Nomura On FSN E-Com
Neutral Call, Target Price At Rs190/sh
Beauty & Personal Care GMV Growth Expected In Low 30s YoY (Nomura: 32%/31.7% For Q4FY25)
Net Revenue Growth In Mid-20s YoY (Nomura: 25.3%/25% For Q4FY25)
Fashion GMV Growth Expected In High Teens YoY (Nomura: 10.5%/11.1% For Q4FY25)
Consolidated Revenue Growth Of Approx 26% YoY For Q4FY25, With Some Downside Risks
MS On Delhivery
Equal-Weight Call, Tgt Price At Rs320/sh
Acquisition of Ecom Express seen as a consolidation step
Key To Value Realisation: Revenue retention, Cost Structure Reduction & Lower Capex
Key To Value Realisation: Shifting Power Balance Towards 3PL Companies
MS On IndusInd Bank
Equal-Weight Call, Target Price At Rs1,105/sh
Weak Quarter: Deposit/Loan Growth Slowed To 7%/1% YoY
Significant Market Share Loss
Awaiting Margin & Asset Quality Details, Especially In MFI Segment
MS On Energy & Chemicals
Strong Demand, SOE Reforms & Supply Boost Large-cap Energy Stocks In India
Reliance Top Pick, Followed By HPCL, GAIL, MGL, OILIndia
Underweight On Most Specialty Chemicals
MS On Aavas Fin
Equal-Weight Call, Tgt Price At Rs1,780/sh
Q4FY25 Disbursements: Rs2,020 Cr, Up 27% QoQ & 7% YoY
Strong Q4FY25 Seasonality For HFCs
Q4FY25 AUM: Rs20,400 Cr, Up 6% QoQ & 18% YoY
Added 24 Branches In Q4, Total 397 Branches
Liquidity: Rs3,220 Cr As Of Q4FY25
MS On Reliance Ind
Overweight Call, Target Price At Rs1,606/sh
Downcycle In Energy Demand Unlikely But Possible; Could Impact Cashflows & Multiples
RIL Has Navigated Downcycles Better Than Peers, But Multiples Derate During Low Demand
RIL’s NAV Mix Has Evolved, Becoming Less Cyclical; Free Cash Flow Engine Remains Strong
HSBC On Dixon Tech
Buy Call, Target Price At Rs20,000/sh
US Tariffs Could Benefit Dixon With Higher Tariffs On China, Vietnam, Thailand
Domestic Market-driven Growth: Import Substitution, Customer Addition, Rising Share
Expect Strong FY25 Q4 Growth, Albeit Lower Than Consensus Expectation
HSBC On Ventive Hospitality
Initiate Buy Call, Target Price At Rs854/sh
Owns 11 Hotels In India & Maldives + 4 Annuity Assets In Pune
Underperformance Concerns But Strong Balance Sheet & Healthy FCF
Downside Risks Include Lack Of Growth & Continued Underperformance
MS On Tata Motors
Equal-Weight Call, Target Price At Rs853/sh
JLR Could Go FCF Negative If Auto Tariffs Persist
FY26 FCF Might Turn Negative GBP 500 m If Tariffs Stay
Weak FCF & Indian Market Slowdown Could Push Stock To Rs416
Focus On UK/EU-USA FTAs In Q4FY25
MS On Jubilant Foodworks
Overweight Call, Target Price At Rs781/sh
Q4 Revenue Up 19% YoY, 6% Above Estimate
LFL Growth Of 12.1%, With 9% YoY Increase In Store Count
Full-year Net Additions: 184 Stores.
Consolidated Q4 Revenue Up 34% YoY, 5% Above Estimate
CLSA On Jubilant Foodworks
Underperform Call, Target Price At Rs499/sh
Sales Beat Of 1%; Focus On Profitability
Standalone Revenue Growth Of 19.1% YoY (CLSA: +17.7%)
Domino’s India LFL Growth At 12.1%, Turkey At 0.9%
Store Count: 3,316 With 2,179 In India
Market Focus On EBITDA Growth Lagging Sales
Axis Cap On OMCs
Crude Oil Markets Face Weakening Demand And Rising Supply
IEA Projects Oil Supply To Exceed Demand By 1 mbpd In CY25
Lower Oil Price Assumptions For FY26/27 ($70/75/bbl)
Lower Oil Prices Boost Marketing Margin For OMCs, Especially With An Election-free Period Till Nov’25
Upgraded EBITDA Estimates For FY26-27 By Up To 23%
Upgrade HPCL To Buy Call (TP: Rs430/sh), BPCL To Add Call (TP: Rs315/sh), IOC To Add (TP: Rs140/sh)
