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Brokerages rolled out fresh calls on JSW Steel, Tata Motors, Muthoot Finance, Voltas and Titan Company, while also tracking trends across defence, consumer durables and alcoholic beverages.
Macquarie on Tata Motors PV
- Maintain Neutral with TP of Rs 367
- Margins improved across businesses
- Positive on domestic growth outlook
- Margin surprise may aid near-term stock performance
- Margin risks continue to persist
Jefferies on Tata Motors PV
- Maintain Underperform; Cut TP to Rs 300 from Rs 310
- EBITDA improved sharply QoQ
- JLR margins beat estimates
- Cyberattack impact behind the company
- Concerned about JLR headwinds including China competition, discounts and ageing models
- India PV business performing well but may not offset JLR weakness
Citi on Tata Motors PV
- Maintain Sell; Cut TP to Rs 330 from Rs 345
- Q4 results above estimates
- India PV demand remains healthy
- Industry volume growth guidance at 10% YoY
- Sustainability of JLR margins remains uncertain
- Hedging gains supported EBITDA beat
Macquarie on JSW Steel
- Maintain Outperform with TP of Rs 1,353
- Good quarter with stable balance sheet
- Capacity expansion targets raised
- Growth plans aligned with India's steel demand outlook
- Cost efficiencies and policy support could strengthen cash flows
MS on JSW Steel
- Maintain Overweight with TP of Rs 1,330
- Expansion guidance raised
- Margins expected to expand further in Q1FY27
- BPSL slump sale aided deleveraging
- Domestic capacity target raised to 78 MT by FY32
Citi on JSW Steel
- Maintain Sell; Hike TP to Rs 1,165 from Rs 975
- Leverage improved after BPSL divestment
- EBITDA per tonne may improve from Q4 levels
- Management expects range-bound pricing
- Valuations seen fully pricing in positives
MS on Titan
- Maintain Overweight with TP of Rs 5,212
- No impact expected from tighter duty-free gold import rules
- Titan seen better positioned versus earlier periods
- Current levels viewed as attractive for long-term investors
MS on Muthoot Finance
- Maintain Overweight; Hike TP to Rs 4,330 from Rs 4,170
- Strong PAT beat in Q4
- Gold loan growth lagged peers and gold prices
- Attractive valuation for a defensive business amid macro uncertainty
Jefferies on Muthoot Finance
- Maintain Buy; Cut TP to Rs 4,350 from Rs 4,750
- Strong earnings beat led by margins
- AUM growth supported by higher gold prices and LTV
- NIMs beat on better yields
- Branch expansion and operating leverage expected to support growth
- Forecasting 15% EPS CAGR and 25% ROE over FY26-28
Bernstein on Muthoot Finance
- Maintain Outperform with TP of Rs 4,500
- Gold rally continues to support AUM growth
- Higher loan yields aiding NIM expansion
- Stage 2/3 loans increased due to regulatory classification changes
Jefferies on Voltas
- Maintain Buy; Cut TP to Rs 1,530 from Rs 1,550
- Q4 margins missed expectations
- Channel inventory normalized to 35-40 days
- March sales among the highest on record
- Strong traction continued in April and May
- RAC market expected to grow 15-20% in FY27
- Price hikes of 9-10% implemented in Q4
GS on Voltas
- Maintain Sell with TP of Rs 1,200
- Cost pressures emerging earlier than expected
- AC profitability remained weak in Q4
- Commodity inflation and rupee weakness may hurt margins
- Demand outlook for FY27 remains strong on weak base
Citi on Voltas
- Maintain Buy; Cut TP to Rs 1,550 from Rs 1,900
- Demand tailwinds remain strong
- Margins expected to recover progressively
- Channel inventory reduced to around 30 days
- Additional price hikes likely after sharp raw material inflation
Nomura on Hindustan Aeronautics
- Maintain Buy with TP of Rs 5,954
- Q4 operating performance beat expectations
- Strong order inflows in FY26
- Balance sheet improvement continues
GS on Hindustan Aeronautics
- Maintain Neutral; Cut TP to Rs 5,225 from Rs 5,255
- Robust order book remains a positive
- Execution pace yet to improve materially
- Lower EBITDA margin due to higher expenses
- Tejas Mk-1A deliveries remain key trigger for the stock
Macquarie on United Spirits
- Maintain Underperform with TP of Rs 1,350
- EBITDA beat driven by lower employee costs
- Prestige business momentum healthy outside Maharashtra and Andhra Pradesh
- Management confident of double-digit medium-term growth
- Regulatory drag likely to continue in H1FY27
GS on United Spirits
- Maintain Buy with TP of Rs 1,480
- Margin expansion drove EBITDA beat
- Revenue missed estimates in Q4
- Margin outlook and revenue growth remain key monitorables
JPMorgan on United Spirits
- Maintain Overweight with TP of Rs 1,445
- Margin-led earnings beat
- FY27 outlook remains constructive
- State elections and export disruptions may have impacted revenue growth
JPMorgan on Siemens Energy
- Maintain Neutral with TP of Rs 2,600
- Transmission segment softer than expected
- Operating leverage continues to improve margins
- Generation segment outperformed expectations
Jefferies on Kaynes
- Maintain Buy; Cut TP to Rs 3,970 from Rs 4,515
- Sharp stock correction has eased valuations
- No FY27-28 guidance provided by management
- Working capital expected to remain elevated
- OSAT and PCB sales expected to support long-term earnings growth
- Retained Buy after steep correction in stock price
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