UBS on Pharma
Generic GLP-1 likely a highly competitive market; assume sector coverage
Sun Pharma – (Buy) – Looks well-positioned, with innovative medicines and a robust pipeline to support earnings
Cipla – (Neutral) – To face near-term lanreotide supply disruptions, but product launches from late FY27E are healthy
Aurobindo – (Neutral) – Diversification is progressing steadily, with 2027/28 critical for execution
Dr Reddy’s – (Sell) – is highly reliant on generic GLP-1 with limited other catalysts
Lupin (Sell) and Zydus (Sell) rely on one-off drivers, despite relief from Mirabegron settlements.
UBS On Cipla
Recommendation: Neutral; Target: ₹1,400, Earlier Target: ₹1,750
Growth drivers intact, but supply headwinds weigh on near-term outlook
Healthy product pipeline to drive FY28 earnings; lack of catalysts near term
Healthy product pipeline to drive medium-term growth
Near-term headwinds with key product Lanreotide facing supply issues
UBS On Aurobindo Pharma
Recommendation: Neutral; Target: ₹1,400, Earlier Target: ₹1,200
Risk/reward balanced
Diversification likely to be gradual given a high base
US sales base moderated; Eugia III facility recently inspected
Business diversification efforts to contribute meaningfully from FY28-29E
UBS On Sun Pharma
Recommendation: Buy; Target: ₹2,200, Earlier Target: ₹2,450
Shift in sales mix to drive growth and margin expansion
Rising specialty mix to underpin growth and margins
Specialty sales growth led by Ilumya, Leqselvi and Unloxcyt
Well positioned in Indian market; growth catalyst from semaglutide launch
Bernstein on Power Sector
Adani Power – Initiate O-P, TP Rs 177
JSW Energy – Initiate O-P, TP Rs 575
Tata Power – Initiate O-P, TP Rs 443
NTPC Green – Initiate U-P, TP Rs 80
India’s energy security has been tested twice in quick succession
First by disruptions around Russian oil, and now by the Iran war
Like China, India is resource-poor in oil and gas, but resource-rich in coal and solar
This makes electrification the real structural answer
The policy imperative is clear: accelerate thermal and nuclear capacity, while also strengthening renewables, storage, and the grid
The best opportunities sit in thermal, nuclear, storage, and grid-linked names, rather than pure-play renewables alone
MOSL On Bajaj Finserv
Initiates coverage with a Neutral rating and a target price of ₹1,900
In lending, company provides the scale, profitability and ~110m customer base
Company remains the core value contributor, providing predictable earnings, strong ROE and sustained compounding
Expect the PAT from the established businesses, BAF and BGen and VNB of BLife to steadily grow at a FY26–28 CAGR of 28%/16%/19%
Revenue/PAT is expected to clock a CAGR of 15%/17% in FY26–28, with RoE in the range of 13–14%
Elara Capital On Solar Industries
Initiates coverage with a Buy rating and a target price of ₹15,450
Revenue CAGR expected about 25% FY25 to FY28
Earnings CAGR expected about 28%
Defense revenue CAGR about 66% FY25 to FY28
Defense share rising to about 42% by FY28
International revenue about 38% of FY25 sales
Exports CAGR expected about 19%
Capex plan about Rs22bn over FY26 to FY28
MoU signed for Rs127bn defence project
Jefferies on LG India
Buy. TP Rs 1910
Initial summer trends are good
Price hikes of +7-9% in 3 & 5 Star ACs in Q4
Further hikes of +5-10% likely in Apr26 due to weak INR, higher raw material cost
While LPG shortage is key industry risk, players are evaluating other fuel sources
Exports at 6% of sales, of which Middle East is a smaller part
Jefferies on Bharat Forge
Buy, TP Rs 2150
BHFC is significantly expanding its defense capabilities from guns to a wide range of land, naval and aero equipment, as well as ammunition.
Increasing geopolitical uncertainty and rising focus of Indian govt on domestic defense procurement provide strong tailwinds for BHFC’s defense business in coming years.
US truck orders are witnessing a sharp rebound while acceleration in US industrial activity could revive BHFC’s industrial exports too.
Nomura on EClerx
Buy, TP cut to Rs 2200 from Rs 2800
ACV healthy; sales’ effectiveness visible in deal wins and robust pipeline
Aiming to reinvest margins while keeping guidance band intact
Lower FY26-28F EPS by 1-8%
STK trading at attractive val at 14.6x FY28F EPS
Nomura on Firstsource
Buy, TP cut to Rs 330 from Rs 415
Double-digit revenue growth to sustain in medium term
Margin expansion to continue given front-loading of investment
Lower FY26-28F EPS by 2-11%
Expect FSOL to report EBIT margins of 11.7-12.6% in FY26-28F
FSL had raised its margin band from 11.25-12% to 11.5-12% for FY26E
Find val extremely attractive given stock is trading at 13x FY28F EPS
Nomura on Sagility
Initiate Buy, TP Rs 55
A vertically integrated healthcare-focused tech player
Payer margin constraints fueling outsourcing demand and growth momentum
A key beneficiary of AI
Expect 20% EPS CAGR over FY26-28F
STK trades at 14x FY28F EPS
Key risks include a decline in US healthcare payer industry, a decline in outsourcing of operational work, disruption in business models, and newer entrants.
Nomura on GAIL
Buy, TP Rs 185
Sharp drop in gas transmission volumes
Current run rate below 100 mmscmd; may improve once Qatar Energy force majeure is lifted
Gas marketing volumes to be impacted too; margins offset by lower HH prices
Petchem plant undergoing a turnaround due to non-availability of feedstock
GAIL trades at 9.9x FY27F P/E and 1.0x FY27F P/B.
CLSA on Coforge
High Conviction O-P, TP Rs 2278
Hosted CEO, Sudhir Singh, to discuss latest AI narrative along with Coforge’s positioning
Mentioned that AI is not going to be deflationary for service providers who have both domain and technical knowledge to build solutions around AI tools
Similar to hybrid cloud & SaaS managed services opportunities during last decade, there will be a significant managed services opportunity around managing frontier models and orchestrating AI agents
Proof of pudding in case of Coforge would be visible in strong growth in NTM executable orderbook, revenue per employee and Ebit margins
Reiterate HC O-PF on a mid-teens US dollar revenue growth service provider trading at a 20x one-year forward PE multiple, implying close to 1x PEG vs. historical (last seven-year) average of 1.8x.
JPM on USL
OW, TP Rs 1565
CO announced full divestiture of its stake in Royal Challengers Sports for Rs166.6bn (Rs 230/sh); adjusted for tax Rs195-200/sh vs JPMe Rs170/share)
This follows strategic review of entity announced on November 5, 2025, as UNSP aims to focus more sharply on its core alcoholic beverage business
Transaction is expected to be completed within 6 months, subject to the necessary approvals
CLSA on USL
Hold, TP Rs 1300
Announced sale of entire stake in Royal Challengers Sports Private Limited (RCSPL) to a consortium for Rs166.6bn (c$1.8bn)
RCSPL is owner of the Royal Challengers Bengaluru (RCB) franchise that participate in Men’s Indian Premier League (IPL) & Women’s Premier League (WPL) cricket tournaments
Value RCB at $1.2 bn, an equal weighted blend of PE valuation of Rs213/sh
HDFC Securities On V Mart
Maintains Buy rating with a target price of ₹850
SSSG guidance mid to high single digit for FY26
Revenue CAGR seen about 16% FY26 to FY28
Margin expansion about 40 bps over FY26 to FY28
Unlimited store expansion gaining traction
New stores EBITDAM about 4% to 5%
Legacy store EBITDAM about 1% to 2%
Inventory per square foot declined despite revenue growth
Stock corrected about 30% in last six months
Valuation below 13x FY28 EV/EBITDA
HDFC Securities On MCX
Maintains Buy rating with a target price of ₹2,950
Options premium ADTV rose to about ₹106bn in Q4
Bullion contribution about 57% notional and 30% premium ADTV
Options premium ADTV up from ₹71bn in Q3
Crude volatility at 3.7% in March highest in four years. Premium ADTV may normalize to about ₹75bn in FY27
Options volumes CAGR seen 56% FY25 to FY28
Premium CAGR seen 42% over FY25 to FY28
Active UCCs rose 62% YoY to 0.89mn
CLSA On Mphasis
Recommendation: Hold; Target: ₹2,219
Lacking consistency
Remains largely a one trick pony and highly dependent on US BFSI outlook
Lack of material diversification beyond and within BFSI
Deal wins have shown some promise but are offset by leakage in base business
Stable mid-teen EBIT margin operator with a lack of operating leverage
Jefferies On Housing Finance NBFCs
Housing Finance: Valuations reset lower
Risk/Reward Favourable For affordable housing finance companies
Housing disbursement growth has been soft, with slower growth at lower end
Momentum in Q4YTD has been good
Lower rates should stabilise demand
Large HFCs face spread compression that can dent earnings
At AHFCs, growth has moderated & valuation premia have normalised
Risk/reward seems favorable for select AHFCs as growth stabilizes & co. specific drags ease
Prefer Home First
Prime HFCs’ Asset Quality should be more resilient if Middle East conflict is prolonged
Jefferies On Real Estate
Launch driven quarter
Industry data suggests improved sales velocity in the Top-7 city residential markets during Jan-Feb
Latter month likely the highest ever by volumes
Expect the listed property developers to report 10-15% sales growth during Q4
This will take FY26E sales growth to 20%+
Iran conflict driven sentiment damage could drive some toned down FY27 guidances
Valuations are now nearer to long term lows PNAV and with sub 20x reported PE’s
BoFA On IT
Growth trend to hold this quarter; ample Fx cushion for FY27 expectations
Q4 to provide better exit growth rates than last year
Revenue guides: Expect a cushion for mid-east uncertainty
Ample Fx cushion for profitability and EPS expectations
Infosys could fare better than Wipro
HSBC On Quick Commerce
Blinkit Prices Remain 6–8% Higher Than Competitors, Risking Near-term Market Share Loss
Rising Competition & Long-term AI Concerns May Weigh On Stocks
Valuations Appear Reasonable Despite Earnings Revisions
Buy Call On Eternal, Target Price Cut To ₹300/Sh From ₹350/Sh
Hold Call On Swiggy, Target Price Cut To ₹300/Sh From ₹380/Sh
HSBC On Credit Cards
Average Spend Per Card Continues To Decline, Offsetting Stable Card Issuance Growth
February 2026 Spend Growth Slowed To 6.0% YoY From 8.1% In January
Mkt Share Loss To UPI, Lower High-value Spending & Card Devaluation May Keep Growth Muted
Investec on Acme Solar
Initiate Buy. TP Rs 319
Co is in middle of structural step change – evolving from a mid-sized solar developer into India’s leading Firm and Dispatchable Renewable Energy (FDRE) player, powered by solar-wind-storage hybrid solutions that deliver round-the-clock clean power
Investment case rests on four pillars
(a) strong FDRE positioning (49% of portfolio),
(b) improving returns through timely execution (ROCE 12–13%), (
c) 63% EBITDA CAGR over FY25–28E driven by a robust pipeline,
(d) attractive valuation at 8x FY28E EV/EBITDA, the lowest among peers
With ~5GW under construction/development (≈80% FDRE mix), ACME is set to add 450MW/1.5GW/1.5GW in FY26E/FY27E/FY28E, boosting EBITDA to Rs53bn and ROCE to 11% by FY28E.
HSBC On Cement
Initiate on Nuvoco with Buy, target at 420/sh Initiate on JK Cement with a Hold, target at 5,740/sh Retain Buy on UltraTech, Dalmia & Ambuja Cements Target for UltraTech at13,750, Dalmia at 2,490 & Ambuja at590/sh
Capacity additions to peak in FY27
Supply and demand dynamics to turn supportive from FY28
Expect industry to raise cement prices in April & May to fully pass on higher energy costs
HSBC On Lenskart
Initiate With Hold, Target At `513/Sh
Backward integrated & D2C business creates one of the highest moats in consumer
TAM expansion & market share gains offer sustainable growth
Build in margin improvement across both India & international
Over FY25-28, see 23%/49% revenue/EBITDA CAGR
Valuation Vs Retailers/Platforms Has Limited Upside
Morgan Stanley on Torrent Pharma
Initiates coverage with an Equal Weight rating and a target price of ₹4,580
IPM share about 5% with strong chronic portfolio
Cost synergies about ₹3 bn in FY28
Cost synergies about ₹4.5 bn in FY29
FY27 seen as transition year post integration
Limited upside after recent re rating
Morgan Stanley on Mankind Pharma
Initiates coverage with an Overweight rating and a target price of ₹2,500
Revenue CAGR expected about 11% FY26 to FY28
Adjusted EPS CAGR expected about 25%
Domestic recovery and BSV optionality driving growth
IPM growth expected 11% to 12% over FY26 to FY28
Prefer Mankind for better risk reward
Jefferies on Pharma
Crowded Semaglutide launches in India, disciplined prescribing
After Novo’s semaglutide patent expiry last weekend, 10+ brands have launched online
40+ brands are expected across injectables and oral forms
Injectable prices are in the Rs 1,290-4,500/month range
Natco/Glenmark at the low end and Dr Reddy’s/Torrent higher
Torrent alone sells oral at smaller discounts
Most brands are sold out online amid supply mismatches and tighter regulation
Strict prescribing norms favour players like Sun, Lupin and Torrent
Jefferies on Banks
Bank meetings takeaways: Limited Q4 risks, prolonged conflict can be a risk
Banks indicate that business trends were improving in Q4, so results should be stable
If conflict persists, then it can impact NIM, growth & asset quality in that order
Working capital demand has surged but some capex being slowed
No development around moratoriums as yet with RBI as the impact isn’t as widespread
Watch out for collections in April
Reiterate Nifty Bank Price-to-Book is near lows, so see attractive risk-reward
HSBC On LIC Hsg
Upgrade To Buy From Hold, target raised to Rs610 from Rs570/sh
Possible catalysts are firmer int rates, potential of repo hike
Faster disbursements, softening bond mkt rates other major catalysts
If any catalyst plays out, the stock can see a sharp re-rating
Increase FY26-28 EPS ests by 3-4% to build in firmer rates
Valuations at all-time low & 38% below its 5-yr average
See no solvency risk that might warrant a 50% discount to its book value
CLSA on Chola Invest
Upgrade to O-P from hold, TP Rs 1725
Upgrade on favourable risk-reward following a c.15% correction in Mar 2026
With CV upcycle starting & asset quality pain in unsecured lending business retreating, expect an 18%-20% AUM Cagr for business over next two years
Even in a bear case scenario with disruptions to CV cycle due to Middle East conflict, do not expect AUM growth to fall below 15%
Diesel prices in India have not increased yet & analyst does not expect this to happen even in next few months
Only new negative this month is a rise in cost of incremental funding
Jefferies on Capital Goods
India – AI impact and currency concerns weigh on market sentiment
L&T – one month of no work in Middle East is 6-8% impact on annual EPS
NTPC and JSW Energy – power demand revival and execution should drive upside
Siemens Energy and Hitachi Energy – expect margin expansion to drive upside
Cummins – visible FY25-28E 21% EPS CAGR and 30%+ ROE
Defence – Bharat Electronics core holding while some contra investing has started in Hindustan Aeronautics
KEI – multiple end markets the key point
Goldman Sachs India Strategy (Amorita Goel)
Downgrading Indian equities to market-weight amid higher-for-longer energy prices
Higher-for-longer energy prices lead to deteriorating macro mix for India
Lower earnings growth forecast materially for India, by 9 percentage points cumulatively over the next 2 years
Expect consensus estimates to be cut meaningfully over the next 2-3 quarters
Prefer defensive over cyclical sectors
Lower NIFTY 12-month target to 25,900 from 29,300 previously
This implies 13% local returns, based on earnings growth of 8%/13% in CY26/27 and 19.5x target PE
Focus on quality, earnings resilience and structural themes
Overweight banks, staples, telcos, defense and energy
Downgrade cyclicals and downstream sectors like durables, autos, NBFCs and OMCs
Jefferies Greed & Fear Portfolio Changes
Changes in the Asia ex-Japan long-only portfolio, Global and International long only equity portfolio
An investment in HSBC will also be introduced with a 4% weighting by removing the investment in HDFC Bank
Changes in the Asia Pacific ex-Japan relative-return portfolio
Weighting in Australia and India will be reduced by two percentage points each, while the weighting in Taiwan will be increased by four percentage points
Kotak India Strategy
No gain without pain
Steep fall in stock prices implies a reasonably bleak scenario
War situation fluid but a short and sharp conflict is manageable
Earnings impact limited in the event of a short-duration conflict
Reward-risk balance better for the medium term
Add Coforge, Embassy REIT, Eureka Forbes, Federal Bank, Home First, Jubilant Food and Vishal Mega Mart to mid-cap portfolio
Add DLF, Godrej Consumer and Info Edge in the large-cap portfolio
Reduce weight on Reliance and add to M&M
Nuvama On USL
Maintain Buy, Target Rs 1,660/Sh
Exit value for RCB in-line with our/street expectations
RCB deal removes key overhang, unlocks significant capital from a low-contribution asset
Expect one-time dividend post approval in six months, supporting shareholder returns
RCB deal is value accretive, improving capital allocation, return ratios & strategic clarity
Elara Capital on United Spirits
Upgrades to Buy with a revised target price of ₹1,650 (raised from ₹1,500)
RCB stake valued at about Rs166bn
Net cash inflow about Rs141bn post tax
Special dividend likely in next 3 to 6 months
Core business trading about 40x FY28 PE
Revenue CAGR expected about 10% to 12%
EBITDA margins expected 17% to 18%
Goldman Sachs on Azad Engineering
Maintains Buy rating with a target price of ₹2,200
Long term contract signed with Mitsubishi Heavy Industries
Selected as single source supplier
Entry into high value hot section components
Thermal coating capability may support higher margins
Citi on IT Sector
See increasing risk of macro impact in early FY27 and other potential headwinds
Indian IT is now looking at the fourth consecutive subdued growth year
Expect Q4FY26E CC organic services revenue growth of -1% to +1% quarter-on-quarter for the top 5 companies
Watching for management comments on any Middle East related direct and second order impact, TCV trends, AI etc
Continue to see a slow and uneven recovery
Margin trajectory should be monitored and, in the near term, USDINR depreciation should also help
Continue to be cautious, with Infosys, HCL relatively preferred in large cap coverage
JPM on LLTS
Neutral, TP Rs 3500
CO announced to sell its Smart World and Communication (SWC) business to AMI Paradigm Solutions for Rs4.5bn on a slump sale basis
LTTS bought this business from parent L&T in Jan 2023 for Rs8bn
SWC’s revenues in FY25 were Rs10.3bn compared to Rs10.98bn in FY22, indicating no growth over a three-year period
SWC at onset didn’t have many synergies with core ER&D business of LTTS, hence, believe sale of SWC is right decision
Positives from this sale are:
1) It helps reduce revenue volatility due to 4Q-1Q seasonality of SWC going away, and
2) this will be margin accretive as SWC was operating at lower 8-10% EBITDA margins
Believe this can help LTTS achieve its 16.5% EBIT margin target earlier than its guidance of 4QFY27-1QFY28, as sale provides a 70bps margin tailwind
However, there will be question marks over rationale behind acquiring it first place & then selling it three years later at a 45% haircut
Morgan Stanley on Infosys
Recommendation: Equal-weight, Target: ₹1,760
Announces acquisitions of Optimum Healthcare IT and Stratus
Estimate them to be 1.2% of revenues in FY27
Estimate the deal to be neutral to dilutive to earnings, assuming lower EBIT margins and amortization costs
Optimum Healthcare IT deal is pending regulatory approval
Strategy has become more aggressive in terms of pursuing niche, tuck-in acquisitions to boost its capabilities in select verticals and geographies
Optimum deal size about $465mn; Stratus deal size up to $95mn
Nomura on Infosys
Recommendation: Buy, Target: ₹1,810
Announces two acquisitions worth $560 million
Announced deals may contribute 225 bps to revenue growth in FY27
These acquisitions will help get access to new clients and augment its capabilities in lifesciences and healthcare verticals
Retain Infosys as top large cap Indian IT pick
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