Brokerage Reports Overview: Paytm, Bharat Forge, SAIL, NHPC, PI Industries, Hero MotoCorp, Coal India

– Paytm (Macquarie):
  – Target: 275 (Previously 650)
  – Recommendation: Underperform
  – Reasoning: Foresees challenges in transitioning to new banks, predicts a significant revenue decline, and potential reevaluation of partnerships.

– Bharat Forge (Citi Research):
  – Target: 800 (Previously 900)
  – Recommendation: Sell
  – Q3 Highlights: Slightly surpasses estimates with improved gross margin; diversified business might mitigate revenue impact.

– Bharat Forge (Nuvama):
  – Target: 1,080 (Previously 1,140)
  – Recommendation: Reduce
  – Q3 Highlights: Beats expectations; cautious outlook for auto exports, moderate domestic CV/PV, uncertain defense revenue timeline.

– SAIL (Morgan Stanley):
  – Equal-weight: Target Rs 85
  – Highlights: Significant EBITDA miss due to weak volumes, 20%/30% below consensus; lower raw material benefits offset by higher fixed costs.

– NHPC (Bank of America):
  – Underperform: Target Rs 63
  – Q3 Insights: Earnings miss from lower generation, 18GW PSP opportunity; underperformance due to limited capacity adds and high valuations.

– PI Industries (Nuvama):
  – Target: 4,342 (Previously 4,200)
  – Recommendation: Buy
  – Insights: Exports strong, domestic sales affected; growth expected from Pharma, CSM, and new products; positive EBITDA in Pharma; profit risk from single-largest product.

– Hero MotoCorp (Citi Research):
  – Target: 5,500 (Previously 3,800)
  – Recommendation: Buy
  – Highlights: Strong ICE margin, minor miss due to EV-related spends; anticipate higher growth than industry with new models; raised volume and margin estimates.

– Coal India (Nuvama):
  – Target: 561 (Previously 500)
  – Recommendation: Buy
  – Earnings Highlights: Better-than-expected EBITDA, driven by lower operating expenses; improving volumes and lower costs expected to boost earnings; anticipate 6% volume CAGR.

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