Name: Latest research reports of ITC Ltd. authored by BOB Capital Markets Ltd. and published by - Trendlyne research reports.
Item: ITC Ltd.
Rating: 5
Author: BOB Capital Markets Ltd.

Summary	Date	Stock	Author	LTP	Target	Price at reco (Change since reco%)	Upside(%)	Type	Report	Discuss
	23 May 2025	ITC	BOB Capital Markets Ltd. Target	405.15	515.00	436.30 (-7.14%)	27.11	Buy	pdf post cache	Broker Report ITC (BUY): Moving through inflation BOB Capital Markets Ltd. Sales 3% higher vs consensus likely on strong cigarette volumes. EBITDA 5% above cons. on higher margins pdf Copy Link Share on Share on Share on Share on Alert
	23 May 2025	Star Cement	BOB Capital Markets Ltd. Target	259.55	260.00	220.22 (17.86%)	Target met	Buy	pdf post cache	Broker Report Star Cement (BUY): Well geared to meet challenges; maintain BUY BOB Capital Markets Ltd. Revenues rose ~15% YoY in Q4FY25 on the back of ~9% volume gains, though realisations stayed flat (-1% YoY) pdf Copy Link Share on Share on Share on Share on Alert
	23 May 2025	Sun Pharmaceutical	BOB Capital Markets Ltd. Target	1659.00	1993.00	1683.60 (-1.46%)	20.13	Buy	pdf post cache	Broker Report Sun Pharma (BUY): Specialty launches to contribute 20% of global specialty sales BOB Capital Markets Ltd. Sales/EBITDA/APAT were lower than our estimates by 3.5%/9.6%/29.4%. ETR for 4QFY25 stood at 32.9% including 1x tax expense of Rs 3.7bn pdf Copy Link Share on Share on Share on Share on Alert
	07 May 2025	Alembic Pharma	BOB Capital Markets Ltd.	933.40	1032.00	896.85 (4.08%)	Target met	Buy	pdf post cache	Broker Report Alembic Pharma (BUY): FY26 to be better than FY25 BOB Capital Markets Ltd. Revenue/EBITDA/ PAT grew 6.7%/8% and 19% above our estimates. EBITDA margin reported 20bps above estimates of 15.4% in 4QFY25 pdf Copy Link Share on Share on Share on Share on Alert
	07 May 2025	Kajaria Ceramics	BOB Capital Markets Ltd. Target	1251.30	925.00	829.20 (50.90%)	Target met	Buy	pdf post cache	Broker Report Kajaria Ceramics (BUY): Weak performance on all counts BOB Capital Markets Ltd. Weak Q4 on soft demand environment and margin pressure in tile segment; ceased plywood operations due to continued losses pdf Copy Link Share on Share on Share on Share on Alert
	06 May 2025	United Breweries	BOB Capital Markets Ltd.	1774.20	2074.00	2136.80 (-16.97%)	Target met	Hold	pdf post cache	Broker Report [Initiation] United Breweries (HOLD): Positive outlook, but premium targets are stretched Hold BOB Capital Markets Ltd. UB will hold share in non-premium, grow in premium. Double digit sales growth and 340bps EBITDA margin expansion between FY25-FY27 pdf Copy Link Share on Share on Share on Share on Alert
	06 May 2025	Mahindra & Mahindra	BOB Capital Markets Ltd.	3560.80	3689.00	3068.40 (16.05%)	Target met	Buy	pdf post cache	Broker Report Mahindra & Mahindra (BUY): Healthy performance all around; maintain BUY BOB Capital Markets Ltd. Automotive and tractor segment volume grew in double digits by ~16%/19% YoY; blended realisations gains ~7%/11% YoY/QoQ pdf Copy Link Share on Share on Share on Share on Alert
	06 May 2025	Coforge	BOB Capital Markets Ltd. Target	1761.50	6202.00	7426.00 (-76.28%)	Pre-Bonus/ Split	Sell	pdf post cache	Broker Report Coforge (SELL): Robust growth likely in FY26. But pricey at 37x BOB Capital Markets Ltd. 4QFY25 CC growth a tad below estimate but EBIT margin surprise +ve. FY25 organic rev. growth is likely in mid teen. FY26 hinted to be better. pdf Copy Link Share on Share on Share on Share on Alert
	05 May 2025	Kotak Mahindra Bank	BOB Capital Markets Ltd. Target	2205.40	2520.00	2084.90 (5.78%)	14.26	Buy	pdf post cache	Broker Report Kotak Mahindra Bank (BUY): Healthy business growth; asset quality improving BOB Capital Markets Ltd. Healthy credit growth driven by secured segments; deposits growth led by healthy growth in CASA deposits pdf Copy Link Share on Share on Share on Share on Alert
	05 May 2025	SBI	BOB Capital Markets Ltd. Target	886.95	989.00	790.00 (12.27%)	11.51	Buy	pdf post cache	Broker Report State Bank of India (BUY): Healthy business growth with steady return metrics BOB Capital Markets Ltd. PAT beat our estimates by 5% mainly aided by govt-guaranteed SRs; return ratios stay steady with RoA/RoE of 1.1/17.3% in FY25 pdf Copy Link Share on Share on Share on Share on Alert
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BOB Capital Markets Ltd. Broker Research reports

Latest broker research reports from BOB Capital Markets Ltd. buy, sell, hold, neutral recommendations along with share price targets forecast and upside.

ITC (BUY): Moving through inflation

Star Cement (BUY): Well geared to meet challenges; maintain BUY

Sun Pharma (BUY): Specialty launches to contribute 20% of global specialty sales

Alembic Pharma (BUY): FY26 to be better than FY25

Kajaria Ceramics (BUY): Weak performance on all counts

[Initiation] United Breweries (HOLD): Positive outlook, but premium targets are stretched Hold

Mahindra & Mahindra (BUY): Healthy performance all around; maintain BUY

Coforge (SELL): Robust growth likely in FY26. But pricey at 37x

Kotak Mahindra Bank (BUY): Healthy business growth; asset quality improving

State Bank of India (BUY): Healthy business growth with steady return metrics

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