Brokerage Firms Adjust Ratings and Price Targets for Vedanta, BEL, Bank of Baroda, BPCL, and GAIL

**Vedanta**: CLSA rates 'outperform' (target Rs 580). Q2FY26 EBIDTA met expectations; FY26 EBIDTA forecast raised on commodity prices/ops improvement. Key drivers: expansion, backward integration. Parent debt funded, demerger by end-FY26.

**BEL**: Nomura rates 'neutral' (target Rs 427). Strong Q2FY26 results, but rich valuations limit upside. FY26 estimates raised marginally. PAT CAGR ~13% (FY25-FY28). Order book robust, execution timelines long.

**Bank of Baroda**: HSBC rates 'buy' (target Rs 340). Q2FY26 highlights: loan growth, NIM expansion, asset quality. Operating performance seen healthy, with asset quality upside. FY26-FY28 EPS raised 5-7%.

**BPCL**: Jefferies rates 'buy' (target Rs 430). Strong Q2FY26 EBITDA from inventory gains. LPG compensation to boost earnings. Marketing margins weak, inventory losses likely. High capex may drag RoCE, but earnings outlook strong.

**GAIL**: Citigroup rates 'buy' (target Rs 215). Q2FY26 EBITDA beat estimates via gas trading; modest gas transmission recovery. Petchem subdued. Guidance reiterated for gas trading, lowered for transmission. New pipelines positive.

**Impact**: These analyst reports and rating changes influence investor sentiment and stock prices. Positive ratings signal potential upside, while valuation concerns may temper growth. These insights are crucial for investors. **Impact Rating**: 7/10

**Definitions**: * **EBIDTA**: Earnings Before Interest, Taxes, Depreciation, and Amortization - measures operating performance. * **CAGR**: Compound Annual Growth Rate - average annual growth over time. * **PAT**: Profit After Tax - net profit after all expenses and taxes. * **NIM**: Net Interest Margin - bank's profitability from lending and borrowing. * **RoCE**: Return on Capital Employed - efficiency in using capital to generate profit.