RIL (Reliance Industries Limited)
- Investec: Initiate Buy, TP ₹1,890
Broad-based earnings recovery & strong cash generation. Energy rebound, robust retail & Jio growth, subsidiary IPO potential. Trades at 18.8x FY27E P/E, 15% discount to 2018–25 avg.
Nestle India
- HSBC: Hold, TP ₹1,260 – Q2 revenue up 11% YoY; strong performance in 3/4 product groups, Maggi surprise, cost inflation moderating.
- Macquarie: Neutral, TP ₹1,200 – Double-digit domestic volume growth offset gross margin miss; marginal EPS upgrade FY26–28.
- GS: Neutral, TP ₹1,225 – 2Q above estimate, volume growth across segments, margins to improve as input costs soften.
- MS: Underweight, TP ₹1,010 – Revenue & EBITDA growth; gross & EBITDA margins declined; milk & coffee prices stabilizing.
- Elara: Reduce, TP ₹1,262 – Q2 revenue +10.9% YoY; strong product growth and e-commerce traction; input costs stable.
Eternal
- CLSA: High Conviction Outperform, TP ₹450 – Strong 2Q NOV growth for Blinkit; confident in doubling NOV FY27.
- HSBC: Buy, TP ₹390 – Margins improved, QC growth accelerated; strong QC tailwinds.
- Nomura: Buy, TP ₹370 – Mixed 2Q; Quick Commerce inventory model, store additions pace high; NOV growth 15% FY26E.
- Emkay: Buy, TP ₹430 – Strong revenue & NOV growth; shift to owned inventory model offsets weak QCom EBITDA.
Infosys
- Nomura: Buy, TP ₹1,720 – Marginal revenue beat in 2Q, FY26E growth guidance raised, stable margins at ~21%.
- Jefferies: Buy, TP ₹1,700 – Q2 in line; US$3.1bn large deal wins; 6% EPS CAGR FY26–28.
- HSBC: Buy, TP ₹1,730 – Deal wins strong; margin outlook stable; AI & cost efficiencies to support growth.
LTIMindtree
- HSBC: Buy, TP ₹6,370 – 2QFY26 better than expected; growth expected to outperform mega-cap IT over medium term.
- Nomura: Neutral, TP ₹5,400 – 2Q beat; FY26 a year of repair; EPS revised up 3–7% FY26–28.
Wipro
- Nomura: Buy, TP ₹280 – 2Q beat; strong deal wins; maintaining EBIT margin.
- Jefferies: Underperform, TP ₹220 – Healthy deal bookings, but FY26–28 EPS CAGR 3% makes risk–reward unattractive.
Zee Entertainment
- CITI: Sell, TP ₹100 – Weak Q2; ad revenue down 11% YoY; PAT down 63% YoY; digital performance improving.
- UBS: Neutral, TP ₹140 – Soft quarter; ad recovery expected in H2FY26; Zee5 breakeven remains priority.
- CLSA: Outperform, TP ₹133 – Q2 revenue slightly below estimate; margins compressed; cash strong at ₹21bn.
HPCL
- MS: Overweight, TP ₹533 – MRPL GRM $8.6/bbl vs benchmark $4/bbl; retail expansion ongoing; upside risk to F26 estimates.
JSW Infrastructure
- Jefferies: Buy, TP ₹390 – Q2 volume muted; recovery expected Oct 2025; FY30E capacity target maintained; FY26–28 EBITDA slightly cut.
Kajaria Ceramics
- MS: Underweight, TP ₹835 – Tile segment margins strong (+350bps YoY); volumes muted; H2FY26 rebound expected.
Kotak Mahindra Bank
- MS: Overweight, TP ₹2,600 – Q2FY26 results key; NIM decline <10bps; credit cost moderation expected; sharp F27 growth 25% YoY.
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