For now, Jefferies India and Motilal Oswal Financial Services have kept their FY27 and FY28 earnings estimates unchanged. This is because the implementation of commission changes is expected from FY28. Plus, the consultation paper may undergo changes when finalized after getting feedback in October. However, they have slashed their target price by 25% and 37% to ₹1,540 and ₹1,150, respectively, due to derating in valuation multiple.
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