Nomura on RIL
Buy | TP Rs 1700
2Q slight beat on strong Retail performance. Raised FY26/27F EBITDA by 4%/12%. Reported net debt steady at Rs 1,185 bn; capex rose to Rs 400 bn. Sees three growth triggers near term – scale-up of New Energy, Jio tariff hikes, and potential Jio IPO/listing by 1H CY26.
Kotak Inst Eqt on RIL
Add | TP Rs 1600
2QFY26 consolidated EBITDA grew 18% YoY and PBT rose 16% YoY, both above estimates. Retail EBITDA up 16% YoY; O2C and Digital in line. Capex surged to Rs 400 bn, highest in 10 quarters; net debt stable at Rs 1.2 tn. Outlook positive for Retail and Telecom; O2C faces headwinds.
JPM on RIL
Overweight | TP Rs 1695
2QFY26 operationally better; growth momentum to sustain. EBITDA driven by stronger refining margins, weaker rupee aiding O2C, seasonal retail strength, and telecom gains. Tariff hikes before Jio IPO could further bolster growth. Valuations comfortable versus peers.
Macquarie on RIL
Outperform | TP Rs 1650
2QFY26 shows earnings momentum recovery across Retail, Jio, and O2C. Group earnings growth resuming after pause supports consensus estimates of 15% EPS growth for FY25–28E.
MS on RIL
Overweight | TP Rs 1701
RIL’s results restore investor confidence; re-rating expected as Retail turnaround gains pace. Strong outlook for Dec-25 quarter; Retail and Fuel refining to drive growth. New Energy and AI seen as next key value drivers.
MOSL on RIL
Buy | TP Rs 1700
Operationally in-line 2Q; strong FCF generation in 1H. Retail shows broad-based recovery; RJio stable with higher FCF of Rs 63 bn. O2C segment recovery led by higher volumes and better cracks.
DAM Capital on RIL
Buy | TP Rs 1515
Pivoting towards New Energy, Media, and FMCG as Jio capex peaks. Over 40% of Rs 750 bn committed New Energy capex already deployed. Retail rebound visible; O2C remains cash generator. Expects PAT growth of 5.1% CAGR over FY25–28E.
CLSA on Dixon Technologies
Downgrade to Outperform | TP cut to Rs 18800
1Q revenue up 16% QoQ; smartphone growth expected 40%+ in FY27CL. PLI withdrawal may pressure FY27 margins. Watch progress on exports, IT hardware, and margin expansion projects.
Nomura on Dixon Technologies
Buy | TP Rs 21152
Mobile segment steady; diversification into components and exports to drive growth. Despite 5%/2%/2% revenue cut for FY26–28F, margin forecast retained with improvement to 4.8% by FY28F.
Nuvama on Dixon Technologies
Hold | TP Rs 16600
Q2FY26 revenue, EBITDA, and PAT up 29%, 32%, and 15% YoY. Mobile & EMS strong; Appliances weak. Margins stable at 3.8–3.9%. Guides FY26/27 mobile volumes lower, but long-term 1-trillion revenue goal intact with 4–4.5% EBITDA margin.
HSBC on L&T Technology Services
Hold | TP Rs 4695
Weak 2Q as expected; 2H recovery likely but double-digit FY26 growth tough. Sustainability vertical strong; Tech improving; Mobility to face short-term weakness. Maintains Hold given near-term growth lag vs peers.
MS on L&T Technology Services
Equalweight | TP Rs 4500
Strong deal wins boosting order backlog, but conversion to revenue key for next catalysts.
Nomura on L&T Technology Services
Reduce | TP Rs 3720
2QFY26 missed revenue forecasts; deal wins strong, pipeline robust. FY26E double-digit growth target ambitious. EBIT margin to recover gradually through FY28F. Trades at 30x FY27F EPS.
MS on REC
Overweight | TP Rs 515
2QFY26 PAT up 10% YoY, 1% QoQ; beat estimates by 5%. Strong fee income, lower opex, and provisions aided results. NIM 3.73%; GS3 stable at 1.06%. AUM growth 7% YoY, below estimate due to faster repayments. Disbursements up 18% YoY led by generation and distribution segments.
CLSA on REC
High Conviction Outperform | TP Rs 500
2Q net profit Rs 44.2 bn, 5% above estimates. AUM growth tepid at 7% due to one-offs. Asset quality steady at 1.1% GS3. Spreads down 10 bps QoQ. Power sector challenges soften growth outlook; PAT estimates cut 1–4% for FY26–28CL.
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