Brokerage Reports: Mixed Signals on 12+ Stocks, From Lupin to HAL and Muthoot Finance

• Brokerage houses issued reports on over 12 stocks, including Lupin, HAL, Muthoot Finance, Bharat Forge, and Hindalco, offering varied signals for investors.
• Lupin received an 'Equal-weight' rating from Morgan Stanley despite strong Q3FY26 revenue, EBITDA, and profit growth, due to an exceptional loss of Rs 426.6 crore.
• HAL saw divided opinions: Nomura, Jefferies, and CLSA gave 'Buy' or 'Outperform' ratings citing strong order pipelines and delivery triggers, while Morgan Stanley rated it 'Underweight' due to weaker margins and rising costs.
• Muthoot Finance received positive ratings from Jefferies and CLSA, driven by 98% Q3 profit growth and strong AUM growth, with expectations of high EPS CAGR and RoE.
• Bharat Forge's outlook improved with 'Buy' ratings from Jefferies and CLSA due to the US truck cycle bottoming and defense momentum, though Nomura and InCred were cautious on valuations.