Defence stocks, Axis Bank Ltd., Allied Blenders and Distillers Ltd., Larsen and Toubro Ltd., Kotak Mahindra Bank Ltd., auto stocks, real estate stocks and cement sector, are among the companies garnering brokerage commentary today.
Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms. Here are the key analyst calls to watch out for today:
Morgan Stanley on Axis Bank
Maintain overweight; Hike target price to Rs 1,450 from Rs 1,325
Revisiting the turnaround story
Bank has taken significant additional steps over the past year
Bank should get traction as the macro climate improves
Expect re-rating relative to large private banks to be gradual
Expect trends in all three drivers – i.e., NIMs, growth, and credit costs – to turn positive
Extent will be linked to the pace of macro recovery
Benefits of the bank’s strategic decisions could be visible over the next 2-3 years
But until then, expect the valuation gap to remain wide
Key drivers for structural re-rating will be narrowing of retail deposit growth differentials and loan spreads vs. large banks
Morgan Stanley on Indian Markets
Gunning for Growth
Equity market may be underestimating the likely turn in the growth cycle
While global factors matter for India’s relative performance, in our view, the earnings and market peak is still in front of us
India’s low beta implies outperformance in a global bear market but underperformance in a bull market
The growth pivot is for real
Domestic Cyclicals > Defensives and External-facing sectors
Overweight Financials, Consumer Discretionary, and Industrials
Underweight Energy, Materials, Utilities, and Healthcare
Jefferies on Allied Blenders
Maintain buy with target price of Rs 620
Backward integration plans remain on track with recent addition of a PET bottle manufacturing facility and work underway on a malt distillery
Single malt launch likely in 4-5 years
These factors along with distillery expansion in Maharashtra, to drive 300bps margin uplift over FY25-28e and strengthen franchise in key states
Goldman Sachs on Havells India
Add Havells India to the APAC Conviction List
Havells as well-placed for a growth revival over the next few years
New capacity in core categories and GST cuts across various consumption categories to support growth
Forecasts Havells to grow at 19% in FY27 and 16% in FY28, from a weak base of 8% in FY26
Goldman Sachs on Defence Stocks
Solar Industries – Initiate Buy with target price of Rs 18,215
PTC Industries – Initiate Buy with target price of Rs 2,4725
Astra Microwave – Initiate Buy with target price of Rs 1,455
Data Patterns – Initiate Buy with target price of Rs 3,640
Azad Engineering – Initiate Buy with target price of Rs 2,055
BEL – Initiate Buy with target price of Rs 455
Hindustan Aeronautics – Initiate Neutral with target price of Rs 5,255
Bharat Dynamics – Initiate Sell with target price of Rs 1,375
Morgan Stanley on Real Estate Stocks
Q2 – Not Weak Despite Seasonality
Expect the top five developers to register Q2 pre-sales of Rs 11000 cr – +44% YoY
H1 has reached 55% of full-year 2026 estimate
For Q2, expect Godrej and DLF to report stronger pre-sales than consensus expects
Lodha and Oberoi could disappoint
JP Morgan on Auto Stocks
September 2025: a month where commentary matters more than data
Maruti underperformed industry in wholesale while retail was in-line; Hero still a key laggard in retail
M&M continues to outperform in PVs and Tractors
2W wholesale and retail delivered similar outcomes
Goldman Sachs on L&T
Maintain neutral with target price of Rs 3,540
Expect a good quarter; market focus to shift to FY27
Expect healthy double digit growth in revenue, Ebitda and PAT driven by a strong order book
Order inflow growth of 15% year-on-year
Expect EPC and installation of offshore structures in Middle East to be included
Expect 20 bps improvement in core Ebitda margins at 7.8%
CLSA on Auto Stocks
GST cut-led demand enhancement and festive season driven retail demand
TVS and Royal Enfield gain retail share YoY as volumes climb 17% YoY and 43% YoY
In PVs, EVs grew at much higher pace of 163% YoY, followed by CNG at 33% YoY
CV sales increased by 7% YoY while M&HCV remained flat YoY
Morgan Stanley on Kotak Mahindra Bank
Maintain overweight with target price of Rs 2,600
Believe the share price will rise relative to the industry over the next 30 days
Remain positive given its strong setup and exposure to segments that benefit from macro recovery
After two years of headwinds, the bank is now on the front foot with rising disbursements and stable margins
Expect core PPoP/EPS growth to return to 18-20% from FY27
Improving spreads, easing supply-side constraints, and strong profitability support re-rating potential
Jefferies on Private Banks
Status Quo on Rates Is a Relief for Private Banks; tad negative for NBFCs/ small-banks
ECL transition will start from Apr-27, and the impact of the one-time charge can be partly offset by the lower risk weight/ spread over 5 years
RBI also relaxed restrictions on bank loans that will aid credit growth
Stay positive on HDFC, Axis, ICICI, SBI
Jefferies on Cement Stocks
Cement prices hold as intense monsoon ends
Cement prices (ex-GST related changes) was marginally lower by 0.5% MoM
YTD FY26 price is tracking 5-6% higher YoY vs FY26 est of +4% YoY
For Q2, price (ex-GST) remained relatively steady (1-1.5% dip QoQ), despite severe monsoons hurting demand
GST rate cut from 28% to 18% has reflected on cement cos passing the benefit
Petcoke/fuel have inched up recently (to impact Q4)
Higher RM prices, could push companies to price hikes from Nov/Q4
Like Ambuja, UltraTech and JK Cement
CLSA on Nifty Outlook
Outlook for the Nifty remains unchanged as the lack of follow through has resulted in the market consolidating within a newly defined range
This range currently spans between 24,337–24,432 on the lower end and 25,448–25,669 on the upper end
Crucially, just below the lower boundary of this newly established range lies a key zone of support
Area represents the confluence of the 200-DMA and the upper boundary of the February-April basing pattern
As long as price action holds above this critical support level, there is a case for continuing to favour the upside
Eventual resumption of the February-April double bottom pattern that still provides a measured target of 26,333
