CLSA has an outperform rating on Reliance Industries with the target price at Rs 1,800. Analysts said the market’s worry about value erosion from holdco discount after the Jio IPO are overdone. After the IPO, investors will get an option to buy Jio separately which may bring back the holdco discount on the value of RIL’s 67% stake in Jio. However, Jio’s starting free float of just 2.5% may see liquidity limitations. Improved confidence in Reliance’s FMCG, digital OTT and AI forays as well as the ramp-up of new energy and quick commerce businesses are other tailwinds for its sum of the parts (SOTP) value.HSBC has a reduce rating on Avenue Supermart (D-Mart) with the target price at Rs 3,500. Analysts said the company’s pricing differential is marginally better, but not substantial, and pricing is the only moat Dmart has versus other retailers. The company’s store addition trend is on track to touch about 60, but expectations were of an acceleration (post analyst day in July 2025). Analysts await clarity on initiatives from the new CEO, who took over in January 2026.Morgan Stanley has an equal weight rating on Delhivery with the target price raised to Rs 470 from Rs 445 earlier. Analysts said a favourable industry environment would support the thesis of strong players gaining market share and improving volume growth numbers. The company has strong operating leverage in its business model that should allow for healthy margin expansion. The company’s management did reiterate in the last earnings call that industry volumes could grow 15-20% on the year and the company could grow even faster in the medium term.Macquarie has an outperform rating on L&T with the target price at Rs 4,910. Analysts said that 37% of L&T’s order book was directly from West Asia at the end of Oct-Dec quarter (Q3FY26) along with 33% order intake in FY26 till Dec. The total exposure to the Gulf region has increased materially for L&T over years. Further, 55% of the Gulf order book is based on fixed price contracts. They see risk to L&T’s margins due to evolving scenarios in the Gulf region. They have already flagged geopolitical and commodities along with AI-led disruption as key risks for the company. While it is difficult to put a number on margin impact currently as the situation is evolving, margin drop is certain as a possible fallout of the Gulf conflict.JP Morgan has an overweight rating on Cyient with the target price at Rs 1,500. Analysts said the company announced an organizational change with the appointment of a new CFO and creation of a COO role. Shrinivas Kulkarni, ex-CFO of Cyient DLM, has been appointed as the new CFO of Cyient. Prabhakar Atla, the current CFO of Cyient, now becomes the new COO at Cyient. See this change as positive given Shrinivas brings his experience of running business finance and M&A functions, while Prabhakar in his new role can leverage his experience of running Aerospace, Communication, Rail and Utilities businesses.(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)
