Mahindra & Mahindra Ltd., Indian Hotels Co. Ltd., and Coforge Ltd. are in the spotlight today as brokerages react to fourth quarter results announced on Monday. The tone is upbeat for M&M, with multiple firms calling it a top play on India’s auto and farm recovery cycle, backed by margin strength and a promising sport utility vehicle pipeline.

Indian Hotels is riding a wave of post-pandemic travel and event demand, but the outlook is split—while Morgan Stanley remains bullish on the revenue momentum, Macquarie has trimmed its forecasts citing a reduced hotel pipeline and margin pressure.

In the IT space, Coforge continues to divide the Street. Citi remains cautious despite a decent quarter and strong fiscal 2026 outlook, flagging stretched valuations, while other brokerages see room for upside if the growth momentum sustains.

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

On Mahindra & Mahindra

Citi

  • Retained ‘buy’ rating on the stock and lowered target price to Rs 3,480 apiece from earlier Rs 3,680.

  • Ebitda in the March quarter beat estimates, but lower other income impacted profit after tax.

  • Management commentary is positive on tractors and utility vehicles.

  • Despite higher Ebitda estimates, earnings estimates have been trimmed slightly due to lower non-operating income.

Macquarie

  • Retained ‘outperform’ rating with a target price of Rs 3,470 apiece.

  • Strong margin performance in the March quarter.

  • Farm segment margin beat expectations; auto segment margin was in line.

  • Management expects tractor industry volumes to grow in high single digits and sport utility vehicle volumes for the company to grow in mid to high teens.

  • Sees upside risk to earnings and considers Mahindra & Mahindra a top pick in the Indian mobility space.

Bank of America

  • Retained ‘buy’ rating on the stock and raised target price to Rs 3,700 apiece from earlier Rs 3,385.

  • March quarter was a beat and raise again, driven by strong sport utility vehicle guidance and farm cycle recovery.

  • Key positives include farm margin, sport utility vehicle outlook and limited electric vehicle drag.

  • Early signs of promise in electric vehicles; room for valuation re-rating remains.

  • Mahindra & Mahindra stands out in the auto sector with sport utility vehicle market share gains, tractor upcycle, electric vehicle readiness and reasonable valuations.

On Indian Hotels

Morgan Stanley

  • Retained ‘overweight’ rating with a target price of Rs 864 apiece.

  • Delivered another strong quarter with a positive outlook.

  • Business travel and large events like Mahakumbh and Coldplay concerts boosted demand.

  • Management expects this demand trend to continue.

  • Reiterated double-digit revenue growth target for the fiscal year ending March 2026.

Macquarie

  • Retained ‘neutral’ rating on the stock and lowered target price to Rs 820 apiece from earlier Rs 840.

  • Mixed quarter, with revenue ahead but Ebitda missing expectations.

  • Management has reduced the pipeline for the fiscal years ending March 2026 and 2027 by 10% from earlier guidance.

  • Cuts earnings per share estimates by 8-9% for the fiscal years through March 2028 due to lower Ebitda and profit after tax margin forecasts.

Citi

  • Retained ‘sell’ rating on the stock and raised target price to Rs 7,160 apiece from earlier Rs 6,910.

  • March quarter performance was decent; revenue was largely in line and margins beat expectations.

  • Growth for the fiscal year ending March 2026 likely to remain strong despite macro uncertainty, supported by expansion in reported earnings before interest and tax.

  • Does not expect a slowdown in organic growth in the fiscal year ending March 2026 compared to the previous year.

Citi On Computer Age Management Services

  • Retained ‘sell’ rating on the stock and raised target price to Rs 3,055 apiece from earlier Rs 2,985.

  • Core profit before tax declined 10% quarter-on-quarter; pace of non-mutual fund revenue growth continues to slow.

  • Encouraged by new client wins in non-mutual fund segments and push for horizontal integration.

  • However, lack of pricing stability in most non-mutual fund businesses is a concern.

  • Pressure on short-term volume growth and focus on business development may weigh on profitability.

Citi On Indraprastha Gas

  • Retained ‘buy’ rating on the stock and raised target price to Rs 250 apiece from earlier Rs 230.

  • Margin uplift is driven by lower crude oil prices.

  • Now sees the company meeting its near-term margin guidance of over Rs 6 per standard cubic metre.

  • Forecasts Ebitda per standard cubic metre in the Rs 6.5 to 7 range over the fiscal years from 2026 to 2028.

Nomura On Cement Channel Check

  • Pan-India: Trade prices rose Rs 3 per bag month-on-month in May 2025; prices in the first quarter of the fiscal year 2026 are up Rs 12 per bag quarter-on-quarter.

  • Eastern region: Prices increased Rs 12 per bag month-on-month in May; up Rs 25 per bag in the first quarter of the fiscal year 2026.

  • Southern region: Prices rose Rs 5 per bag month-on-month in May; up Rs 30 per bag in the first quarter of the fiscal year 2026.

  • Northern region: Prices remained flat month-on-month in May and were flat quarter-on-quarter in the first quarter of the fiscal year 2026.

  • Western region: Prices were unchanged month-on-month in May; up Rs 6 per bag quarter-on-quarter in the first quarter of the fiscal year 2026.

  • Central region: Prices fell Rs 3 per bag month-on-month in May and were flat quarter-on-quarter in the first quarter of the fiscal 2026.

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

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