Nuvama on Varun Beverages
TP ₹595 vs ₹606 (Buy). Weak Q3CY25 as expected; entry into AlcoBev via Carlsberg pilot in Africa.
EPS cut ~5%.
Nuvama on Star Health
TP ₹550 vs ₹490 (Buy). GWP +11.5% YoY; underwriting profit ₹210 cr (+8.3x YoY).
Nuvama on Jindal Steel
TP ₹1,400 vs ₹1,426 (Buy). Q2FY26 EBITDA ₹1,875 cr (in line). Net debt down ₹240 cr QoQ.
BofA on Dr Reddy
TP ₹1,600 (Buy). Sema opportunity delayed but intact; expects $160 mn in FY27 from Canada.
Morgan Stanley on Dr Reddy
TP ₹1,389 (Equal-weight). Delay in Canadian approval may impact FY27 earnings.
Morgan Stanley on Varun Beverages
TP ₹600 (Overweight). Carlsberg Africa distribution adds new growth vertical.
Morgan Stanley on L&T
TP ₹4,090 (Overweight). Orders +54% YoY; ROE 17.2%. Strong infra outlook.
Goldman Sachs on L&T
TP ₹3,740 (Neutral). Slower execution but solid order visibility.
Morgan Stanley on CG Power
TP ₹799 (Overweight). Orders +81% YoY; export share to rise to 20%.
Morgan Stanley on SAIL
TP ₹140 (Equal-weight). EBITDA beat estimates; PAT ₹430 cr vs est ₹120 cr.
Elara on Coal India
TP ₹432 (Accumulate). Weak Q2; EBITDA margin 22%. Earnings cut 19–21%.
Citi on Coal India
Neutral; TP cut to ₹370 from ₹375. Limited upside to e-auction prices.
Citi on Varun Beverages
Buy; TP ₹675 from ₹685. Strong international outlook; new product pipeline.
Citi on L&T
Buy; TP ₹4,500 from ₹4,350. Strong orders and H2 execution visibility.
Citi on NMDC
Sell; TP ₹66 from ₹63. Expect stable domestic prices; global softening likely.
Elara on Dr Reddy
TP ₹1,588 (Buy). Regulatory delay temporary; long-term growth intact.
Morgan Stanley on BHEL
CMP ₹246.13; TP ₹258 (Overweight). Power segment revenue +13% YoY; EBIT margin 10.5%.
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