CLSA has placed an outperform rating on Jindal Steel, setting a target price of Rs 1,420. Analysts have noted that the company’s adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the January-March quarter (Q4FY26) surpassed expectations, primarily due to a 23% year-on-year increase in volume. The adjusted EBITDA per tonne also saw a significant rise to Rs 10,103, reflecting an increase of Rs 3,100 per tonne. As the Angul expansion project progresses, analysts anticipate a considerable uptick in production. Jindal Steel has guided for steel sales volumes between 10.5 million and 11 million tonnes for FY27, compared to 8.7 million tonnes in FY26. The combination of higher spreads and increased production is projected to lead to a robust 40% compounded annual growth rate of EBITDA from FY26 to FY28.
In contrast, UBS has issued a neutral rating for Vodafone Idea, with a target price of Rs 12.40. Analysts revealed that following a reassessment, the company’s adjusted gross revenue (AGR) dues stand at Rs 64,000 crore, down from Rs 87,700 crore, with payments set to begin in FY32. Vodafone Idea’s payment schedule now requires a minimum payment of Rs 1,000 crore from FY32 to FY35, divided into six equal payments, and the remainder to be cleared between FY36 and FY41. This revised structure could potentially allow for a 20% increase in the current equity value.
Citigroup has assigned a sell rating to Avenue Supermart (D-Mart), while raising its target price to Rs 3,650. In Q4FY26, the company’s same-store growth (SSG) rose to 10.8%, propelling revenue growth and a 19% increase in earnings per share (EPS) year-on-year. However, management noted a spike in consumer buying due to geopolitical tensions in March 2026, which normalized towards the end of the month. Consolidated free cash flow (FCF) remained negative at Rs 960 crore, contributing to a total net debt of Rs 660 crore in FY26, contrasting with a net cash position of Rs 360 crore in FY25. The company has struggled to keep pace with revenue growth, experiencing profit increases lagging behind revenues in nine of the last twelve quarters due to competition and other external factors.
Meanwhile, Morgan Stanley has maintained an equal-weight rating on Hindustan Unilever (HUL), raising its target price from Rs 2,372 to Rs 2,480. Management expressed an optimistic outlook for demand, noting stable trends in both rural and urban markets. Plans for 8-10% cost inflation in Q1FY27 have been communicated, alongside 2-5% price hikes. HUL anticipates improved growth for FY27 compared to FY26, with a balanced approach to volume and pricing. The company has retained its EBITDA margin guidance of 22.5%-23.5% and has increased its topline growth estimate from 7% to 11%.
JP Morgan has rated Indigene as overweight with a target price adjustment to Rs 600, up from Rs 500. The Q4FY26 results were mixed, showcasing a revenue beat but a margin miss. Revenue grew 3.4% quarter-over-quarter, with organic growth at 2.7%, exceeding expectations. Year-on-year organic revenue growth accelerated to 10.6% in constant currency terms after two years of lower growth.
Goldman Sachs has placed a sell rating on Laurus Labs, with a target price set at Rs 1,000. The company reported a 5% increase in sales and a 22% rise in EBITDA year-on-year for Q4FY26, broadly aligning with expectations. Notably, revenue growth was bolstered across various business segments, excluding the generic finished dosage form (FDF). The EBITDA margin improved to 28.3%, primarily attributed to enhanced gross margins. Although Laurus Labs did not provide specific topline guidance for FY27, management indicated a solid foundation from FY26, with expectations of reaching 1.1 times asset turns in the next 24 months, alongside improved margins propelled by higher asset utilization and operational leverage.
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