Brokerages issued fresh views on Mankind Pharma, Trent, Titan, Jubilant FoodWorks, HDFC Asset Management Company alongside commentary on India hotels and more.
Incred on Mankind Pharma
Initiate Add with TP of Rs 2821
- Pivoting well, growth to follow
- Strategy for defensible products, moving into less-crowded markets
- Chronic therapy has ~40% share, partly a result of weakness in acute
- New biologics platform is backed by a field force scaling every deal
- Gains build in slowly, returns still ahead
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CLSA India Technicals - Laurence Balanco
IndusInd Bank
- Breakout above the Rs 957–968 resistance zone
- Confirms a fresh momentum breakout and activates an upside measured-move target of Rs1,250–1,260
HDFC AMC
Breakout opens the way for an upside objective of Rs 3,580
Godrej Properties
- Break above the confluence of resistance at Rs1,894–1,951
- That supports an upside target of Rs2,650-2,660
Bajaj Holdings
- Move back above the 200DMA reinforces the late-June breakout
- This breakout structure projects an upside objective of Rs13,390–13,400
Nuvama on Aequs
Initiate Buy with TP of Rs 444
- Precision powered launchpad
- Aerospace—The wall gets taller with every part
- Consumer electronics—an optionality with honest economics
- Programme longevity—the valuation anchor
- EBITDA to surge as consumer EBITDA breaks even
- Solid $889 mn order book warrants a 42% and 84% sales/EBITDA CAGR over FY26–29
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GS on Indian Hotels
Maintain Buy; Hike TP to Rs 830 from Rs 790
- Domestic demand likely remained resilient
- International air traffic showing initial signs of improvement
- Despite several disruptions in FY26, Indian Hotels reported high single digit RevPAR growth
- Gradual margin expansion FY27 onwards
Jefferies on Electronics Manufacturing Services
ECMS allocation rose by 75% in Feb26 to Rs 40000 cr, while that in Mobile PLI was cut by -81%
- Data suggests that disbursement in 14 PLIs so far is est 26% of initial outlay till FY27
- Est ECMS to cover 50% of Mobile BoM
- PCB is a focus area - $5bn TAM, 85-90% imports; 30% ADD
- Stay bullish on Component plays - SYRMA, KAYNES; Hold DIXON
- Est EMS cos to deliver strong EPS CAGR of avg +26% in FY26-29+
Citi on Titan
Maintain Buy with target price of Rs 5075
- Q1 Update: Jewellery Growth (ex-Coin) Continues to Remain Strong
- Growth was led by healthy festive and Akshaya Tritiya demand during the quarter
- Buyer growth came in early double-digits and the average ticket sizes grew in high double-digits
Macquarie on Trent
Maintain Outperform with TP of Rs 3600
- Pre-Q1: Weaker-than-expected sales growth
- Believe same-store- sales growth momentum moderated from Q4 levels
- Growth moderation is likely to weigh on near-term performance
- See Trent's value positioning and the improving outlook on consumer demand aiding a growth recovery
Morgan Stanley on Titan
- Maintain Overweight with target price of Rs 5182
- Q1 Beat: Jewellery Shines; Buyer Growth in Low Double Digits
- Q1 growth was supported by healthy festive and Akshaya Tritiya demand and relatively stable gold prices
- Strong India jewellery growth momentum along with good buyer growth and mix, should support stock outperformance
- Titan remains preferred pick
Morgan Stanley on Trent
- Maintain Overweight with TP of Rs 3151
- Q1 – Slightly weak; growth below estimates of 21%
- Store expansion pace moderated in Q1
- Expect Q1 standalone EBITDA margin to improve 100 bps YoY to 18.5% in Q1
- Stock could see some weakness in the near term given the slightly weaker print
Morgan Stanley on Jubilant Food
Maintain Equal-weight with TP of Rs 486
- Q1 – inline
- Sequential improvement in India growth is in-line
- But overall growth rates remain below management's usual targeted levels
- Believe margins (given inflationary pressures) remain key to monitor from earnings
- Expect EBITDA margin to decline sequentially to 20%, owing to inflationary pressures
Macquarie on Titan
Maintain Outperform with target price of Rs 5000
- Pre-Q1: Strong growth across segments
- Sales growth across jewellery and watches surprises positively
- Pickup in buyer growth in the jewellery segment paints a constructive outlook for future quarters
Citi on Trent
Maintain Sell with target price of Rs 2733
- Q1 Update: Revenue Growth Moderates Despite Soft Base
- Remain cautious on Trent given a still-weak revenue per sq ft trend
- See increasing competition, impact of cannibalization, and new-store expansion in tier 2/3 towns
Macquarie on Jubilant Food
- Maintain Underperform with target price of Rs 360
- Pre-1Q: India in line, international weak
- See slower store additions for Dominos India, and weaker sales performance for Turkey
- Expect India margins to remain broadly flat
Bernstein on Trent
Maintain Outperform with TP of Rs 3500
- Q1 business update - misses revenue estimates but new normal is closer to 20% growth
- Any acceleration beyond this would require some sustained improvement in the urban consumption environment
- UPI data analysis April and May also indicates soft value growth for fashion segment
- Expect the stock to react negatively
Bernstein on Titan
- Maintain Outperform with TP of Rs 5000
- Q1 preview: +41% growth demonstrates strength of the franchise
- Double-digit buyer growth (vs. high single digit in Q4) was a very encouraging sign
- Jewellery margins may remain stable
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