CLSA has given M&M an outperform rating, with a target price of Rs 4,417. Analysts believe the company is confident about maintaining its leadership in the SUV, tractor, and LCV markets. With upcoming product launches and attention to underserved areas, M&M anticipates potential for increased market share in certain segments. The company aims for an organic revenue CAGR of 15-40% across different segments during FY26-FY30, compared to a 25% CAGR over the past five years overall. M&M intends to concentrate on export markets in all three areas: tractors under the Oja brand, LCVs with global pickup launches, and UVs with new products. The company has raised its tractor volume growth forecast for FY25-FY30 from a 7% CAGR to a 9% CAGR. It also plans to increase its LCV business revenue by 1.6 times during FY25-FY30. Analysts noted that M&M has ambitious strategies to expand its growth areas.
Morgan Stanley has assigned an overweight rating to Maruti Suzuki India, with a price target set at Rs 18,489. Analysts noted that demand following the festive season and booking patterns remain strong. They highlighted that operating leverage and net pricing will be crucial factors in improving margins in the upcoming quarters, as discounts reached their peak during the July-September quarter (Q2FY26). The company is still experiencing robust growth in exports.
Nuvama has recommended purchasing Vedanta shares with a target price set at Rs 686. Analysts believe that Vedanta's emphasis on the three key initiatives—demerger, delivery, and deleveraging—is progressing well, aided by positive trends in commodity prices. They anticipate a favorable decision from NCLT in December 2025, with the demerger expected to be finalized by the end of Q4FY26. Other factors include the removal of uncertainty (not acquiring JP Associates) and an additional dividend of Rs 20 per share by January 2026. Analysts predict that the company's EBITDA will grow at a CAGR of 16% between FY25 and FY28, driven by reduced aluminium production costs, increased volumes of aluminium and zinc, and rising commodity prices.
JP Morgan has given an overweight rating to TCS, setting a target price of Rs 4,050. Analysts noted that TCS has entered into a partnership with the PE firm TPG, which has committed to investing $1 billion for a stake ranging between 27% and 49% in its newly established data center business, HyperVault. TCS and TPG have jointly agreed to invest up to Rs 18,000 crore in equity across multiple phases for HyperVault. Previously, TCS had announced a 1 GW AI-ready data center project with a total investment of $6.5 billion, combining debt and equity, and potential equity partners. Analysts think this development allows TCS to proceed with its capital expenditure plans while keeping its direct equity commitment at $1 billion over the next 5-6 years, as it recently mentioned.
Citigroup has given a buy recommendation for L&T, setting a target price of Rs 4,500. Analysts noted that the company identifies significant opportunities in the Middle East across various sectors, also sees promise in Europe, and has recently entered into a collaboration for integrating renewable energy projects. Within the country, an upswing in private sector initiatives, which now constitute 30% of the domestic backlog, is supporting growth.
Disclaimer: The views, assessments, and suggestions mentioned here are from the brokerage and do not represent the stance of The Times of India. It is advisable to seek guidance from a certified financial advisor or investment consultant prior to taking any investment actions.