Equirus on Sky Gold – Initiates coverage with a Long rating, TP Rs.502. Expects FY25–28E CAGR of 37% in revenue, 44% in EBITDA, and 43% in PAT driven by premium product mix and capacity ramp-up (225kg → 1,260kg/month).
CITI on PI Industries – Maintains Buy with TP Rs.4,350 (22% upside). Expects weak Q2 results due to lower prices for key product Pyroxasulfone and Kumiai’s high inventory levels.
HSBC on Banks – RBI’s proposed lower risk weights and smoother ECL transition seen as capital positive. Tier-1 ratios between 13–24% remain strong; lending rates may soften, impacting NIM and ROA but keeping ROE steady.
HSBC on India Paints – Sees positive demand outlook post weather disruptions; optimistic about near-term sales momentum despite high incentive spends from Birla Opus.
HSBC on KFin Tech – Upgrades to Buy from Sell, TP Rs.1,215 (15.7% upside). Notes strong mutual fund flows, reduced concentration risk vs CAMS, and improved client mix.
Jefferies on Eicher Motors – Retains Buy, raises TP to Rs.8,000 from Rs.6,925. Expects RE to benefit from 2W premiumization; EPS upgraded 3–8% for FY26–28.
Equirus on Lumax Auto Tech – Initiates coverage with TP Rs.1,520. Expects 16%/20%/29% revenue/EBITDA/PAT CAGR (FY25–28E). Growth led by premiumisation, emission norms, and better mix across subsidiaries.
MOSL on Avenue Supermarts – Buy, TP Rs.5,000 (earlier Rs.4,800). Expects 60 new stores in FY26. Rising interest and D&A costs hurt PAT (-5% YoY), but competitive pressure likely easing.
Nomura on Phoenix Mills – Reduce, TP Rs.1,350. Sees moderate consumption growth of 12–13% y-o-y; expects retail income growth to lag due to tenant churn.
Jefferies on AU Small Finance Bank – Buy, TP Rs.910. Expects strong credit growth (22% CAGR FY25–28E) and profitability improvement post transition to universal bank.
HSBC on Avenue Supermarts – Reduce, TP Rs.3,700. Sees stable gross margins but elevated opex. LFL growth moderated to 6.8% vs 7.1% in Q1FY26; exited five cities in DMart Ready.
Investec on Adani Ports – Initiates Buy, TP Rs.1,715 (+23.5%). Expects 13% EBITDA CAGR over FY25–30 from existing ports.
Macquarie on Avenue Supermarts – Maintains Underperform, TP Rs.3,100. Notes moderation in same-store growth and concern over falling net cash levels.
UBS on Avenue Supermarts – Maintains Buy, cuts TP to Rs.5,500 (from Rs.5,600). Believes near-term weakness is temporary and remains positive on long-term compounding story.
CITI on Avenue Supermarts – Sell, TP Rs.3,250. Reports subdued profitability and moderation in same-store sales to 6.8%.
CITI on KFin Tech – Double upgrade to Buy, TP Rs.1,215. Expects higher mutual fund AAUM and issuer solution revenues; near-term overhang from promoter stake sale persists.
Nuvama on Avenue Supermarts – Hold, TP Rs.4,580 (earlier Rs.4,544). Margin pressure easing but persists; strong store addition pipeline.
MOSL on BSE – Maintains Neutral, TP Rs.2,250. Sees potential downside if weekly derivatives expiry moves to monthly; regulatory tightening remains key risk.
MS on MGL – Overweight, TP Rs.1,749. Expects New Mumbai airport to significantly boost gas demand; sees 7% CAGR in gas consumption FY25–35.
Global & Macro Cues
China September Trade Data: Exports rose 8.3% y-o-y (vs est. 6.6%), imports up 7.4% y-o-y (vs est. 1.8%), trade balance stood at USD 90.45 bn.
Market Opening: Nifty opened 108 pts lower at 25,200 amid renewed US–China trade tensions; gold up 1.6% at Rs.1,23,400, silver up 3.5% at Rs.1,51,500.
US Futures: Dow +400 pts, Nasdaq +1.7% post Trump’s latest comments on China.
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