Morgan Stanley maintained its overweight rating on Reliance Industries with a target price of Rs 1,803. Analysts noted that RIL is deploying $15 billion in annual operating cash flows, with shorter monetisation cycles now becoming the new norm. New energy and AI infrastructure are flagged as key value drivers, funded by existing businesses. The company's 550,000 acres of land assets in Kutch support its 1 GW data centre and new PVC facility. The battery giga-factory is expected to be operational this year 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. The consolidated cost of funding is down approximately 7 basis points to 7.2% in FY26.
Goldman Sachs on Interglobe Aviation (Indigo)
Goldman Sachs maintained its buy rating on Interglobe Aviation (Indigo) with a target price of Rs 5,200. Analysts reported that the company's January-March (Q4FY26) pre-tax loss 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. The company's revenue per seat was slightly ahead of estimates, while cost per seat was Rs 4.85 against an estimate of Rs 5.24. For Q1FY27, the company guided 3-4% capacity growth with passenger revenue per seat up mid-teens year-on-year. No full-year FY27 capacity guidance was provided. Analysts noted that elevated costs remained an overhang, and the entire Indian aviation sector except Indigo faces weak profitability and balance sheet stress.
Macquarie on Asian Paints
Macquarie has a buy recommendation on Asian Paints with a target price of Rs 3,000. Analysts said that the company's Q4FY26 EBIDA beat was led by better-than-expected sales growth. Management expects 11%+ price hikes to flow through to realisation. The company intends to use cost control to maintain the FY27 standalone EBIDA margin at 18-20%. They indicated that the drag from mix change will likely be 3-4%.
Jefferies on Cummins India
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 higher contribution from data centres. The company is also pursuing indigenisation of higher import content for engine upgrades.
HDFC Securities on Heidelberg Cement India
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 QoQ to Rs 649 per tonne.
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