Morgan Stanley maintained its overweight rating on Bajaj Finance with a target price of ₹1,120, up from the previous ₹1,090. According to reports from The Times of India, the NBFC major's adjusted profit before tax for Q4FY26 grew 26% year-on-year and exceeded analyst estimates. The company's credit costs improved sharply with lower bad loan formation, while management guided FY27 assets under management (AUM) growth at 22-24% and net credit cost guidance at 145-160 basis points.
Jefferies issued a buy rating on Navin Fluorine with a target price of ₹8,385. As reported by The Times of India, the company delivered a strong beat in Q4FY26 with EBITDA growth of 19% and profit after tax growth of 30%, both ahead of estimates. The performance was driven by strength in specialty chemicals and contract development & manufacturing organisation (CDMO) segments. Multi-year contracts in CDMO and agro-chemicals, potential ramp-up of data center cooling products and R32 capacity expansion provide visibility on earnings growth over FY27-FY28. The HPP (High-Performance Products) segment reported 20% top-line growth benefiting from better volumes and realisations, while favourable refrigerant pricing underpins medium-term earnings outlook.
HSBC assigned a buy rating to IIFL Finance with a target price of ₹550. According to The Times of India, the company reported robust Q4FY26 numbers with healthy AUM growth, improvement in asset quality, and a healthy return on equity of about 18%. Analysts noted that IIFL Finance is in a strong earnings upcycle as it would benefit from MFI cyclicality and growth recovery in housing finance. The company's FY27-FY28 earnings estimates were lifted on the back of lower credit cost expectations.
JP Morgan maintained a neutral rating on Federal Bank with a target price of ₹305. As reported by The Times of India, the bank's Q4FY26 core net profits of ₹1,150 crore rose 11% year-on-year, which was broadly in line with estimates. Recurring net interest income rose 14% YoY to ₹2,720 crore, with core net interest margin rising by 2 basis points to 3.20%. The lender maintains 19.72% market share in remittances as of April-December FY26.
Nomura issued a buy rating on Waaree Engineering with a target price of ₹3,750. According to The Times of India, the company's Q4FY26 revenue beat estimates by 12%, led by higher volumes, but EBITDA missed all estimates as gross margin contracted sharply. The company's management shared EBITDA guidance of ₹7,000-7,700 crore for FY27 and the board approved a fundraise of ₹10,000 crore.
