Brokerage Reports: HSBC Buy on Hyundai Motor Rs 2200 TP | Macquarie Paints Review | Bernstein Outperform on DMart | MS Downgrades PB Fintech | BofA Buy on Biocon

HSBC on Hyundai Motor 

HSBC has initiated a “Buy” recommendation for Hyundai Motor with a target price of ₹2,200. The company is well-positioned to benefit from long-term growth in India’s auto sales. New launches and capacity expansions are expected to drive growth in the next 2-3 years, though margin growth is likely to remain within a narrow range. The main risk is weaker-than-expected model launches.

Macquarie on Paints Sector

Macquarie notes sustained weakness in demand, which is expected to moderate EPS estimates. They believe the entry of Grasim will have limited impact, and uncertainty surrounds the proposed sale of Akzo’s decorative business. Macquarie maintains a preference for Asian Paints (Outperform call), followed by Kansai Nerolac (Neutral).

Bernstein on Avenue Supermart

Bernstein maintains an “Outperform” rating on DMart with a target price of ₹5,800. The company reported a positive Q3FY25 despite margin declines due to a higher share of grocery sales. There was an unexpected announcement about a change in the CEO starting in 2026. While same-store sales growth has recovered, the growth is expected to be seasonal with limited improvement in the next 1-2 quarters.

JPMorgan on DMart

JPMorgan maintains a “Neutral” rating with a target price of ₹4,150 for DMart. Q3 EBITDA/PAT was below expectations due to higher-than-expected expenses. The gross margin was flat, despite adverse mix changes. The appointment of Anshul Asawa as the CEO designate was a significant development.

Nuvama on Avenue Supermart (DMart)

Nuvama has revised the target price for DMart to ₹4,212 (from ₹5,040) while maintaining a “Hold” rating. They expect margins to remain under pressure due to high competition, and management is focusing more on market share than margins. Revenue and PAT estimates for FY25 and FY26 have been trimmed.

Macquarie on Hyundai Motor

Macquarie has initiated an “Outperform” rating for Hyundai Motor with a target price of ₹2,155. They expect the company to focus on aspirational consumers with a diversified and affordable portfolio. Hyundai’s capacity expansion from its Talegaon plant is expected in FY27, and the company aims to maintain 13% EBITDA margins despite market challenges.

Morgan Stanley on PB Fintech

Morgan Stanley downgraded PB Fintech to “Underweight” from “Equal Weight,” with a target price of ₹1,400. Concerns center around the company’s high EV/EBITDA ratio and weaker-than-expected profit emergence. They expect stock performance to decline as new business premium growth moderates in FY26.

Morgan Stanley on AB Capital

Morgan Stanley upgraded AB Capital to “Overweight” from “Equal Weight,” with a target price of ₹247. The company has seen a 24% decline in its stock over the last three months, but strong growth prospects for AUM and EPS over the next few years have led to this upgrade. AB Capital has a strong funding position and has managed asset quality well.

BofA on Biocon

BofA maintains a “Buy” recommendation on Biocon with a revised target price of ₹435 (from ₹400). The company’s Malaysia and Bengaluru facilities have received USFDA clearance, increasing confidence for its upcoming biosimilar launch pipeline. Biocon’s revenue is expected to increase from $1bn in H1FY25 to $1.2bn in FY26.

Macquarie on Financials

Macquarie expects FY26 to deliver better loan growth with stable performance across the financial sector. Large private banks are forecasted to post 16-17% EPS growth. NBFCs are expected to show selective risk-reward, and insurance companies face regulatory challenges.

CLSA on Hyundai Motor

CLSA has initiated an “Outperform” rating on Hyundai Motor with a target price of ₹2,155. The company’s focus on aspirational consumers and its affordable portfolio of passenger vehicles (PVs) is expected to support growth. The Talegaon plant expansion in FY27 is a key development for Hyundai’s future growth.

Mosl on Shriram Finance

Mosl maintains a “Buy” recommendation for Shriram Finance with a target price of ₹700. They expect strong post-merger execution and a PAT CAGR of around 19% from FY24-27E. The company has strong growth potential with further re-rating opportunities if AUM growth, margins, and credit costs remain favorable.