Share Market live 18 November 2025: Sensex, Nifty trim opening losses in choppy mid-day trade

Initiate Buy, TP Rs 790

Largest flexible workspace operator by revenues in India. At ~17% CAGR, flexible workspace stock is growing at 2x the pace of office stock; with room for further penetration

WeWork’s premium positioning helps command higher avg. revenue per member (ARPM) & margins than peers

Expect a 22/28% IGAAP revenue/ebitda CAGR over FY25-28E. largest flexible workspace operator by revenues in India.

At 17% CAGR, flexible workspace stock is growing at 2x the pace of office stock; with room for further penetration.

WeWork’s premium positioning helps command higher avg. revenue per member (ARPM) & margins than peers

Expect a 22/28% IGAAP revenue/ebitda CAGR over FY25-28E.

MOSL on PB Fin

Initiate neutral, TP Rs 2000

Expect PB Fintech to post a strong FY25-28 revenue/EBITDA/PAT CAGR of 35%/156%/56%, factoring in a strengthening position in under-penetrated credit & insurance industries

However, believe stock is fairly valued, & all positives are priced in at current levels

Possibility of commission restructuring by insurance companies due to the loss of input tax credit post GST exemption, poses a key risk for the company’s top-line growth

MS on Eternal

OW, TP Rs 427

Believe Eternal has best risk reward – would use current weakness to accumulate stock

Like Eternal’s strategy of doubling down on customer market share as wallet share expansion (AOV/frequency) can follow later

Assume stress case of higher aggression could mean push out of profitability but this is not a game changer

Stock is implying 2-year forward EV/GOV of 1.1x for Blinkit (same as Mar 2025).

Assuming stress case scenario, see stock bottoming at Rs280-285.

CITI on India Internet & Online Retail Sector

Quick commerce strongest with Blinkit and Instamart outperforming Zepto supported by lower fees and higher subsidies

Food delivery sees festive pickup with higher growth investments by Swiggy and Zomato

E-commerce trends mixed with steady traffic but softer conversions ons

Beauty and personal care remains seasonally strong

Classifieds strong with CarTrade platforms gaining share

UBS on Max Health

Buy, TP Rs 1550

Brownfield capacity addition to drive growth and earnings

Q2 revenue/EBITDA growth of 21%/23% YoY

Con call details

1) Mohali (160 beds) including oncology facility commissioned recently;

2) Nanavati (268 beds), Smart (400 beds) to be commissioned during the ongoing quarter.

3) construction activity at other new hospitals is progressing well.

Management indicated that the issues related to cash less service for insurance patients has been resolved and mentioned there was no/only limited impact as patients shift from insurance to cash in such instances

Jefferies on Max Health

Buy, TP Rs 1400

Sep-Q revenue was a beat led by higher volume, EBITDA was in line and PAT was boosted by one-off, Adj.PAT was also in-line.

CGHS rate revision adds ~5% to FY27/28e EBITDA.

Max is on-track to add 1,300 capacity beds during in 2HFY26, with 800 being brownfield (faster ramp up).

New beds will be operationalized in phases thereby limiting -ve impact on margins

Nomura on Oil India

Neutral, TP Rs 430

Soft 2Q as volumes impacted by external factors

NRL expansion on track, with first crude intake by Dec2025 & meaningful volume uptick by 2QFY27F

Cut FY26F/27F profit by 37%/18% to reflect:

lower gas sales volume, lower crude price realizations, higher depletion & depreciation expenses, & sharply higher exploratory write-offs & impairments

HSBC on CV Sector

Tata Motors CV – Initiate Buy with TP of Rs 380

Ashok Leyland – Maintain Hold; Hike TP to Rs 160 from Rs 145

Steady profitability due to stable demand environment

Discounting discipline provides earnings visibility

CV industry’s growth, margin profile and ROCE are similar to those of the PV industry now

Tata Motors CV commands premium pricing with pricing discipline in the MHCV industry

Nomura on Exide

Neutral, TP Rs 427

2Q revenue and margins miss due to GST cut-led destocking; expect recovery from 2H

Performance of cell business key monitorable

Maintain view of 10% revenue CAGR over FY26- 28F.

However, rising lead prices, if not passed on, could be a risk to EBITDA margin est. of 12.2%/13%/13.1% over FY26-28F

Kotak Securities on Exide

Recommendation Sell; Target Price ₹315

Q2 below estimates due to channel inventory correction and under-recovery of fixed costs

In the lead acid business, the company continues to lose share, which remains a concern

Company is well-positioned to benefit from growing demand for LiB

HSBC on Life Insurance

Two key takeaways post 2QFY26

(i) insurers prioritising growth to capture market share;

(ii) product margins, mix improving

Impact of GST cuts appears to be transitionary; once dust settles, top-line growth/margins should trend better

Healthy VNB growth over FY26-28 could drive re-rating

SBI Life – Buy, TP Raised to Rs 2300

Elara on PG Electroplast

Weak Q2 with revenue down 2% YoY and RAC sales down 45% due to weather and GST-related delays

PAT down 86% YoY on low utilisation partly offset by strong 55% growth in washing machines

FY26 guidance retained with group revenue 66-67bn and PAT ₹3-3.1bn

Key growth levers include compressor JV, PLI applications, and capex of ₹7-7.5bn across multiple categories

Citi on Star Health

Recommendation Buy; Target Price ₹650, Earlier Target ₹580

Hosted Anand Shankar Roy, MD & CEO; Key takeaways:

Strong uptick in new business in Oct ‘25 (60%+ YoY) post GST cuts

Remains confident of delivering 25-30% YoY in fresh retail health on steady-state basis

Upbeat on sustained improvement in net incurred claims ratio

Macquarie on Steel

Safeguard duty: Policy shift or policy delay?

Temporary safeguard duty expiry caps near-term upside

Recent firming of coking coal prices, implies that there is margin risk in the near term, which could also cap stock performance

Believe this is policy delay, not policy shift

Structurally, believe domestic prices will be at a premium to import parity given robust demand and high capacity utilisation

Steel stocks could remain range-bound in the near term given Q3FY26 margin weakness

Jefferies on Chemicals

Agro-chem innovators are projecting flat revenues in CY25

Crop prices are firming up and inventory destocking is behind pointing to a healthier CY26

Chinese agro-chem exports remain elevated

India’s HFC exports surged in H1FY26 with volume and price rising

Navin Fluorine’s long term contracts provide strong visibility on 44% EPS Cagr over FY25-28

SRF’s valuation is extended with limited visibility on speciality chemical growth

MS India Strategy – Ridham Desai

Stocks Look Set for Strong 2026

See Indian equities regaining their mojo in 2026

Long-term story is gaining strength with government policy action – cyclical recovery is backed by policy pivot

Most risks to our views come from outside India

2026 is likely to be a macro trade in stocks, a transition from the stock-picking environment of 2025

Expect a strong bounce in Indian stocks in the next 12 months

13% upside in BSE Sensex through December 2026

Jefferies India Strategy – Mahesh Nandurkar

Sep-qtr earnings showed a sequential uptick in growth after 4 qtrs of decline

Early festive season driving revenue growth to a 10-qtr high

Sequential improvements in growth were seen in most sectors

Lending financials also recovering from two qtrs of earnings decline

Sustainability of the GST-driven consumption uptick is key for stronger earnings trajectory

Citi India Strategy – Surendra Goyal

Q2 Slightly Ahead & Revisions Trajectory Stabilizing; Sustenance Key

Consensus forward EPS ests. Are flattish since the start of Q2 – better than recent trends

Financials, healthcare did better while utilities and industrials were a bit worse than expectations

Festive season demand saw an uptick but remains to be seen if the momentum sustains

Update on US-India trade deal and confidence on return to double digit earnings trajectory in FY27 remain key

JPMorgan India Strategy – Rajiv Batra

Q2 Earnings Dissector – Materials, Energy and Mid-Caps lead the charge

Witnessed better-than-expected quarter

High single-digit earnings growth amid global headwinds and improving domestic macro-economic conditions

Anticipate accelerated double digit growth in H2FY26 and FY27

See a confluence of factors like benign inflation boosting household purchasing power, another strong monsoon, direct tax cuts in the Budget, GST cuts, and monetary and regulatory easing