Jefferies On Crompton Cons
Purchase Name, Goal Worth Rs480
Of their Analyst Meet, Crompton Mgmt Mentioned New Launches & Innovation Forward Of Summer season, Esp In Followers Vertical
Premium Followers Are Rising At 2.5x Of Non-Premium
This Vertical Is Now ~25% Premium Vs 12-15%, 5 Yrs In the past
Co Has Taken 4-5 Tranches Of Worth Rises 1.0-1.5% Every In Previous 5-6 Quarters
This Summer season, Mgmt Expects Double-Digit Development In Prem & BLDC Followers, & Single-digit In Mass Class
Est FY24-27 EPS CAGR At +22%; FY26 PE At 32x
MS On Crompton Cons
Underweight, Goal Worth Rs352
Crompton Launches Nucleus, An Superior BLDC Platform
Launches Xtech, An Superior Induction Motor Platform, To Strengthen Its Followers Portfoli.
Focus Stays On Increasing Premium Share In Total Income Combine
Premium Followers Are Rising ~2x Quicker Than The Avg Fan Market Development Fee
Crompton targets To Enhance Premiumisation Share To 40% Of Total Portfolio
Nomura On Crompton Cons
Purchase Name, Goal Worth Rs447
Co Just lately Unveiled Its Two Reducing-Edge Platforms, Nucleus & Xtech
Goals At Driving Power Effectivity & Sensible Tech Integration In Shopper Electricals House
Mgmt Highlights That New Platforms Are Very Scalable
A lot Extra Sturdy On Electronics & Extra Environment friendly Than Friends
Co Can Supply A lot Larger Guarantee To Clients Than Friends
Worth Hikes & Working Leverage Ought to Drive EBITDA Margin From 11% In FY25 To 12.2% By FY27F
Main To A Wholesome 22% EPS CAGR
Nuvama on Crompton Cons
Keep Purchase, TP Rs500
The corporate reiterated that it’s monitoring effectively on its Crompton 2.0 technique i
Specializing in-industry-leading PAT progress, arresting the decline within the lighting market; and and turning round Butterfly.
Goals to seize a bigger share of the premium followers market
The {industry}’s BEE2.0 transition (in Jan-26) shall present additional market share achieve alternatives for Crompton
Off to begin for summer time season
Firm is evaluating three–4 new classes for photo voltaic pumps
Butterfly Gandhimati rejig has been accomplished with a brand new crew in place and purpose is to attain mid-teens progress
Nuvama on Coal India
Coal India Arm, Northern Coalfields, Broadcasts Levy Of ‘Singrauli Punarasthapan Cost’ Of Rs300/t On Its Total Quantity From Might 1, 2025
Money Influx Is Seemingly To Be Broadly Used To Fund The Upcoming Land Acquisition Rehabilitation Programme
At One Of The Mining Areas In Singrauli Over Subsequent Few Yrs
This Levy Would Lead To A Surge In Coal India FY26/27 EBITDA By 9-10%
Est Capex Of Rs170 bn In Every Of FY26/27 Largely Incorporates Upcoming Capex On Rehabilitation Proj Of The Singrauli Space
Assuming 5x EV/EBITDA A number of, The Honest Worth Can Enhance By Rs34/sh
MS On Coal India
Obese Name, Goal Worth Rs525/sh
Coal India Introduces A “Singrauli Punarasthapan Cost” Of Rs300/t Throughout All Mines Of Northern Coalfields w.e.f Might 1, 2025
Per Co,This Will Drive Anticipated Further Income Of Rs38.8 bn
See This Is As A Optimistic Dvptt, As Levy Is 2.5% Of FY26 Income
Implies 8% Upside Danger To FY26 Earnings Estimate
Key To Watch Would Be If Co Is Ready To Take Worth Hikes Over &
Co Presently Forecasting 2% Development In FSA Realisations
JPM on Coal India
Keep Impartial, TP at 420 (from 395)
FSA worth hike announcement-a optimistic shock
Coal India anticipates extra income of Rs 3880cr
FY26-27 EBIDTA to rise by 8-10%
Worth hike announcement partially addresses headwinds
Headwinds are from softening worldwide thermal coal costs (and e-auction premium), market-share loss to captives, weaker manufacturing progress & evacuation (rake motion).
CLSA on Bajaj Auto
O-P, TP Rs 9473
Due to this fact, BJAUT expects its ICE quantity to develop forward of the {industry}, which might translate into double-digit income progress, other than the e2W quantity progress of 20-30%
BJAUT highlighted that export volumes are on a restoration path
CLSA on Energy Financiers
Anticipate Cos to extend their provision protection ratio on discoms in 4Q25, however it needs to be vary certain
Proceed to be comfy with asset high quality
KSK Mahanadi write-backs are anticipated in coming quarters
Jefferies On Jubilant
Purchase Name, Rs1,000/sh
Be Daring” Theme Underscored Development Mindset
Tech Is Touching Total Co, With Retailer, AI Rising As A Differentiator
Latest Double-digit SSS Development Was Fueled By Improvements
Whereas Margin Steering Might Fall Brief Of Some Expectations
Stay Excited About Development Agenda
Mgmt Believes This Is Simply The Begin, Margin Ought to Comply with Development
MS on Jubilant Meals
OW, TP Rs 781
Jubilant Meals Mgmt Showcases How They capitalise On Tech Enterprise
From Sourcing To Provide Chain, From Community Enlargement To Retailer Efficienc
From App Administration To Supply To Shopper
Like Pivot To Constructing Platforms To Safe Larger Development
Jefferies On Coforge
Purchase Name, Goal Worth Rs10,100/sh
Submit Latest 22% Fall, Coforge’s Inventory Is Buying and selling At An Engaging 33x FY26 P/E
Led By Robust Prime-Line Development, Enchancment In Working Margin & b/s Deleveraging
Constant Income Development Out-Efficiency Is Seemingly
To Proceed, Given Robust Order E book & Constant Execution
Coforge Stays Excessive-conviction Choose Inside Indian IT
Investec on Life Insurance coverage
Improve ICICI Pru Life to Purchase from Maintain, TP at 725
Improve to resulting from valuation consolation
Majority of the headwinds are within the rearview – readability on taxation, palatable give up worth tweaks, and softening of aggressive depth from unlisted gamers.
Anticipate listed personal life insurers to ship VNB progress of 13-16% over FY25E-FY28E.
Present valuations are engaging (implied VNB progress expectations of simply 5%-12% over the subsequent 10Y).
Listed personal life insurers have additionally delivered wholesome return on capital (17%-28% over the previous ~20 years)
UBS on OMCs
Crude in mid $70s signifies wholesome built-in margins
Excessive crude premiums and slender gentle heavy spreads to affect profitablity (Restricted disruption)
LPGs under-recoveries proceed
HPCL most levered for presidency grant
IOCL-Keep Purchase, TP 180
BPCL-Keep Purchase, TP 365
HPCL-Keep Purchase, TP 430
Jefferies on Apollo Hospitals
Keep Purchase, TP 7900
Sustainability of 5-7% ARPOB progress for Apollo in gentle of recent mattress additions within the sector is a key debate.
ARPOB issues are unwarranted as mattress additions for organised gamers are ~2% of their present capability
Additions will solely be in a phased method over 3-5 years.
Apollo has sustained 8.3% ARPOB CAGRover FY11-20 regardless of a number of headwinds
Alert-ARPOB means Common Income Per Mattress
Jefferies on Actual Property
Provide catchup to help vols
Resi markets have began CY25 with worth gross sales up 10%+; after a ~5% worth progress in previous 6-mths.
Provide declined 19% YoY in 2H24; with elections in base, anticipate rising provide in 2025.
Revival of mid-segment launches and nonetheless low vols in a number of cities vs. earlier cycle ought to help demand.
Realty shares are buying and selling under common NAVs and up to date promoter shopping for from open market alerts confidence in underlying enterprise.
Want DLF, Godrej Properties and Lodha
UBS on Thermax
Provoke Purchase, TP Rs 4100
A diversified & sustainable power options supplier
Worthwhile publicity to an increasing industrial power effectivity market
Forecasts 25% earnings CAGR between FY24-FY27E & 27% FY27E RoCE
Capital allocation is essential
HSBC On HDFC AMC
Maintain Name, Goal Worth Rs4,350/sh
HDFC AMC’s Inventory Return Has Outperformed Its Friends YTD On Again Of Mkt Share Good points In Most Of Its Massive Schemes
In A Cyclical Downturn, See Excessive Draw back Dangers To Our AUM & EPS Development Est; Stay Cautious
Valuations Seems Punchy For A Muted EPS CAGR Of 11% Over FY25-27
HSBC On Car Finance
Relative To Segments Like Microfinance Or Hsg Fin, see Manageable, & Fewer, Headwinds To EPS In This House
Car Financiers Stay En Route To Ship Comparatively Secure EPS Development & Profitability Over FY25-27
Sundaram Dwelling Fin & Cholamandalam Fin Stay Most well-liked, However Stay Constructive On M&M Fin Too
Chola Fin – Purchase Name, Goal Worth Raises to Rs1,610/sh From Rs1,510/sh
