Bharat Electronics

Nomura On BEL

Buy Call, Target At `363/Sh

Significant Operational Beat In Q3

FY25 Earnings Up 8%; Expect Heavy Ordering In Q4

Management Remains Conservative With No Change In Guidance For Sales/Margin

Raise FY25 EBITDA Margin/EPS By 200 bps/8% To Reflect Significant Beat In Q3

Stock Currently Trades At 30x FY27 EPS

Jefferies On BEL

Buy Call, Target At `370/Sh

Q3 EBITDA Was 51?ove Expectations, As Margin Rose To 28.7% Vs Expected 23.7%

Co Tends To See Quarterly Revenue & Margin Volatility Based On Deliveries

Management Retaining Vs Raising Guidance, Maintain Estimates

Margin Strength Gives Confidence In Profitability Sustaining

PB Fintech

HSBC On PB Fin

Buy Call, Target At `2,530/Sh

Co Reported Robust Premium Growth & EBITDA Margin Expansion In Q3

Core-Operating Performance Was In-line

Medium-term Outlook On Business Growth & Profitability Remains Healthy

Est FY25-28 CAGR Of 27% In Revenue, EBITDA Margin Of 18% & Profit Margin Of 17% By FY28

MS On PB Fin

Underweight Call, Target At `1,400/Sh

Adjusted EBITDA Was line in Q3

Cut FY25 Forecast & Expect Consensus To Do So Also

Core New Premium Growth Slowed More Than Expected, From Slower Savings

Steep Valuation Keeps Us Underweight

Bank Of Baroda

Jefferies On Bank Of Baroda

Hold Call, Target Cut To `250/Sh

For Q3, Profit Was Ahead Of Estimates Aided By Lower Provisions

While Loan Growth Of 12% Was Healthy, NII Growth Of 3% Was Softened By Margin Fall

Feel Bank's Higher Domestic LDR Might Limit Loan Growth As Domestic Deposit Growth Is Softer

Asset Quality Stays Stable With Low Credit Cost

HSBC On Bank Of Baroda

Hold Call, Target Cut To `250/Sh

Q3 Core Fee Income And QoQ Improvement In Credit Costs Offset Pressure In NIM

Asset Quality Was Healthy

Change EPS Estimates By 4/-2.6/-3.6% For FY25/26/27 Respectively

Cut Is To Build In Further Pressure On NIM

EPS Growth Outlook Remains Muted

Jefferies On Adani PortsBuy Call, Target At `1,440/Sh

Q3 EBITDA 4?ove Estimates Driven By Higher SEZ Income

Management Maintained Their 10-14% YoY Volume Growth Guidance For FY25

10-14% YoY Volume Growth Guidance For FY25 Implies 17-35% YoY Rise In Q4

EBITDA Guidance Was Raised & Was Above Estimates

Logistics Potential Is A Sweetener

Nomura On Tata Consumer

Buy Call, Target At `1,250/Sh

Strong Delivery In Core; High Volume Growth In Tea, Strong Price Hike To Boost Overall Growth

Growth Business Growing 89% YoY On A Strong Wicket

OPM To Improve Going Forward On The Back Of Price Hikes

Stock Trades At 46x FY27 EPS

Nomura On Dabur

Buy Call, Target At `625/Sh

Q3 Was In-line With Expectations

Growth To Gradual Improve As Rural Improves & Urban Is Near Bottoming Out

Gradual Pickup In Sales Is Expected

HPC Sales 5.7%; Healthcare -1.3% While Beverages Was -10.3%

Margin To Also Improve Gradually

Nomura On Dr LalPath Labs

Upgrade To Buy, Target At `3,315/Sh

Q3 Revenue In-line But EBITDA/Profit Below Estimates

Co Now Intends To Focus On Expanding Its Presence In Southern India

Co Has Not Undertaken Any Price Increases In the Recent Past & Does Not Intend To Do So In the Near Future

Recent Stock Correction Presents Limited Downside Risk

Nomura On GAIL

Buy Call, Target At `240/Sh

Results Sharply Miss Estimates On Lower Gas Marketing & Petchem Profitability

Gas Transmission EBIT Was 4?low Estimates & Declined 2% QoQ

Adjusted Gas Marketing EBIT Was Sharply Below Estimate

LPG/LHC Segment EBIT Was Below Estimates

Trades At Attractive Valuations Of 10x FY27 P/E

Nuvama On SRF

Buy Call, Target At `2,929/Sh

Q3 Earnings Led By Revived Momentum In Chemicals Biz After 6 Quarters Of Disappointment

EBITDA Beat Estimate By 6.3%, Largely Led By Margin Expansion In Chemicals Business To 24.3%

Packaging Films Reported A Stable Performance In A Tough Scenario

Likely Margin Improvements In Chemicals Biz Due To Better Ref-Gas Prices, Which Now Seems Sustainable

HSBC On RR Kabel

Upgrade To Buy, Target At `1,600/Sh

After An Unexciting CY24, Co Looks Set To Return To A Strong Profit Growth Trajectory

Co’s Profit Growth Trajectory Is Materially Above Peers

Strong Profit Growth Outlook And Attractive Valuations Makes Us Constructive At Current Prices

Expect FY25-27 Revenue & EPS CAGR Of 18% And 46%, Respectively