 to support earnings momentum
New molecule additions open up 21,200 cr peak sales potential
FY26E/27E/28E EPS raised by 5.5%/1.5%/1.6%
Elara on Zen Tech
Target Price Rs2,120 (vs Rs2,225), Maintain Buy
Order inflows pushed to H2FY26; mgmt retains 50% sales CAGR for FY25-28E with Rs6,000 cr revenue target
Q2 revenue down 28% YoY to Rs170 cr on simulator order delays; rebound expected in FY27
Orderbook at Rs675 cr (-11% QoQ); subsidiaries add Rs190 cr with strong traction
Expect Rs300 cr anti-drone and Rs650 cr simulator orders by H2FY26
Margins to stay strong at 35% EBITDA / 25% PAT; Buy maintained on solid demand and export potential
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