Initiate Underperform with TP of Rs 90
Has built the lowest cost offline retail distribution in India
47% of stores have no other value retailer nearby
Will face increasing competition & is at peak margin profile
Competitors have stronger right to win than Vishal
Going to enter a phase of increasing competition from offline and online players
Jefferies on Vishal Mega Mart
Initiate Buy with TP of Rs 125
Compelling value retail play with strong presence in Tier-2 and beyond
Retail format is a complete shopping destination, with a slight skew towards apparel and a high share of own labels
Store economics are solid, with <2Y payback for a typical new store
See a long growth runway ahead; forecast 27% earning CAGR over FY24-27
Balance Sheet is net cash with best-in-class return ratios
Jefferies on IT
Higher Uncertainty & Tariff Impact To Hurt IT Demand In FY26
EPS Estimates Cut By 2-14%, Favour Stocks With Higher Growth Visibility
Unless Outlook For US GDP Growth Improves, IT Stocks Are Unlikely To Rerate
Prefer Stocks Are Infosys, Coforge & Sagility
Infosys – Buy Call, Target Price Cut To Rs1,700/sh From Rs1,835/sh
Coforge – Buy call, Target Price Cut To Rs7,860/sh From Rs10,350/sh
Sagality – Buy Call, Target Price Cut To Rs48/sh From Rs64/sh
HCL Tech – Hold Call, Target Price Cut To Rs1,520/sh From Rs1,900/sh
TCS Downgrade To Hold From Buy Call, Target Price Cut To Rs3,300/sh From Rs4,530/sh
Wipro Downgrade To Underperform From Hold, Target Price Cut To Rs210/sh From Rs310/sh
Mphasis Downgrade To Hold From Buy Call, Target Price Cut To Rs2,300/sh From Rs3,250/sh
MOSL on KEI Industries
Neutral Call, Target Price At Rs3,000/sh
Demand Remains Strong For Cables, Driven By Govt Capex & Higher Copper Prices
Revenue Growth Target Is 18% In FY25/26 & 20% In FY27
Growth Concerns & Raw Material Cost Volatility Following Tariff Changes By The US
EPS Estimates Cut By 4-8% For FY26/FY27
Mgmt Focussed On Expanding Retail, Optimising The Product Mix
Mgmt Focussed On Leveraging Industry Trends For Long-term Growth
DAM Capital On Affle India
Buy Call, Target Price At Rs1,730/sh
Growth Strategy Focuses On Using Opticks AI for better client conversions.
Growth Strategy Focuses On Expanding Into Connected TV
Growth Strategy Focuses On Targetting SMEs For Localised Ads & Better RoI
Growth Strategy Focusses On Adopting Agentic AI Internally To Boost Operating Leverage
Nuvama on Godrej Properties
Buy Call, Target Price Cut To Rs2,429/sh
Q4 Pre-sales Of Rs10,200 Cr, Up 7% YoY, The Highest-ever
Sales Volumes Of 7.5msf, Down 8% YoY, Realisations Up 16% YoY To Rs13,381/sq ft
Strong Sales But Weakness In Housing Volumes Raises Concerns About Future Growth
Morgan Stanley Godrej Properties
Overweight Call, Target Price At Rs3,400/sh
Q4 Pre-sales Of Rs10,200 Cr, Exceeding Estimates Of Rs7,700 cr
FY25 Pre-sales Of Rs29,400 Cr Up 31% YoY, The Highest Among Indian Developers
Sales Growth: Strong Demand From NCR Contributes
Significantly, Posing A Concentration Risk
Prefer Godrej For Its Robust Pre-sales Momentum
Investec On MFIs
The Current Indian Microfinance Cycle Is Nearing Its End
AQ Indicators Improving Across Many MFIs
Top Performers Include CA Grameen, Ujjivan SFB & L&T Finance
Recovery Will Be Gradual, Leading To Sector Consolidation
Many Players Still Face AQ Challenges And Will Need Capital
Investec On Vedanta
Upgrade To Buy Call, Target Price At Rs510/sh
After A 17% Correction, Vedanta Presents A Good Opportunity For FY26-27
Average FCF/Dividend Yield Of 12/7% Over FY26-27
The Current Market Price Reflects A 12% Discount To Spot LME Prices
Strong Position On Cost, With Aluminium/Zinc Smelters In The First Quartile Of The Global Cost Curve
Monitor Potential Issues With Capital Allocation/Restructuring
MOSL on Gujarat Gas
Buy, TP Rs 400
Valuation de-rating largely over
STK has corrected 34% over 6 months, now trading at 21x FY27E P/E
Believe fundamentals are undergoing a transformative shift: Weaker crude & lower slope – twin emerging tailwinds
