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Axis Securities believes the Indian economy remains well-positioned for growth, serving as a stable haven amidst global economic volatility. It remain confident in India’s long-term growth story, supported by its favourable economic structure, rising capex, and the consumption boost from the recent Union Budget and GST 2.0 reforms, driving credit growth for banks. This is expected to support double-digit earnings growth, ensuring that Indian equities can deliver strong double-digit returns over the next two-three years. Against this backdrop, the brokerage foresees Nifty earnings to post excellent growth of 13% CAGR over FY23-27..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..Axis Securities Report.Max Healthcare – Leader in chargeCurrent market price: 1,148 / Target Price: 1,450 / Upside 26%Max Healthcare Institute Ltd.'s management reiterated guidance of 3–7% average revenue per occupied bed growth in mature hospitals, led by higher case complexity and clinical mix, alongside sustained ~80% occupancy levels. Developing hospitals are expected to ramp up gradually, driving incremental occupancy and revenue growth. Focus remains on scaling oncology and international patient business while maintaining strong return ratios.Valuation: We value the stock at a Multiple of 35x EV/Ebitda H1 FY28E..HDFC Bank – Embracing the upturn Current market price: 987 / Target Price: 1,170 / Upside: 19%HDFC Bank Ltd. has been consistently performing on its guidance in its endeavour to revert to its pre-merger levels across metrics, and its execution capabilities remain strong. With LDR at a <100% level, the bank will look to accelerate growth momentum in FY26 to match systemic growth. Further acceleration of growth in FY27E, while maintaining a strong deposit growth momentum, should enable HDFC Bank to bring down its LDR to sub-90%. The margin compression seen in H1 is expected to reverse going into H2, supported by deposit repricing and CRR cut driving exit margins higher. The NIM pressures would be adequately offset by controlled Opex and benign credit costs, enabling HDFC Bank to deliver RoA/RoE of 1.8-1.9%/15-16% over FY26-28E.Key risks: Slowdown in overall credit momentum owing to the bank’s inability to ensure deposit mobilisation, Slower substitution of highercost debt with lower-cost deposits. .DMart – Positioning for the next phase of growthCurrent market price: 4,154 / Target Price: 4,960 / Upside 19%Avenue Supermarts Ltd. has faced several challenges over the past few years, impacted by a subdued demand environment, particularly in the value segment. Larger and newer stores have longer gestation periods, affecting overall profitability, long with increasing competition from both organised players and online platforms. However, the company has undertaken several initiatives to address these challenges, such as:changes in leadership to revamp the slowing general merchandise and apparel category,focusing on improving profitability in DMart Ready through a gradual expansion strategy, andtargeting a 10-20% store addition on an existing base of 432 stores, which is a step in the right direction. Furthermore, improving consumer sentiment, supported by stable macroeconomic conditions, GST 2.0 reforms, and a strong festive demand outlook in H2 FY26, is expected to strengthen these initiatives and accelerate growth in high-margin general merchandise and apparel segments. Hence, we maintain our Buy rating on the stock..Click on the attachment to read the full report:.Groww IPO: Angel One Assigns 'Neutral' Rating For Investors With A Long-Term Perspective — Details Inside.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
