Brokerages are out with their commentary on several stocks and sectors after their corporate announcements and quarterly results. Here’s a quick look at the highlights of the top notes.
Brokerages On Adani Ports
Investec
- Maintain Buy; Hike target price to Rs 1,850 from Rs 1,770.
- Slight EBITDA beat; a steady quarter.
- Raise FY26E EBITDA guidance, largely on NQXT acquisition.
- Multiple port expansion underway.
- Trade deals with EU/USA should boost cargo growth in the medium-to-long run.
Morgan Stanley
- Maintain Overweight with TP of Rs 1,661.
- Q3: Operationally in-line.
- Guidance reiterated: Volume: 505-515MMT.
- Upped revenue guidance to Rs 380,00 crore vs Rs 36,000-38,000 crore.
- Upped EBITDA guidance to Rs 22,800 crore vs Rs 21,000-22,000 crore.
Brokerages On Varun Beverages
Jefferies
- Maintain Buy; Cut TP to Rs 550 from Rs 610.
- Good Volumes but Concerns on Realisation – Upcoming Season Holds the Key.
- Mgmt blamed this on higher discounts in the market, which raises some concern on the competition.
- Ngmt is confident on retaining margins.
- Expects a strong CY26 on hope of a normal summer.
Citi
- Maintain Buy; Cut TP to Rs 575 from Rs 675.
- Volume Growth Outlook Positive; Monitor Pricing Headwinds.
- India: Strong volume rebound but realisation weakness an overhang.
- International business: Continues to scale well.
- Q1 faces a high base, Q2-Q3 trajectory will be critical for stock performance.
Morgan Stanley
- Maintain Overweight; Cut TP to Rs 522 from Rs 600.
- Near-term earnings estimate cuts.
- See impact of lower Indian growth on medium-term estimates.
Jefferies on RIL
- Maintain Buy; Hike TP to Rs 1,820 from Rs 1,795.
- Looking beyond the current pessimism.
- Current market cap implies EV of $40 bn for Retail+ FMCG, pessimistic in our view.
- Valuation in the last funding round was $106 billion.
- Stock is trading below long term average valuations from where it has rebounded 5 times in past 5 years.
- Progress with Jio’s IPO, a likely tariff hike, recovery in Retail growth and likely value discovery in FMCG are key triggers.
Comprehensive Budget 2026 coverage,
LIVE TV analysis,
Stock Market and
Industry reactions,
Income Tax changes and
Latest News on NDTV Profit.
