Brokerages have highlighted opportunities across banks, IT, pharma, fintech, electricals, ports, logistics, stock broking, insurance and capital goods sector, issuing fresh calls on Axis Bank, Paytm, KEI Industries, Adani Ports and Special Economic Zone, Tata Technologies, Delhivery, Cipla, ICICI Lombard, Angel One, and Thermax while also sharing their outlook on power sector.
CLSA on Axis Bank
- Maintain Outperform with TP of Rs 1550
- Well placed
- Levers in place for healthy earnings growth, valuations attractive
- Robust FCNR(B) deposit mobilisation; asset quality remains resilient
- Agentic AI deployment underway; 15 use cases identified
- Fundamentals remain intact, valuations attractive; Axis is one of top picks.
Bernstein on Paytm
- Maintain Outperform with TP of Rs 2200
- Expect meaningful operating leverage from existing business
- Introduction of MDR on UPI could provide meaningful upside on profitability
- See clear right to win and a long growth runway
Jefferies on KEI Industries
- Maintain Buy; Cut TP to Rs 6150 from Rs 6920
- KEI stock has corrected 21% from its peak and 16% since its Q1 results beat
- Ultratech’s launch on 3rd Sept 2026 has raised investor concerns on KEI’s future profitability
- Believe current market price factors in approx. 300 bps loss in market share for KEI over FY26-30
- Market share loss in its retail segment and no offset from power or exports
- Believe any weakness in retail revenues should be offset between power/exports
JPMorgan on Tata Technologies
- Maintain Underweight with TP of Rs 540
- Optimistic on double-digit revenue growth; cautious on margins
- OEMs are increasingly becoming more dependent on vendors
- EV will still be the long term tailwind
- Anchor customers to drive growth near term and non-anchors in medium term
- Vendor consolidation in playing out.
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Kotak Securities on Delhivery
- Maintain Buy; Hike TP to Rs 550 from Rs 540
- The well-positioned pragmatist
- The two-player market positioning continues to gain acceptance
- Positioning made strong by presence of PTL and lower Meesho presence
- The growth story continues with new legs being discovered
- Pragmatism to continue on pricing and capex.
Macquarie on Cipla
- Maintain Outperform with TP of Rs 1675
- Pithampur plant observation
- Seems the key observations from the last inspection on Field alert report submission has been addressed
- However, there are five repeat observations from the last inspections
- Believe the latest observations have limited implications in near-term earnings outlook
- Observations related to microbial contamination and adverse environmental conditions are typically viewed as critical compliance concerns
- These are likely to require robust remediation measures and substantial supporting evidence within the CAPA framework to satisfactorily address the FDA’s concerns
UBS on ICICI Lombard
- Maintain Neutral with TP of Rs 1930
- India Summit 2026: Price aggression persists; company stance unchanged
- On Motor TP reserving, the company indicated of it’s prudent approach to have limited incremental impact
- Focus on maintaining pricing discipline and avoiding price-led competition
- Remains confident of sustaining superior profitability vs industry
UBS on Angel One
- Maintain Neutral with TP of Rs 360
- India Summit 2026: Revised CAS framework awaited
- Expects strong runway for MTF growth
- Not looking to change guidance or cost spends at this point
- Company believes CAS has a transient impact on volumes
- Retail participation, MTF adoption and customer additions should continue to support growth
Macquarie on Adani Ports
- Maintain Outperform; Hike TP to Rs 2100 from Rs 1860
- Building towards a billion tonnes
- Raise FY31 volume estimate to 931 MT on NQXT addition, Colombo ramp-up and expected domestic growth
- Better visibility supports a long term volume upgrade
- Optimistic on long-term prospects supported by diversification efforts, execution track record, and expansion plans supported by cash flow
- Valuation looks reasonable
Macquarie on Thermax
- Maintain Neutral with TP of Rs 4100
- Positioning for growth; execution remains key
- Mgmt highlighted healthy private-sector capex demand supported by ongoing brownfield capex
- Capex environment remains reasonable rather than broad-based
- Remain constructive on growth prospects, driven by data centres, water treatment, waste-heat recovery and energy-transition solutions.
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Jefferies on Power Sector
- India Power Monthly – Demand well north of 10% YoY growth
- Aug 2026 power demand rose 13% YoY on a base of 4% YoY rise in Aug 2025
- Sept 2026 generation to date is also strong at 22% YoY rise on a base of 2% YoY decline
- Maintain 7% YoY FY27E demand growth estimate as demand remains strong in Apr-Aug 2026 at 9% YoY rise
- Merchant prices are up 22% YoY Aug 2026
- Potential below average monsoon given El-Nino could add to upside
- Top picks – Adani Energy, JSW Energy and NTPC
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