UBS On Chola Investment
Upgrade To Buy, Target Raised To Rs1,950/sh
Best Combination Of Growth And RoE
Forecast 24% AUM & 30% EPS CAGR Over FY25-27
Company Has Levers To Grow AUM At 25% CAGR
Credit Cost Likely Peaked In FY25
Expecting RoA To Improve To 2.5% By FY27 Vs 2.3% In FY25
Raise EPS By 2%/3% For FY26/27 On Lower Cost Of Fund & Credit Cost Assumptions
JPM on HCL Tech
Upgrade to OW, TP Rs 1750
4Q refreshingly in-line with FY26 guide that hasn’t been jaded by post tariff macro
Services have now performed ahead or at parity with fastest growing scale peers 3yrs in a row
With stk trading at 4% div yield & a 6% FCF yield, see value
Jefferies on HCL Tech
Hold, TP cut to Rs 1490
4Q in line; however, deal wins and relatively stronger FY26 growth guidance of 2%-5% YoYcc were +ves
Whilst HCLT has seen limited impact of tariffs on its business thus far, it expects pressures on discretionary spend across vertical
Nomura on HCL Tech
Buy, TP Rs 1670
4Q– marginal miss at growth but strong deal wins steal show
FY26E guidance stands better vs peers
CO noted that it expects impact of tariff-induced uncertainty to spill over to other sectors beyond directly impacted sectors with qtr’s lag
Nuvama On HCL Tech
Buy Call, Target Rs1,700/sh
Q4 In-line With Expectations
CC Revenue Down 0.8% QoQ, Was In-Line
EBIT Came In-line, TCV Came In Strong At
FY26 Revenue Growth Guidance Was Slightly Better Than Expectations
FY26 Revenue Growth Guidance With A Reasonable Required CQGR (0.3%–1.5%)
MS On HCL Tech
Equal-weight Call, Target Rs1,600/sh
Organically Guidance Would Be Approx 1-4% YoY CC, By Est
EBIT Margin Guidance Is Unchanged At 18-19% (In-line With Forecast)
Citi On HCL Tech
Neutral Call, Target Rs1,510/sh
Reported A Largely In-line Q4 As Well As Guidance
Decent Q4 In Context Of The Environment As Well As Peers
New Deal TCV Strong In Q4 But Still Down 5% YoY
Mgmt Says, Environment Very Uncertain; Will Look For Opportunities
Mgmt Says, Guidance Implies 0% CAGR For All Quarters Of FY26
Tweak FY26/FY27 EPS Est By 2% Each; Tweak Multiple To 22x (Earlier 23x) Given Lower Growth
Nomura on Havells
Buy, TP Rs 1873
4Q margins ahead of estimates; demand tailwinds from C&W, Lloyd
Operating leverage to drive margins
Expect healthy demand tailwinds in Cables & recovery in ECD to sustain 15-16% revenue growth (ex-Lloyd) over FY26-27F
JPM on Havells
Neutral, TP Rs 1700
Q4 beat led by margin; Cautious near term demand narrative a bit of a dampener
Jefferies on Havells
Hold, TP Rs 1800
STK trades at 60x FY26e PE, 30% above hist 10-Y avg PE
MS on AU Small BK
OW, TP Rs 750
AU bank delivered 1.5% RoA (much higher than peer banks’) despite high interest rates, tight liquidity & elevated asset quality stress
Over next 2 yrs, RoA can expand as rate cycle has turned & MFI asset quality improves
Nuvama on AU Small BK
Reduce, TP Rs 530
Credit cost missed consensus by 15% in Q4
Credit cost in cards rose to 16% from 11% QoQ
Guidance is for elevated credit cost in H1 but improvement in H2FY26E
Citi On AU SFB
Neutral Call, Target Price At Rs625/sh
Delivered 1.36% RoA In-line With Citi Estimates
Robust Fee Income & Treasury Gains Of Rs100 Cr Utilised To Create Accelerated Provisions
Credit Cost Elevated At 2.5% Vs 2.06% QoQ
NIMs Moderated By 7 bps Due To A Change In Asset Mix
Universal License Is Being Reviewed By The Regulator; Approval Anticipated In CY26
HSBC On M&M
Buy Call, Target Rs3,320/sh
M&M Earnings Upgrade Cycle Is Behind
FY26 Earnings Growth May Outperform Most Other Auto Companies
BEV Traction Is Key & Start Has Been Patchy
Pick-up In BEV Demand Is Key Upside Catalyst For Stock
Valns Reasonable Considering Strong Competitive Positioning In Tractors, LCVs & SUVs
HSBC On Power
Power Demand Up In March; Slows In April As Base Catches Up (Demand Up 2% YoY)
FY25 Demand Growth Slowed To 4%
One-THIRD Of Demand Growth Shouldered By RE With 28 GW Capacity Addition
Storage Only Tenders Of 4 GWh Led By DISCOMs Awarded In CY25TD
Discoms Seek To Manage Peak Demand
