CLSA initiated its coverage of Tata Motors CV with an outperform rating and a target price of Rs 673. Analysts said that the stars are aligning for the company as both India and Europe are heading into a CV upcycle, setting the stage for a robust volume and margin rebound. They expect TMCV to generate robust free cash flow (FCF) over the next two years, helping the balance sheet become lean again by FY28 – even after taking debt for the €3.8 billion Iveco acquisition. After three muted years, Iveco volumes should accelerate on a lower base ahead of the Euro 7 shift in FY28-29. In addition, as EV adoption in LCVs takes off across India and EU, TMCV-Iveco combination brings meaningful scale and supply-chain synergies, giving a strategic benefit to the merged entity.Bernstein maintained its underperform rating on Bajaj Finance with the raised target price to Rs 840 from Rs 750 earlier. Analysts said that the near-term credit cost concerns for the company have been alleviated, with accelerated provisions in Oct-Dec 2025 (Q3FY26) addressing a key risk. Bajaj Finance took a one-off expected credit loss (ECL) provision, helping rebuild provisioning coverage ratio (PCR) after a period of decline. Analysts feel asset quality concerns have eased in the near term, and a potential Bajaj Housing Finance stake sale could provide an additional profitability buffer. However, concerns remain around sustaining 20%+ earnings per share (EPS) growth, with net interest margins (NIMs) facing secular decline pressure. Non-mortgage household credit penetration is already elevated, and growth in this segment is expected to remain moderate.Elara Capital maintained its buy rating on PTC India with the target price at Rs 210. Analysts said NTPC-led shareholding consolidation is underway, subject to regulatory and shareholder approvals. Strategic synergies are expected across the renewable portfolio and emerging opportunities within NTPC Green Energy. A detailed strategic roadmap is likely to take shape post board restructuring. Virtual power purchase agreements (PPAs) are emerging as a key opportunity, with PTC India well positioned as a power trading intermediary. The company meets the eligibility criteria for Renewable Energy Implementing Agency (REIA) designation, with the proposal currently under consideration.Motilal Oswal Securities maintained its buy rating on UltraTech Cement with the target price at Rs 15,000. Analysts said the company consistently outpaced industry growth through organic expansion and strategic acquisitions, raising market share from about 16% in FY14–15 to about 28% in FY25. Executing multi-phase capacity addition to increase domestic grey cement capacity to 235.4mtpa by FY28 from 191.4mtpa currently. Integration of acquired assets progressing well. The company’s earnings are supported by capacity ramp-up, cost efficiencies and recovery in infra and housing demand.Macquarie has a neutral rating on Kansai Nerolac with the target price at Rs 220. Analysts said the company is targeting profitable growth led by industrial and auto. It is on track to achieve a mid-term plan and has no plans to divest the decorative paints business. The company is focusing on innovation-led growth in auto coatings. It plans to make non-auto industrial paints the third pillar of its growth.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
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