BofA on Infosys
Maintain Buy with TP of Rs 1840
Several positives on positioning
Net opportunity could be bigger but path is still evolving
Enterprise AI isn’t plug and play
Revenue from AI-first offerings stands at 5.5%, not too different from others that have disclosed the metric
Key risk with AI, as per company, is less about opportunity and more about strategy and execution
Anthropic partnerships signify role of a services company in enterprise AI shift
UBS on Infosys
Maintain Buy with TP of Rs 1870
Opportunities from AI to outweigh compression
AI potential fast expanding, but organisations not ready
US$300-400bn opportunity from AI to outweigh productivity-led compression
IT Service vendors need to build capabilities via talent, platforms / IP, partnerships and acquisitions
Will keep an eye on Infosys’ progress on these fronts going ahead
HSBC on Infosys
Buy, TP Rs 1870
Infosys hosts AI Investor Day, sees USD300-400bn new AI service opportunity by 2030
Long relationships + enterprise context + accountability are key strengths of Infosys to be AI partner for its customers
To manage deflationary impact in traditional services, Infosys targets for wallet share gains from AI augmentation
CLSA on Infosys
O-P, TP Rs 1779
At its Investor AI Day, flagged its core strengths to ensure continued market share gains amid start of new tech cycle
It flagged important data points and addressed key investor concerns around the potentially negative impact of AI for IT service companies.
It mentioned 5.5% of its revenues in 3QFY26 came from GenAI (implying close to 1.5% global market share) & overall GenAI services opportunity to be around US$300bn-US$400bn by 2030. They believe increase in volume would be larger than potential cannibalisation of existing business
It introduced a hexagonal framework to approach AI services opportunity.
JPM on Infosys
OW, TP Rs 2050
Analyst day takeaways
(1) AI is driving an enterprise tech pivot to build over buy that is services-accretive
(2) a significant opportunity in clearing Tech debt brought to the fore by AI transitions
(3) greenfield tech deployment is a lot easier than “real world” enterprise brownfield deployment.
Infosys also laid out its six-sided AI new services opportunity that is already at 5.5% of revenues (3Q26), addressing a $300bn-400bn AI services spend led by Process AI and Agentic legacy modernization.
It is also reimagining existing services with best-in-class AI models & tools amplified by its unique enterprise context & quality talent
MS on Infosys
EW, TP Rs 1760
Infosys management dismissed concerns around opportunity risk for Services businesses in current tech transition and showcased Infosys’ capabilities and readiness for adopting the same along with relevant client case studies.
It quantified new AI services are already contributing 5.5% of revenue.
Jefferies on Infosys
Buy, TP Rs 1880
At its AI Day, Infosys highlighted that IT services will remain key to enterprise AI implementation.
Infosys has built its AI platform – Infosys Topaz Fabric – is jointly going to market with AI ecosystem partners & has devised a 2-pronged talent strategy not only to capture new service demand (US $300-400bn by 2030) but also to augment its existing service lines.
Client AI adoption is increasing with new AI services contributing 5.5% of revenues in 3QFY26.
Nuvama on Infosys
Buy, TP Rs 1900
Analyst day Key takeaways
i) Legacy modernisation is a large opportunity enabled by AI.
ii) Enterprise wants to build app and tool internally rather than buying—IT companies will enable it.
iii) Agentic AI would be integrated within Enterprise ecosystem with internally built Agent as well as external agents.
iv) AI revenue contributes 5.5% of revenue
View recent sharp correction in IT stocks as overdone, as fears of disruption by Gen AI have been highly exaggerated.
UBS on ITC
Buy, TP cut to Rs 395 from Rs 420
Distributor checks indicate range of imminent price hikes, is now arriving. ITC’s 84mm cigarettes (KSFT segment), is expected to be priced at Rs 24 per stick (from Rs 17)
This segment has seen the steepest tax increase.
While on other extreme, 64mm is expected to priced Rs 7 per stick (from Rs 5.9).
While pricing of 69mm Goldflake (large volume driver, currently at Rs 9.5 per stick) is yet to be known, expect around Rs 12 to be its new price (given competing Marlboro is at Rs 11.5).
It is clear that price hikes have been fully passed on in premium cigarettes, while it is kept minimal in price sensitive segments of 69mm and 64mm
This pricing approach is likely to keep ITC’s volume and EBIT impact to minimum.
GS on LG Electronics
Initiate Buy, TP Rs 1750
Co well-placed to grow faster than industry in near to medium term due to
1) shifting income cohort mix and rising penetration leading to faster industry growth in mid and premium products;
2) LGEL’s consistent track record of innovation enabling it to sustain its premiumization trends;
3) LG Electronics Inc’s ‘Global South’ strategy, which should enable it to improve exports while expanding its manufacturing in India.
However, rising competitive intensity in an increasing commodity price environment should keep margin expansion potential limited.
MS on Dabur
UW. TP Rs 400
Mohit Malhotra (currently Whole Time Director & CEO) has been redesignated to Whole Time Director & Global CEO w.e.f. 17 February 2026
Herjit S. Bhalla has been appointed as CEO – India Business w.e.f. 15 April 2026 or such other date as may be mutually agreed
Mr. Bhalla brings more than 25 years of experience across sales, marketing and general management roles.
HSBC on Paints Sector
Wait for the industry cycle to turn could be a long one with potential structural concerns
Limited further tailwinds from weak raw materials prices and competitive industry dynamics amid weak demand
Re-iterate Hold on APNT and BRGR; valuations elevated for high-single digit EBITDA growth over FY27e
Macquarie on Paints Sector
3Q saw: 1) Slower sales growth vs 2Q as weak Oct offset pick-up in Nov/Dec; 2) guarded outlook on demand; 3) stabilisation of competitive pressures.
Moderate pace of recovery which expect to pan out in 2HCY26 & 3Q Ebitda miss drives cuts to EPS/ TP across board.
Demand uptick key for performance
APNT>KNPL>BRGR as see APNT witnessing lower margin impact from Grasim’s competitive actions.
HSBC on Aurobindo Pharma
Buy, TP Raised to Rs 1415
Aurobindo received US FDA approval for Adquey (difamilast 1%), a non-steroid topical treatment for atopic dermatitis (AD)
Think Adquey has potential to become a USD250-300m brand; Aurobindo needs to invest for specialists sales hires
Marketing execution will be key for Adquey success in US
HSBC on Hindalco
Buy, TP Rs 1210
View negative stock reaction to Novelis’s Oswego fire and consolidated debt increase are excessive
Overall, while March could be another weak quarter at Novelis, net debt should decline from 2HFY27
valuations at 5.7x FY27e/5.2x FY28e EV/EBITDA as attractive given 14% EPS CAGR over FY25-28e & well calibrated capex profile
Nomura on Maruti
Buy, TP Rs 16118
eVitara launched at attractive BaaS pricing
Competitively priced to boost EV penetration, but may not be profitable
Assume 12k/24k unit domestic volumes for the e Vitara and its Toyota variant, combined over FY26F/FY27F
This could imply some upside if the outright purchase price is ~INR1.6mn onwards, but might drag margins.
MOSL on Varun Beverages
Buy, TP Rs 550
Amid an unprecedented competitive environment in CY25, marked by aggressive industry-wide discounting and adverse weather conditions, VBL adopted a disciplined and differentiated strategy anchored in pack optimization and surgical market interventions
Looking ahead, strategic innovation, capacity investments, and premiumization initiatives position VBL to deliver double-digit domestic volume growth in CY26, with margins expected to stabilize near current levels despite near-term realization pressures.
Expect a CAGR of 13%/13%/16% in revenue/EBITDA/PAT over CY25-27
Jefferies on Kfin Tech
Buy, TP Rs 1350
Q3 EBITDA was 7% above JEFe led by better performance in International & Issuer Solutions businesses.
PAT, adjusting for one-time labor code impact of c.Rs86mn, was 11% ahead
Expect International Business to grow at 25% CAGR over next 3 years, accounting for 20%/15% of revenue/EBITDA by FY30e.
Despite opportunity, reverse SOTP suggests investors are not giving any value to International Business
Increase FY26-28 EPS by 2-5%.
Goldman Sachs on India aerospace & defence
Q3 FY26 earnings beat consensus estimates by approximately 11% on average (excluding BDL and PTC).
Most companies delivered around 20% year-on-year EPS growth; margins improved broadly.
Order books remain robust, although execution challenges persist for a few companies.
Earnings momentum is expected to stay strong.
Tailwinds come from a favourable defence budget and a sharp rise in Awards of Necessity (AoNs).
Preferred ideas: Solar Industries and PTC Industries.
Among DPSUs, BEL remains a Buy.
Morgan Stanley on Titan
Maintains Overweight rating with a raised target price of ₹4,529 (previously ₹4,062).
Domestic jewellery growth outlook has been raised; margin assumptions have been tweaked.
FY26 revenue, EBITDA, and PAT estimates increased by 12%, 5%, and 6% respectively.
FY27–28 EPS estimates raised by 2–3%.
Target price increase driven by higher near-term earnings expectations and a 3-month model roll-forward.
Bull, base, and bear case values raised by 9–12%.
Citi on India equity strategy
BSE 100 EBITDA/PAT grew ~12% year-on-year in Q3, ahead of estimates.
Earnings performance broadly in line with the long-term growth trend.
Financials, consumer, and industrials sectors offset the drag from IT services.
Risk-reward appears reasonable following EM underperformance; valuations are fair.
Trade deals could reduce export-related uncertainty.
Key risks include IT slowdown, wage moderation, and flow volatility.
Citi’s December 2026 Nifty target: 28,500.
Citi on India oil & gas
Initiate pair trade: Overweight GAIL / Underweight ONGC.
ONGC has underperformed GAIL by ~21% over the last 3 months.
ONGC’s valuation looks unattractive amid growth and margin risks.
The temporary Henry Hub spike and tariff concerns are expected to reverse.
ONGC shows muted production growth compared to guidance and has limited dividend yield support.
Potential OFS overhang remains a concern.
GAIL’s near-term outlook is improving after recent headwinds.
Transmission and LPG margins expected to improve in Q4; seasonal summer demand and ONGC volume recovery should support GAIL.
Jefferies India strategy (Mahesh Nandurdikar)
Q3 showed a strong rebound in EPS growth.
December quarter earnings performance was good, with pre-exceptional earnings seeing an 8-quarter high YoY growth of 18% and a small EPS upgrade.
Sequential improvements in growth were visible in most sectors.
Revenue growth for domestic staples also recovered to an 11-quarter high of 16%.
MSCI India earnings growth for FY26 is now estimated at 10%.
Improvement in employee cost growth to 10% is also encouraging.
JPMorgan on metals
Indian metal stocks have traded choppy over the last month.
Stocks reacted to earnings commentary, geo-economic developments, and commodity price movements.
In the near-to-medium term, steel price outlook remains supportive.
The ongoing rally in steel prices appears driven by supply tightness, restocking, and coking coal cost increases rather than significant demand improvement.
Indian steel prices have some more room to run until the seasonally strong period.
Aluminium stocks declined in tandem with falling commodity prices.
Hindalco corrected sharply on debt concerns following the Novelis disruption.
Hindalco’s current stock price still implies a favourable ~$3,075–3,100/t LME aluminium price.
Top pick is Tata Steel; least preferred stocks are NMDC and Coal India.
Bernstein on quick commerce
QC webinar takeaways: Competitive intensity remains high across leaders, e-commerce, and retail.
Winning differentiation is shifting from cost to catalog and convenience.
Non-grocery categories are gaining traction with higher AOVs and better unit economics.
Execution quality, forecasting, SKU mix, and delivery precision remain key.
Tier-2 cities are the next battleground; cracking the next 100 cities is critical for scale.
FMCG, regional, and D2C brands are increasingly using quick commerce as a growth engine.
Delivery capacity and rider availability are key constraints at peak demand.
