Jefferies on Shree Cement
Recommendation Buy; Target Price ₹33420, Earlier Target ₹35150
Miss on higher cost; Mgmt reiterates Value over Volume focus
Following weak Sep qtr, cut EBITDA est by ~3-5%
Stock outlook will improve only post any turnaround in Industry Cement prices in Mar qtr
CLSA on Shree Cement
Maintain Outperform, Target Price at ₹32,300
2Q EBITDA in-line, with vol growth of 4% YoY & EBITDA/tonne of ₹1,078
Believes co has traded market share for realisation over the last few quarters
With its target share of premiumisation achieved, it has guided for growth in-line
Expects demand tailwinds post the festive season to lift the sector
MS on Shree Cement
Target price Rs29,600 (maintain Equalweight)
Reports strong Q2 with revenue up 11% vs estimates led by better pricing and UAE ramp-up
EBITDA at z970cr slightly above MS consensus but below Bloomberg consensus due to higher costs
Volumes up 5% YoY premium share rose to 21%
UAE operations strong EBITDA up 18% QOQ
Announces Rs80/share interim dividend record date Nov 3
Guides for 37-38mt volumes in FY26 focusing on value over volume
Notes weak demand and pricing in October amid festive season
GS on Shree Cement
Target Price Rs31,250 (Maintain Neutral)
2QFY26 revenue/EBITDA +1%/ -4% vs GSe; EBITDA/t Rs1,077 (Rs30/t higher excluding one-time power sub-station cost)
Cement & clinker volumes grew 4% YoY; cement +6.8% YoY after several quarters of share loss
Realisations fell 2% QoQ; premium mix improved to 21% (vs 15% YoY) and expected to remain stable
Retained 80 MTPA capacity target; may adjust commissioning pace based on demand
UAE operations strong with revenue up 40% YoY to Rs458cr; EBITDA Rs123cr (second straight quarter >Rs100cr)
FY26/FY27 volume growth cut to 5%/ 14%; EBITDA trimmed -2%/ -5%; multiple raised to 18x on strong UAE performance
CITI on JSW Cement
Target price Rs165 (Initiate with Buy)
Grinding capacity 21.6mt, clinker 6.4mt; to expand to 41.9mt/13mt
Lowest cost curve, strong GGBS market share (84%)
Expect 12% volume CAR FY25-28, EBITDA/t +Rs135 from QIFY26
Net D/EBITDA 2.7x vs 4.3x pre-IPO; attractive EV/t of $107
MS on TVS Motor
Recommendation Overweight; Target Price ₹4022, Earlier Target ₹3933
Q2FY26 – In-Line Quarter; Best Placed to Benefit from Up-cycle
Expect scooterization and premiumization to be the key drivers of growth in the 2W market
Racing ahead – delivering on growth, market share, and margins
CITI on TVS Motor
Target price 2,750 vs ₹2,800 (maintain Sell)
EBITDA slightly below estimates due to higher SG&A; PAT miss from lower other income
GST cuts to boost demand; mgmt expects 8% YoY industry growth in 2HFY26
Urban demand stronger; rural to rebound with good monsoon
Higher valuations vs peers and rising competition; maintain Sell
Jefferies on TVS Motor
Maintain Buy, TP :Rs4,300
2Q EBITDA & PAT Grew 40-44% YoY, In-line With Estimates
Volume Rose 23% YoY, EBITDA Margin Was Flattish QoQ At 12.7%
EBITDA/Vehicle Rose 1% QoQ To A New High
Expects Industry Volume To Rise At 10% CAGR Over FY25-28
Co’s Mkt Share Has Risen To A 22-yr High In Domestic 2Ws & A New High In Exports
Expects Strong 16% Volume & 27% EPS CAGR Over FY25-28
MS on SRF
Target price Rs2,175 (maintain Underweight)
Reiterates 20% FY26 topline growth in chemicals
Confident on ref-gas pricing; expects traction in F2H26 led by new products
Fluorochemicals to benefit from seasonal uptick and volume optimization
Tariff impact mixed; diverting packaging volumes from Thailand unit
CITI on SRF
Target price ₹2,800 vs ₹2,725 (maintain Sell)
Q2 EBITDA ₹770cr (+44% YoY, -7% QoQ) below estimate of ₹900cr
Margins soft in chemicals and packaging films
Up~35% YTD; trades at ~23×1-yr fwd DEV/EBITDA
Continued Chinese competition and procurement delays pose risk
Jefferies on M&M Finance
Recommendation: Hold; Target Price: ₹310 (earlier ₹298)
Q2 PAT beat driven by higher fee & other income; growth outlook modest
Asset quality held steady, though write-offs remained elevated
Expects auto momentum post GST cut to hold up in H2
Projects AUM CAGR of ~14% over FY26–28
MS on M&M Financial
Maintain Equal-weight, Target Price at ₹300/sh
PPoP beat estimate by 4%
PAT missed estimate by 8% as credit cost rose with coverage build-up
Raises EPS estimates by 3% for FY26 & 1% for FY27, assuming higher NIM plus fees
Sees good downside protection but cannot justify meaningful upside
Management was upbeat on festive season demand & expects H2FY26 to be better than H1
CITI on M&M Financial
Target price Rs345 vs Rs292 (maintain Buy)
Lower GS2/GS3 volatility though credit cost rose to 2.5%
NIM up 30bps on funding cost benefit and dividend income
AUM +4% QoQ led by trade advances, SME, tractors, and pre-owned vehicles
Raise FY26-28E earnings by 2%; assign 1.8x Dec’26 book
Jefferies on AMCs
SEBI’s Consultation Paper on MFs Is Risk to Earnings
Cut of 5 bps in equity exit loads can impact FY27 PBT for HDFC AMC & Nippon AMC by 30-33%
Cut in cash market brokerage fees from 12 bps to 2 bps to bring equity schemes in-line with arbitrage funds
If implemented, it may be negative for institutional brokers including 360 ONE and Nuvama
TER to be lowered as statutory charges to be levied separately – change may be neutral to earnings
MS on HDFC AMC
Recommendation Equal-weight; Target Price ₹5400
SEBI reintroduces proposal for rationalization of total expense ratio
Final impact will depend on industry feedback
Some offset from passthrough of statutory levies to customers and some to distributors
Citi on Indus Towers
Recommendation Buy; Target Price ₹500, Earlier Target ₹460
Q2: Mixed Qtr, But VI’s Improved Circumstance Lifts Outlook
FCF sequentially down; cash balance remains healthy
Africa foray – organic, debt-funded
UBS India Strategy
Forecast the index to surpass last September’s highs by year-end
See double-digit EPS growth and falling 10-year Indian government bond yields, to supports current valuations
Tariff negotiations with the US are progressing
Expect a final deal by year-end or early next year, an interim agreement may be reached earlier than that
Although this is already a consensus view, further gains in the Nifty index are unlikely
Jefferies on Adani Energy
Recommendation Buy; Target Price ₹1100
Profit in line; FY26E capex guidance largely maintained
Sep-Qtr EBITDA was 4% above estimates on better operational performance in the transmission segment
Smart metering is a new high-growth area
Investec on Star Health
Recommendation Sell; Target Price ₹425
Another quarter, another miss; another quarter of elevated claims ratio
Market share stable on a YoY basis
Continues to be in a tough spot
One positive was new premium growth in agency for H1
CITI on Indian Banks
Private banks Q2F26 NII/PAT up 2%/ 6% ahead of Citi estimates
ROA/ROE at 1.68%/ 12.7% with earnings downgrade cycle halted
NIMs improved for most banks Federal +12bps AU +10bps ICICI +3bps marginal dip for Axis – 7bps and HDFC -8bps
Fresh slippages lower credit costs moderated across most banks
Loan growth picked up deposits lagged raising loan-to-deposit ratios
Citi expects strong growth stable margins limited asset quality risks
Top picks HDFC Bank RBL Bank AU Small Finance Bank
Jefferies on Go Digit
Recommendation Buy; Target Price ₹440, Earlier Target ₹410
Sep Qtr: In-Line Results; Healthy Pick-up in Motor to Aid Earnings
Pickup in motor growth may lead to upfront costs but improve earnings visibility
Easing of competitive intensity is also key
CITI on Go Digit
Target price Rs420 vs Rs410 (maintain Buy)
PBT +52% YoY; underwriting loss ratio improved to -11.8%
Carrying unrealized gains of Rs680cr (~88% of HIFY26 investment income)
Market share rising across key categories; strong B2B scale-up
Marginal estimate tweaks (-2% to +1%) on mix impact
Nuvama on Kfin Tech
Target price Rs1,480 (vs Rs1,540); Maintain Buy
Posted 10.3% YoY revenue growth in Q2FY26, driven by strong MF segment performance
Issuer Solutions rose 15.5% YoY to Rs48.3 cr, supported by IPO rebound and corporate activity
EBIT margin at 37.9% (-129 bps Yoy / +282 bps QOQ); improvement seen across segments
Consolidated EBIT/APAT grew 6.6%/ 4.5% YoY, beating estimates
Valued on SOTP basis, implying FY27E/28E PE of 52.1x/41.9x
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