CLSA, Jefferies, Citi, UBS and more dropped their latest calls. We’ve read every note so you don’t have to.
While most investors are watching the headlines, India’s biggest brokerages have been quietly updating their target prices — and several names are flashing buy signals even as markets reel from geopolitical turbulence. Here is every major brokerage call from today’s session, ranked by conviction.
Bharti Airtel — Two Houses, One Conclusion
Both CLSA and Jefferies are bullish on Airtel, though for slightly different reasons. CLSA maintains an Outperform with a target of ₹2,310, pointing to ₹47,800 crore in free cash flow over nine months and the possibility of the company becoming bank-debt free on the back of its rights issue proceeds. Jefferies has a Buy with a target of ₹2,250 — slightly more cautious after cutting India revenue and EBITDA estimates by 6–8% — but calls the risk-reward attractive after a 14% year-to-date decline in the stock. If two top global brokerages are buying a dip, that dip is worth paying attention to.
Titan — A Compounder That Just Woke Up
UBS has a Buy on Titan with a target of ₹5,300, and the thesis is straightforward: the stock is up 22% since October after two years of going nowhere, store checks show continued strong growth momentum, and the structural shift from unorganised to organised jewellery is still very much in play. UBS sees 15–20% revenue growth over the next several years. The West Asia conflict may weigh on international sales through its Damas business, but UBS says if geopolitics stabilise, Damas itself could become a meaningful new growth engine.
Bajaj Auto — Maharashtra’s Rickshaw Freeze Is a Non-Event
CLSA has an Outperform on Bajaj Auto with a target of ₹11,410. Media reports suggest Maharashtra may pause new auto-rickshaw permits due to congestion and pollution concerns — a potential headwind for the three-wheeler segment. CLSA’s view: replacement demand keeps overall demand stable, and the event is essentially immaterial for the company. With a 3W population of 10–13 lakh in Maharashtra and the government considering a cap of 14 lakh permits, the ceiling is already close to current levels.
Maruti Suzuki — Capacity Was the Problem. April Is the Fix.
MOSL has a Buy on Maruti with a target of ₹17,406. The stock has underperformed the auto index, dragged by weak wholesale numbers and a disappointing Q3. But MOSL’s read is that retail demand remains healthy across cars and utility vehicles — the constraint is supply, not demand. New capacity coming online from April 2026 should unlock volume growth, and the brokerage expects 16% earnings CAGR over FY25–28. A capacity-constrained story with strong underlying demand is usually a buy when the capacity arrives.
Sai Life Sciences — The CDMO Nobody Is Talking About
Jefferies raises its target on Sai Life Sciences to ₹1,300 with a Buy, and the note is notably clean: integrated follow-the-molecule model, strong win rates, global presence, a healthy pipeline, and exposure to the fast-growing oligonucleotides segment. Crucially — no private equity overhang on the balance sheet, and valuations are in line with peers despite a stronger growth profile. FY28 sales and EPS estimates were revised up 3% and 5% respectively.
IndiGo — Battered, But Citi Isn’t Walking Away
Citi cuts its target on IndiGo to ₹5,100 but maintains a Buy — the rare combination of lowering expectations while holding conviction. The airline has had a brutal 12 months: geopolitical disruption hit Q1FY26, FDTL crew norm issues hurt Q3FY26, and now longer routes, higher fuel, and a weak rupee are compressing international profitability. But domestic market share recovery in January is a positive signal, and Citi notes IndiGo’s cost structure remains better than peers. This is a turbulence trade, not a structural breakdown.
NBFC Quartet — Nomura Goes Shopping
Nomura initiates coverage on four NBFCs in one sweep. Piramal Enterprises gets a Buy at ₹2,150. L&T Finance gets a Buy at ₹325. Tata Capital gets a Buy at ₹400. HDB Financial Services gets a Neutral at ₹760. The overarching thesis: the competitive landscape is changing rapidly, regulators are preparing for AI-driven transformation, and Nomura expects high-teens to over 20% loan growth CAGR over FY26–28. Three of the four are expected to deliver return on equity above mid-teens by FY28.
AB Capital — Kotak Initiates With a Buy
Kotak Institutional Equities initiates coverage on Aditya Birla Capital with a Buy at ₹390, calling it a diversified financial conglomerate where most value sits in its flagship NBFC. The housing finance arm is growing fast — HFC AUM CAGR estimated at 51% during FY24–26 — and profitability is gradually improving with scale. Lending segments are strong; non-lending is mixed.
Jubilant Ingrevia — Contracts Kicking In
Nuvama has a Buy on Jubilant Ingrevia at ₹975 after a management meeting highlighted strong contract execution. Dispatches of a key intermediate under a long-term global innovator contract begin March 2026. The agreement structure provides protection over five years, though pricing pressure may limit near-term margin expansion.
L&T — West Asia Clouds a Strong Franchise
Kotak cuts its target on L&T to ₹4,000 but maintains Buy. The West Asia crisis is creating near-term financial pressure — part of which may be shared with customers — and medium-term capex visibility in the region is uncertain. But L&T’s scale and the quality of its order book keep the long-term case intact. This is a “hold through the noise” call, not an exit.
ONGC — Oil Volatility Is Actually Good News Here
Macquarie has an Outperform on ONGC with a target of ₹300. The same oil price volatility hurting importers is helping upstream producers, and Macquarie expects a significant production ramp-up in 2026 after a period of stability in 2025. At around a 6% dividend yield, the downside is cushioned even if the re-rating takes time.
One Sector to Watch — and Potentially Avoid
CLSA’s energy note is the most urgent read of the day. India’s LPG and LNG supply chains face acute risk from the Iran conflict, with alternate supplies not arriving before end-April. Fertilisers, petrochemicals, restaurants, glass and ceramics could see output disruption. OMCs — IOC, BPCL, HPCL — face margin pressure. Gas utilities including GAIL, IGL, MGL, Gujarat Gas and Petronet LNG are also under watch. Petrol and diesel are lower risk since India is a net exporter of refined products. This is not a sector to be adding exposure to right now.
The broad pattern across today’s notes: brokerages are not fleeing India — they are recalibrating. Energy importers, international-facing businesses, and West Asia-linked infrastructure are being trimmed. Domestic consumption, financial services, pharma services, and telecom are being accumulated. That divergence is the trade.
Disclaimer: This article is compiled from brokerage research notes and media reports for informational purposes only. Business Upturn and its editors, including Aditya Bhagchandani, are not SEBI-registered investment advisors. Nothing in this article constitutes investment advice, a solicitation to buy or sell securities, or a recommendation of any kind. Readers should conduct their own due diligence and consult a registered financial advisor before making any investment decisions. Business Upturn shall not be liable for any losses, financial or otherwise, arising from reliance on information published in this article.
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