Axis Cap On City Gas Co

Initiate Buy On Mahanagar Gas, Target Rs1,580/sh

Initiate Reduce On Gujarat Gas, Target Rs390/sh

Upgrade IGL To Buy, Target Rs224/sh

City Gas Distribution (CGD) Sector Should Benefit From Aggressive Expansion

Favorable CNG Economics Vs Petrol/Diesel

New Cng Model Launches Expanding Addressable Mkt To Approx 55% Of PV Industry Volume

Supportive Government Policies Prefer Cos With Higher Exposure To CNG Which Should See The Fastest Growth In The Value Chain

Price Hikes: None Since Q3; To Focus On Profit Expansion Through Value Engineering

MS On Voltas

Overweight Call, Target Rs1,556/sh

Room AC Biz Has Been Strong So Far In Q4 (Not Quantified)

Commercial AC: 15-18% Medium-Term CAGR

Q4 > Q3 For Commercial Refrigerators

Strong Momentum For Air Coolers

Strategy To Capture Higher Mkt Share Across Channels With Addition Of In-Shop Demonstrators

CLSA On Voltas

Hold Call, Target Rs1,375/sh

Co Indicated Encouraging Secondary Sales Ahead Of Peak Summer Season On A High Base

Mkt Share Losses Early This CY Have Been More Due To Seasonality & Geographical Presence

Co Expects To Continue To Grow Ahead Of The Industry

Focus Remains On Absolute Profit Growth Over Profitability

Expects To Maintain High, Single-digit Margin & To Absorb Cost Inflation Through Value Engg

Co Believes Compressor Availability Is Unlikely To Be A Challenge With Moderate Growth This Year

However, Resolution Of Certification Issues And Domestic Capacity Build-Up Will Be Crucial Going Ahead

Jefferies On IndiGo

Buy Call, Target Rs5,700/sh

IndiGo, During The Analyst Meet, Alluded To Strong Q4 On Pricing/PAX Growth

For FY26, Co Expects Early Double-digit Cap Growth, Similar To FY25

Expansion On Int’l Routes Is A Key Growth Driver Ahead

Co Eyes Tapping Growing Int’l Leisure/Corporate Demand

With Ballooning FCF, Mgmt Tgts Prudent Allocation To Maintain Balance Between Growth & External Risks

Nuvama On IndiGo

Hold Call;, Target Rs4,768/sh

Industry Pax Traffic To Double By FY30 To 510 m (242 m In FY25)

Indigo Expects Its Pax Traffic & Capacity To Grow In Early-Double Digits In FY26

Q4FY25 Is Likely To Be Better Than Earlier Guidance Due To Higher PRASK

Share Of International Askm Is Anticipated At 40% In FY30 (28% In FY25)

Co Boasts Among The Lowest Cask Globally Ex Fuel-And-Forex Of $337 (Oct’23–Sep’24)

Raising FY25–27 EPS By 8–13% On Positive Guidance

HSBC On PI Ind

Hold Call, Target Cut To Rs3,500 From Rs3,700/sh

Difficult Phase Continues As Exports Remain Muted

Sustained Weakness A Downside Risk To Valuation Multiples

Co Has Entered A Zone Of Uncertainty As Core Biz Remains Muted

New Businesses Take Time To Scale Up

Maintain Hold Amid Lack Of Triggers

Nomura On DLF

Neutral Call, Tgt Rs700/sh

Ready For Another Strong Year But Wait For A Better Entry Point

Expect Pre-Sales To Reach +Rs20,000 Cr In FY26 (+16% YoY)

Annuity Income At 12% CAGR & OCF At 15% CAGR Between FY25-FY27

Target Of Rs700 Is Based On SOTP, Valuing DLF’s medium Term Pipeline At Rs27,200 Cr

Unutilised Land Bank At Rs75,200 Cr

Rental Assets In DLF Dev Co & DLF’s Share In Rental Arm DCCDL At A Cumulative Rs43,600 Cr

Key Downside Risk: Slowdown In The NCR Market/ NRI Demand

Key Upside Risk: Stronger Than Expected Launches Or Price Appreciation

Nomura On Bajaj FInserv

Buy Call, Target Rs2,000/sh

Change In Shareholding Pattern Following The Exit Of Allianz

Mgmt Mentioned That Acqn Would Be Self-Funded Without External Borrowings

With Complete Control, Bajaj Finserv Plans To Streamline Decision-Making

Bajaj Finserv Plans To Enhance Branding, & Pursue New Growth Areas Such As Pensions

CLSA On ZEE Ent

Outperform Call, Target Rs170/sh

Stock At Rock Bottom 8x PE

Believe Advertising Revenue-led Growth Will Rerate Stock

Zee Is India’s No 2 TV Network & Is Ramping Up OTT/Zee5

Zee’s EBITDA Margin Has Widened By 9% From Lows & It Has Zero Debt/Rs1,700cr Cash

Even Assuming 6% YoY Ad Growth, It Would Deliver 22-33% EBITDA/Pat CAGRS In FY26-27

Zee’s Mkt Cap/Sales Of 1x Is At A 60-80% Discount To Reliance Disney JV & Sun TV

Believe Zee’s Stock Could Double Over Next 12-24 Months

Jefferies On Paytm

Hold Call, Target Rs850/sh

For FY25, Govt’s Incentives Of Rs1,500 Cr For Low-value UPI P2M Transaction Are Half Of Last Yr’s

Implies Incentives Falling From 20 bps To 6 bps

If Co’s Incentives Fall Proportionately, Adj EBITDA For FY25 May Be 50% Below Est

FY26-27 May Be 20-30% Lower; PBT Could Be 15% Lower In FY25

Will Watch Out For Switch To MDR-Based Charges For Large Merchants

Switch To MDR-Based Charges May Lift Profits & Improve Predictability

UBS on Consumer Durables

Adani Enterprises announced JV to enter into metal products, cables and wires

Competitive intensity for C&W sector continues to rise, second large serious player has entered C&W space

Capex plans for Adani in C&W are not known yet

This is negative sentiment-wise for incumbents in C&W segment (Polycab, KEI, Havells)

Macquarie on Uno Minda

O-P, TP Rs 1157

Has diversified revenue mix & wide-ranging components portfolio, which are medium-term +ves.

See upside rev potential from deeper OEM relationships, including opportunity with Korean PV OEMs & new products with existing OEMs

CLSA on Jubilant Food

Turkish Lira Depreciation Potential Risk For Co

Arm DP Eurasia Operates In Turkey, Azerbaijan & Georgia

Arm DP Eurasia Contributed 31% Group Sales In Q3

Debt Is At ₹1,230 Cr As Of Sept 2024

Estimate About 80% Debt To Be Payable From Turkish Cashflow

Lira Depreciation Would Lead To Additional Interest Cost Burden

YTD Turkish Lira Depreciation Of 8.5% Could Have 3.5-4% Impact On FY25 Consolidated PAT

Depreciation In Turkish Lira Could Also Impact Dividend Payments By DP Eurasia