A number of world and home brokerages have rolled out contemporary views on ICICI Bank, Home First Finance, Bajaj Auto, IndiGo and several other sectors together with cement, banks and smartphones.
Citi on Home First Finance (Management Meet)
Maintain Buy with TP of Rs 1,380 per share
Expect mid- to high-teens disbursement progress in This fall
25% AUM progress steerage reaffirmed
Gujarat geography has gained notable traction
Stress in export-linked segments seen normalising
Expect provisioning protection to extend
Macquarie Pair Trade
Bajaj Auto – Bull
Exports and electrical two-wheeler section displaying sturdy progress
Export-heavy income combine positions the corporate higher than friends
Strong dividend yield and strong stability sheet
Ashok Leyland – Bear
Macro uncertainty poses near-term demand dangers
Margins might come beneath stress because of increased commodity costs
Valuation multiples more likely to contract
Jefferies on Cement Sector
Rising crude costs reintroduce price inflation threat for the cement business
Sector benefited from a benign price surroundings over the previous two years
Sustained gas price stress might damage margins
Higher use of inexperienced vitality and easing competitors could partially offset price pressures
Large gamers resembling UltraTech Cement anticipated to emerge stronger throughout business shocks
Jefferies on Banks
Evaluating buyback optionality amongst Indian banks
Global financial institution buybacks doubled to greater than $260 billion in 2025 supported by increased ROE and extra capital
Indian banks’ ROE has improved, although progress stays stronger than world friends
Limited scope for buybacks in India, however increased dividend payouts attainable after the rise in dividend caps
HDFC Bank, Union Bank and Bank of India have increased capital and payout potential
Kotak Mahindra Bank and CSB Bank have sturdy capitalisation however have traditionally maintained decrease payouts
CLSA on Smartphones
Indian smartphone volumes declined 25% YoY and QoQ in January
Weak demand linked to increased reminiscence costs and provide constraints
Average promoting costs up round 8% since September
Motorola, Transsion, Oppo and Realme — key prospects of Dixon — noticed 20–68% YoY quantity declines
This could increase considerations about assembly FY26 steerage and FY27 progress expectations
Entry-level smartphone section dealing with pricing stress because of reminiscence worth will increase
Cloud service suppliers prioritising reminiscence allocation over smartphones and PCs
Press Note 3 approvals and HKC JV are optimistic however already mirrored in estimates
Key catalysts embody easing reminiscence costs and finalisation of the Vivo JV
Investec on ICICI Bank
Maintain Buy with TP of Rs 1,685
Hosted MD & CEO Sandeep Bakhshi and Group CFO Anindya Banerjee
Management optimistic about credit score progress tendencies for the banking system and ICICI Bank into FY27
Increasing competitors from PSU banks acknowledged however not seen as a constraint
Despite geopolitical uncertainties, administration sees the Indian banking system as resilient
ICICI Bank stays a high choose
InCred on Nephrocare Health
Initiate Add with TP of Rs 613
Strong market presence in a distinct segment healthcare section
Company holds management within the dialysis companies business
Asset-light partnerships assist scale operations and help margins, although dangers stay
Industry progress outlook stays sturdy
Citi on IndiGo
Maintain Buy with TP of Rs 5,100
Adjusted operations on Middle East routes amid geopolitical tensions
Operating 36 every day flights between March 16–28 versus earlier plan of 150–160 flights
Fuel surcharge influence might increase yields by round 8–10%
However, if gas costs stay elevated, profitability should face stress regardless of fare will increase
Citi India Strategy – Samiran Chakraborty & Surendra Goyal
Cut Nifty December 2026 goal to 27,000 from 28,500
Lowered goal valuation a number of to 19x from 20x to mirror draw back dangers to FY27 earnings
Downgrade autos to Neutral from Overweight because of dangers from increased crude and gasoline costs and potential semiconductor disruptions
Remove M&M from high picks and MGL from high mid-cap picks
Sector stance and preferences:
Key Overweight: Banks, Healthcare, Telecom, Defence
Key Underweight: IT Services, Metals, Consumer Staples
If elevated crude costs persist for round three months:
See 20–30 bps draw back threat to FY27 progress
Expect 50–75 bps upside threat to FY27 inflation
Also see ~0.1 share level upside threat to fiscal deficit and round $25 billion upside threat to the present account deficit.
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