Trent, HAL, Tata Motors PV, Adani Energy Solution On Brokerage Radar

Hindustan Aeronautics Ltd., Tata Motors PV Ltd., Tata Power Co., and Trent Ltd. are among companies that have drawn commentary from top brokerages on Thursday. Analysts have tweaked share price targets and future outlook after some of these companies announced their December quarter results.

JPMorgan On Hindustan Aeronautics

• Maintain Overweight with TP of Rs 6004.
• Out of the AMCA bid: This event is negative for HAL, but was largely expected.
• This is given the need for a fast-track development of AMCA.
• HAL’s already large order book (7x revenue) and a delay in delivery of the LCA Mk1A.
• After Wednesday’s correction valuations look attractive.
• Believe HAL has an ample opportunity to win large orders, excluding the AMCA.
• LCA Mk1A delivery is a key catalyst ahead.

Morgan Stanley On Tata Motors PV

• Maintain Equal-weight with TP of Rs 369.
• JLR US January 2026 retail sales weak.
• JLR’s US retail volumes declined 28% YoY to 6,650 units.
• Jaguar, in phase-out stage, saw a volume decline of 41%.
• Land Rover volumes declined 27% to 6,200 units Vs decline of 28% in December.

ALSO READ: Q3 Results Today: Suzlon, Bharti Airtel, PVR Inox, PFC, Nykaa, NCC Among Nearly 200 Firms To Announce Earnings

Brokerages On Tata Power

JPMorgan 

• Maintain Neutral with TP of Rs 400.
• Q3: Weak results dragged down by Mundra loss.
• Healthy DISCOM and solar manufacturing profits help.
• Mundra UMPP was shut in 3Q; PPA yet to be signed.
• Delhi and Odisha DISCOMs: Regulatory gains and operational turnaround.
• Strong ramp-up and profitability of solar module and cell manufacturing business.

Morgan Stanley

• Maintain Equal-weight; Cut TP to Rs 399 from Rs 412
• Q3 was affected by higher losses in Mundra cluster and continued delays in RE commissioning
• Under construction renewable portfolio has 50:50 wind:solar mix
• Equity IRR could be at risk due to increases in wafer prices
• Any further delay in Mundra resolution would weigh on profitability
• Earnings sensitivity is higher from green business; leverage remains comfortable

ALSO READ: Tata Power Q3 Results: Net Profit Slides 25%, Margin Flat

Brokerages On Trent

Bernstein

• Maintain Outperform with TP of Rs 5,000.
• Strong margins delivered; growth revival still loading.
• The margin improvement trajectory stabilizes and is sustainable.
• Employee Costs leverage has played out and will depend on SSSG revival from here on.

Jefferies

• Maintain Hold; Cut TP to Rs 4575 from Rs 4600.
• Q3 revenue growth was at a multi‑quarter low.
• Negative fashion LFL was partly attributable to the shift in the festive calendar.
• Management remains focused on expansion in existing & new markets.
• Despite the sharp stock correction, prefer to stay on the sidelines until there is clearer evidence of a sustained recovery.
• Like improving disclosure standards.

Morgan Stanley

• Maintain Overweight; Cut TP to Rs 4963 from Rs 5456
• Q3: LFL growth negative; strong beat on margins
• In Q3, consumer sentiment remained relatively muted, though management saw gradual recovery
• Strategy appears to remain intact with focus on improving density of presence in select catchments and accelerating presence in multiple smaller markets

Citi 

• Maintain Sell with TP of Rs 4,350.
• Margin sustainability at risk.
• Beat on EBITDA was led by gross margin expansion (improved YoY after 5 consecutive quarters of decline).
• Beat on PAT was further fueled by 201% YoY growth in other income.
• See risk to margins given gross margin expansion is not sustainable due to changing business mix.

ALSO READ: Trent Q3 Results: Profit Up 36%, But Misses Estimates

Kotak Securities On Emcure Pharma

• Maintain Buy with TP of Rs 1,880.
• Fourth consecutive quarter of strong domestic and exports performance.
• Healthy organic domestic growth further supported by opportune in-licensing.
• Continues to guide for robust growth across all export markets.

Morgan Stanley On Apollo Tyres

• Maintain Equal-weight with TP of Rs 542
• Q3 – In Line with Consensus; A Touch below Estimates
• Indian business margins were weaker than expected, but EU business was stronger
• Company has also announced its FY29 capacity expansion plans
• Proposed an expansion of capacity of 3.7mn units for PCR and 1.3mn units for TBR
• Capital outlay of Rs 5810 cr, funded via internal accruals and debt

Morgan Stanley On Adani Energy Solution

• Initiate Overweight with TP of Rs 1,133
• Play on India’s energy future with multiple growth drivers.
• Large scale, a strong execution record, and diversified earnings growth levers across transmission, distribution and smart meter.
• Earnings outlook has upside as it wins more smart meter contracts and as the distribution opportunity opens for the private sector.
• Project EBITDA CAGR of 21% over FY25-30.
• Transmission: company targets 20-25% share; EBITDA CAGR: 30%, FY25-28.
• Distribution: company targets 20% share in parallel licensing.
• Smart metering: company targets 20% share; 9% of F28e EBITDA.