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Goldman Sachs has a neutral standing connected ITC with the people terms maintained astatine Rs 330. Analysts said the company’s Jan-March 4th (Q4FY26) net numbers are not comparable connected a yearly ground (YoY) owed to cigaret taxation operation change.
They expected highest net interaction from cigaret taxation hike successful Q1FY27. They estimation cigaret measurement diminution of astir 8% and net earlier involvement and taxes (EBIT) diminution of astir 17% successful FY27. FMCG concern maturation accelerated to 15% YoY portion net earlier interest, taxes, depreciation and amortisation (EBITDA) borderline improved 200 ground points (100 ground points oregon bps = 1 percent point) YoY. They besides said that the insubstantial concern EBIT margins recovered connected little wood costs and anti-dumping work benefits, portion agri concern EBIT declined 29% YoY owed to West Asia shipping disruptions.
Analysts expected agri headwinds to persist successful the adjacent term.Citigroup has a bargain standing connected LIC with the people terms astatine Rs 1,475. Analysts said that the beingness security major’s Q4FY26 operational show was strong, led by astir 690 bps YoY enlargement successful worth of caller concern (VNB) borderline aided by higher non-par premix (YoY) and favourable output curve-led benefits successful the swiftly increasing non-par book. Economic worth compressed 3% implicit Sep’25 (+2% implicit Mar’25), mostly led by elevated antagonistic concern variance (almost akin interaction betwixt indebtedness and equity for FY2026).
The absorption highlighted that the driblet successful nett summation connected aboriginal worth (FV) change, arsenic of Mar ’26, has mostly (around 80%) been recouped till mid-May’26 providing comfortableness connected EV recoup. The absorption besides highlighted concerted efforts to sustainably thrust betterment successful persistence, merchandise innovation, summation productivity of existing agents, cause basal augmentation, and higher concern done non-agency.
Valuation remains benign with FY2027 projected halfway EV (ex-MTM EV) astatine levels higher than existent marketplace value. Visibility connected promoter holding operation is simply a cardinal overhang adjacent arsenic operational show remains sound.Jefferies has a bargain connected Nykaa with the people terms raised to Rs 350. Analysts said the institution continues to study beardown maturation crossed segments with the quality maturation astatine >25% with highest-ever EBITDA margin.
Its manner concern reported continued acceleration, with break-even signalling the absorption has cracked the code. Its ain brands proceed to turn from spot to strength. The company’s medium-term outlook is rather positive, though the absorption sounded a enactment of caution successful the discourse of a pugnacious macro environment.CLSA has an outperform standing connected Honasa with the people terms astatine Rs 434. Analysts said the institution reported a gross maturation of 23% YoY (28% maturation ex-change successful accounting), which was up of estimates.
Volume grew 30% portion its borderline expanded much than 650bps YoY, starring to a bushed connected EBITDA. Three things stood retired for the analysts. Firstly, Mamaearth grew successful the teens YoY and absorption expects double-digit maturation to continue.
Then the offtake maturation successful wide commercialized and modern commercialized was up 30% YoY, a steadfast motion of rising marque traction. Lastly, operating leverage, albeit connected a brushed base, helped EBITDA bushed our estimation by much than 140bps.
Analysts deliberation Honasa’s runway to standard brands via its absorption categories and leader SKUs remains long. Execution of the Mamaearth turnaround continues to amended and analysts expect borderline enlargement to continue.Morgan Stanley maintained its overweight standing connected LG Electronics India with the people terms astatine Rs 1,726. Analysts said the company’s gross grew 8% YoY led by premiumization and broad-based request recovery. Its EBITDA borderline declined 230 bps to 11.7% owed to commodity ostentation and rupee depreciation, portion adjusted PAT fell 8% YoY. The company’s location amusement gross roseate 20% YoY. There’s industry-wide terms hikes underway to offset commodity outgo pressure, and the company’s absorption expects outgo pressures to easiness arsenic geopolitical conditions stabilize.(Disclaimer: Recommendations and views connected the banal market, different plus classes oregon idiosyncratic concern absorption tips fixed by experts are their own. These opinions bash not correspond the views of The Times of India)
