Macquarie and UBS brokerage firms initiated coverage on three Indian companies with positive ratings in June 2024 [1, 2].

These ratings signal strong institutional confidence in India's infrastructure and consumer markets. By projecting high growth rates for aviation, retail, and eyewear, the firms highlight a bullish outlook on the region's urban economic expansion.

Macquarie issued "Outperform" ratings for GMR Airports and Phoenix Mills [1, 2]. For GMR Airports, the firm expects an EBITDA compound annual growth rate of 18% per year between FY26 and FY29 [1]. This forecast suggests a steady rise in operational profitability for the airport operator.

Macquarie also identified Phoenix Mills as the largest pure-play premium urban consumer company in India [1]. The firm did not provide a specific numerical growth target for the retail entity but emphasized its unique position in the premium urban market [1, 2].

Separately, UBS issued a "Buy" rating for Lenskart [1, 2]. The brokerage projects an earnings per share compound annual growth rate of 44% per year from FY26 to FY31 [1]. This projection indicates that UBS expects aggressive earnings growth for the eyewear retailer over the next several years.

The coverage was released via CNBC-TV18 and reported by MSN India [1, 2]. These updates provide investors with new benchmarks for valuation in the Indian equity markets as the companies enter their projected growth phases.

“Macquarie expects an 18% EBITDA CAGR for GMR Airports”

The simultaneous bullish outlooks from two global brokerages suggest a strategic bet on India's high-end consumer spending and infrastructure scaling. The focus on 'premium' urban consumption and high EBITDA growth in aviation reflects a broader trend of institutional capital targeting the emerging affluent class in India.