InterGlobe Aviation Ltd., Voltas Ltd. and Zee Entertainment Enterprises Ltd. were among the top companies on brokerages’ radar on Thursday.

Further, Adani Enterprises Ltd.’s entry into the wires and cables business through a joint venture would not fare well for the companies in the segment, according to UBS.

In addition, Citi reiterated its constructive stance on Indian equities. Nifty’s December 2025 target of 26,000 has an upside of 14%, it added. The brokerage has added Zomato Ltd. to its top picks while removing Hindustan Unilever Ltd.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Thursday.

Brokerages On IndiGo

BofA

  • BofA maintained a ‘buy’ rating on IndiGo and has increased the target price to Rs 5,600 from Rs 4,750.

  • BofA remains bullish on the stock due to a stronger pricing environment in fourth quarter.

  • Stronger demand is driving a fourth quarter unit revenue surprise.

  • BofA has more confidence in IndiGo’s growth strategy for financial year 2030.

Goldman Sachs

  • Goldman Sachs maintains a ‘buy’ rating on IndiGo with a target price of Rs 5,050.

  • IndiGo’s strong domestic position and international expansion are expected to drive growth.

  • The management interaction has made Goldman Sachs incrementally positive on the stock.

  • IndiGo’s strategy, particularly in light of stronger competition in international markets, will be crucial in determining future profitability.

Brokerages On Voltas

HSBC

  • HSBC maintains a ‘hold’ rating on Voltas and has reduced the target price to Rs 1,630 from Rs 1,850.

  • The strong summer season is expected to drive high volume growth, but margin recovery remains uncertain.

  • Despite a strong start to the 2025 summer season, cost headwinds are higher this year.

  • Increased compressor purchase costs and higher manufacturing costs at Voltas’ own plant are additional headwinds.

  • Margin recovery prospects for the unified cooling products segment have been delayed.

UBS

  • UBS maintains a ‘buy’ rating on Voltas with a target price of Rs 2,200.

  • Voltas has had a strong start to the cooling season.

  • The company is navigating supply chain challenges effectively.

  • It is transitioning towards becoming a larger white goods company.

CLSA On Zee Entertainment

  • CLSA maintained an ‘outperform’ rating on Zee Entertainment with a target price of Rs 170.

  • The Zee stock is currently trading at a low 8 times PE, with potential for a 22-33% Ebitda/PAT CAGR over financial year 2026-2027, even assuming a 6% YoY advertising growth.

  • Advertising revenue-led growth will help re-rate the stock, CLSA said.

  • Zee is India’s No.2 TV network and is ramping up its OTT platform, ZEE5.

  • Zee’s Ebitda margin has improved by 9 percentage points from its lows, and the company is debt-free, with Rs 1,700 crore in cash.

  • Zee’s market cap to sales ratio of 1 times is at a 60-80% discount compared to the Reliance Disney JV and Sun TV.

  • Zee’s stock could potentially double in the next 12-24 months, according to CLSA.

Citi India Strategy

  • Citi reiterated a constructive stance on Indian equities, with a Nifty target of 26,000 for December 2025, which represents a 14% upside.

  • Citi sees a stable or improving macroeconomic environment, with a significantly domestic-oriented economy and markets, as well as more reasonable valuations.

  • Citi has upgraded NBFCs to ‘overweight’ from ‘neutral’ and downgraded staples to ‘underweight’ from ‘neutral’.

  • The brokerage added Chola Finance and Zomato to its top picks, and removed HUL from the list.

UBS On Consumer Durables

  • Adani Enterprises has announced a joint venture to enter the metal products, cables, and wires sectors.

  • Competitive intensity in the cables and wires sector continues to rise, with a second large player entering the space.

  • The capex plans are not known yet.

  • This development is negative for sentiment towards incumbents in the segment, such as Polycab, KEI, and Havells.

CLSA On Jubilant Food

  • The depreciation of the Turkish Lira poses a potential risk for Jubilant FoodWorks.

  • The Turkish Lira has depreciated by 5% today and 8.5% year-to-date against the USD.

  • Jubilant’s subsidiary, DP Eurasia, which operates in Turkey, Azerbaijan, and Georgia, contributed 31% of group sales in third quarter of financial year 2025.

  • Jubilant FoodWorks’ debt stood at Rs 1,230 crore as of September 2024, with approximately 80% of it payable from Turkish cash flow.

  • The depreciation of the Turkish Lira is expected to lead to an additional interest cost burden for the company.

  • The year-to-date depreciation of 8.5% in the Turkish Lira could have a 3.5-4% impact on Jubilant FoodWorks’ consolidated PAT for financial year 2025.

  • The depreciation in the Turkish Lira could also impact dividend payments by DP Eurasia.

Macquarie On Uno Minda

  • Macquarie maintained an ‘outperform’ rating on Uno Minda with a target price of Rs 1,157.

  • Uno Minda has a diversified revenue mix and a wide-ranging components portfolio. These are expected to be medium-term positives.

  • Macquarie sees upside revenue potential from deeper Original Equipment Manufacturer relationships.

  • There is an opportunity with Korean Passenger Vehicle OEMs and new products with existing OEMs.

  • Uno Minda has delivered faster revenue growth than leading PV and two-wheeler OEMs.

Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

. Read more on Markets by NDTV Profit.Citi reiterated its constructive stance on Indian equities. Nifty’s December 2025 target of 26,000 has an upside of 14%, it said.  Read MoreMarkets, Business, Notifications 

​NDTV Profit

🚀 Turbo Rummy on RummyCircle – Download, Play & Win in Just 5 Minutes ⏱🎉🃏!