Sharekhan Broker Research reports

We reiterate our BUY call on Bajaj Auto Limited (BAL), as it has been registering healthy volume growth though export is yet to recover fully.

We reiterate a Buy on IndusInd Bank (IIB) with an unchanged PT of Rs. 1,750. Near-term business
outlook remains comfortable except for the elevated slippages in the credit card and microfinance
portfolios that would normalise by FY25.

We maintain BUY on TCS with revised PT of Rs. 5,230 (valued at 32x Sept 26E EPS). At CMP, the stock trades at 31.9/28.6/26.3x its FY25/26/27E EPS.

We maintain a Buy on KEC international with a revised target price of Rs. 1,050 factoring in the
incremental order inflows and margins accretion triggers. KEC currently trades at 33x/21.7x its
FY2025/2026 EPS, respectively.

We maintain Buy rating with revised price target (PT) of Rs 2,000 (valued at 27x Sep2026E EPS). At CMP, the stock trades at 27.3/25/22.7x its FY25/26/27E EPS.

We maintain Buy on LTTS with revised PT of Rs 6,500 (valuing at 38x Sep2026E EPS). At CMP, the stock trades at 44/35.7x its FY25/FY26E EPS.

CESC’s aggressive RE growth strategy with a plan to add 3.2GW (capex of ~Rs. 12-13k cr) in the next four years makes a good value proposition given the lower RE cost.

We maintain a Buy on Zydus Wellness Limited (ZWL) with an unchanged PT of Rs. 3,000. Stock has run up by 32% since our upgrade to Buy on May 14, 2024.

Strong retail flows led by buoyant equity markets and launch of new/innovative passive
schemes is driving strong performance.

ICICI Lombard remains confident of a continued growth trajectory led by the motor and health
segments.