Zomato

Nomura On Zomato

Buy Call, Target At Rs 290/Sh

Competition Heats Up In Quick Commerce But Well Positioned To Be Among Top 2 Players

Food Delivery Business Slows But Surprises On Profitability Improvement

Strong Execution And Balance Sheet Are Key Positives In Favour Of Blinkit

Jefferies On Zomato

Hold Call, Target Cut To Rs 255/Sh From Rs 275/Sh

Mixed Q3 With, As Expected, Modest Growth In Food Delivery But Much Better Margin

Quick Comm Reported Strong Growth But Slipped Into Losses Due To Invest & High Competition

Mgmt Aims To Double Store Count To 2,000 By Dec’25, One Year Earlier Than Past Guidance

Blinkit Has A Strong Execution Track Record

Aggressive Expansion May Force Competition To Follow Suit

Bernstein On Zomato

Outperform Call, Target At Rs 310/Sh

Zomato Doubled Down On Quick Commerce Guiding Growth

Management Laid Out An Aggressive Dark Store Plan

Land Grab Has Led To Trade-Off Between Growth & Margin

Quick Commerce Saw Margin Pressures

Food Delivery Beat Estimates With Margin To Stabilize At 5?justed EBITDA

Remain Positive & See Any Correction In Response To Competition Concerns

MS On MCX

Underweight Call, Target At Rs 3,715/Sh

Q3 Core EBITDA In-line, Miss On Profit

There Has Been Stagnation/Moderation In Average Daily Revenue (ADR) In Recent Months

Stagnation In Average Daily Rev May Lead To Downgrades To Both Consensus Revenue & Earnings

Find Current Valuation Stretched Given Low Conviction On Sustainability Of Revenues

MS On L&T Fin

Underweight Call, Target At Rs 112/Sh

Q3 Profit Came In Above Estimates

Retail Slippages Improved QoQ But Were Elevated

Co Guides For Further `300-350 Cr Provision Utilisation In Q4FY25

MFI Business Collections Stayed Tepid In Q3 – December Improved But Stayed Elevated

Q3 Retail AUM Growth Moderated To 23% YoY; Expect 20% YoY In FY25

Jefferies On Dixon Tech

Underperform Call, Target At Rs 12,600/Sh

Q3 Was A Beat To Estimates

Share Of Mobile & EMS Segment Notably Rose To 89% Of Sales Mix Now Vs 67% In Q3FY24

Segmental Sales Grew By 3x YoY, With New Customer Adds and order Ramp-Ups, With OPM At 3.5%

Consumer Electronics Sales Were Down 32% YoY

Risk-Reward Seems Stretched At 107x FY26 PE

Citi On Paytm

Buy Call, Target At Rs 900/Sh

Co Reported A Solid Beat Vs Expectations On Q3 Adjusted EBITDA

Beat Q3 Was Primarily Driven By Lower Corporate Overhead

Net Payment Margin Was Slightly Below Estimates

Paytm’s Merchant Biz (Devices, DLG-Loans) Continues To See Robust Stickiness & Sustained Growth

Co Looks Securely On Course To Achieve Adjusted EBITDA Break-Even Excluding UPI Incentives In Q4

MS On Oberoi Realty

Equal-Weight Call, Target At Rs 2,060/Sh

Strong Growth, But Misses Expectation In Q3

Pre-Sales For Q3 Shows Strong Momentum, Yet 24% Less Than Expectations

Q3 Collection Was Also Strong But Operating Cash Flow Was Weak Amidst High Capex

MS On Can Fin Homes

Overweight Call, Target Cut To Rs 885/Sh From Rs  1,030/Sh

Persistent Loan Growth Pressures Drive Cut In Long-term Loan Growth & ROE Assumptions

RoE Of >15% Is Still Attractive For A Relatively Defensive Business & So Is Valuation

Still, See the Upside Though It Is Likely To Be Delayed

Jefferies On Can Fin Homes

Buy Call, Target At Rs 915/Sh

Q3 Profit Was 3?low Estimates Due To Tad Higher Provision

Normalisation Can Take Time

See Muted Loan Growth Near Term, But Expect Improvement In FY26

NIM Should Be Steady

Gross NPA Should Ease In Q4