Equirus on Trent
Downgrades To ‘Reduce’ From ‘Add’; Cuts Target Price To ₹4,474 From ₹5,759
Premium To Fade As Growth Moderates; Signs Of Growth Fatigue Have Emerged Since
Q2 Is Poised To Be The Fifth Consecutive Quarter Of Sequential Moderation In Topline Growth
Q2 Standalone Revenue Growth Of 17% Marks Lowest Performance In The Past 18 Quarters
Expectation Of 26% Topline CAGR Over FY25-27 Appears Increasingly Unachievable
Foresee Valuation Multiple Compression Against Backdrop Of Earnings Downgrades, Growth Moderation
MS on Trent
Recommendation Overweight; Target Price ₹6359
Q2: Notable Miss
Standalone revenues grew 17% YoY, lower than MS estimate of a 25% rise
Westside had 13 net new store openings, the highest in the past five years
Goldman Sachs on Jubilant Foodworks
Maintains Neutral, TP ₹650
India Q2 LFL growth at 9.1% in-line with expectations
Likely highest among QSR peers
Growth may taper in Q2 due to high base
Valuation offers limited upside
Macquarie on Jubilant Foodworks
Maintains Underperform, TP ₹530
LFL growth moderates sequentially to 9.1%
Concern over slowdown in India business
High base from Q3 to impact growth
Higher discounts may pressure EBITDA
Morgan Stanley on Jubilant Foodworks
Maintain Overweight | TP ₹775.
Q2 update broadly in-line; LFL growth 9.1% + 12% higher store count.
Overall revenue growth 15.8% vs earlier 18–19% run-rate.
MOSL on Jubilant Foodworks
Retains Neutral, target ₹700, citing steady demand and gradual recovery
Demand to improve from 3QFY26 with GST 2.0 and festive tailwinds
Management guides for 13-15% revenue CAGR (FY25-28)
Plans 1,000 new stores by FY28 (~10% annual growth)
Expanding cheese, chicken, indulgence range; launching sourdough pizzas and Lunch Feast
GST 2.0 may add 50-60 bps to margins; targets 200 bps EBITDA expansion
Focus on value offerings and innovation to drive orders
Expect 12-14% standalone EBITDA margin (FY26-28E)
High base in 2HFY26 may temper growth optics
Next few quarters’ updates key for stock outlook
Nuvama on Electronics Mart
Maintains Buy, raises target price to ₹164 from ₹146
GST benefits driving product upgrades and same-store sales growth
RAC inventory remains stable vs Q1FY26; management confident of absorbing stock amid BEE transition
Revised estimates: FY26 revenue -1%, PAT +6.3% (FY26), +4.7% (FY27)
Valuation rolled to H1FY28E, leading to higher TP of ₹164
Key risk: potential La Niña impact in Q4FY26E
MOSL on Endurance
Reiterates Buy with a target price of ₹3,311, citing strong growth visibility
Order backlog at 3,610 crore supports sustained outperformance over FY25-27
Plans to lift 4W mix to 45% of revenue from 25% currently.
Setting up a new AURIC (Maharashtra) plant to execute fresh orders
Korean partnership to mark entry into 4W suspension systems
Received initial orders for drum brakes and drive shafts
MORTH’s ABS mandate could expand addressable market 10x; ENDU targets 25% share
Europe operations to maintain momentum aided by Stoferle integration
Projecting CAGR of ~18%/21%/20% in Revenue/EBITDA/PAT during FY25-27
Jefferies on Hospitals
Potential overcapacity a key investor concern
Current balance sheet strength allows a max 32,000 new bed addition, implies 7% Cagr over 5 years
Addition of 32,000 new beds may not be enough to cater to ongoing demand
Capacity not equal to operational beds
Optically high bed density does not indicate overcapacity
BofA on Banks
Q2 – NIM bottom likely pushed out to early FY27
Expect another round of EPS cuts around the results season as consensus catches up
HDFC, ICICI results likely to standout
See relatively defensive earnings and guidance from HDFC and ICICI
They also have the least asset quality risks
See better risk reward near term in big pvt banks
GS on BSE
Recommendation Neutral; Target Price ₹2220 (Earlier Target ₹2250)
NSE has become aggressive in getting back lost market share from BSE
Lot size reduction brings the contract sizes of BSE’s Sensex and NSE’s Nifty 50 closer
Thereby narrowing BSE’s advantage of lower traded premium per contract on index options
Macquarie on Financials
Q2: A tough quarter again across the board
Banks face two issues this quarter
Sharp margin compression and weak loan growth
YES Bank stake sale could provide some cushion
Credit costs to remain elevated
Earnings growth for most banks will remain pretty muted and in some cases may decline
Kotak Securities on LTIMindtree
Recommendation Reduce; Target Price ₹5000
Announced its largest-ever digital transformation deal (>US$450 mn) with a global entertainment leader
The deal has a balance between renewal and new component
New CEO’s sales execution rigor is driving a good conversion of pipeline into deals
Jefferies on Pharma
Per media reports, Eli Lilly has announced plans to invest $1 bn to build contract manufacturing plants and a quality assurance center in Hyderabad
Additionally, Roche has committed USD1.9bn to India over five years under the EFTA trade pact
These core pharma investments contrast with past GCC-focused tech setups
Expect these investments to strengthen India’s growing CRDMO presence
Investec on IndiGo
Maintains Sell | TP ₹4,050.
Another weak quarter ahead — Q2 PBT loss est. ₹1,000 cr.
Slower capacity growth to pressure margins; modest yield gains + lower fuel costs offer partial relief.
H1 EPS seen at ₹28/share; needs ₹193/share in H2 to meet FY26 estimates.
Expect sharper EPS cuts post Q2 as fundamentals realign.
CITI on Star Health
Buy, Rs 530 target price
Loss ratio trajectory bounced back in 2Q on YoY basis after 8 years
Co has reported consistent YoY rise in net incurred claims ratio since 2QFY24
Expect net incurred claims ratio to stabilize hereon and improve gradually
Do not foresee any pressure on 2H commissions and operating expense ratio
Any meaningful improvement in claims ratio can drive >20% EPS CAGR over the medium-term
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