Stock Market Live: Nifty Fluctuates, Sensex Opens Marginally Higher; Kaynes Tech Slumps Over 8% After Q1 Results

Vedanta Iron and Steel rose 1.11%, while Vedanta Ltd. gained 0.52%. Vedanta Power fell 0.93%, Vedanta Oil and Gas declined 0.26% and Vedanta Aluminium slipped 0.01%.

Ola Electric shares fell as much as 6% after its Q1 revenue declined 45% to Rs 455 crore. Net loss narrowed to Rs 336 crore from Rs 428 crore, while Ebitda loss reduced to Rs 165 crore from Rs 237 crore.

Kotak and Citi retained their Sell ratings with target prices of Rs 20 and Rs 26, respectively. Goldman Sachs maintained Neutral and raised its target price to Rs 40 from Rs 38.90. The brokerages cited weak volumes, margin pressure and cash burn.

The Nifty PSU Bank index fell 0.83%, while the Oil and Gas and Realty indices declined 0.69% and 0.46%, respectively. Nifty Metal gained 0.34%, Nifty IT rose 0.33% and Nifty Pharma advanced 0.24%.

Avadh Sugar & Energy rose 4.32%, followed by Mawana Sugars at 3.51% and Bajaj Hindusthan Sugar at 2.39%. Dalmia Bharat Sugar gained 2.03%, while Shree Renuka Sugars advanced 1.44%.

SpiceJet shares declined 2.54%, while InterGlobe Aviation fell 0.23%.

Coforge rose 1.75%, while Tech Mahindra gained 1.34% and Birlasoft advanced 0.86%. Happiest Minds fell 1.10%, Hexaware Technologies declined 1.07% and Sonata Software slipped 0.77%.

Britannia rose 1.23%, followed by United Spirits at 0.67% and Varun Beverages at 0.60%. Patanjali Foods fell 0.87%, while United Breweries declined 0.62% and Godrej Consumer Products slipped 0.57%.

Kaynes Technology said FY27 would be a difficult year as higher component, labour and electricity costs and supply constraints weigh on profitability. Management expects margins to take a couple of quarters to return to previously committed levels.

The company’s Q1 net profit fell 24.4% to Rs 56.4 crore, while revenue rose 40.5% to Rs 946 crore. Ebita margin narrowed to 15.5% from 16.9% a year earlier.

The NSE Nifty 50 fluctuated between gains and losses in the opening trade, while the BSE Sensex rose 0.08% to 78,563.

SML Mahindra reported higher commercial vehicle production, sales and exports in July.

• CV production up 11% at 1,458 units versus 1,311 units YoY.
• CV sales up 10% at 1,521 units versus 1,380 units YoY.
• CV exports up 74% at 82 units versus 47 units YoY.

Universal Cables increased the planned investment for its capacity expansion project.

• Outlay raised to Rs 617 crore from Rs 550 crore.
• JV optical fibre production capacity to be augmented with Rs 4,800 crore outlay.
• Nishant P Saigal appointed CFO from October 21.
• Gopal Agarwal resigns as CFO effective September 30.

The Nifty 50 rose 10.60 points, or 0.04%, to 24,581.25 in pre-market trade. The Sensex was unchanged at 78,499.17.

MRF shareholders approved the company's final dividend for FY26.

• Final dividend approved at Rs 229 per equity share.

RITES and HPCL signed a memorandum of understanding for rail infrastructure consultancy.

• MoU signed for rail infrastructure consultancy services.

Coal India commenced operations of part of its Khavda solar power project.

• Commenced operations of 200 MW part solar capacity.
• Total capacity of the Khavda solar power project is 300 MW.

The Indian rupee opened higher against the US dollar. The local currency appreciated as much as 4 paise to 95.17 against the greenback.

Delhivery received relief from the West Bengal GST appellate authority on a tax demand.

• GST demand reduced to Rs 1.51 crore from Rs 5.36 crore.

AstraZeneca Pharma India received approval to sell trastuzumab deruxtecan in India.

• CDSCO approved the sale of trastuzumab deruxtecan, used for the treatment of breast cancer.

Emcure Pharma's Sanand facility received a Voluntary Action Indicated classification following a US FDA inspection.

• US FDA classified the Sanand unit inspection as VAI.
• Inspection at the Sanand facility stands closed.
• US FDA inspected the facility from May 6 to May 15.

Hitachi Energy India reported a sharp increase in Q1 profit, revenue and EBITDA.

Hitachi Energy India (Q1)

• Net profit at Rs 294 crore versus Rs 132 crore YoY.
• Revenue up 68.6% to Rs 2,494 crore versus Rs 1,479 crore YoY.
• EBITDA at Rs 364 crore versus Rs 155 crore YoY.
• EBITDA Margin at 14.6% versus 10.5% YoY.

Lloyds Metals & Energy raised funds through a private placement of secured NCDs.

• Allotted 70,000 NCDs worth Rs 700 crore.
• Coupon rate of 9.02%.
• Tenure of 10 years.

Globus Spirits completed its qualified institutional placement.

• Raised Rs 200 crore at Rs 840 per share on August 7.

Hindalco plans to add capacity at its Kuppam facility.

• Plans 10 KTPA capacity addition at Kuppam by FY29.
• Investment planned at Rs 768 crore.
• CFIUS review for proposed acquisition of AluChem Companies delayed.
• Final clearance now expected by September 2, 2026.

Waaree Energies expanded its presence in the smart meter value chain through a stake acquisition by its step-down subsidiary.

• Waaree Smart Meters acquired 24.21% stake in Eppeltone Engineers.
• Transaction value about Rs 21.78 crore.
• Deal completed through an off-market transaction.

NTPC Green Energy won battery storage capacity in a tender conducted by WBSEDCL.

• Won 200 MW/800 MWh BESS capacity.
• Capacity awarded under WBSEDCL's 500 MW/2,000 MWh standalone BESS tender.

NBCC India completed a property sale in Delhi with a sale value of Rs 1,236 crore.

• Sold 2.3 lakh sq ft in Delhi for Rs 1,236 crore.
• To receive 1% marketing fee of sale value.

PDS reported higher profit, revenue and EBITDA in Q1.

PDS (Q1, Consolidated)

• Net profit up 42.7% to Rs 28.6 crore versus Rs 20 crore YoY.
• Revenue up 14.8% to Rs 3,444 crore versus Rs 2,999 crore YoY.
• EBITDA up 90.2% to Rs 96 crore versus Rs 50.5 crore YoY.
• EBITDA Margin at 2.8% versus 1.7% YoY.

Entero Healthcare reported strong growth across profit, revenue and EBITDA.

Entero Healthcare (Q1, Consolidated)

• Net profit up 36% to Rs 38.2 crore versus Rs 28 crore YoY.
• Revenue up 38% to Rs 1,940 crore versus Rs 1,404 crore YoY.
• EBITDA up 72% to Rs 97 crore versus Rs 51 crore YoY.
• EBITDA Margin at 5% versus 3.6% YoY.

Fine Organics reported higher profit, revenue and EBITDA in Q1.

Fine Organics (Q1, Consolidated)

• Net profit up 18% to Rs 138 crore versus Rs 117 crore YoY.
• Revenue up 18% to Rs 694 crore versus Rs 588 crore YoY.
• EBITDA up 42.4% to Rs 176 crore versus Rs 124 crore YoY.
• EBITDA Margin at 25.3% versus 21% YoY.

Power Mech Projects reported higher Q1 profit and revenue, while EBITDA declined.

Power Mech Projects (Q1, Consolidated)

• Net profit up 53.8% to Rs 80 crore versus Rs 52 crore YoY.
• Revenue up 25.6% to Rs 1,624 crore versus Rs 1,293 crore YoY.
• EBITDA down 1.6% to Rs 168 crore versus Rs 170 crore YoY.
• EBITDA Margin at 10.3% versus 13.2% YoY.

Advanced Enzyme Technologies approved a buyback alongside its Q1 results.

Advanced Enzyme (Q1, Consolidated)

• Net profit down 7% to Rs 37 crore versus Rs 40 crore YoY.
• Revenue up 2.1% to Rs 190 crore versus Rs 186 crore YoY.
• EBITDA down 9.9% to Rs 51 crore versus Rs 56.6 crore YoY.
• EBITDA Margin at 26.9% versus 30.4% YoY.
• Approves buyback worth Rs 69.7 crore up to Rs 500/share.

Apollo Micro Systems reported strong revenue and profit growth in Q1.

Apollo Micro Systems (Q1, Consolidated)

• Net profit up 45.4% to Rs 26.9 crore versus Rs 18.5 crore YoY.
• Revenue up 88% to Rs 251.3 crore versus Rs 133.6 crore YoY.
• EBITDA up 31.3% to Rs 53.7 crore versus Rs 40.9 crore YoY.
• EBITDA Margin at 21.4% versus 30.6% YoY.

Dalmia Bharat Sugar reported lower profit, revenue and EBITDA in Q1.

Dalmia Bharat Sugar (Q1, Consolidated)

• Net profit down 80.3% to Rs 7.7 crore versus Rs 39.3 crore YoY.
• Revenue down 9.9% to Rs 848 crore versus Rs 941 crore YoY.
• EBITDA down 52% to Rs 43.1 crore versus Rs 89.9 crore YoY.
• EBITDA Margin at 5.1% versus 9.6% YoY.

Afcons Infrastructure reported a sharp decline in Q1 profit, revenue and EBITDA.

Afcons Infra (Q1, Consolidated)

• Net profit down 77.7% to Rs 30.6 crore versus Rs 137.4 crore YoY.
• Revenue down 20.8% to Rs 2,671 crore versus Rs 3,370 crore YoY.
• EBITDA down 42.1% to Rs 252 crore versus Rs 435 crore YoY.
• EBITDA Margin at 9.4% versus 12.9% YoY.

Ramco Cements reported lower profit and EBITDA despite revenue growth in Q1.

Ramco Cements (Q1, Consolidated)

• Net profit down 63.3% to Rs 31.2 crore versus Rs 85 crore YoY.
• Revenue up 9.6% to Rs 2,273 crore versus Rs 2,074 crore YoY.
• EBITDA down 22.9% to Rs 307 crore versus Rs 398 crore YoY.
• EBITDA Margin at 13.5% versus 19.2% YoY.
• One-time gain at Rs 12.6 crore in Q1.
• Tax expense at Rs 9.4 crore versus Rs 30.5 crore YoY.

NLC India reported lower Q1 profit despite higher revenue and EBITDA.

NLC India (Q1, Consolidated)

• Net profit down 39% to Rs 484 crore versus Rs 798 crore YoY.
• Revenue up 23% to Rs 4,717 crore versus Rs 3,826 crore YoY.
• EBITDA up 57.4% to Rs 1,471 crore versus Rs 935 crore YoY.
• EBITDA Margin at 31.2% versus 24.4% YoY.

PNC Infratech reported lower Q1 profit despite growth in revenue and EBITDA.

PNC Infratech (Q1, Consolidated)

• Net profit down 23% to Rs 332 crore versus Rs 431 crore YoY.
• Revenue up 18.6% to Rs 1,688 crore versus Rs 1,423 crore YoY.
• EBITDA up 42.1% to Rs 523 crore versus Rs 368 crore YoY.
• EBITDA Margin at 31% versus 25.9% YoY.

Greenlam Industries moved into profit in Q1, while revenue and EBITDA also increased.

Greenlam Industries (Q1, Consolidated)

• Net profit at Rs 21.3 crore versus loss of Rs 15.4 crore YoY.
• Revenue up 18.2% to Rs 797 crore versus Rs 674 crore YoY.
• EBITDA up 81.6% to Rs 80 crore versus Rs 44 crore YoY.
• EBITDA Margin at 10% versus 6.5% YoY.

Nitin Spinners reported higher profit, revenue and EBITDA in Q1.

Nitin Spinners (Q1, Consolidated)

• Net profit up 83.7% to Rs 75.3 crore versus Rs 41 crore YoY.
• Revenue up 10.3% to Rs 875 crore versus Rs 793 crore YoY.
• EBITDA up 40% to Rs 155.5 crore versus Rs 111.2 crore YoY.
• EBITDA Margin at 17.8% versus 14% YoY.

Akums Drugs reported strong growth across profit, revenue and EBITDA in Q1.

Akums Drugs (Q1, Consolidated)

• Net profit up 57.5% to Rs 100 crore versus Rs 63.5 crore YoY.
• Revenue up 13.9% to Rs 1,167 crore versus Rs 1,024 crore YoY.
• EBITDA up 35.5% to Rs 175 crore versus Rs 129 crore YoY.
• EBITDA Margin at 15% versus 12.6% YoY.

Aarti Pharmalabs reported higher Q1 profit, revenue and EBITDA, with a management appointment also announced.

Aarti Pharmalabs (Q1, Consolidated YoY)

• Net Profit up 65.4% at Rs 76 crore Vs Rs 46 crore
• Revenue up 38.7% at Rs 536 crore Vs Rs 386 crore
• EBITDA up 48.8% at Rs 136 crore Vs Rs 91.4 crore
• EBITDA Margin at 25.4% Vs 23.7%
• Appoints Rashesh C Gogri As MD From Oct 1.

Hindalco has received multiple target price revisions after its Q1 performance, with brokerages differing on valuation and the pace of future growth.

• HSBC: Buy, Rs 1,430.
• UBS: Buy, Rs 1,325.
• JP Morgan: Overweight, Rs 1,205.
• Jefferies: Hold, Rs 1,100.

Fortis Healthcare drew positive views from brokerages after Q1, with hospital margins, capacity additions and diagnostics growth highlighted.

Citi

• Maintains Buy with target price of Rs 1,180.
• Core hospital margins remain resilient.
• FY28E margin target reiterated.
• Diagnostics double-digit growth guidance maintained.
• Expansion pipeline strengthened through an O&M partnership for a 300-bed hospital in Cuttack.

JP Morgan

• Maintains Overweight and raises target price to Rs 1,180 from Rs 1,120.
• Margin guidance remains intact despite ESOP costs.
• Capacity expansion remains on track.

Jefferies

• Maintains Buy with target price of Rs 1,125.
• Hospital revenue grew 19% YoY.
• Plans to add 400 beds in FY27.
• ESOP costs expected to add about Rs 1.3 billion annually.

Goldman Sachs

• Maintains Neutral with target price of Rs 975.
• Hospital performance drove 17.5% revenue growth.
• Margins at 21.1% were below estimates due to ESOP costs.

Oil India reported strong sequential growth in consolidated profit, revenue and EBITDA.

Oil India (Q1, Consolidated QoQ)

• Profit up 72.9% at Rs 3,630 crore versus Rs 2,100 crore.
• Revenue up 34.5% at Rs 12,503 crore versus Rs 9,293 crore.
• EBITDA up 76.6% at Rs 5,793 crore versus Rs 3,281 crore.
• EBITDA Margin at 46.3% versus 35.3%.

Oil India (Q1, Standalone QoQ)

• Net Profit up 60.4% at Rs 2,870 crore versus Rs 1,790 crore.
• Revenue up 33.5% at Rs 7,958 crore versus Rs 5,961 crore.
• EBITDA at Rs 4,084 crore versus Rs 1,821 crore.
• EBITDA Margin at 51.3% versus 30.5%.

Power Finance Corporation reported a marginal increase in Q1 profit and announced an interim dividend.

PFC (Q1, Consolidated YoY)

• Net profit up 2.1% at Rs 7,012 crore versus Rs 6,866 crore.
• Total Income down 0.2% at Rs 28,563 crore.
• Total Income at Rs 28,563 crore versus Rs 28,629 crore.
• To Pay Interim Dividend of Rs 3.90/Share.

NMDC cut iron ore prices, with Morgan Stanley saying the move was expected amid lower seaborne prices and seasonally weak demand.

• Lump ore price fixed at Rs 5,250/tonne.
• Fines price fixed at Rs 4,500/tonne.
• Morgan Stanley expects domestic iron ore prices to remain in check near term during the monsoon.
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Kaynes Technology's strong revenue performance was offset by concerns around cash generation and working capital.

Kotak

• Maintains Reduce; raises target price to Rs 3,550 from Rs 3,280.
• Q1 PAT was down 25% versus estimates despite 40% YoY revenue growth.
• Core EBITDA margin at 15.6% beat estimates.
• Negative OCF of Rs 2.6 billion and working-capital days rose to 163 from 122.
• Smart meter collections remain a concern.

JP Morgan

• Maintains Neutral; cuts target price to Rs 3,600 from Rs 3,700.
• Strong Q1 beat and first revenue and margin beat in at least five quarters.
• Revenue grew 40% YoY.
• Working capital remains the key concern.
• OSAT and PCB ramp-up delayed to 3QFY27.

Three stocks have been placed under the F&O ban for the session.

• Life Insurance Corporation of India.
• Bandhan Bank.
• Kaynes Technology.

Nifty August futures are trading at a premium to the cash market, while derivatives positioning shows key interest at 24,600 and 24,000 strikes.

• Nifty August futures down 0.36% at Rs 24,651.
• Premium at Rs 81.
• Maximum Call OI at 24,600 strike.
• Maximum Put OI at 24,000 strike.

SBI's Q1 performance prompted target price increases from several brokerages, with NIM recovery and loan growth emerging as the common positives.

• HSBC target price: Rs 1,310.
• JP Morgan target price: Rs 1,280.
• Jefferies target price: Rs 1,320.
• Citi target price: Rs 1,300.
• UBS target price: Rs 1,190.
• Macquarie target price: Rs 1,150.
• Bernstein target price: Rs 1,300.
• Morgan Stanley retains Equal-weight with Rs 1,070 target price.

Gland Pharma signed a strategic CDMO agreement covering injectable products, with the company expecting meaningful annual revenue potential from CY29.

• To manufacture 55 injectable SKUs under CDMO pact.
• Sees annual revenue potential of $90-100 million from CY29.

Hitachi Energy India secured its first battery energy storage system order, taking its order backlog to a record Rs 32,222.1 crore.

• Secured first BESS order for a 165 MW/330 MWh project in Andhra Pradesh.
• Order backlog at a record Rs 32,222.1 crore.
• Rs 634.63 crore utilised in capex out of allocated Rs 1,513.28 crore.

Titan reported strong Q1 growth across profit, revenue and EBITDA, with jewellery operations driving the performance.

Titan (Q1, Consolidated YoY)

• Net profit up 63% to Rs 1,777 crore versus Rs 1,091 crore.
• Revenue up 29% to Rs 21,356 crore versus Rs 16,523 crore.
• EBITDA up 58% to Rs 2,890 crore versus Rs 1,830 crore.
• EBITDA Margin at 13.5% versus 11.1%.
• Jewellery Biz Revenue up 30% at Rs 19,002 crore YoY.
• Jewellery Biz EBIT up 68% at Rs 2,360 crore YoY.

Hindalco's earnings and expansion pipeline have emerged as a major brokerage focus following a strong Q1 performance.

Hindalco Brokerage Highlights

• HSBC sees multiple catalysts including Bay Minette commissioning and India aluminium and alumina capacity expansions.
• UBS expects US$300-400 million working-capital release from Novelis.
• JP Morgan expects captive coal mines to generate about 1.5 million tonnes of volumes in FY28.
• Jefferies expects India profitability to moderate from the Q1 peak.

Brokerages remained cautious on Ola Electric after Q1, citing weak volumes, cash burn and margin pressure.

Kotak

• Maintains Sell with target price of Rs 20.
• Volume scale remains the critical hurdle.
• Q1FY27 adjusted EBITDA margin was below expectations due to lower ASPs.
• FCF outflow remains another challenge.
• Capital raising could be required if the current volume trajectory does not improve.

Citi

• Maintains Sell with target price of Rs 26.
• Weak volumes and lower gross margin offset cost control and PLI penalty reversal.
• Volumes remain sluggish and ASPs weak.
• Competition is escalating.

Goldman Sachs

• Maintains Neutral and raises target price to Rs 40 from Rs 38.90.
• Q1 revenue declined 45% YoY and EBITDA loss stood at Rs 1.65 billion.
• Volumes recovered to about 40,000 units.
• Cash burn remains a concern, with FCF at negative Rs 3.5 billion.

Ola Electric (Q1, Consolidated YoY)

• Net Loss At Rs 336 Cr Vs Loss Of Rs 428 Cr YoY.
• Revenue down 45% At Rs 455 Cr Vs Rs 828 Cr YoY.
• EBITDA Loss At Rs 165 Cr Vs Loss Of Rs 237 Cr YoY.
• Other Income At Rs 29 Cr Vs Rs 68 Cr YoY.

Delhivery's Q1 results triggered divergent brokerage views, with analysts split over near-term margins despite a strong revenue performance.

JP Morgan

• Maintains Overweight; cuts target price to Rs 590 from Rs 650.
• Transitory costs weighed on earnings.
• Margins are expected to bottom in Q1 and recover sharply in H2.
• Margin delivery remains key to investor confidence.

Citi

• Maintains Buy; raises target price to Rs 570 from Rs 565.
• Robust volumes and positive outlook.
• Margins should rebound.
• Sees opportunities in 3PL quick commerce, reverse logistics, intra-city and SaaS.

Morgan Stanley

• Maintains Equal-weight; cuts target price to Rs 500 from Rs 510.
• Good top line but margins missed.
• Cost pressures led to the Q1 margin miss.
• Management expects to recoup the impact over coming quarters.

Delhivery also reported its Q1 financials.

Delhivery (Q1, Consolidated YoY)

• Net profit down 64.9% at Rs 32 crore versus Rs 91 crore.
• Revenue up 27.8% at Rs 2,931 crore versus Rs 2,294 crore.
• EBITDA down 4.5% at Rs 142 crore versus Rs 149 crore.
• EBITDA Margin at 4.8% versus 6.5%.
• Re-Appoints Sahil Barua As MD & CEO For 5 Yrs.
• Re-Appoints Sahil Barua As MD & CEO From Oct 13.

Hindalco's Q1 performance prompted several brokerages to raise target prices, citing strong India and Novelis performance and multiple expansion projects.

HSBC

• Maintains Buy with target price of Rs 1,430.
• Large Q1 beat with consolidated EBITDA at Rs 139.7 billion, up 37% QoQ.
• Novelis earnings should improve as Oswego restarts.
• Bay Minette commissioning and India aluminium and alumina expansions are key catalysts.

UBS

• Maintains Buy with target price of Rs 1,325.
• Q1 EBITDA at Rs 140 billion beat estimates by 29%.
• Novelis adjusted EBITDA per tonne came in at US$563.
• Novelis deleveraging remains a key catalyst.

JP Morgan

• Maintains Overweight and raises target price to Rs 1,205 from Rs 1,190.
• Growth projects remain on track.
• Phase 1 aluminium smelter is expected to be commissioned by December 2027.
• Captive coal mines could yield cost savings.

Jefferies

• Maintains Hold and raises target price to Rs 1,100 from Rs 1,075.
• Consolidated EBITDA beat estimates by 20%.
• India EBITDA rose 26% QoQ.
• Valuations remain reasonable.

State Bank of India drew broad-based positive brokerage commentary after its Q1 performance, with brokerages highlighting NIM expansion, loan growth and asset quality.

HSBC

• Maintains Buy and raises target price to Rs 1,310 from Rs 1,180.
• Strong Q1 beat led by NIM expansion, robust fee income, tight cost control and benign credit costs.
• Domestic NIM rose 7 bps QoQ to 3%.
• Loan growth guidance raised to 14-15% for FY27.

JP Morgan

• Maintains Overweight and raises target price to Rs 1,280 from Rs 1,240.
• Strong Q1 with broad-based beat.
• Domestic NIM at 3% and loan growth at 19%.
• FY27 loan growth guidance raised to 14-15%.

Jefferies

• Maintains Buy and raises target price to Rs 1,320 from Rs 1,300.
• Domestic NIM rebound to 3% drove 15% YoY NII growth.
• Loan growth remained robust at 19% YoY.
• SBI remains among Jefferies' top picks.

Citi

• Maintains Buy and raises target price to Rs 1,300 from Rs 1,230.
• Domestic NIM rebounded 7 bps QoQ to 3%.
• Advances accelerated 19% YoY.
• Management reiterated 3% domestic NIM and 14-15% credit growth guidance.

Morgan Stanley

• Maintains Equal-weight with target price of Rs 1,070.
• Q1 was a good quarter.
• Forecasts raised after reversing some of the sharp NIM cut following the Q4 miss.
• Valuation is full relative to sustainable ROA and ROE.

UBS

• Maintains Neutral and raises target price to Rs 1,190 from Rs 1,080.
• Q1 beat driven by strong NII, fee income and cost control.
• NIM improved 5 bps QoQ to 2.86%.
• Loan growth remained strong at 19% YoY.

Bernstein

• Maintains Market Perform with target price of Rs 1,300.
• Loan growth remained robust at 19% YoY.
• Deposit growth lagged at 10% YoY, pushing LDR higher to 83%.
• Asset quality remained stable.

Macquarie

• Maintains Outperform with target price of Rs 1,150.
• Q1 PAT beat estimates, supported by resilient NIMs, tight opex and stable credit costs.
• Domestic NIM expanded 7 bps QoQ to 3%.
• Loan growth remained strong at 19% YoY.

Titan's strong Q1 results drew positive views from multiple brokerages, with several raising their target prices while highlighting jewellery growth and execution.

JP Morgan

• Maintains Overweight and hikes target price to Rs 5,465 from Rs 5,400.
• Strong Q1 print despite volatility.
• Demand durability remains the key debate, while execution drivers provide comfort.
• Jewellery business has multiple levers to sustain revenue and EBIT growth.

Morgan Stanley

• Maintains Overweight with target price of Rs 5,483.
• Q1 broadly in line, with headline margins boosted by one-offs.
• Adjusted jewellery EBIT margin at 10.9%.
• Buyer growth at 5%, while studded growth remained strong at 34% YoY.
• Management remains confident on jewellery growth despite elevated gold prices.

Macquarie

• Maintains Outperform with target price of Rs 5,400.
• Q1 EBITDA beat led by CaratLane margin improvement and strong TEAL performance.
• Jewellery demand remains healthy.
• CaratLane margins expanded to 10.1%.

Jefferies

• Maintains Hold and hikes target price to Rs 5,000 from Rs 4,800.
• Strong Q1 momentum, with jewellery revenue growing 38% excluding bullion.
• Reported jewellery EBIT margin rose to 14.2%, while normalised margin was 10.9%.

Citi

• Maintains Buy and raises target price to Rs 5,700 from Rs 5,075.
• Jewellery revenue and EBITDA grew 38% and 33% YoY, excluding bullion and one-offs.
• Management remains confident of sustaining double-digit jewellery growth.

Titan also reported strong Q1 financials.

Titan (Q1, Consolidated YoY)

• Net profit up 63% to Rs 1,777 crore versus Rs 1,091 crore.
• Revenue up 29% to Rs 21,356 crore versus Rs 16,523 crore.
• EBITDA up 58% to Rs 2,890 crore versus Rs 1,830 crore.
• EBITDA Margin at 13.5% versus 11.1%.
• Jewellery Biz Revenue up 30% at Rs 19,002 crore YoY.
• Jewellery Biz EBIT up 68% at Rs 2,360 crore YoY.

S&P 500 futures fell 0.2%, while Dow futures declined 99 points, or 0.2%. Nasdaq-100 futures gained 0.1% after Wall Street’s major indices recorded their strongest weekly performance since April.

The Japanese yen weakened slightly to around 157.90 per US dollar. The currency had gained on Friday following the release of US labour market data.

Brent crude gained 0.8% in early Asian trade, extending its three-session rise to more than 5%. Prices increased as expectations of a near-term Washington-Tehran agreement to restore shipping through the Strait of Hormuz weakened.

Japan’s Nikkei 225 gained 1.62% and South Korea’s Kospi rose 1%, tracking Wall Street’s gains last week. Australia’s ASX 200 declined 0.25%.

The GIFT Nifty traded at 24,665, indicating the likely direction for the Nifty 50 at the opening.