Sharekhan Broker Research reports

We upgrade Coforge to Buy with revised price target (PT) of Rs. 8,480 (valued at 40x Sept26E EPS).
At CMP, the stock trades at 48.2/36.5/30.2x its FY25/26/27E EPS.

In its FY2024 annual report, Triveni Turbines Ltd (TTL) reaffirmed the company’s focus on expanding overseas and increasing aftermarket services business. FY2024 numbers was driven
by healthy export sales which grew by 38% y-o-y.

We re-iterate a Buy on Marico with a revised PT of Rs. 821. Stock trades at 52x, 45x and 39x its FY25E, FY26E and FY27E earnings, respectively with near to medium-term growth prospects intact.

We maintain a Buy on HDFC Life with a revised PT of Rs.870. The company is confident of growing
retail APE higher than industry APE and doubling VNB every four years.

We reiterate our Buy recommendation on Ashok Leyland Ltd (ALL) based on healthy momentum in the MHCV industry in H2FY25 as compared to the first half.

We interacted with the management of Persistent Systems Limited (Persistent) to understand the business strategy and growth prospects of the company. The company is aspiring to achieve the USD2 billion revenue milestone, aided by its diversified product engineering and IT service offering.

We maintain a Buy on V-Guard Industries with a revised PT of Rs 540, factoring in the growth from the Electronics, Electricals, and Kitchen appliances segments. V-Guard currently trades at 63x/48x/41x its FY2025/2026/2027 EPS, respectively.

We maintain Buy on Jubilant Foodworks Ltd (JFL) with a revised PT of Rs. 800. Stock is valued at 29x/24x/21x its FY25E/FY26E/FY27E consolidated EV/EBIDTA, respectively.

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.