Bharat Electronics Limited (BEL) emerged as a key focus across multiple brokerages with mixed target price revisions. According to reports from Jefferies, the brokerage maintained its Buy rating while cutting the target price to ₹550 from ₹585, citing strong execution that offset margin misses. Macquarie maintained its Outperform rating and hiked the target price to ₹550 from ₹510, highlighting Q1 headline numbers above expectations and steady order backlog. JPMorgan maintained its Overweight rating with a target price of ₹525, reiterating BEL as their top pick in India's defence sector. Goldman Sachs maintained its Buy rating but cut the target price to ₹470 from ₹475, emphasizing order inflow as the key monitorable factor. FY27 order flow guidance was maintained with the company achieving 16% YTD growth (ex QRSAM). Jefferies noted confidence in 15%+ FY27E revenue growth with visible double-digit earnings growth in the medium term, while Macquarie believes BEL is amongst the best stocks to capture the multi-year India defence opportunity.
HDFC Bank received positive coverage from Macquarie and JPMorgan, both maintaining Outperform ratings with different target prices. As reported by Macquarie, the brokerage maintained its Outperform rating with a target price of ₹1150, noting that the MSRDC issue outcome found no misconduct and concluded business overreach rather than improper intent. JPMorgan maintained its Overweight rating with a target price of ₹990, believing the board's actions should help bring closure to the MSRDC deposit-arrangement matter. The bank's focus is expected to shift to CEO extension, with JPMorgan noting increased probability of a new term recommendation for the current CEO. Jefferies maintained its Buy rating with a target price of ₹3000 from ₹2650, highlighting execution momentum and continued improvement in execution over recent quarters.
Lodha Developers witnessed the sharpest target price revision among real estate stocks, with HDFC Securities raising its target price to ₹1,299 from ₹998 while maintaining an Add rating. The brokerage highlighted strong growth visibility, an improving launch pipeline, rising land values and the emerging value of the company's data-centre business at Palava. Coal India received varied analyst coverage with Jefferies maintaining its Buy rating with a target price of ₹500, citing higher global coal prices and potential recovery in power demand. Citi maintained its Neutral rating while cutting the target price to ₹430 from ₹440, noting Q1 PAT in-line performance and first interim dividend. Macquarie maintained its Underperform rating with a target price of ₹125, expecting 6% CAGR earnings growth over FY26-29 after 12% EPS fall over FY24-26. JPMorgan maintained its Neutral rating with a target price of ₹423, highlighting broadly in-line Q1FY27 performance and FY27 guidance of ₹250bn capex and ~2.5GW renewable commissioning.
According to BofA India Strategy reports, Q1FY27 showed broad earnings resilience despite pockets of weakness, with Nifty tracking +3% beat at +12% YoY and NSE200 delivering +10% YoY earnings growth. The energy and metals sectors delivered the strongest performance beats, while selective weakness was observed in other sectors. This positive earnings backdrop provides context for the fresh stock calls across defence, banking, FMCG, and e-commerce sectors, with brokerages maintaining a constructive outlook on India's market prospects. The Indian rupee experienced its most remarkable trading day in over six weeks, opening at 96.1475 and surging to a high of 95.7950, supported by decisive central bank actions and declining oil prices.
