In a significant development, Motilal Oswal has issued a buy rating on LTM Ltd with a target price of ₹5,050 in its research report dated October 16, 2026, as reported by Moneycontrol. This represents a substantial upgrade from HDFC Securities' earlier target of ₹5,225, implying approximately 15% upside from current levels. LTM reported revenue of USD 1.2 billion in Q2FY27, rising 1.1% QoQ in constant currency versus the brokerage's estimate of 0.9% QoQ CC. EBIT margin stood at 15.6%, largely in line with estimates of 15.7%, while adjusted PAT came in at ₹14 billion, declining 6.0% QoQ but remaining flat YoY and below the brokerage's estimate of ₹15 billion. In INR terms, revenue, EBIT and adjusted PAT grew 15.7%, 19.1% and 8.1% YoY respectively in 1HFY27.
According to reports from NDTV Profit, HDFC Securities has retained its optimistic outlook on LTM Ltd, Federal Bank, L&T Finance and Angel One following their Q2 FY27 earnings. The brokerage reviewed its outlook on the companies, factoring in their growth prospects, profitability trends and near-term challenges while retaining its existing ratings across the pack. HDFC Securities trimmed LTM's target price to ₹5,225 from ₹5,270, while raising Federal Bank's target to ₹365 from ₹355. The targets for L&T Finance and Angel One were kept unchanged at ₹320 and ₹390 respectively. The brokerage maintained its Buy rating on LTM Ltd and Buy calls on LTIM and Angel One, while assigning ADD ratings on Federal Bank and L&T Finance.
According to the report, HDFC Securities has pencilled in revenue growth of 6.1%, 12.5% and 10% for FY27, FY28 and FY29 respectively, and expects EPS to clock a CAGR of around 15% over FY26-FY29. The brokerage's optimism is based on expectations of recovery in the BFSI sector, normalisation in the technology vertical and new capabilities from strategic acquisitions. Motilal Oswal expects revenue/EBIT/adjusted PAT to grow 9.7%/10.6%/10.9% YoY in 2HFY27, with the company maintaining its Buy rating and valuing it at 21x FY28E EPS (up from 20x earlier) due to better growth and margin outlook for FY28. The positive outlook reflects the company's diversified service offerings and potential for sustained growth across multiple verticals.
In a separate development, Motilal Oswal has issued a buy rating on Angel One with a target price of ₹380, as reported in their research report dated October 16, 2026. Angel One's total income at ₹10.9 billion (up 16% YoY/down 1% QoQ) was 5% above estimates, driven by distribution income supported by strong credit distribution and robust IPO activity. The company's operating margin improved to 45.1% in Q2FY27 compared to 34.5% in Q2FY26, with standalone margin at 48.9%. Motilal Oswal has raised its FY27/FY28 EPS estimates by 6%/4% respectively, considering the strong Q2 performance and normalizing derivative activity following CAS modifications.
In the latest development, Motilal Oswal has issued a buy rating on Federal Bank with a target price of ₹385 in its research report dated October 16, 2026. Federal Bank reported Q2FY27 PAT of ₹13.9 billion (up 45% YoY/18% QoQ, 10% beat), led by higher other income and lower-than-expected provisions. This was partly offset by higher opex, including a one-time impact of ₹0.33 billion due to a change in ESOP accounting. NII grew 26% YoY/7% QoQ to ₹31.5 billion (in line), while NIM contracted 1bp QoQ to 3.32% (vs MOFSLe of 3.18%). Motilal Oswal estimates Federal Bank to deliver FY27E RoA/RoE of 1.30%/12.4% and reiterates the BUY rating based on 1.9x FY28E ABV.
