Brokerage Views: ICICI Bank, JSW Energy And IndiGo On Analysts Radar

Brokerages are weighing in on the performance of major players who announced their September quarter earnings on Monday. Jefferies shared a note on JSW Energy, citing strong visibility for future capacity growth despite an Ebitda miss.

Motilal Oswal reiterates its rating on ICICI Bank Ltd., highlighting improved asset quality and robust business growth. Meanwhile, Jefferies adjusted its target price on IndiGo due to increased costs from groundings, while noting the ongoing capacity ramp-up.

NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday.

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Motilal Oswal On ICICI Bank

Reiterated 'buy' with a target price of Rs 1,500 per share, up from Rs 1,400 earlier, implying a 19% upside from the previous close.
Asset quality improved slightly, with cost control remaining impressive.
Robust business growth, though net interest margins moderated by 9 basis points quarter-on-quarter.
A contingency provisioning buffer of Rs 13,100 crore (1% of loans) provides further comfort against potential cyclical stress.
Increased earnings per share estimates by 2.8%/1.8% for financial year 2025/26; estimated return on assets/return on equity at 2.19%/17.4% in financial year 2026.
Valuation is based on the sum of the parts.

Bernstein On ICICI Bank

Maintained 'market perform' with a target price of Rs 1,250 apiece, unchanged from the previous close.
Solid quarterly results; NIM saw a 9 basis point decline sequentially, offset by strong cost controls.
ICICI Bank maintains a sizeable valuation premium over peers, with resilience to sector challenges.
Credit costs stayed low; sequential return-on-assets improvement is highest among the top four private banks.

Also Read: ICICI Bank Q2 Results Review: In 'A League Of Its Own', Say Bullish Brokerages

Motilal Oswal On Shriram Finance

Reiterated 'buy' with a target price of Rs 4,000 apiece, implying a 29% upside from the previous close.
Execution performance is better than that of vehicle finance peers; earnings are in line with expectations.
Assets under management up 20% year-on-year; gold and personal loan growth expected in the second half of financial year 2025.
Asset quality continues to improve, with higher provision coverage on standard loans.
Valuation at 2.2 times the financial year 2026 estimated price-to-book value.

Also Read: Global Funds Look To India As Financial Market Jitters Pick Up

Kotak Institutional Equities On JSW Steel

Maintained 'reduce' with a revised target price of Rs 925 per share, up from Rs 900, implying a 2% downside from the previous close.
Ebitda exceeded expectations on lower iron ore export costs.
New capacity ramp-up and seasonal tailwinds are expected to support second half volumes.
Steel margins are forecast to recover due to stabilising prices, lower coking coal costs, and operational leverage.
Expansion to drive 11% volume growth.
Compound annual growth rate from financial year 2024-27, with Ebitda for financial years 2025 and 2026 projected at Rs 10,077 and 11,703 per tonne, respectively.

Jefferies On IDFC First Bank

Maintained 'buy' with a target price of Rs 85 per share, implying a 30% upside from the previous close.
Higher stress in micro finance and one-time provisioning masked stable retail asset quality.
Strong deposit growth, though earnings revised down by 9-18%, impacting target price.

Also Read: CSB Bank Confident Of Reducing Slippages Amid Pressure In Lending Segments

Motilal Oswal On IDFC First Bank

Reiterated 'neutral' with a target price of Rs 73, implying an 11% upside from the previous close.
Raised credit cost guidance to 2.2-2.25%.
Deposit growth remains robust; margins moderated by 4 bps sequentially.
Higher credit cost largely due to a Rs 568 crore provisioning buffer.
Earnings dragged down by elevated provisioning.
Valued at 1.4 times estimated financial year 2026 adjusted book value.

Jefferies On InterGlobe Aviation

Maintains 'buy' with a reduced target price of Rs 5,100 per share, implying a 17% upside from the previous close.
Losses driven by higher costs from groundings and related capacity adjustments.
Capacity ramp-up remains on track despite constraints faced by peers.
Peak aircraft groundings expected to normalise costs ahead.
Reduced earnings per shares estimates for financial years 2025, 2026, and 2027 by 12%, 2%, and 2%, respectively on September quarter miss.

Jefferies On JSW Energy

Maintained 'buy' with an increased target price of Rs 860 per share, up from Rs 840, implying a 28% upside from the previous close.
Suggests buying the stock on weakness; second quarter Ebitda was 12% below expectations due to depreciation changes and lower merchant prices.
September quarter profit supported by lower tax rates.
Strong visibility for 19 GW capacity, with 7.9 GW under construction.
Forecasts 32% EPS CAGR over financial year 2024-27, with risks around execution delays and aggressive bidding.

Also Read: JSW Energy On Track To Achieve 20 GW Capacity Target Ahead Of 2030, Says CEO

Nuvama On Torrent Pharmaceuticals

Maintained 'buy' with a target price of Rs 3,955 per share, implying a 15% upside from the previous close.
Revenue impact due to scheduled maintenance at insulin plant; recovery expected by the fourth quarter of fiscal 2025.
Domestic growth driven by added medical representatives and productivity gains.
Germany poised to benefit from product launches and tender wins.
US business remains stable, though new product launches from the Indrad unit may be delayed.

CLSA On Bandhan Bank

Maintained 'outperform' with a target price of Rs 240 per share, implying a 42% upside from the previous close.
Asset quality fared better than expected.
Operating profit showed a slight miss; credit costs lower than anticipated, resulting in a 24% profit after tax beat.
Growth to be driven by the secured business segment.

Also Read: Bandhan Bank Q2 Results: Profit Jumps 30%, Meets Estimates