Marico Ltd., IndusInd Bank Ltd., Hero MotoCorp Ltd., Nestle India Ltd., Oil and Natural Gas Corp., and Vedanta Ltd. are among the top companies on brokerages’ radar on Saturday, after they reported their third-quarter earnings.

Kotak Securities, Morgan Stanley and Macquarie have done a deep dive into the Indian economy, after the 2024-2025 Economic Survey was released by India’s Chief Economic Advisor V. Anantha Nageswaran.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Saturday.

Brokerages On Economic Survey

Kotak Securities

  • Fiscal 2025 Economic Survey emphasises deregulation and reforms.

  • Real gross domestic product growth pegged at 6.3-6.8% in the fiscal year ending March 2026.

  • Deregulation and economic freedom seen as catalysts for growth.

  • Inflation easing; upside risk remains.

  • External sector dynamics are shifting.

Morgan Stanley

  • Economic Survey for fiscal 2025 focuses on sustainably improving medium-term growth.

  • Survey outlines intent for reforms and should be viewed as a recommendation for policy steps.

  • Expects the budget to be guided by a gradual pace of fiscal consolidation, a focus on capital expenditure, and policy measures to improve medium-term growth potential.

  • Fiscal deficit likely to be pegged at 4.5% of gross domestic product for the fiscal year ending March 2026, with capital expenditure growth outpacing revenue expenditure growth.

Macquarie

  • Muted recovery in growth expected for the fiscal year ending March 2026.

  • Rural economy performing well; urban economy showing mixed trends.

  • Comfortable foreign exchange position; corporate bond markets deepening but more progress needed.

  • Deregulation is the way forward.

  • More job creation, skill development, and preparation for an artificial intelligence-driven world needed.

  • To achieve the goal of being a developed India by 2047, the country needs to grow at 8% annually for the next two decades.

CLSA On Marico

  • Retained an ‘underperform’ rating on the stock and lowered target price to Rs 473 apiece from earlier Rs 482.

  • Pricing-led growth but with lower margins.

  • Sales growth broadly in line with estimates.

  • Pricing-led growth in the oil portfolio, while the value-added hair oils segment declines.

  • Strong international constant currency growth.

  • Raw material inflation and higher advertising and promotional expenses drag margins.

Jefferies On Marico

  • Retained a ‘buy’ rating on the stock with a target price of Rs 780 apiece.

  • Impressive volume growth in India.

  • Volume growth at 6% year-on-year looks strong in the context of tough macroeconomic conditions and peer comparison.

  • Margins contracted as expected, resulting in mid-single-digit Ebitda growth.

  • Growth portfolio continues to scale up well on revenue and profitability.

  • Management intends to drive growth in core portfolio.

  • Efforts underway to turnaround value-added hair oils segment, which remains a problem area.

UBS On IndusInd Bank

  • Retained a ‘neutral’ rating on the stock and lowered target price to Rs 1,070 apiece from earlier Rs 1,150 per share.

  • Miss on all fronts—weak net interest margin, lower fee income, and higher credit costs.

  • Weak business growth; slippages increased to 2.5% versus 2.1% quarter-on-quarter.

  • Management remains cautious about asset quality.

  • Stock looks relatively cheap; expects it to consolidate until there is greater clarity on the unsecured retail asset quality cycle and management succession.

Citi On IndusInd Bank

  • Retained a ‘buy’ rating on the stock and a target price of Rs 1,378 apiece.

  • Buffer utilisation, treasury gain, and operating expense control support earnings.

  • Net interest margins contract, and growth moderates.

  • Microfinance and corporate segments drive slippages higher.

  • Expects slippages to remain elevated in the fourth quarter, with a looming risk of spillover into the first quarter of the fiscal year ending March 2026.

UBS On Hero MotoCorp

  • Retained a ‘sell’ rating on the stock and a target price of Rs 3,430 apiece.

  • Leadership exits add to the company’s woes.

  • Hero MotoCorp’s website lists 10 people as its leadership team; two are leaving, and six have been with the company only since 2021.

  • Most of the leadership team has no prior automotive experience.

  • Leadership attrition over the years has been significantly higher than peers.

  • Believe this could impact planning and execution.

  • Exits and changes are happening amid a steady market share decline, despite numerous launches and pricing actions.

  • Hero MotoCorp’s overall volumes for the fiscal year ending March 2025 are projected to be lower than those in the fiscal year ending March 2012, despite strong industry growth.

Citi On Nestle India

  • Retained a ‘buy’ rating on the stock and raised target price to Rs 2,800 apiece from earlier Rs 2,700.

  • Early signs of a turnaround.

  • All eyes on milk products and nutrition segment for a full recovery.

  • Nestlé India’s long-term outlook remains intact.

  • Absolute multiples are rich, but the stock is trading at a discount to its five-year historical average.

BofA On Nestle India

  • Retained a ‘neutral’ rating on the stock and a target price of Rs 2,315 apiece.

  • Subdued third-quarter performance in line with expectations.

  • Slowing urban consumption demand and high food inflation remain major concerns.

  • Current stock valuations cap upside potential.

CLSA On ONGC

  • Retained a ‘high conviction outperform’ rating on the stock and a target price of Rs 360 apiece.

  • Third-quarter results show a core beat; Ebitda surpasses estimates.

  • KG-98/2 field at approximately 80% of peak oil production.

  • Profit after tax missed estimates by 11%.

JPMorgan On Vedanta

  • Retained a ‘neutral’ rating on the stock and raised target price to Rs 500 apiece from earlier Rs 490.

  • Healthy third-quarter performance on lowered expectations.

  • All eyes now on alumina production ramp-up.

  • Timely completion of vertical integration projects will be key to monitor, as there have been delays.

Goldman Sachs On Sun Pharma

  • Retained a ‘sell’ rating on the stock and lowered target price to Rs 1,625 apiece from earlier Rs 1,650.

  • Third-quarter performance in line with expectations; research and development spends pushed out again.

  • Valuations do not factor in pipeline delay risks.

  • Expects topline to grow in high single digits over the fiscal years through March 2027.

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