Morgan Stanley has maintained its overweight rating on Bajaj Finance, increasing the target price to Rs 1,120 from Rs 1,090 earlier. Analysts noted that the non-banking financial company's adjusted profit before tax for the January-March quarter of FY26 rose 26% year-on-year, surpassing estimates. The company's credit costs improved significantly due to lower bad loan formation. Management guided for FY27 assets under management growth of 22-24%, with net credit cost guidance at 145-160 basis points.
Jefferies on Navin Fluorine
Jefferies has a buy rating on Navin Fluorine with a target price of Rs 8,385. The company reported a strong beat in Q4FY26, with EBITDA growth of 19% and PAT growth of 30%, both ahead of estimates, driven by strength in specialty chemicals and CDMO segments. Multi-year contracts in CDMO and agro-chemicals, along with potential ramp-up of data center cooling products and R32 capacity expansion, provide earnings visibility for FY27-FY28. The balance sheet remains net cash positive.
HSBC on IIFL Finance
HSBC has a buy rating on IIFL Finance with a target price of Rs 550. The company reported robust Q4FY26 numbers with healthy AUM growth, improvement in asset quality, and a return on equity of about 18%. Analysts believe IIFL Finance is in a strong earnings upcycle, benefiting from MFI cyclicality and growth recovery in housing finance. They also raised FY27-FY28 earnings estimates due to lower credit cost expectations.
JP Morgan on Federal Bank
JP Morgan has a neutral rating on Federal Bank with a target price of Rs 305. The bank's Q4FY26 core net profit of Rs 1,150 crore rose 11% year-on-year, broadly in line with estimates. Recurring net interest income increased 14% year-on-year to Rs 2,720 crore, with core net interest margin rising 2 basis points to 3.20%. The lender maintains a 19.72% market share in remittances as of April-December FY26, a metric analysts will monitor amid the West Asia conflict. At current valuations, the stock appears fairly valued.
Nomura on Waaree Engineering
Nomura has a buy rating on Waaree Engineering with a target price of Rs 3,750. The company's Q4FY26 revenue beat their and consensus estimates by 12%, led by higher volumes. However, EBITDA missed estimates as gross margin contracted sharply. Management guided EBITDA of Rs 7,000-7,700 crore for FY27, and the board approved a fundraise of Rs 10,000 crore.
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