Nuvama on UPL
Target price: Rs823 vs Rs808; Maintain Buy
Strong Q2FY26 led to higher EBITDA outlook at 12-16% (from 10-14%), with revenue guidance unchanged
Inventory overhang eased; reported 10% volume growth in Q2FY26
UPL Corp and Advanta drove strong performance across growth engines
Balance sheet improved, with net debt/EBITDA at 1.7x for FY26E
Expected to outpace industry growth; valuation at 13x Q2FY28E EPS
DAM Capital on UPL
Maintain Buy, TP Rs850
EBITDA Beat & Upgraded Guidance
Management Focused On Unlocking Value Through Restructuring Across Four Segments
Attractive Risk-reward With Potential Upside From Global Agchem Price Recovery
Citi on Apollo Hospitals
Recommendation Buy; Target Price ₹9330
Q2: Overall In Line; HealthCo Delivers Healthy Margin Expansion
Hospital business saw slight YoY margin contraction – high base, weak season this year
MS on Apollo Hospitals
Target price: Rs8,058; Maintain Overweight
Revenue up 13% YoY to €63bn; EBITDA up 15% YoY, margin at 14.9%
PAT up 26% YoY to €4.7bn, slightly above estimates (+2%)
Healthcare Services: Revenue E31.6bn (+9%), EBITDA €7.8bn (+8%), margin 24.6%, ROCE 30.3%, ALOS down 6% YoY to 3.14 days
Apollo Healthco: Revenue E26.6bn (+17%); offline pharmacy +18%, online +26%; 24/7 losses down 22% to E935mn
AHLL (Diagnostics & Clinics): Revenue E4.7bn (+17%); diagnostics +36%, margin up to 12%
Focus on margin gains and digital health profitability as 24/7 losses shrink
Overweight maintained on steady double-digit growth across businesses
MS on Metropolis
Target price: ₹2,317; Maintain Equalweight
Revenue up 22.7% YoY to ₹420cr; EBITDA up 20.4% to 100cr; margin at 25.2% (slightly below estimates)
EPS 10.1, up 13.3% YOY; 200% interim dividend (₹4/share) declared
Organic revenue up 12%; volumes +11%, tests/patient +12%, revenue/test +10%
TruHealth & Specialty led growth; TruHealth forms 17% of revenue (1.6bn)
Core Diagnostics turned profitable; Dr. Ahuja’s & Scientific set Pathology outperformed margins
Valued at 44x Sep’27E P/E, near historical median
FY26E EBITDA -0.5%, PAT-12.4% on acquisition costs
Valuation fully priced despite solid momentum
GS on Crompton
Target price: ₹330 vs ₹340; Maintain Buy
Revenue up 1% YOY; EBITDA 18% below estimates, margin down 240 bps YoY to 8.3%
Lighting and Butterfly segments improved; ECD segment weak due to lower TPW fan/appliance sales and higher input costs
Won two rooftop solar orders worth ₹500 crore, marking entry into a new growth area; expected to be margin-neutral
Margin compression led by ECD weakness and commodity inflation; recovery expected as inventory normalizes and price hikes take effect
Rooftop solar to drive growth from FY27 onwards; near-term focus on strengthening core portfolio
Despite a soft quarter, risk-reward remains favorable; seen as one of the cheapest consumer durable plays in GS coverage
Jefferies on Crompton Consumer
Recommendation Buy; Target Price ₹410, Earlier Target ₹445
Profit Miss; ECD Weak, but Better Than Most Peers
+3% volume growth offset by lower price
Butterfly saw strong profit growth of +34% YoY.
Elara on Alkyl Amines
Target price: ₹1,825 vs ₹1,872; Maintain Reduce
Volume growth marginal in HIFY26; subdued guidance amid weak demand, US sanctions, and Chinese competition
Global methylamines market oversupplied, particularly in the EU; domestic segment also faces overcapacity
New product project to be commissioned in Q1FY27, with expected asset turnover of 1.5x
Anti-dumping duty on acetonitrile yet to show full impact; benefits likely by Q4FY26
FY26-28E EPS cut by 2%/3%/2%; EBITDA CAGR moderated to 13% (from 14%) over FY25-33E
Elara on Astral
Target price: ₹1,650 vs 1,420; Maintain Accumulate
Sales up 15.1% YoY to ₹1,580 crore, driven by strong plumbing volumes (+20.6%) and value-added mix
Kanpur and Hyderabad plants ramping up; full utilization expected by Q4FY26 to boost volumes
UK adhesives business improving under new CEO; Resinova (India) adhesives up 15.8% YoY
Paints segment up 17.1% YoY; Bathware revenue up 13.8% YoY, targeting 20-25% CAGR over five years
Q2 EBITDA margin up 95 bps YoY to 16.3%, aided by mix improvement and cost control
Strong H2FY25 outlook; management guides for double-digit FY26 growth with better profitability
Nuvama on Minda Corp
Target price: Rs690 vs Rs620; Maintain Buy
Q2FY26 revenue/EBITDA up 19%/ 21% YoY, beating estimates on strong wiring harness, die-casting, and cluster performance
Order wins of Rs2,000cr in Q2
FY26E-28E EPS raised up to 3%, reflecting higher revenue and Flash Electronics’ profit contribution
Revenue/Earnings CAR: 14%/ 28% over FY25-28E
E-2W kit value doubled to 30,000-35,000 per unit with Flash parts integration
Valued at 35x Sep’27E EPS (earlier 32x) on strong growth outlook
CITI on LIC
Target price: Rs1,345; Maintain Buy
Strong Q2 performance with continued product mix realignment and improving sub-segment margins
Business mix shift encouraging; market share stabilization in individual APE key for re-rating
Higher volumes expected to drive operating leverage and sustain VNB growth trajectory
Unlocking trapped value seen as focus area as promoters engage investors on potential stake sales
Jefferies on Amber
Recommendation Buy; Target Price ₹9450
RAC Weakness Offsets Strong Growth in Components
Net loss in Q2 was fueled by lower margins and higher interest
Elevated inventory in Q2 is est to normalize from hereon
Jefferies ON TCI Express
Recommendation Buy; Target Price ₹950; Earlier Target ₹870
Volume growth remains weak
Muted revenue growth meant EBITDA declined due to negative operating leverage
GST reforms/rate cuts drove route realignments impacting growth
Jefferies on Godrej Prop
Recommendation Buy; Target Price ₹3000
Pre-sales strong, guidance likely to beat
20% mid-term growth target
Cash flow perf. to improve in H2
Raise sales ests. Attractive valuations
Citi on Devyani
Recommendation Buy; Target Price ₹182, Earlier Target ₹202
Discretionary Slowdown Continues To Weigh On SSG And Margins
Near term earnings will likely remain volatile
Expect, QSR to be the biggest beneficiary of uptick in consumer sentiment/discretionary spending
JPMorgan on Amara Raja
Recommendation Neutral; Target Price ₹1125
In line revenue
Slight EBITDA miss on higher other expenses
Expect downward revisions to Street PAT estimates given the miss
Management clarity on demand growth & future costs will be key to monitor
JPMorgan on Eternal
Recommendation Overweight; Target Price ₹390
Eternal CFO spoke about the contours of value creation over the next 5 years
Aspires to be a $100bn firm from the current $34bn market cap
Management hopes NOV can hit $40bn with $25bn from Quick Commerce, $10bn from Food Delivery and $5bn from District on a 5-year basis
Jefferies on Mankind Pharma
Recommendation Buy; Target Price ₹3000, Earlier Target ₹3100
In-line with subdued expectations
Reorganization efforts taking longer than expected to yield results
MS India Strategy Update
For our coverage universe, Revenue ↑ 8% YoY, EBITDA ↑ 12% YoY, and Net Profit ↑ 13% YoY
Average EBITDA margin at 23%, slightly above analysts’ estimates
34 Nifty stocks reported Revenue ↑ 9% YoY (2 ppt above estimate) and Net Profit ↑ 7% YoY (5 ppt above estimate)
Half of the coverage universe has surpassed analysts’ estimates so far
UBS on ABB India
Recommendation: Neutral; Target Price: ₹5,360
Base orders ↑ 13% YoY (in line), but large orders ↓ 72%
EBITDA margin weak at 15.1% due to higher RM costs & QCO impact
Order commentary remains key for any stock re-rating
FY26 Ebitda Margin guidance to be at the lower end of the 25-26% range
[10:42 am, 7/11/2025] KS BadriNarayanan: Ambit: Lenskart: Initiate with SELL : Growth in focus, price/RoCE a blur
We expect Lenskart to deliver ~20% revenue CAGR over FY25–28 led by India expansion and rising global scale. GM gains and operating leverage should drive ~630bps Pre-IND AS 116 EBITDAM expansion (450bps vs proforma). However, as eyewear is a made-to-order category, scaling requires capacity investments (~65% utilization vs ~80% for other categories), which along with goodwill keep the balance sheet heavy. With capex of ~₹20bn over FY25–28E, FCF will turn positive only in FY28E. While its higher growth profile justifies premium vs retail universe, the implied ~55× FY28E Pre-IND AS EV/EBITDA for India, 15-30% above Trent & Nykaa BPC, is unwarranted given lower RoCE/RoIC of ~9%/~13% vs peers’ 35-40% with similar revenue growth. CMP of ₹402 embeds 18% 2-decade revenue CAGR, implying ~60% of EssilorLuxottica’s (scale, multi-banners, brands, R&D) current MS in retail. TP of ₹337 implies 45×/22× EV/EBITDA for India/international. Risks: Higher India SSG and better international profitability.
