Jefferies has maintained a buy rating on Bharti Airtel and raised the target price to Rs 2,350 from Rs 2,250. Analysts noted that the telecom major's January-March quarter (Q4FY26) revenues and earnings before interest, taxes, depreciation, and amortisation (EBITDA) exceeded analysts' estimates, though normalised profits fell short. Key highlights included India mobile average revenue per user (ARPU), strong growth in homes and Africa, and healthy free cash flow (FCF) generation. The proposed share swap for Airtel Africa is on better-than-expected terms and may alleviate concerns regarding future stake sales by Singtel.
JP Morgan upgraded Cipla to overweight with a target price of Rs 1,550. Analysts upgraded the stock on improved earnings growth visibility driven by complex US launches over the next two years, coupled with attractive valuations after the recent correction. The company's management guided for a US exit run-rate of $1 billion in FY27, a significant step-up from the current quarterly run-rate of about $155 million. The company's pipeline of launches appears promising, including gVentolin (launch soon), gAdvair (first half of the year), gSymbicort (second half of the year), and select peptides, including a material one. Analysts kept their estimates largely unchanged but raised the multiple as the pipeline now has more tangible milestones, such as approvals in hand, PAI done, and goal dates, which gave them higher confidence in execution.
Morgan Stanley maintained its underweight rating on Dixon Technologies with a target price of Rs 8,157. Analysts reported that the company's Q4FY26 revenue growth was 2%, while EBITDA declined 8% year-on-year (YoY). Revenue and EBITDA missed estimates by 12% and 17%, respectively, while EBITDA margin contracted by 40 basis points (100 basis points = 1 percentage point) YoY to 3.9%. Mobile and EMS revenue rose 4% YoY, while margins dipped to 3.6%. Consumer electronics revenue growth was 1% YoY, while adjusted PAT was in line, aided by lower interest and minority interest costs.
HDFC Securities Institutional Equities upgraded Hyundai Motor India to add with a target price hiked to Rs 2,103. Analysts noted that they were finally sensing some aggression from the management toward domestic growth, market share, and a focus on expanding exports. While they do not expect the company to revive meaningful market share just yet, considering the intensifying competition in the SUV space, they believe the intent and efforts could materialize better in the medium to long term, given the capability of the parent company. Making HMIL the global production hub for Venue, as well as focusing on expanding to other geographies, bodes well. Additionally, the current CAFÉ 3 draft and the company's focus on CNG and the upcoming launch of a dedicated EV in the compact SUV space position the company favorably regarding the upcoming CAFÉ 3 norms. They said the key risk for the stock is the intensifying competition in both domestic and export markets.
Nomura has a buy rating on Crompton Greaves Consumer Electricals with a target price of Rs 335. Analysts stated that the company's growth recovery was on track. Its Q4FY26 EBITDA was ahead of expectations, and its push across a wider portfolio, along with a normal summer, is expected to drive growth. They said the stock's valuation remains attractive at 25x FY28 earnings per share (EPS).
