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Brokers Adjust Ratings and Targets for PNB, Marico, Aadhar Housing, and KEI Industries
Published: May 11, 2026
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Kotak Securities downgraded its target price for Punjab National Bank (PNB) to Rs 125 from Rs 140, maintaining an 'Add' rating, citing steady profitability in Q4FY26 supported by low credit costs and stable asset quality. The bank's return on equity improved, though core profitability remained weaker than peers, analysts said.
Jefferies raised its target price for Marico to Rs 960 from Rs 900, retaining a 'Buy' rating, as the company delivered consistent performance in Q4FY26. Management expects EBITDA growth in the high teens for FY27, with sustained momentum projected through FY30, analysts noted.
Nomura maintained a 'Buy' rating on Aadhar Housing with a target of Rs 615, citing 27% year-on-year net profit growth in Q4FY26 driven by 20% AUM expansion and controlled operating expenses. The company reiterated its guidance of 20% annual growth in AUM and net profit for FY27, with no observed impact from geopolitical tensions in West Asia.
Goldman Sachs increased its target price for KEI Industries to Rs 5,005 from Rs 4,585, citing a capacity ramp-up that is expected to drive FY27 growth faster than peers. Resilient end-market demand and strong capex momentum support the company's outperformance, analysts said.
The brokerages will continue to monitor the companies' quarterly performance, with next assessments likely following the release of first-quarter FY27 financial results.