Bernstein has a market perform rating on Kotak Bank with the target price at Rs 500. Analysts said Kotak Bank closed FY26 on a strong note, with a beat across most operating metrics. The lender’s net interest margin expanded about 13 basis points (100 basis points = 1 percentage point) on the quarter (QoQ), the highest amongst the top four private sector banks, while credit costs normalized to 39 basis points (-25 bps on the year (YoY)) on the back of broad-based asset quality improvement. The bank’s loan growth held up at about 16% YoY, and stable opex growth helped offset weaker non-operating income to drive return on assets (RoA) back above 2%. Return on equity (RoE) at 12.3%, however, remained below the other large private banks, weighed down by elevated capital buffers. Nomura has a buy rating on Adani Ports & SEZ with the target price at Rs 1,930. Analysts said the company’s Jan-March FY26 (Q4FY26) performance beat estimates, and the outlook is robust. They raised the company’s FY28 earnings before, interest, taxes, depreciation and amortization (EBITDA) by 6%, implying 19% compounded annual growth rate (CAGR) EBITDA over FY26-FY28. The company aims to expand domestic port capacity by 1.5x to 1,000MT in CY30 from 653MT in FY26. The management expects healthy revenue/EBITDA CAGR of 19%/18% over FY26-FY31. CLSA has a high conviction outperform rating on Indus Tower with the target price at Rs 580. Analysts said that the company’s Q4FY27 core revenue of Rs 5,300 crore was up 5% YoY/1% QoQ. Its core EBITDA adjusted for collections of dues was up 6% YoY/ flat QoQ, both in line with CLSA’s estimates. They also said the company’s Q4 net tenancy additions were 6,192, and it added 4,892 towers to 264,514 total, both highest in any quarter of FY26. The year’s EBIDTA was up 11% YoY. The company’s CEO said the growth outlook was strong. AGR relief for Voda Idea also bodes well for Indus, they said. Also, after three years, the board reinstated the dividend at Rs 14 for FY26. Indus has net cash of Rs 4,900 on its balance sheet, and lease liabilities are 132% of debt. Analysts retained projected core EBITDA CAGR of 10% by FY29, and they said that the stock’s valuations were compelling at 6x enterprise value (EV)/EBITDA. Citigroup has a high-risk buy rating on Voda Idea with the target price at Rs 14. Analysts said that the years-long AGR saga for Voda Idea has finally concluded, with the gov’t reassessing the company’s AGR dues at Rs 64,000 crore as of Dec ’25, which is 20% below the Rs 80,500 crore that was outstanding as per the company. With no interest accruing and an effective 10-year repayment moratorium remaining in place (99% of dues are payable over FY36-FY41), this meaningfully improves economics of liability, reducing VI’s effective AGR burden further from an estimated Rs 35,000 crore to Rs 26,000 crore on an NPV basis. With this the chapter of regulatory uncertainty now largely behind it, analysts believe VI is better positioned to close its pending Rs 25,000 crore bank debt raise, which would in turn enable it to start its Rs 45,000 crore three-year capex plan that was outlined by the management in the Jan ’26 strategy update. A closure of this debt funding will therefore now be the key monitorable for the company and the stock. Morgan Stanley maintained its overweight rating on Bharti Airtel with the target price at Rs 2,450 (unchanged). Analysts said they believed Vodafone Idea’s AGR relief was largely anticipated by the market, and so the industry repair thesis remains intact despite possible tariff hike delay debate. Analysts continue to expect tariff hikes of at least 20-25% for sustainable industry structure. A six-month tariff hike delay could cut FY27/FY28 India EBITDA forecasts for Bharti Airtel by 4%/1%. This highlights a favorable risk-reward situation with the stock’s current valuation near historical floor multiples.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)
