Research notes

The report calls CIFC its top pick among vehicle financiers, rated ADD, with target raised from Rs 1,810 to Rs 1,950.

The report rates SBICARD REDUCE with target unchanged at Rs 595, noting muted receivables growth.

The report rates TATACAP ADD with target raised from Rs 335 to Rs 360.

The report rates ABCAP ADD with target raised from Rs 390 to Rs 416.

The report rates PIRAMALF ADD with target raised from Rs 1,960 to Rs 2,000.

The report rates PFL REDUCE with target raised from Rs 365 to Rs 390.

The report rates LTF ADD with target raised from Rs 315 to Rs 320.

The report calls BAF its top pick among diversified NBFCs with a BUY rating and raised target price from Rs 1,100 to Rs 1,200.

The report maintains a BUY rating with a revised target price of INR 2,220 (based on 46x Q2FY29E EPS), citing steady volume-led growth, margin stability around 29.2-29.3%, wellness segment traction, and recent M&As in genomics (SN Gene) and international markets (Sunshine Healthcare, Ghana).

The report says TCS's Q2FY27 revenue grew 0.5% QoQ in constant currency, led by international business and AI adoption, with annualized AI revenue surpassing USD 3bn and contributing ~10% of revenue, while margins remain a monitorable due to elevated subcontracting costs and MHP consolidation, and maintains an ADD rating with a target price of INR 2,470 based on 15x Sep-28E EPS.

The note retains REDUCE on Deccan Cement and cuts its TP to INR 530 from INR 830.

The report expects ~23% YoY volume growth for Sagar but the weakest margin in the universe at INR 244/MT, retaining ADD.

The note says Orient Cement is upgraded to BUY from REDUCE with TP cut to INR 180 from INR 260, aligned to Ambuja on the announced swap ratio ahead of the merger.

The report lists JK Lakshmi with a TP of INR 680 (ADD in the revision table) and flags subpar Q2FY27E margin of INR 522/MT.

The note expects a marginal volume decline but industry-leading margin of INR 1,365/MT for Star Cement, retaining BUY.

The report expects weak margin of INR 255/MT for Heidelberg and retains a REDUCE rating on SOTP-based valuation.

The note flags subpar Q2FY27E margin of INR 495/MT for Birla Corp while retaining ADD.

The report estimates ~12% YoY volume growth for JK Cement and says the house remains structurally positive on the stock.

The note expects ~10% YoY volume growth but subpar margin of INR 526/MT and an adjusted loss in Q2FY27E, retaining a SELL rating.

The report keeps BUY on Nuvoco Vistas with TP unchanged at INR 445.

The note retains BUY on Dalmia Bharat with an unchanged TP and estimates Q2FY27E EBITDA/MT of INR 754.

The report says ACC has been upgraded to BUY from ADD with TP cut to INR 1,800 from INR 2,010, as its valuation is now linked to Ambuja on the finalised share swap ratio.

The note expects flattish consolidated volumes for Ambuja in Q2FY27E but says the sharp stock correction offers large upside.

The report estimates ~13% YoY volume growth for Shree Cement with EBITDA/MT of INR 776 and retains an ADD rating.

The note says UltraTech should deliver ~10% YoY volume growth and industry-leading EBITDA of INR 977/MT, and that the house remains structurally positive on the stock.