Stock Recommendations Today: Ola Electric, Bajaj Auto, SAMIL, Delhivery On Brokerages’ Radar Divya Prata NDTV Profit

Brokerages are divergent on Bajaj Auto Ltd., with CLSA reiterating its ‘outperform’ call, while Jefferies has a more bearish stance, noting that the valuation at 26 times fiscal 2026 estimated earnings is expensive.

JPMorgan hosted Aasif Malbari, Chief Financial Officer of Godrej Consumer Products Ltd. and Sunil D’Souza, Managing Director and Chief Executive Officer, of Tata Consumer Products Ltd. at the JPMorgan India Consumer CEO/CFO Access days. The brokerage shares its outlook on both the FMCG majors.

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

Goldman Sachs On Ola Electric Mobility

• Maintain ‘buy’ but cut target price to Rs 70 from Rs 75.

• E-motorcycle shipments have begun, with the company starting deliveries of the Roadster X series in May 2025.

• Ebitda breakeven now expected in the second quarter of the fiscal ending March 2026, delayed from earlier projections.

• Fiscal 2026, 2027, and 2028 revenue estimates reduced by 19%, 12%, and 11% respectively, mainly due to expectations of higher forward warranty cost provisions.

On Bajaj Auto

CLSA

• Maintain ‘outperform’ and raise target price to Rs 10,149 from Rs 9,473.

• Results in line with estimates; company plans to increase its share in the 125cc segment.

• Expects domestic two-wheeler growth of 5%-6% and export growth of 15%-20% in fiscal 2026.

• Raises fiscal 2027 earnings per share estimates, driven by continued cost reduction in electric two-wheelers.

Jefferies

• Maintain ‘hold’ and raise target price to Rs 8,000 from Rs 7,750.

• Fourth quarter performance was decent, and growth was driven by better average selling prices.

• Jefferies projects 13% compound annual growth in Earnings Per Share from fiscal 2025 to 2028, but notes the valuation at 26 times fiscal 2026 estimated earnings is expensive.

• Remain positive on the growth outlook for both domestic & export two-wheelers.

• Like Bajaj’s rising electric vehicle franchise.

On Samvardhana Motherson

Jefferies

• Maintain ‘buy’ and raise target price to Rs 180 from Rs 165.

• Fourth quarter results missed estimates, but the company is rapidly expanding in electronics.

• SAMIL is growing its non-automotive business, especially in electronics, with new plants for semiconductor equipment components and printed circuit board assembly for autos.

CLSA

• Maintain ‘outperform’ and raise target price to Rs 182 from Rs 167.

• Operating performance was largely in line with expectations.

• Polymer segment margin was impacted by weak demand in the European Union.

• Lower auto production in the EU affected both the modules and polymer businesses.

• CLSA is building in organic growth at a 10% compound annual growth rate for fiscals 2025 to 2027.

JPMorgan On Godrej Consumer Products

• Maintain ‘overweight’ with a target price of Rs 1,365.

• Hosted Aasif Malbari, Chief Financial Officer, as part of the JPMorgan India Consumer CEO/CFO Access days.

• Mid to high single digit India volume growth guidance maintained for fiscal 2026, with the second half expected to trend better than the first half.

• Household insecticides growth trajectory should improve over the medium term.

• Air care and hair colour segments have a long runway for healthy growth.

• Accelerated scale-up expected in liquid detergents, deodorants, and body wash.

• India margins are expected to return to normalcy in the second half of the fiscal ending March 2026.

• In Indonesia, the focus remains on driving underlying volume growth and maintaining a 22-24% margin.

• Aims to step up growth in GAUM (Greater Africa, USA, Middle East) with margins now at a healthy level of above 15%

JPMorgan On Tata Consumer Products

• Hosted Sunil D’Souza, Managing Director and Chief Executive Officer, at the JPMorgan India Consumer CEO Access days.

• India demand environment is improving, with positive momentum expected to sustain.

• The company targets low- to mid-teens domestic revenue growth, led by mid- to high-single-digit growth for the core tea and salt business and around 30% growth for its growth businesses.

• Tata Consumer aims for consistent Ebitda margin expansion going forward.

• Stabilising tea prices should aid margin normalisation in the second half of the fiscal.

• International business is expected to grow at mid-single-digit rates with accretive margins.

CLSA On Prestige Estates Projects

• Maintain ‘outperform’ with a target price of Rs 2,380.

• Stage set for a strong fiscal 2026.

• Expects presales guidance for fiscal 2026 in the range of Rs 25,000–27,500 crore.

• First quarter of fiscal 2026 is likely to see strong presales of Rs 9,000–10,000 crore.

• This strong start helps allay concerns over missing fiscal 2025 guidance.

• Prestige Estates is gaining significant market share in new geographies.

• Faster execution is expected to drive cash flow growth.

• The stock currently trades at a significant discount to peers, which CLSA believes is unwarranted.

Jefferies On India Strategy

• Monsoon is a positive for the economy, though there may be near-term hiccups.

• India is set for a second consecutive good monsoon, which is positive for agricultural gross domestic product growth, rural demand, and the inflation outlook.

• Continued low inflation should provide more visibility on interest rate cuts, and Jefferies expects a further 75 basis points reduction.

• The early onset of the monsoon will impact the quarter ending June, affecting sectors such as cement, capital goods, and power.

• TVS Motor, Bharti Airtel, Vishal Mega Mart, and Godrej Consumer Products are Jefferies’ preferred picks for rural demand.

• Jefferies moves 1.5 percentage points of portfolio weight from power to metals in its model portfolio.

• Reduces weight on JSW Energy by 1.5 percentage points and adds Jindal Stainless.

Investec On Suzlon Energy

• Maintain ‘buy’ with a target price of Rs 70.

• Strong execution and a robust order book reinforce a positive outlook.

• Suzlon has evolved into a net-cash entity with strong Return on Equity and Return on Capital Employed.

• Positive momentum is aided by a rapidly expanding order book, a robust pipeline of bids, and a fully optimized supply chain.

• Investec forecasts Suzlon to register a compound annual growth rate of 49% in revenue and 26% in profit after tax over fiscals 2025 to 2027.

Jefferies On Alkem Laboratories

• Maintain ‘underperform’ and cut target price to Rs 4,460 from Rs 4,580.

• Fourth quarter results missed expectations: Company is pivoting towards accelerating growth, but execution remains to be seen.

• After 18 months of margin improvement, Alkem is now focusing on faster growth, particularly in India.

• Guidance for high single-digit overall revenue growth in fiscal 2026 and double-digit growth for fiscal 2027.

• Ebitda margin guidance for fiscal 2026 is flat year-on-year at 19.5%, as growth initiatives will require higher research and development spending.

• Jefferies has cut Earnings Per Share estimates for fiscal 2026 and 2027 by 3-6%.

Jefferies On Adani Group

• Fiscal 2025 was a year of consolidation for Adani Group, with Ebitda growing 14% year-on-year and a five-year compound annual growth rate above 25%.

• Group leverage increased slightly as capital expenditure accelerated across various entities.

• Raised $2 billion in equity and recently completed a $750 million bond issue, both subscribed by marquee global investors.

• Ebitda is estimated to grow at a 22% compound annual growth rate between fiscal 2025 and fiscal 2027.

JPMorgan On Amara Raja Energy & Mobility

• Maintain ‘neutral’ with a target price of Rs 1,165.

• Fourth quarter saw a sharp earnings miss due to elevated alloy prices and higher power costs.

• Compared to peer Exide, Amara Raja’s top-line growth in fiscal 2025 was better, but adjusted Ebitda and adjusted profit after tax were weaker.

• The trajectory of alloy prices and power costs will be key factors to monitor going forward.

• JPMorgan expects downward revisions to profit after tax estimates given the 16% Ebitda miss.

Bernstein On Delhivery

• Upgraded to ‘outperform’ from ‘market-perform’, with a cut i target price to Rs 430 from Rs 450.

• Sees signs of recovery for Delhivery, with potential tailwinds from industry consolidation and resilience in traditional logistics volumes.

• Raised Ebitda estimates by 1–2% for fiscals 2026 and 2027.

• Bernstein tempers long-term expectations due to the impact of quick commerce and Delhivery’s mixed execution track record.

• The call is momentum-led, not a full reversion to the earlier growth narrative.

• Valuation reflects some optimism, but near-term catalysts are expected to support the stock.

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