Kamal Ghorui
Kotak Institutional Equities reinstated its add rating on Aster DM with the target price at Rs 725. Analysts expect Aster DM, after its imminent merger with Quality Care (QCIL), to report robust numbers over FY26-FY28. Besides synergies, there are multiple other levers such as higher oncology mix, improved payor mix etc. to drive margin expansion. Backed by a strong balance sheet and a calibrated expansion of 4,342 beds until FY30, out of which 60% are brownfield, they believe the Aster DM-QCIL combo has a multi-year profitable growth runway ahead.Nuvama has a buy rating on Marico with the target price at Rs 900. Analysts attended the management meet and they feel the company’s value-added hair oil portfolio to remain strong. The management also said that its West Asia business contributes about 3–4% of the company’s consolidated revenue with no significant impact on overall revenue currently. The company also said the correction in copra prices (~35% from peak) has not been passed on yet, but a calibrated price cut is likely soon. The company also said that Bangladesh’s political landscape is now stable and growth momentum shall sustain. They also said that the ongoing West Asia tensions remain a key monitorable, as they may lead to potential raw material and packaging costs inflation.HSBC has a hold rating on Tata Motors PV with the target price cut to Rs 340 from Rs 400. Analysts said West Asia exposure and rising raw material costs have further added to the woes of JLR. Its India business benefits from strong Sierra and incremental Harrier petrol demand, though raw material inflation is a risk to margins. JLR’s recovery in the near term appears challenging.Motilal Oswal Securities has a buy rating on Hindalco with the target price at Rs 1,110. Analysts attended the management meet. They said that the management expects domestic demand (across Asia) to remain robust and outpace modest growth expectations of 2-4% compounded annual growth rate (CAGR) globally, broadly driven by renewable and electrification, infra spending, packaging and auto/EV adoption. Impact of the ongoing conflict in West Asia is largely limited to rising energy (coal) costs. The management noted that 75% of energy is fulfilled via coal linkages and the rest via e-auction. Thus, the rise in coal e-auction prices can increase its energy costs. As a mitigation strategy, the company targets to be 100% captive by FY33 via three captive mines, resulting in direct cost savings of about $200/tonne. The company plans to expand value-added product offerings (both copper and aluminium), with an aim to cushion the margins and to achieve higher downstream earnings before interest, taxes, depreciation and amortisation (EBITDA) in India over the medium term. The company highlighted that Aditya FRP and battery enclosure facility is currently ramping up, while it is expecting the commissioning of the IGT, battery foil and AC fin.Jefferies has a buy on JSW Infrastructure with the target price at Rs 360. Analysts said JSW Infra management in recent interactions reiterated its target to double EBITDA over FY26-FY28, led by capacity additions which are on track. Logistics (5% of FY26 EBITDA) growth plans are ahead of schedule while geopolitical tensions are a near-term headwind. Analysts raised the company’s FY28 EBITDA by 10%, to reflect the optimism on project progress and estimate 29% FY26-FY30 EBITDA CAGR, led by 19% volume CAGR, where group expansion plans lend utilisation visibility.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
