Maruti Suzuki India Ltd., Mahindra & Mahindra Ltd., and Shriram Finance Ltd. were among the key stocks in focus in Monday’s brokerage notes.

Most analysts stay neutral on Maruti flagged a miss in the final quarter margins, while Mahindra & Mahindra’s acquisition of SML Isuzu drew overweight calls.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the key brokerage calls to watch on Monday.

On Maruti Suzuki India

JPMorgan

  • Maintain ‘neutral’ call with target price of Rs 12,800.

  • Say that margin pressure could sustain near-term, and a strong model cycle is needed for re-rating.

  • Believe fiscal 2026 could be weaker than fiscal 2025 as the company will continue to ramp-up its new plant.

  • Ramp up in an environment where volume growth could remain soft.

  • Cut fiscal 2026 and 2027’s Ebit by 6% and 3% respectively, but the cut in earnings per share is lower at -2% and 0% due to higher other income.

Goldman Sachs

  • Maintain ‘neutral’ and cut target price to Rs 12000 from Rs 12,300.

  • Q4 numbers remain a miss, prompting tepid fiscal 2026 expectations and margin headwinds.

  • Say small car segment growth recovery is still not visible.

  • Cut EPS estimates for fiscals 2026 to 2028 by -2% to -8%.

BofA

  • Maintain ‘buy’ with a target price of Rs 14,000.

  • Note margin drag on new plant, and expect it to persist in Q1.

  • However, positive on new SUV launch & export strength.

Jefferies

  • Maintain ‘buy’ but cut target price to Rs 13,600 from Rs 15,000.

  • Note the margin miss and earnings cut.

  • Cautious on domestic demand in the current financial year, but expect 20% growth in exports and plans to launch a new SUV in the year.

  • Cut fiscal 2026 to 2027 PV industry volumes by 2-3%, but still expect 8% CAGR over fiscals 2025 to 2028.

  • Continue to prefer M&M, TVS Motor and Eicher within autos.

On Mahindra & Mahindra

Morgan Stanley

  • Maintain ‘overweight’ with target price of Rs 3,675.

  • Note that the company could end up spending Rs 1,140 crore to buy SML Isuzu.

  • Appear to value SML at 16 to 18 times the price to earnings value for fiscal 2025, as compared to Ashok Leyland at 20 times the same for fiscal 2024.

  • State that M&M aims to double its light commercial vehicle market share from 3% to 6%.

  • Hold that this is a small acquisition for M&M’s size.

  • Like the business shift toward LCV, which relative to SUVs has lesser emission and competitive headwinds.

Citi

  • Maintain ‘buy’ with a target price of Rs 3,680

  • Acquisition of majority stake in SML Isuzu provides avenues for some growth in the commercial vehicle market share.

  • M&M does not have a presence in the MHCV passenger segment.

  • Say the cash consideration is unlikely to dent M&M’s balance sheet.

  • Note that the deal valuation appears attractive.

Investec

  • Maintain ‘buy’ with a target price of Rs 3,370.

  • Say SML addition to strengthen light commercial vehicle franchise.

  • Management intends to grow its market share to 10%-12% by fiscal 2031 and further expand it to 20% by fiscal 2036.

  • Noted that SML will only contribute 2%-3% to M&M’s revenue in fiscal 2027.

  • Say the acquisition will help M&M fortify its position in a segment where it has hitherto lacked dominance.

  • Hold that the valuation is attractive, and the outlook for LCV is improving.

Morgan Stanley On Financials

  • Tamil Nadu introduces bill to prevent coercive actions by lenders.

  • Note that microfinance collections have generally been observed to be most sensitive to such announcements.

  • About 13% of the MFI industry’s assets under management is in Tamil Nadu, which is the second largest MFI state.

  • L&T Finance is the most exposed, while Equitas Small Finance Bank, Muthoot Microfin, and CreditAcccess have more than 20% exposure.

  • State that a similar ordinance in Karnataka (passed in Feb 2025) had an adverse impact on growth and collections.

Morgan Stanley On IndusInd Bank

  • Maintained ‘equal-weight’ rating with a target price of Rs 755.

  • Findings of the audit report reiterate the loss is in line with management’s estimate, which reduces potential downside.

  • Note that the risk reward, however, is still tricky given uncertainty around senior management changes.

  • Potential impact on earnings owing to internal audit review related to the MFI portfolio is uncertain.

  • Await more clarity in the upcoming earnings and over the next few quarters.

On Shriram Finance

CLSA

  • Maintain ‘outperform’ and hike target price to Rs 735 from Rs 670.

  • Healthy growth momentum but a bit of a miss on NIM and credit costs.

  • Some moderation in loan growth in line with the industry.

  • Note that NIMs moderate due to higher liquidity; net slippages higher at 2.4%.

  • Guides to 15% loan growth next year with largely stable asset quality and some improvement in NIM.

HSBC

  • Maintain ‘buy’ call but cut target price to Rs 740 from Rs 810.

  • Likely to take a breather, medium-term profitability still healthy.

  • State that NIM pressure, increase in credit costs and a sharp increase in gross stage 2 loans in Q4 were unexpected.

  • Believe that earnings may be under pressure in the near term.

  • But on a two year CAGR basis, earnings growth and profitability are healthy.

  • Cut EPS by 4% to 6% for fiscals 2026 and 2027.

Macquarie

  • Maintain outperform’ with a target price of Rs 800.

  • Profit after tax remains a miss, and lower net interest margin and higher credit costs partially offset by lower taxes.

  • Credit costs increase driven by increase in stage-2 flows.

  • Higher liquidity continues to drag NIM.

  • Fiscal 2026 guidance implies downside risks to NIM and return on assets.

Jefferies On Adani Group

  • Three Adani Group listed power companies , Adani Energy Solutions, Adani Green Energy and Adani Power’s earnings before interest, taxes, depreciation, and amortisation for fiscals 2022 to 2024 is up 105%.

  • The brokerage expects a 42% rise in Ebitda for fiscals 2024 to 2026.

  • Adani Energy and Adani Green are at a 78% and 57% discount to their Jan. 2023 peak one-year forward enterprise value to Ebitda ratio, creating a room for meaningful upside on execution.

  • Adani Power is at a premium, but execution visibility has improved.

  • Expect execution to drive strong upside post underperformance.

  • Adani Energy – under-construction transmission projects up four times since Jan. 2023 to Rs 59,900 crore

  • Adani Green – installed capacity up 94% to 14 GW since Jan. 2023.

  • Adani Power – installed capacity up 29% to 18 GW since Jan. 2023.

Macquarie On Reliance Industries

  • Maintain ‘outperform’ with a target price of Rs 1,500.

  • Hold that the final quarter earnings, whilst lacking growth momentum, were in line with expectations.

  • Jio was the main contributor of incremental group EBIT.

  • Downstream margins (both refining and chemicals) remained a meaningful drag.

  • State that group capex has not seen any material moderation over the past three years.

On RBL Bank

JPMorgan

  • Maintain ‘underweight’ with a target price of Rs 140.

  • Gross and net slippages, albeit elevated, improved quarterly in both the MFI and credit card books.

  • Guidance indicates that book mix will continue to shift away from unsecured.

  • Expect this to continue to weigh on margins.

Citi

  • Maintain ‘buy’ and hike target price to Rs 230 from Rs 210.

  • Growth would be led by retail secured and commercial banking

  • With stress recognition and provisioning almost behind, believe RoA visibility improves.

  • Valuation at 0.6 times the fiscal 2027 book appears inexpensive.

BofA

  • Maintain ‘underperform’ and hike target price to Rs 175 from Rs 150.

  • State that Q4’s accelerated MFI provisioning sets a cleaner slate for fiscal 2026.

  • Unsecured book slippages likely peaked, while overall fiscal 2026 loan growth target is 16-18% with strong growth in secured retail.

  • Management expects recovery in this fiscal’s RoA with significantly lower credit costs.

  • Bank is comfortable with current CET1 level and expects no capital raise in the current fiscal.

JPMorgan On IDFC First Bank

  • Maintain ‘underweight’, with target price of Rs 50.

  • Core pre-provision operating profit miss to drive negative revisions.

  • Gross and net slippages remained elevated.

  • An end to MFI stress, capital raise and rate cut-led cost of fund support in fiscal 2026 has been discounted.

  • Expect consolidation in the stock price in the near term.

  • Once multiples come off over a few quarters, risk-return may improve.

Goldman Sachs On Tata Technologies

  • Maintain ‘sell’ with a target price of Rs 550.

  • Hold that Q4 results remain in-line, as demand recovery pushed out to the second half of the current fiscal.

  • Positive conversations with clients in the final quarter of fiscal 2025 around a potential pickup in Automotive ER&D spending starting this quarter.

  • Valuations relatively expensive compared to the 12% forward three-year EPS CAGR profile.

CLSA On Cholamandalam Financial Holdings

  • Maintain ‘hold’ with a target price of Rs 1,600.

  • Growth slightly better but credit costs high adjusted for seasonality.

  • AUM growth marginally better than expectations driven by loans against property.

  • Margin improvement aided by rate cuts while net slippages are higher.

  • Consistent performer with good management but valuation too high to justify.

BofA On InterGlobe Aviation

  • Maintain ‘buy’ call with a target price of Rs 5,600.

  • Pakistan airspace closure impacts 6% of IndiGo capacity.

  • Higher unit cost pressure, but no operational disruptions.

  • Longer flying distances could add 0.3% to 0.6% to IndiGo’s overall unit cost structure.

. Read more on Markets by NDTV Profit.Here are all the top calls from analysts you need to see on Monday.  Read MoreMarkets, Business, Notifications 

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