Tata Consumer Products Ltd., Swiggy Ltd., Bharti Airtel Ltd., Ambuja Cement Ltd. are among companies that have drawn commentary from top brokerages on Tuesday.
Analysts have tweaked share price targets after these companies announced their September quarter results.
Brokerages on Tata Consumer Q2 Results
Jefferies
Maintains a Hold rating and raises the target price to Rs 1,210 from Rs 1,100.
The company reported a strong quarter with broad-based growth across its Indian businesses.
Growth categories surpassed 30%, led by Sampann and Nourishco.
GST-related issues affected Capital Foods, Organic India, and Soulfull.
International growth was strong, but margin pressures were visible.
Management remains confident about growth and profitability in India, while international margins may stay under pressure.
CLSA
Maintains a Hold rating and raises the target price to Rs 1,097 from Rs 1,065.
The company beat estimates across metrics due to double-digit growth in tea and salt.
The India branded business saw growth driven by both pricing and volume.
Growth businesses increased by 27%, with 30% medium-term growth expected.
Jefferies on Airtel
Maintains a Buy rating and raises the target price to Rs 2,635 from Rs 2,500.
The company continues to deliver growth, stronger margins, and improving free cash flow.
The India mobile segment shows steady growth with a positive margin surprise.
The homes and Africa businesses recorded strong performances.
Strong free cash flow generation is expected to support higher payouts.
Bernstein on E-Commerce
Initiates coverage on Eternal with an Outperform rating and a target price of Rs 390.
Initiates coverage on Swiggy with an Outperform rating and a target price of Rs 570.
Bernstein believes both companies are well placed to replicate the success of food delivery in the quick commerce market.
The quick commerce segment is expected to remain highly competitive.
Food delivery remains a key cash generator for the platforms.
Adjacencies such as “Going Out” and B2B segments will be important for expanding customer wallet share.
Swiggy’s Instamart is considered to offer a better risk–reward profile with re-rating potential as profitability improves.
Swiggy remains Bernstein’s top pick.
Brokerages On Ambuja Cement Q2 Results
Jefferies
Maintains a Buy rating and raises the target price to Rs 770 from Rs 755.
The company delivered a strong beat driven by higher volumes and better unit profitability.
This was the third consecutive quarter of improved operating performance.
Volume guidance remains robust with clear cost-saving targets.
Cash levels declined sequentially, while working capital increased.
HSBC
Maintains a Buy rating with a target price of Rs 700.
The company posted a solid second quarter, aided by tax write-backs and cost reductions.
The second half is expected to benefit from additional cost savings.
Capacity expansion remains a positive long-term driver.
UBS
Maintains a Buy rating with a target price of Rs 710.
The company reported a strong second quarter and raised its capacity guidance to 155 million tonnes by FY28.
The beat was driven by ACC and Orient, while Ambuja’s standalone results were in line.
UBS expects sustained earnings growth and significant cost reductions over the next two years.
Jefferies on Ajanta Pharma
Maintains a Buy rating and cuts the target price to Rs 3,120 from Rs 3,320.
The September quarter results were a beat after adjusting for forex, and the outlook remains strong.
Fiscal year 2026 guidance points to continued strength in the US and higher sales growth in Africa.
The Ebitda margin is expected to be around 27% due to ongoing investments in Asia and Africa.
Financial year 2027 and financial year 2028 EPS estimates are cut by 3% because of higher near-term operating expenses.
Jefferies India Strategy – Mahesh Nandurkar
The September 2025 mid-quarter review remains broadly in line so far.
The downgrade ratio is still negative but has improved quarter-on-quarter.
More than 40% of companies have reported earnings upgrades.
Lending financials, oil and gas, and property sectors performed positively.
Consumer staples were weaker, while other sectors showed mixed performance.
Sustained GST-driven consumption is key for a stronger earnings trajectory.
Jefferies on Niva Bupa
Maintains a Hold rating and cuts the target price to Rs 81 from Rs 84.
The September quarter showed a miss on operating performance, though October trends were positive.
The like-for-like combined ratio increased by 250 basis points, while Star’s ratio improved by 120 basis points.
October commentary was positive, with 50% premium growth driven by sum assured, renewals, riders, and new customers.
BofA India Strategy – Amish Shah
Reports a modest earnings beat for second quarter.
Around 70% of Nifty market capitalisation has reported, with a slight overall beat.
Nifty earnings rose 7% year-on-year, led by energy, metals, and industrials.
The GST cut and festive uptick were modest and uneven across sectors.
The broader NSE200 index also saw a slight beat.
Week four focuses on industrials and financials, which make up 25% of the Nifty.
Macquarie on City Union Bank
Maintains an Outperform rating with a target price of Rs 245.
The bank continues to balance growth and margins effectively.
Profit after tax exceeded expectations due to higher margins and lower credit costs.
The management aims to maintain growth and net interest margins of around 3.5% in financial year 2026.
Return on assets is expected to remain stable.
Morgan Stanley on Kansai Nerolac
Maintains an Underweight rating with a target price of Rs 212.
The second quarter results missed expectations overall.
Near-term demand in the decorative segment is expected to remain subdued.
The profit miss was mainly due to lower-than-expected other income.
Brokerages on Titan Q2 Results
Morgan Stanley
Maintains an Overweight rating with a target price of Rs 3,953.
The company reported a strong performance in the second quarter.
The domestic jewellery business picked up during Navratri, supported by Tanishq’s gold exchange offer.
High gold prices did not significantly impact sales.
Caratlane’s revenue grew by 32%, supported by a coin promotion campaign.
UBS
Maintains a Buy rating with a target price of Rs 4,700.
The company reported an all-round strong performance in second quarter.
Standalone jewellery revenue rose by 19%, with EBIT margin at 11.1% despite promotions.
Coin sales grew by 65%, while the watches segment delivered 23% EBIT growth.
Macquarie on Westlife
Maintains an Outperform rating with a target price of Rs 750.
Ebitda for the second quarter came in below expectations.
The company continues to invest for growth, with demand recovery being crucial.
Limited signs of an industry-wide recovery remain a concern.
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