Brokerage firms have rolled out fresh views across insurance, asset management, broking and IT, with earnings trends, recovery outlook and valuation comfort driving calls.
Financials remain in focus, while IT continues to face growth challenges.Citi on HDFC LifeMaintain Buy with TP of Rs 950FY27: Focus on re-gaining market dominance post FY26 challengesMargin expansion likelyBusiness recovery crucial outCompany in sweet spot to recoup business performanceMS on HDFC LifeMaintain Overweight with TP of Rs 745Q4FY26: VNB miss; soft quarterVNB growth for Q4 was -8% YoY; this has weighed on the stockValuations have de-rated sharplyModeling a gradual recovery in FY27Strong track record and attractive valuation drive Overweight ratingMacquarie on HDFC LifeMaintain Outperform with TP of Rs 900A tough quarter and a tough year respectivelyVNB was affected by surrender charges and GST impactWith most of regulatory changes done, VNB should expand at ~15% CAGR over next three yearsCapital raising to improve solvency margin by 900bpsJefferies on HDFC AMCMaintain Buy; Hike TP to Rs 3090 from Rs 2960Q4 – Broadly In-line Operating Result; Steady Flows Support ValuationsHigher other income led to a 5% beat to PAT estimatesCompany indicated investors bought the dip in Mar'26Mgmt.
sees 3-4bps of gross impact from new TER norms, it will offset this through commissions/other efficienciesCiti on HDFC AMCMaintain Neutral with TP of Rs 2800In-line quarter; steady execution in MF+expansion into non-MFSwift expansion of non-MF remains encouragingSustaining performance trends crucialStrength of MF franchise and resilience of underlying retail/HNI customers are factored in current valuationMS oN HDFC AMCMaintain Overweight; Hike TP to Rs 2975 from Rs 2915Q4: Good Operating TrendsOperating profit was in line.
SIP flows were strongStock corrected on market perception that its revenue yields compressed much more QoQ than peerCiti on Angel OneMaintain Buy with TP of Rs 340Strong Q4 print; client trading activity levels remain robustAverage realization per order were marginally up across most categoriesRetail activity levels remain robust and on-going market volatility has further fueled overall momentumInvestec on Angel OneMaintain Buy with TP of Rs 340Better broking realisation and better NII drove PAT beatDigital business model driving operating leverageWealth management continues to show traction in new initiativesCash market share needs to be monitoredReasonable....
