Morgan Stanley has reaffirmed its overweight rating on Reliance Industries (RIL) with a target price of Rs 1,803. Analysts highlighted that RIL is deploying annual operating cash flows of $15 billion, with shorter monetisation cycles becoming the new norm. New energy and artificial intelligence (AI) infrastructure have been flagged as key value drivers, funded by the company's existing businesses. The company's land assets in Kutch, spanning 550,000 acres, support its 1GW data centre and a new PVC facility. Additionally, a battery giga-factory is expected to become operational this year, starting with an initial capacity of 40 GWh, scalable to 100 GWh. RIL's green hydrogen target is set at 3 million tonnes per annum equivalent by 2032. The company's net debt to EBITDA ratio stands at 1.3x, with around 30% of its debt maturing within the next year, which is a monitorable. RIL's consolidated cost of funding has decreased by approximately 7 basis points to 7.2% in FY26.
Goldman Sachs has maintained its buy rating on Interglobe Aviation (Indigo) with a target price of Rs 5,200. Analysts noted that the company's pre-tax loss for the January-March quarter (Q4FY26) was Rs 2,100 crore, better than Goldman Sachs' estimate of Rs 3,590 crore. Indigo's costs, excluding foreign exchange, were below estimates, with supplementary rentals and airport fees being key positive surprises. Revenue per seat was slightly ahead of estimates, while cost per seat stood at Rs 4.85 against an estimate of Rs 5.24. For Q1FY27, the company guided for 3-4% capacity growth, with passenger revenue per seat increasing by mid-teens year-on-year. No full-year FY27 capacity guidance was provided. Analysts noted that elevated costs remain an overhang. The entire Indian aviation sector, except Indigo, faces weak profitability and balance sheet stress.
Macquarie has issued a buy recommendation on Asian Paints with a target price of Rs 3,000. Analysts said the company's Q4FY26 EBIDA beat expectations, driven by better-than-expected sales growth. Management expects price hikes of over 11% to flow through to realisation. The company intends to use cost control to maintain the FY27 standalone EBIDA margin at 18-20%. The drag from mix change is likely to be 3-4%.
Jefferies has a buy recommendation on Cummins India, with a scaled-up target price of Rs 7,100, up from Rs 4,975 earlier. Analysts cited margin tailwinds ahead. The company is seeing a rising share of higher-margin distribution business and a higher contribution from data centres. It is also pursuing indigenisation of higher import content for engine upgrades.
HDFC Securities has a reduce rating on Heidelberg Cement India with a target price of Rs 170. Analysts noted that the company is operating at about 94% clinker utilisation, with no major expansion plans in place. Continued market share loss and intensifying competition in the central region remain key concerns. They estimate modest volume and EBITDA growth of about 3% and about 8%, respectively, over FY26–FY28. The company's Q4FY26 volume rose about 8% year-on-year, while revenue per tonne increased by about 2%, and cost per tonne declined about 3% quarter-on-quarter. Unit EBITDA improved by Rs 219 per tonne quarter-on-quarter to Rs 649 per tonne.
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