Brokerage Radar: IndiGo Bags Triple 'Buy', Street Divided on Asian Paints
Ahead of the trading bell on Friday, October 30, 2026, leading institutional brokerages released comprehensive research notes on 11 prominent Dalal Street stocks, outlining earnings performance, operating margins, and forward price targets. Market sentiment reflects marked divergence across sectors: aviation bellwether InterGlobe Aviation (IndiGo) secured unanimous bullish conviction across global desks on strong passenger yields, whereas consumer majors like Asian Paints, Trent, and Godrej Consumer Products triggered split verdicts over raw material inflation and competitive intensity. Simultaneously, high-conviction calls emerged in specialized electrical engineering, auto, and IT services, with firms like Apar Industries, Firstsource Solutions, and United Spirits capturing upgraded valuations while management shifts prompted price-target revisions in small finance banking.
Aviation & Consumer Discretionary: IndiGo Dominates With Triple 'Buy' as Asian Paints and Trent Divide Desks
InterGlobe Aviation (IndiGo) emerged as the standout consensus favorite, bagging unanimous 'Buy' ratings from three major global research houses following strong passenger yield realization in the second quarter. Nomura assigned the Street-high target price of ₹6,200, Jefferies pegged its target at ₹5,650, and HSBC maintained a 'Buy' with a target of ₹5,545, all buoyed by expectations that passenger earnings per available seat kilometer (PASK) will surge over 25 percent in the third quarter, though elevated aviation turbine fuel (ATF) costs remain a monitorable. Conversely, sentiment on paints major Asian Paints remained deeply polarized over rising input costs and escalating market competition; Jefferies reaffirmed a 'Buy' with a target of ₹3,025 anticipating a second-half margin rebound and superior product mix, while HSBC maintained a cautious 'Hold' at ₹2,420 and CLSA posted a bearish 'Underperform' rating with a target of ₹1,925. In the retail apparel space, Trent witnessed a similar divide; HSBC retained a 'Buy' with a target price of ₹3,480 praising its like-for-like fashion growth acceleration from low-single digits in Q1 to mid-single digits in Q2 alongside sturdy EBITDA margins, whereas Jefferies opted for a conservative 'Hold' at ₹3,300 citing demand friction and operational overheads. In the FMCG segment, Godrej Consumer Products faced cautious appraisal despite 8 percent consolidated volume growth and 12 percent EBITDA expansion led by its African operations, as HSBC held a 'Hold' at ₹960 and CLSA retained an 'Underperform' stance amid domestic raw material headwinds and leadership transitions.
Engineering & Services Momentum: Apar Eyes ₹17,500, United Spirits Gains on FTA, Firstsource Ups Guidance
In capital goods and specialty engineering, Apar Industries secured a decisive vote of confidence from Nomura with a 'Buy' rating and an ambitious target price of ₹17,500, powered by an earnings beat in the September quarter, accelerating data-center infrastructure demand, expanding cable divisions, and an all-time high conductor order backlog that solidifies multi-year earnings visibility. Alcopov giant United Spirits received an 'Outperform' upgrade from CLSA with a target price of ₹1,432, as analysts noted that prior distribution hurdles in Maharashtra have fully subsided, while accelerating premiumization in prestige-and-above spirits and anticipated tariff rationalization under the India-UK Free Trade Agreement provide substantial medium-term tailwinds. In the technology outsourcing basket, Nomura maintained a 'Buy' on Firstsource Solutions with a target price of ₹330 following better-than-expected Q2 revenue traction, prompting executive management to raise the lower threshold of its FY2027 constant-currency revenue guidance as front-loaded investment cycles mature to unlock steady operational margin expansion. In lifestyle apparel, Jefferies assigned a 'Buy' on newly demerged Raymond Lifestyle with an ₹800 price target, highlighting a 13 percent year-on-year revenue climb in the September quarter and anticipating robust second-half operating cash flows driven by peak festive and wedding apparel bookings, which should comfortably absorb front-loaded advertising outlays.
Financials, Commodities & Auto: Equitas Target Trimmed, Coal India's Dividend Play, Hero MotoCorp Holds Margins
In banking, Equitas Small Finance Bank saw HSBC maintain an operational 'Buy' rating but sharply lower its price target from ₹98 to ₹70, attributing immediate stock overhang to the abrupt resignation of Managing Director and CEO P.N. Vasudevan announced alongside September-quarter earnings, despite underlying operating asset quality and forward credit guidance remaining fundamentally intact. In the energy and mining sector, HSBC retained a 'Hold' on state-owned Coal India with a target price of ₹440, noting that elevated extraction expenses and subdued e-auction realization weighed on quarterly profitability; however, analysts expect a rebound in e-auction realization supported by robust thermal power demand, depleted pithead stockpiles, and attractive high-yield dividend payouts for long-term investors. In the two-wheeler automotive arena, CLSA reiterated an 'Outperform' call on Hero MotoCorp with a target price of ₹6,651, commending the manufacturer for sustaining a healthy 13.4 percent EBITDA margin against raw material commodity headwinds. While management indicated stable margin trajectories heading into the third quarter, the brokerage marginally calibrated its second-half volume growth projections below internal company guidance to account for rural demand stabilization patterns.
