Share Market Highlights 7th November 2025: Sensex, Nifty fall for 3rd day dragged by foreign fund outflows, weak global peers

Nuvama on UPL

Target price: Rs823 vs Rs808; Maintain Buy

Strong Q2FY26 led to higher EBITDA outlook at 12-16% (from 10-14%), with revenue guidance unchanged

Inventory overhang eased; reported 10% volume growth in Q2FY26

UPL Corp and Advanta drove strong performance across growth engines

Balance sheet improved, with net debt/EBITDA at 1.7x for FY26E

Expected to outpace industry growth; valuation at 13x Q2FY28E EPS

DAM Capital on UPL

Maintain Buy, TP Rs850

EBITDA Beat & Upgraded Guidance

Management Focused On Unlocking Value Through Restructuring Across Four Segments

Attractive Risk-reward With Potential Upside From Global Agchem Price Recovery

Citi on Apollo Hospitals

Recommendation Buy; Target Price ₹9330

Q2: Overall In Line; HealthCo Delivers Healthy Margin Expansion

Hospital business saw slight YoY margin contraction – high base, weak season this year

MS on Apollo Hospitals

Target price: Rs8,058; Maintain Overweight

Revenue up 13% YoY to €63bn; EBITDA up 15% YoY, margin at 14.9%

PAT up 26% YoY to €4.7bn, slightly above estimates (+2%)

Healthcare Services: Revenue E31.6bn (+9%), EBITDA €7.8bn (+8%), margin 24.6%, ROCE 30.3%, ALOS down 6% YoY to 3.14 days

Apollo Healthco: Revenue E26.6bn (+17%); offline pharmacy +18%, online +26%; 24/7 losses down 22% to E935mn

AHLL (Diagnostics & Clinics): Revenue E4.7bn (+17%); diagnostics +36%, margin up to 12%

Focus on margin gains and digital health profitability as 24/7 losses shrink

Overweight maintained on steady double-digit growth across businesses

MS on Metropolis

Target price: ₹2,317; Maintain Equalweight

Revenue up 22.7% YoY to ₹420cr; EBITDA up 20.4% to 100cr; margin at 25.2% (slightly below estimates)

EPS 10.1, up 13.3% YOY; 200% interim dividend (₹4/share) declared

Organic revenue up 12%; volumes +11%, tests/patient +12%, revenue/test +10%

TruHealth & Specialty led growth; TruHealth forms 17% of revenue (1.6bn)

Core Diagnostics turned profitable; Dr. Ahuja’s & Scientific set Pathology outperformed margins

Valued at 44x Sep’27E P/E, near historical median

FY26E EBITDA -0.5%, PAT-12.4% on acquisition costs

Valuation fully priced despite solid momentum

GS on Crompton

Target price: ₹330 vs ₹340; Maintain Buy

Revenue up 1% YOY; EBITDA 18% below estimates, margin down 240 bps YoY to 8.3%

Lighting and Butterfly segments improved; ECD segment weak due to lower TPW fan/appliance sales and higher input costs

Won two rooftop solar orders worth ₹500 crore, marking entry into a new growth area; expected to be margin-neutral

Margin compression led by ECD weakness and commodity inflation; recovery expected as inventory normalizes and price hikes take effect

Rooftop solar to drive growth from FY27 onwards; near-term focus on strengthening core portfolio

Despite a soft quarter, risk-reward remains favorable; seen as one of the cheapest consumer durable plays in GS coverage

Jefferies on Crompton Consumer

Recommendation Buy; Target Price ₹410, Earlier Target ₹445

Profit Miss; ECD Weak, but Better Than Most Peers

+3% volume growth offset by lower price

Butterfly saw strong profit growth of +34% YoY.

Elara on Alkyl Amines

Target price: ₹1,825 vs ₹1,872; Maintain Reduce

Volume growth marginal in HIFY26; subdued guidance amid weak demand, US sanctions, and Chinese competition

Global methylamines market oversupplied, particularly in the EU; domestic segment also faces overcapacity

New product project to be commissioned in Q1FY27, with expected asset turnover of 1.5x

Anti-dumping duty on acetonitrile yet to show full impact; benefits likely by Q4FY26

FY26-28E EPS cut by 2%/3%/2%; EBITDA CAGR moderated to 13% (from 14%) over FY25-33E

Elara on Astral

Target price: ₹1,650 vs 1,420; Maintain Accumulate

Sales up 15.1% YoY to ₹1,580 crore, driven by strong plumbing volumes (+20.6%) and value-added mix

Kanpur and Hyderabad plants ramping up; full utilization expected by Q4FY26 to boost volumes

UK adhesives business improving under new CEO; Resinova (India) adhesives up 15.8% YoY

Paints segment up 17.1% YoY; Bathware revenue up 13.8% YoY, targeting 20-25% CAGR over five years

Q2 EBITDA margin up 95 bps YoY to 16.3%, aided by mix improvement and cost control

Strong H2FY25 outlook; management guides for double-digit FY26 growth with better profitability

Nuvama on Minda Corp

Target price: Rs690 vs Rs620; Maintain Buy

Q2FY26 revenue/EBITDA up 19%/ 21% YoY, beating estimates on strong wiring harness, die-casting, and cluster performance

Order wins of Rs2,000cr in Q2

FY26E-28E EPS raised up to 3%, reflecting higher revenue and Flash Electronics’ profit contribution

Revenue/Earnings CAR: 14%/ 28% over FY25-28E

E-2W kit value doubled to 30,000-35,000 per unit with Flash parts integration

Valued at 35x Sep’27E EPS (earlier 32x) on strong growth outlook

CITI on LIC

Target price: Rs1,345; Maintain Buy

Strong Q2 performance with continued product mix realignment and improving sub-segment margins

Business mix shift encouraging; market share stabilization in individual APE key for re-rating

Higher volumes expected to drive operating leverage and sustain VNB growth trajectory

Unlocking trapped value seen as focus area as promoters engage investors on potential stake sales

Jefferies on Amber

Recommendation Buy; Target Price ₹9450

RAC Weakness Offsets Strong Growth in Components

Net loss in Q2 was fueled by lower margins and higher interest

Elevated inventory in Q2 is est to normalize from hereon

Jefferies ON TCI Express

Recommendation Buy; Target Price ₹950; Earlier Target ₹870

Volume growth remains weak

Muted revenue growth meant EBITDA declined due to negative operating leverage

GST reforms/rate cuts drove route realignments impacting growth

Jefferies on Godrej Prop

Recommendation Buy; Target Price ₹3000

Pre-sales strong, guidance likely to beat

20% mid-term growth target

Cash flow perf. to improve in H2

Raise sales ests. Attractive valuations

Citi on Devyani

Recommendation Buy; Target Price ₹182, Earlier Target ₹202

Discretionary Slowdown Continues To Weigh On SSG And Margins

Near term earnings will likely remain volatile

Expect, QSR to be the biggest beneficiary of uptick in consumer sentiment/discretionary spending

JPMorgan on Amara Raja

Recommendation Neutral; Target Price ₹1125

In line revenue

Slight EBITDA miss on higher other expenses

Expect downward revisions to Street PAT estimates given the miss

Management clarity on demand growth & future costs will be key to monitor

JPMorgan on Eternal

Recommendation Overweight; Target Price ₹390

Eternal CFO spoke about the contours of value creation over the next 5 years

Aspires to be a $100bn firm from the current $34bn market cap

Management hopes NOV can hit $40bn with $25bn from Quick Commerce, $10bn from Food Delivery and $5bn from District on a 5-year basis

Jefferies on Mankind Pharma

Recommendation Buy; Target Price ₹3000, Earlier Target ₹3100

In-line with subdued expectations

Reorganization efforts taking longer than expected to yield results

MS India Strategy Update

For our coverage universe, Revenue ↑ 8% YoY, EBITDA ↑ 12% YoY, and Net Profit ↑ 13% YoY

Average EBITDA margin at 23%, slightly above analysts’ estimates

34 Nifty stocks reported Revenue ↑ 9% YoY (2 ppt above estimate) and Net Profit ↑ 7% YoY (5 ppt above estimate)

Half of the coverage universe has surpassed analysts’ estimates so far

UBS on ABB India

Recommendation: Neutral; Target Price: ₹5,360

Base orders ↑ 13% YoY (in line), but large orders ↓ 72%

EBITDA margin weak at 15.1% due to higher RM costs & QCO impact

Order commentary remains key for any stock re-rating

FY26 Ebitda Margin guidance to be at the lower end of the 25-26% range

[10:42 am, 7/11/2025] KS BadriNarayanan: Ambit: Lenskart: Initiate with SELL : Growth in focus, price/RoCE a blur

We expect Lenskart to deliver ~20% revenue CAGR over FY25–28 led by India expansion and rising global scale. GM gains and operating leverage should drive ~630bps Pre-IND AS 116 EBITDAM expansion (450bps vs proforma). However, as eyewear is a made-to-order category, scaling requires capacity investments (~65% utilization vs ~80% for other categories), which along with goodwill keep the balance sheet heavy. With capex of ~₹20bn over FY25–28E, FCF will turn positive only in FY28E. While its higher growth profile justifies premium vs retail universe, the implied ~55× FY28E Pre-IND AS EV/EBITDA for India, 15-30% above Trent & Nykaa BPC, is unwarranted given lower RoCE/RoIC of ~9%/~13% vs peers’ 35-40% with similar revenue growth. CMP of ₹402 embeds 18% 2-decade revenue CAGR, implying ~60% of EssilorLuxottica’s (scale, multi-banners, brands, R&D) current MS in retail. TP of ₹337 implies 45×/22× EV/EBITDA for India/international. Risks: Higher India SSG and better international profitability.