From BEL and Coal India to HDFC Bank, Meesho, Tata Power, DMart, and RR Kabel, Polycab, CONCOR, brokerages have unveiled fresh stock calls across defence, mining, banking, FMCG, and e-commerce sectors, underpinned by a positive outlook on India.
Jefferies on BEL
- Maintain Buy; Cut TP to Rs 550 from Rs 585
- Strong Execution Offsets Margin Miss
- FY27 order flow guidance was maintained; company has achieved 16% YTD (ex QRSAM)
- Confidence in 15%+ FY27E revenue growth was reiterated
- Visible double-digit earnings growth in the medium term.
Macquarie on BEL
- Maintain Outperform; Hike TP to Rs 550 from Rs 510
- Good show; prospects bright
- Q1 headline numbers were above expectations
- Order backlog was steady; Expect FY27 intake to be over Rs 55000 cr
- Believe BEL is amongst the best stocks to capture the multi-year India defence opportunity.
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JPMorgan on BEL
- Maintain Overweight with TP of Rs 525
- Product Mix Impacts Margin In Q1
- FY27 Guidance Maintained
- BEL remains our top pick in India’s defense sector
- Medium-Term Margin Sustainability and Pay Commission Impact
- Large Order Pipeline: NGC, P75I, Hammer, Shakti and EW Systems.
 GS on BEL
- Maintain Buy; Cut TP to Rs 470 from Rs 475
- Order inflow remains the key monitorable
- Guidance across key parameters kept
- Large program pipeline is the key near-term catalyst
- Margins are expected to remain resilient
- Exports are becoming a more important part of BEL’s medium-term strategy
- Sees strong growth potential in the counter-drone and drone market.
HSBC on Avenue Supermarts
- Maintain Reduce with TP of Rs 3570
- DMART’s analyst meeting will see CEO Anshul Asawa potentially outline his independent strategy
- Focus likely to again be store additions, revamped E-com strategy, private label ramp-up and new territory performance
- See DMart’s only moat on pricing challenged, impacting performance
 JPMorgan on Container Corp
- Maintain Neutral; Hike TP to Rs 540 from Rs 530
- Management aspires for 18% growth in FY27
- But near term outlook is soft and ask-rate steep
- DFC connectivity till JNPT started June 20 but assured transit movement to start from October only
Macquarie on HDFC Bank
- Maintain Outperform with TP of Rs 1150
- MSRDC issue outcome: No misconduct found
- Review concludes: Business overreach, not misconduct
- Focus shifts to CEO extension
- CEO extension remains achievable.
JPMorgan on HDFC Bank
- Maintain Overweight with TP of Rs 990
- Believe the board’s actions should help bring closure to the MSRDC deposit-arrangement matter
- Conduct reflected “business overreach” rather than improper intent
- Think the probability of a recommendation for a new term for the current CEO has increased
- Investors will continue to focus on management continuity and the path to reducing uncertainty
- Any CEO Term renewal/appointment remains subject to final board recommendation and RBI approval.
JPMorgan on Tata Power
- Maintain Neutral with TP of Rs 423
- Broadly in-line 1QFY27
- Distribution businesses: Odisha AT&C losses deteriorate sequentially, Delhi grows steadily
- Renewable capacity expansion: 226 MW commissioned, curtailment remains a headwind
- FY27 guidance: Rs250bn capex, ~2.5GW RE commissioning
- Balance sheet: Leverage manageable but rising with capex intensity
- Solar manufacturing: Strong profitability continues
- Solar rooftop: Strong growth trajectory sustained.
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 MS on Canara Bank
- Maintain Underweight with TP of Rs 103
- Q1: Weak core PPoP; good asset quality
- Core PPOP was 13% below estimates on lower core fees
- Higher non-core income, lower provisions drove PAT beat
- Slippages declined both on QoQ and YoY basis
- Stay Underweight given low core ROA and macro risks.
 Macquarie on Meesho
- Maintain Underperform with TP of Rs 125
- Significant inflection in order frequency needed
- For FY26-29 forecast a 21% NMV CAGR, 300-450bps improvement in CM and adj EBITDA margin
- Like Meesho’s integrated commerce ecosystem
- But its low-average order value model constrains platform monetisation potential.
 Jefferies on Coal India
- Maintain Buy with TP of Rs 500
- EBITDA Miss; Hinged to Power Demand
- Higher global coal prices a positive:
- Recovery in power demand, potentially boosted further by a weak monsoon, is likely to aid COAL’s volumes in FY27
- After 12% EPS fall over FY24-26, expect COAL’s earnings trajectory to improve with 6% CAGR over FY26-29.
 MS on Coal India
- Maintain Equal-weight with TP of Rs 420
- Weak operating numbers
- Both FSA and e-auction realizations were weaker than expected, while opex was on the higher side
- Cut EBITDA estimates and remain Equal-weight
- Valuations appear inexpensive but the stock lacks any re-rating triggers.
Citi on Coal India
- Maintain Neutral; Cut TP to Rs 430 from Rs 440
- Q1 PAT In-line, First Interim Dividend, Eyes on the Next Wage Revision in July26
- Volume trends remain muted
- There is likely limited upside to e-auction prices given inventory in the system
- While valuations limit downside, lack visibility on upside triggers.
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JPMorgan on Coal India
- Maintain Neutral; Cut TP to Rs 430 from Rs 435
- Q1FY27 adjusted EBITDA below estimates
- Going forward see downside risks for international coal prices
- Coal India’s inventory is still slightly higher than last year levels
- Believe the company is also likely to face cost headwinds from potential wage revision in FY27.
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BofA India Strategy – Amish Shah
- Q1FY27: Broad Earnings Resilience Despite Pockets of Weakness
- Nifty: 51% Market cap, tracking +3% beat at +12% YoY
- Energy and Metals delivered the strongest beat
- Broad earnings strength with selective weakness
- Similarly, +10% YoY earnings growth for (NSE200).
CLSA on Polycab
- Initiate Outperform with TP of Rs 10150
- Springing ahead
- Market leadership with industry tailwinds priced in
- Industry growth favouring market leaders
- Sustained growth backed by scale and execution
- Expect revenue/PAT CAGR of 17%/15% over FY26–30
- See strong execution, rising exports, and premiumisation should reinforce its leadership position over the medium term.Â
CLSA on KEI Industries
- Initiate Hold with TP of Rs 4800
- EHV: Higher voltage, higher value
- Strong fundamentals, fair valuation
- High-specification cables: The next growth lever
- KEI: built on right foundations
- Turning capacity into growth
- See revenue/PAT Cagr of 20%/17% over FY26-30.Â
CLSA on RR Kabel
- Initiate Outperform with TP of Rs 2850
- RRising up to the challenge
- Ambition backed by expanding capabilities
- Industry dynamics: Demand tailwinds but risk of new entrant
- Strong growth pipeline
- Expect revenue/PAT CAGR of 18%/24% over FY26-30.Â
 Citi on RR Kabel
- Maintain Buy; Hike TP to Rs 3000 from Rs 2650
- Execution Momentum Strengthens
- Demonstrated marked improvement in execution over the recent qtrs.
- Continued execution on growth and margin guidance should support further re-rating.Â
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