Muthoot Finance: Jefferies maintains a Buy on Muthoot Finance with a reduced Target Price of ₹4350, citing a strong Q4 profit beat driven by better margins and yields, healthy AUM growth supported by higher gold prices and LTVs, while expecting higher gold prices, branch expansion and operating leverage to drive 15% EPS CAGR and 25% ROE over FY26–28 despite some churn in lower-ticket customers.

Voltas: Jefferies maintains a Buy on Voltas with a slightly reduced Target Price of ₹1530, citing in-line Q4 sales but margin miss due to lower profitability, normalized channel inventory of 35–40 days, visible focus on market share over margins leading to EPS cuts, 9–10% RAC price hikes in Q4, and expectations of 15–20% RAC market growth in FY27 on a weak base.

Hindustan Aeronautics: Nomura maintains a Buy on Hindustan Aeronautics with a Target Price of ₹5954, citing a Q4FY26 operating performance beat, robust order inflows during FY26, and continued improvement in the company’s balance sheet strength.

United Spirits: Goldman Sachs maintains a Buy on United Spirits with a Target Price of ₹1480, citing a Q4 EBITDA beat driven by strong margin expansion despite a revenue miss, while indicating focus remains on future margin pressures and the revenue growth outlook.

United Spirits: JPMorgan maintains an Overweight on United Spirits with a Target Price of ₹1445, citing a margin-led Q4 earnings beat and constructive FY27 outlook despite some revenue impact from export disruptions and state elections.

Siemens Energy: JPMorgan maintains a Neutral on Siemens Energy with a Target Price of ₹2600, citing an in-line headline performance but softer transmission segment numbers, while highlighting strong operating leverage with 140 bps YoY EBIT margin expansion and better-than-expected revenue growth and margins in the generation segment.

Muthoot Finance: Bernstein maintains an Outperform on Muthoot Finance with a Target Price of ₹4500, citing strong Q4 performance driven by a continued gold price rally supporting AUM growth, NIM expansion aided by higher loan yields, and a rise in Stage 2/3 loans largely due to regulatory classification changes.

Hindustan Aeronautics: Goldman Sachs maintains a Neutral on Hindustan Aeronautics with a Target Price of ₹5225, citing a strong order book but delayed execution recovery, weaker EBITDA margins due to higher other expenses and capitalised costs, sharp decline in provisions indicating subdued manufacturing activity, and highlighting Tejas Mk-1A deliveries as a key stock re-rating trigger.

Voltas: Goldman Sachs maintains a Sell on Voltas with a Target Price of ₹1200, citing rising and persistent cost pressures from higher copper and aluminium prices along with INR depreciation, weak AC profitability despite strong demand outlook in FY27 from low base and normal seasonality, and expected price hikes that may still not fully support margin recovery.

Tata Motors Passenger Vehicles: Citi maintains a Sell on Tata Motors PV with a Target Price of ₹330, citing Q4 results above estimates but concerns over unsustainable JLR margins driven by hedging gains, while India PV demand remains healthy with ~10% YoY industry growth guidance from management.

JSW Steel: Citi maintains a Sell on JSW Steel with a raised Target Price of ₹1165, citing improved leverage after the BPSL divestment, additional capacity expansion and potential upside in EBITDA per tonne from Q4 levels, though management expects range-bound steel pricing and valuations at 9.3x EV/EBITDA already factor in the positives.

Voltas: Citi maintains a Buy on Voltas with a reduced Target Price of ₹1550, citing strong climate-driven demand tailwinds and sharply lower channel inventory levels of ~30 days, though commodity inflation and currency headwinds remain concerns despite 9–12% price hikes in Q4 and further hikes expected to support gradual margin recovery to FY25 levels.

Kaynes: Jefferies retains a Buy on Kaynes with a reduced Target Price of ₹3970, citing the sharp 55% correction from peak valuations, expected high working capital above 100 days, and mid-teen EPS cuts for FY27–28, while still projecting a strong 43% EPS CAGR over FY26–29 driven by the ramp-up of OSAT and PCB businesses.

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