Eternal Ltd., UltraTech Cement Ltd., Bajaj Finance Ltd., Titan Co. are among the top companies on brokerages' radar on Tuesday. Analysts have shared their views on the June quarter earnings of these companies.
Several brokerages have also changed their target price for these stocks based on a fundamental outlook revision.
NDTV Profit tracked analysts' views on various stocks and sectors. Here are the analyst calls to keep an eye out for today.
Brokerage On Eternal Q1 Result
Macquarie
Maintain 'Underperform' with a target price of Rs 150.
Quick Commerce is experiencing explosive growth with contained losses, but Food Delivery growth is lagging.
Despite yet-to-be-proven steady-state economics and rising competition, the current share price is estimated to imply a $15 billion valuation for Blinkit.
We remain cautious on both Quick Commerce economics and what is currently priced into Eternal shares.
Bernstein
Maintain 'Outperform'; Hike target price to Rs 320 from Rs 280.
Eternal's Q1 results demonstrated a Quick Commerce flywheel effect.
The company delivered a robust quarter with a strong beat in Quick Commerce.
This beat was driven by dark store expansion and lower than expected adjusted Ebitda losses.
Eternal remains a top-pick in the India internet sector and is poised to benefit from the structural shift to quick commerce.
Citi
Maintain Buy; Hike target price to Rs 320 from Rs 290.
Quick commerce delivers intact growth momentum and lower losses.
Quick commerce adjusted Ebitda surprised positively.
Believe that gains from the improved Quick Commerce outlook more than offsets the negative impacts.
Eternal is one of top India internet picks.
Jefferies
Upgrade to 'Buy' from 'Hold'; Hike target price to Rs 400 from Rs 250.
We had overestimated the competitive threat.
Growth has remained strong, and the outlook on margins has improved.
The worst of the competition appears to be behind, offering potential upside.
Food delivery growth moderated, but management anticipates a pick-up with short-term margins remaining range-bound.
Progress in quick commerce suggests that our initial concerns regarding competition were unfounded.
Brokerage On Bajaj Finance
Jefferies
Maintain 'Buy' with a target price of Rs 1,044.
Notes a surprising departure of the Managing Director, who has been named among candidates for IndusInd Bank.
Believes Rajeev's presence will facilitate a smoother transition, though smooth succession is considered a medium-term deliverable.
The company remains among their top Non-Banking Financial Company (NBFC) picks.
Morgan Stanley
Maintain 'Overweight' with a target price of Rs 1,050.
Considers the MD's resignation a setback to succession planning, but views the situation as manageable.
Cites Rajeev Jain's three years at the helm and a deep talent pool as factors giving the company sufficient time.
Perceives negligible risks to earnings estimates stemming from this development.
The company is poised to deliver over 25% Earnings Per Share (EPS) growth in FY26-28.
CLSA On Bajaj Finance And IndusInd Bank
Believe the transition back to Rajeev Jain as MD is neutral to positive for Bajaj Finance.
Media articles have reported that Anup Saha was shortlisted for the position of MD at IndusInd Bank.
Believe that Saha’s potential move to IndusInd Bank would be a positive development for the bank.
Believe IndusInd Bank stock could react positively tomorrow as investors connect the two.
Brokerage On UltraTech Cement Q1 Result
Morgan Stanley
Maintain 'Overweight' with a target price of Rs 14,000.
Notes that good execution continues.
Views the company as a strong earnings compounder over multiple years.
Expects volume share gains, multiple revenue levers, and cost improvements to be in play.
UltraTech is considered their preferred cement play.
BofA
Maintain 'Buy'; Hike target price to Rs 14,400 from Rs 12,300.
Describes Q1 as a mixed bag: soft volumes but good execution on profitability.
Reports soft volume growth in Q1, but maintains an intact full-year outlook.
Indicates that pricing is tracking favorably.
Notes a good start to the turnaround of acquired assets.
Brokerage On Havells India Q1 Result
Macquarie
Maintain 'Outperform' with a target price of Rs 1,782.
In Q1, the core business performed in line with expectations, but Lloyds was disappointing.
The Cable & Wires segment continues to deliver strong results.
The company is well positioned to benefit from the gradual pick-up in consumer demand during the upcoming festive season.
Weak demand for cooling products poses a downside risk to earnings, but this is already reflected in the stock price.
Brokerages On Titan
Morgan Stanley
Maintain 'Overweight' with a target price of Rs 3,876.
The company's acquisition of Damas International is noted to be at a reasonable valuation.
The acquisition of Damas is planned to be funded by a combination of debt, cash balances, and internal accruals.
This acquisition is expected to facilitate expansion across six GCC (Gulf Cooperation Council) countries, targeting nationalities and ethnicities beyond the Indian diaspora.
According to management, the acquisition will bring multiple synergies across the retail network, talent pool, and supply chain.
Macquarie
Maintain 'Outperform' with a target price of Rs 4,150.
The acquisition of Damas is expected to significantly aid the company's presence in the Middle East.
This move paves the way for Titan's expansion across the Gulf countries and the broadening of its addressable market.
Assuming 4% funding costs, an estimated 1% Earnings Per Share (EPS) impact is projected.
We seek further clarity on the likely synergies that could offset this impact or drive EPS accretion.
Jefferies On Can Fin Homes
Maintain 'Buy'; Hike target price to Rs 950 from Rs 900.
Q1 results showed subdued growth, but it is expected to gradually improve.
Net Interest Margins (NIMs) could expand further in the near term despite recent cuts in home loan rates.
Asset quality and credit costs are anticipated to remain stable.
We expect a 13% EPS CAGR and 16-18% Return on Equity (ROE) over FY26-28.
Valuations currently appear reasonable.
Morgan Stanley On PNB Housing
Maintain 'Overweight' with a target price of Rs 1,350.
Q1 Pnet profit beat expectations, driven by Pre-Provisioning Operating Profit (PPOP) and credit costs.
The PAT beat was specifically owing to a higher than expected credit cost reversal.
Investor focus during the earnings call is likely to be on the guidance for NIM progression, reflecting the impact of rate cuts on prime home loan book yields.
Brokerages On Oberoi Realty Q1 Results
JPMorgan
Maintain 'Overweight' with a target price of Rs 2,000.
Q1 showed robust sales, steady Free Cash Flow (FCF), and lower leverage.
Key Positives: Strong sales were driven by the launch at Elysian, Goregaon (likely referring to Oberoi Realty's project), comfortable net debt/equity of 0.12x, and a robust annuity business supported by steady occupancy rates.
Key Negatives: Slower collections and a development margin that slowed to 45% during the quarter.
Nomura
Maintain 'Buy' with a target price of Rs 2,000.
Q1 showed healthy pre-sales across most projects.
The decline in revenue and Ebitda was primarily driven by no revenue recognition from sales of the 360West project.
It is believed that these pre-sales will likely be recorded in upcoming quarters.
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