Brokerage Ratings and Targets: SBI, OMCs, Tata Motors, Manappuram, Info Edge, Voltas & More – Q1FY26 Highlights

State Bank of India (SBI)

• HSBC: Buy, TP ₹960 – In-line performance; PAT beat driven by treasury income, contained asset quality trends.

• Bernstein: Market Perform, TP ₹800 – Loan & deposit growth strong, but sharper margin drop; RoA maintained above 1%.

• UBS: Neutral, TP ₹880 – Margins in-line; earnings supported by other income & controlled costs; modest business growth.

• CLSA: Outperform, TP ₹1050 – Core PBT beat 32% vs estimates; healthy asset quality & loan growth.

• Jefferies: Buy, TP ₹970 – Profit beat estimates on treasury gains; stable NPL ratio of 1.8%.

• Morgan Stanley: Equal-weight, TP ₹885 – In-line core performance, RoA above 1%, aided by treasury gains.

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Oil Marketing Companies (OMCs) – IOCL, BPCL, HPCL

• Government Support: ₹300bn LPG loss compensation approved, boosting FY26-27 earnings.

• Jefferies: Positive on BPCL & IOCL; OMCs benefit from strong marketing margins.

• CLSA: Relief for OMCs; estimated one-time post-tax gains up to 7% of stock prices.

• ICICI Securities: Maintain Buy on all three; slight TP cuts due to revised earnings outlook.

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Tata Motors

• Jefferies: Underperform, TP ₹550 – Q1 EBITDA at 10-quarter low; JLR facing competition, China tax, higher costs.

• CLSA: Outperform, TP ₹805 – JLR EBIT margin slightly above estimates but down QoQ; CV and PV business mixed.

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Manappuram Finance

• Morgan Stanley: Equal-weight, TP ₹270 – Focus shifting back to gold loans; EPS cut by 14% on lower yields.

• CLSA: Outperform, TP ₹260 – Loan growth strong but yields under pressure.

• Jefferies: Hold, TP ₹275 – PAT ahead of estimates; customer growth muted despite yield cuts.

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Info Edge

• Goldman Sachs: Buy, TP ₹1690 – Expect recovery from Sep 2025; real estate classifieds strong.

• BofA: Underperform, TP ₹1300 – EBITDA miss due to higher ad spend; softness in IT and non-IT hiring.

• Citi: Sell, TP ₹1220 – Lower billings growth outlook.

• MOSL: Neutral, TP ₹1380 – Margins capped by marketing spends.

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L&T Technology Services (L&T Tech)

• Macquarie: Outperform, TP ₹5770 – Margins bottomed out; large deal wins to drive growth.

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Trent

• Macquarie: Outperform, TP ₹7200 – Cost efficiency sustainable; expansion into new cities to support growth.

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Voltas

• Macquarie: Outperform, TP ₹1417 – Inventory drag; Voltbek performing well.

• Nomura: Neutral, TP ₹1317 – Lower RAC industry growth forecast.

• CLSA: Hold, TP ₹1170 – Weak cooling products segment; market share decline.

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NTPC

• BofA: Upgrade to Neutral, TP ₹338 – Valuation attractive; seen as defensive with upside potential.

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Sai Life Sciences

• Jefferies: Upgrade to Buy, TP ₹1000 – Strong beat; investing in infrastructure for growth.

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ICICI Bank

• Equirus: Add, TP ₹1600 – Aggressive MAB hike strategy; could impact long-term prospects.

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PG Electroplast

• Nuvama: Buy, TP ₹710 – Q1 revenue up 14% YoY; PAT guidance cut by 23% due to lower product growth expectations.