Bernstein has assigned a market perform rating to Kotak Mahindra Bank with a target price of Rs 500. Analysts noted that the bank closed FY26 on a strong note, surpassing expectations across most operating metrics. The lender's net interest margin expanded by approximately 13 basis points quarter-on-quarter, the highest among the top four private sector banks. Credit costs normalized to 39 basis points, a reduction of 25 basis points year-on-year, driven by broad-based asset quality improvement. Loan growth remained robust at around 16% year-on-year, while stable operating expense growth helped offset weaker non-operating income, pushing return on assets back above 2%. However, return on equity stood at 12.3%, remaining below other large private banks due to elevated capital buffers.
Nomura on Adani Ports
Nomura has issued a buy rating on Adani Ports & SEZ with a target price of Rs 1,930. Analysts stated that the company's January-March FY26 (Q4FY26) performance exceeded estimates and the outlook is robust. They raised the company's FY28 EBITDA forecast by 6%, implying a 19% compounded annual growth rate in EBITDA over FY26-FY28. The company aims to expand domestic port capacity by 1.5 times to 1,000 million tonnes by CY30, up from 653 million tonnes in FY26. Management expects healthy revenue and EBITDA CAGR of 19% and 18%, respectively, over FY26-FY31.
CLSA on Indus Towers
CLSA has a high conviction outperform rating on Indus Towers with a target price of Rs 580. Analysts reported that the company's Q4FY27 core revenue of Rs 5,300 crore increased by 5% year-on-year and 1% quarter-on-quarter. Core EBITDA, adjusted for collections of dues, rose 6% year-on-year but was flat quarter-on-quarter, both in line with CLSA's estimates. Net tenancy additions in Q4 stood at 6,192, and the company added 4,892 towers, bringing the total to 264,514, the highest in any quarter of FY26. Full-year EBITDA grew 11% year-on-year. The CEO highlighted a strong growth outlook. Additionally, the AGR relief for Vodafone Idea is seen as positive for Indus Towers. After three years, the board reinstated a dividend of Rs 14 for FY26. Indus Towers has net cash of Rs 4,900 on its balance sheet, with lease liabilities at 132% of debt. Analysts retained their projected core EBITDA CAGR of 10% by FY29, noting that the stock's valuations are compelling at 6 times enterprise value to EBITDA.
Citigroup on Vodafone Idea
Citigroup has assigned a high-risk buy rating to Vodafone Idea with a target price of Rs 14. Analysts stated that the long-running AGR saga for Vodafone Idea has finally concluded, with the government reassessing the company's AGR dues at Rs 64,000 crore as of December 2025, which is 20% below the Rs 80,500 crore previously outstanding. With no interest accruing and an effective 10-year repayment moratorium remaining in place, with 99% of dues payable over FY36-FY41, this meaningfully improves the economics of the liability, reducing Vodafone Idea's effective AGR burden further from an estimated Rs 35,000 crore to Rs 26,000 crore on a net present value basis. With regulatory uncertainty largely behind it, analysts believe Vodafone Idea is better positioned to close its pending Rs 25,000 crore bank debt raise, which would enable it to start its Rs 45,000 crore three-year capex plan outlined by management in the January 2026 strategy update. The closure of this debt funding will now be a key monitorable for the company and the stock.
Morgan Stanley on Bharti Airtel
Morgan Stanley has maintained its overweight rating on Bharti Airtel with an unchanged target price of Rs 2,450. Analysts believe that Vodafone Idea's AGR relief was largely anticipated by the market, so the industry repair thesis remains intact despite possible tariff hike delay debates. Analysts continue to expect tariff hikes of at least 20-25% for a sustainable industry structure. A six-month tariff hike delay could cut FY27 and FY28 India EBITDA forecasts for Bharti Airtel by 4% and 1%, respectively. This highlights a favorable risk-reward situation with the stock's current valuation near historical floor multiples.
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