UBS has downgraded its rating on Multi Commodity Exchange (MCX) to neutral from its previous stance, while raising the target price to Rs 3,600 from Rs 3,200. Analysts at the brokerage believe that the exchange's peak earnings momentum is likely behind, as there has been elevated volatility across key commodities in recent months. So far in the April-June quarter (Q1FY27), there have been healthy volumes on the exchange, after normalizing from the Q4FY26 levels. Furthermore, analysts see no immediate competitive threats. Currently, the stock is trading at about 50 times its one-year forward price-to-earnings (P/E) ratio, which is approximately 10% higher than its historical average. They believe that the strong volume run-rate is already priced in and see limited upside potential.
Morgan Stanley has maintained an equal-weight rating on Ashok Leyland with a target price of Rs 180. Analysts noted that the company's Q4FY26 earnings before interest, taxes, depreciation and amortization (EBITDA) beat estimates by 4%, while margins at 14.6% were down 40 basis points year-on-year (YoY). Demand for the company's products remained resilient, though commodity and diesel price headwinds need monitoring. Recently, the company raised prices by 1-1.5% to offset commodity inflation. Its electric vehicle subsidiary, Switch Mobility, has turned profitable, and battery pack manufacturing has commenced. The balance sheet remains strong with Rs 5,890 crore in cash. Analysts cautioned on margin headwinds and elevated valuations despite a strong long-term commercial vehicle industry structure.
HSBC has a hold rating on Siemens with a target price of Rs 3,540. Analysts said that the company's order inflows and execution are strong, but higher materials cost weighed on earnings in the March quarter. The capex cycle has been steady so far, but margin recovery could be more gradual than earlier expected. Analysts believe the current valuation adequately captures medium-term earnings growth and execution optimism.
Jefferies has a buy rating on GMR Airports with a target price of Rs 125. Analysts said GMR's Q4FY26 EBITDA was slightly below estimates at Rs 1,480 crore (versus an estimate of Rs 1,530 crore). This was about 47% higher on a YoY basis but 13% lower on a quarter-on-quarter (QoQ) basis. FY26 EBITDA at Rs 6,000 crore grew 60% YoY, despite only 1% YoY passenger growth. The Q4FY26 EBITDA was impacted by weakness in international traffic (hurting non-aero growth) and higher expenses at Hyderabad Airport. The GMR Airport Logistics (GAL) platform continues to scale up with nearly 2x EBITDA YoY in FY26. The company's net profit was much stronger, and it recorded a full-year positive profit after tax (PAT) after several years. Analysts also pointed out that net debt declined QoQ.
Kotak Securities has a reduce recommendation on Varroc Engineering with a target price of Rs 550, down from Rs 590 earlier. Analysts said Q4FY26 was another weak quarter with EBITDA 6% below estimates. They expect domestic revenues to grow marginally ahead of industry growth. The brokerage cut FY27-28 earnings per share (EPS) estimates by 5-6%.
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