JP Morgan has downgraded Tata Steel to neutral with the target price at Rs 220. Analysts said that after a 38% rally in the last one year (against a 5.5% drop in nifty), they downgraded the stock with an immediate trigger from regulatory cost headwinds in the Netherlands. The company’s operations Netherlands faces risk of early closure of coke and gas plants, which could have cost implications (raw material/freight/potential employee restructuring, partially offset by lower CO2 costs). The company’s management also pointed to some project delays in UK EAF (6-8 months due to electricity connectivity) and India-NINL (FID now expected in Jul-Sep). Tata Steel’s Q1FY27 earnings outlook is mixed. They expect India and UK businesses to see margin improvement. However, the Netherlands business will see margin compression due to production loss at DRI Steel Plant (emission limits exceeded). Lower FY28 earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 2% as the trajectory of earnings growth could be impacted due to cost pressures (regulatory uncertainty in the Netherlands, West Asia conflict).Investec has a buy on SAIL with the target price at Rs 270. Analysts said the company reported a strong operational performance in Q4FY26, with EBITDA beating estimates by 19%, driven by improved spreads. Street is concerned that pricing and spreads may have peaked, but analysts are taking a more constructive view, building in Rs 2.2k/tonne quarterly (QoQ) spread expansion for Q1FY27 and flagged further upside potential. The company’s management guided a 16% volume growth (own) to 22MT for FY27, expected volume guidance to be achieved by FY28. The management reiterated focus on efficiencies, growth capex. Analysts reiterated SAIL as the best proxy to capture alpha on price/spread improvement induced by local tariffs. Macquarie has an underperform rating on Voda Idea with the target price at Rs 9. Analysts said the company’s Q4FY26 was operationally in line with estimates. Its net income was boosted by an one-time gain from reversal of AGR dues. VI's net subscriber base saw a mild decline (-100k QoQ) to 193 million, average revenue per user (ARPU) rose 1.2% QoQ to Rs 174/month (vs Bharti Airtel: -1% QoQ and Jio: flat). As on Q4FY26, VI's government dues were $16 billion (deferred spectrum liabilities and AGR liability) following recent AGR reassessment. In contrast, bank and financial liabilities were less significant at $400 million, while cash balance was $6oo million. VI's board approved a fundraise of Rs 470 crore via issuance of warrants to the promoter group. UBS has a buy on Delhivery with the target price raised to Rs 630. Analysts said the company reported strong Q4FY26 numbers with revenue of Rs 2,850 crore (+30% YoY), ahead of expectations. This was driven by robust growth across core transport segments (express and PTL). Alongside, there was a profitability beat led by continued margin expansion. The company’s operational performance reflects strong volume momentum and effective integration of Ecom Express, while profitability was supported by sustained efficiency gains and improved segment-level execution. Key notable is sequential growth in express volumes despite Q3FY26 being a strong quarter seasonally. Kotak Institutional Equities has a sell on Premier Engineering with the target price raised to Rs 900 from Rs790. Analysts said that the company delivered weaker-than-expected revenue at Rs 2,230 crore (+38% YoY), 10.9% below the broker’s estimate, with steady EBITDA margin despite commodity cost pressures. The company achieved module capacity target of 11.1 GW on time and remains on track for cell capacity of 10.6 GW by H1FY27. While Transcon transformer acquisition is complete and expansion on track, KSolare inverter acquisition did not materialize and BESS commissioning has been delayed, which was a negative. Factoring in adjustment in module and cell volumes driven by on-track commissioning, partly offset by delay in BESS, they increased the company’s FY27 and FY28 earnings per share (EPS) estimates by 3.5% and 2%. (Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)