News

HSBC On Leela Palaces

Buy Call, Target Price Cut To ₹541/Sh

Q4 Adjusted EBITDA Beat Consensus By 5%

RevPAR Rose 6% Despite A Decline In Occupancy Due To West Asia Conflict

Strong Q1FY27 Guidance As Domestic Demand Replaces International

RevPAR Expected To Grow In High Single Digits

Lower Target EV/EBITDA Multiple Reflects A Challenging Environment

Sharan Bansal, Executive Director, Skipper On CNBC-TV18

Focus Remains On The Bottom Line, With Around 30% PAT Growth Expected In FY27

Revenue Moderation Is Driven By A High Base

FY27 Rev Guidance At 15%, Due To Geopolitical Factors & Slower Domestic Bidding

Domestic Bidding Activity Has Been Muted In FY26 Vs FY25, Expect To See A Sharp Rebound In FY27

Already Diversified Into North America And Other Developed Markets

Expect To See Order Inflow From Developed Markets In FY27

Order Book Will Be Executed In The Next 18 Months

Expect Increased Capacity In FY27 To Drive Higher Short-term Orders

Topline Expected To Reach Around ₹9,000-₹10,000 crore By FY29-30

Of The ₹8,500 Cr Order Book, ₹300 Cr Is From West Asia

Anuraag Bhatnagar, CEO, Leela Palaces, Hotels & Resorts On CNBC-TV18:

Q4 Has Been The Best Quarter For Co, Occupancy Impacted Due To Intl Biz

International Contributes 50% Of The Overall Business

2027 Is The 40th Year Of Leela Opening

Launching 3 New Arq Clubs This Year

Looking At Adjacent Revenues Beyond Hotels, Including Residences & Wellness

Occupancy Was Impacted Only In March

India’s Luxury And Consumption Story Remains Intact

Continuing To Evaluate The Situation In Dubai, Long-term Outlook Remains Intact

Will Hold Margin Around 50%

The stock is currently up 11.9%, reacting to its fourth quarter earnings.

Nirupa Shankar, Brigade Hotel Ventures On CNBC-TV18:

Came Close To Achieving FY26 EBITDA Targets

`7–8 Cr Worth Of Cancellations In Q4 Due To The West Asia Crisis

West Asia Impact Continues Into Q1, But Making Up With Domestic Demand

Plans To Add A Hotel In Chennai In H2, One Acquisition Expected In FY27

Revenue & EBITDA Growth Expected In Mid-teens

Targeting Around 40% Margin Over The Next Couple Of Years

9 Hotels In The Pipeline, In Addition To Inorganic Growth

Partha Pratim Sengupta, Bandhan Bank On CNBC-TV18:

Slippages Expected To Remain Contained At Current Levels

NIMs Have Improved, Credit Costs Declined Despite Higher Operating Costs

Quality Of Advances Is Being Maintained

FY27 Exit RoA Seen At 1.6-1.7%

With Improved SMA Book Mgmt, ECL Levels Are Expected To Be Maintained Going Forward

PSLC Contribution From The EEB Book Improved From 10% To 40%

Exposure To West Bengal At Around 42% & Assam At 15-18%

While REC’s asset quality improved, its profitability fell short of estimates due to higher provisioning, subdued loan growth and elevated operating expenses.

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Saugata Basuray, Wholetime Dir, Interim CEO, Castrol India On CNBC-TV18:

We Took A Price Hike Toward The End Of Q4

Higher Premium Product Sales Has Aided Growth

Trials Ongoing With Hyper-scalers For Supply In Data Centres

Will Participate In Data Centre Growth By Providing Cooling Products

Ready To Adapt As Per Govt Policy Changes And Move Towards Low Carbon Emissions

The stock gained 15% today, reacting to its fourth quarter earnings. With this, it has gained 68% in April, so far.

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Star Health Says: From Concall:

Will Reprice Almost 80% Of The Book By Q1

Repricing Will Reflect In Earnings Going Forward

Targeting High-teens Growth, Mid-teen To High-teen RoE

Well-placed To See A Continuous Improvement In Loss Ratios

Anurag Gahlot, COO, Motherson Sumi Wiring On CNBC-TV18:

Profitability For The Existing Business Remains Stable

Copper Prices Increase Being Passed On

Impact Of Copper Price Increase On EBITDA Is 2-2.5%

Have Complete Pass-through Arrangement With Customers

Don’t See Major Improvement In Margin If Copper Prices Remain Elevated

Pass-through Impact On Margin Will Come With A Lag Of 3-6 Months

EV Contribution Currently At 8.6%

Hybrid & EV Platforms Are Content-accretive For Company

Shares of Garden Reach Shipbuilders, Emmvee Photovoltaic, Bandhan Bank, Star Health, Canara HSBC Life and CEAT are witnessing the strongest reaction to their earnings today.

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The analysts have mixed views on the stock with those bullish seeing an upside potential o24% and the bears projecting a downside of up to 27%.

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Anuj Mathur, MD & CEO, Canara HSBC Life Insurance On CNBC-TV18:

FY27 VNB Margin Seen At 22-23%

Saw Some Impact Of GST & Labour Code On VNB Margin

GST Impact On VNB Margin Was 1.85% In FY26

We Were Able To Neutralise The Negative Impact Of GST On VNB Margin

Regulatory Framework Is Positive, GST Changes Have Helped Biz In Making Insurance More Affordable

There Is Good Demand For Insurance Pdts, Our Biz Model Is Led By Bancassurance

Canara Bank Has Tied Up With Canara HSBC Life & LIC

Canara HSBC Life Has An Exclusive Bancassurance Tie Up With HSBC

FY26 APE Growth Of 20% Was In-line With Guidance

Q4 APE Growth Was Ahead Of The Industry

Saw Improvement In Product Mix In Q4FY26

Canara Bank Contributes 32%, HSBC Contributes 14% To Business

The stock is currently up 8.45%.

CEAT Q4:

Net Profit At Rs 244 Cr Vs Rs 100 Cr (YoY)

Revenue up 23.3% At Rs 4,219 Cr Vs Rs 3,421 Cr (YoY)

EBITDA up 52.7% At Rs 593 Cr Vs Rs 388 Cr (YoY)

Margin At 14% Vs 11% (YoY)

Recommends Dividend Of Rs 35/Sh

Eternal and Bandhan Bank shares gained 4% each reacting to their respective Q4 results.

GS on Eternal:

Buy Recommendation, Target Price Rs 340

Q4 indicate Blinkit’s underlying NOV growth is closer to mid-teens qoq, rather than high-single digits, and quick commerce margins can expand despite elevated competition.

Additionally, food delivery growth continues to accelerate; see these as positive near-term drivers of stock price

Expect Blinkit’s June ’27 NOV growth to accelerate to 15% qoq (80% YoY), driven by better AOV, higher number of days, & positive impact from summer quarter; forecast EBITDA margin to further improve to +0.6% of NOV.

In food delivery, expect 19% YoY NOV growth in 1QFY27, with 20 bps qoq EBITDA margin expansion due to recent increase in platform fee.

– Strong growth continues in Q4FY26

– EBITDA margins continue to be stable

– International business impacted due to West Asia tensions

– FY27 outlook weaker than expected

– Revenue up 23% at ₹4,219 cr Vs ₹3,421 cr

– EBITDA up 52% AT ₹598 CR Vs ₹394 cr

– Margin at 14.2% Vs 11.5%

– Gross margin at 39.7% Vs 37.5%

Out of the 49 analysts covering Maruti, 43 have a ‘buy’ rating on the stock, four have a ‘hold’ rating, and two recommend ‘sell’. BoB Capital has the highest price target at ₹18,821, followed by Elara at ₹18,686. Read the story here

CLSA on Eternal:

High Conviction Outperform Rating, Target Price Rs 505

Blinkit’s NOV rose 95% YoY, in line with est.

Contribution margin was flat QoQ despite 4% lower AOV, largely seasonal.

Orders grew 93.3% YoY, 4% ahead of estimate with lower CAC leading to 98.5% MTU growth

Confidence on Blinkit’s business model is strengthened due to robust growth/profitability despite heightened competitive intensity.

Acceleration in food delivery NOV continued as Zomato continues to expand MTUs by improving affordability

JPM on Bandhan Bank:

Neutral, Target Price raised to Rs 157

4QFY26: Core performance misses, AQ improvement supporting RoA expansion, sustainability key

While Bandhan’s strategic pivot is underway, & guidance for 1.6-1.7% of RoA by FY27 exit (vs 1.1% in 4QFY26, reported) is positive, trend has been very volatile historically

Await more visibility on sustainability of ongoing recovery, especially in light of ongoing macroeconomic headwinds.

Current valuations at 1.03x FY27 P/BV appear fair & cap any significant upside

Raise forecasts for FY27/28E by 17%/2% resp.

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