Brokerages rolled out fresh calls on PB Fintech, Titan Company, Godrej Consumer Products, Indian Hotels Company and Canara Bank, while also highlighting trends across insurance distribution, FMCG, hospitality and wealth management.
Citi on PB Fintech
- Maintain Buy with TP of Rs 2,275
- Sustained market share gains across insurance segments
- Growth backed by product innovation and tech capabilities
- Focus on ecosystem-based distribution approach
- Expansion through phy-gital channels
- Investing in newer businesses such as Pension Bazaar
- Diversified model seen helping offset commission-related risks
- Product co-creation aimed at untapped customer segments
Macquarie on PB Fintech
- Maintain Outperform with TP of Rs 1,945
- Market dominance remains intact
- Transitioning from distributor to value partner
- Management sees large growth runway despite leadership position
- Rs 1 lakh crore premium target seen achievable over 5-6 years
- Paisabazaar recalibrated to improve profitability
Jefferies on PB Fintech
- Maintain Buy with TP of Rs 1,950
- Analyst day focused on operational drivers behind growth
- Value-added services expected to deepen insurance moat
- AI disruption risk seen limited due to low conversion and claim support requirements
- POSP opportunity seen meaningful over medium term
- Strong cash position could become a moat amid regulatory changes
MS on PB Fintech
- Maintain Underweight with TP of Rs 1,215
- FY27 focus on customer engagement and retention
- Paisabazaar profitability expected to improve
- Policybazaar's scale supporting expansion into newer businesses
MS on Titan
- Maintain Overweight with TP of Rs 5,212
- Concerns around possible government intervention on gold imports addressed
- Gold imports now less significant to India's macro setup versus FY13
- Titan less dependent on imported gold due to customer exchange programmes
- Exchange schemes account for over 50% of revenues
- Company seen better prepared even if restrictions emerge
- Titan remains Morgan Stanley's preferred discretionary pick
- Any correction linked to gold import concerns seen as buying opportunity
Investec on Godrej Consumer
- Maintain Hold; Cut TP to Rs 1,130 from Rs 1,317
- Portfolio transformation to drive future growth
- Household insecticides and Africa turnaround remain key focus areas
- Category expansion expected to support next growth leg
- EPS estimates cut due to raw material pressures and weak Indonesia growth
Jefferies on Godrej Consumer
- Maintain Buy with TP of Rs 1,400
- ‘Speedboat' portfolio expected to grow over 30%
- Core business expected to grow at moderate pace
- Combined portfolio could deliver teen India revenue growth till FY30
- Volume growth remains key focus
- Air freshener category emerging as global growth driver
- Simplification strategy improving operating cash flow and Africa margins
MS on Godrej Consumer
- Maintain Equal-weight; Cut TP to Rs 1,109 from Rs 1,159
- Focus remains on portfolio transformation
- FY27 revenue and EBITDA growth expected in double digits
- India business seen delivering high-single digit volume growth
- India revenue growth could improve to teens by FY30
- New segments expected to grow over 30%
Citi on Godrej Consumer
- Maintain Buy with TP of Rs 1,300
- Portfolio transformation expected to drive next growth phase
- Growth visibility improving across geographies
- FY27 outlook calls for high-single digit volume growth and double-digit revenue growth
- Commodity inflation remains a margin risk
- Recent price hikes expected to partly offset cost pressures
Citi India Strategy
- Q4 earnings modestly below expectations with EBITDA/PAT growth around 9% YoY
- Consumption trends steady to improving across autos, staples and discretionary
- Inflationary risks rising due to geopolitical developments
- Utilities added to sectoral Overweight
- Financials, Telecom, Defence and Healthcare remain preferred sectors
- Nifty Dec'26 target maintained at 27,000 implying around 12% upside
Jefferies on Indian Hotels
- Maintain Buy with TP of Rs 800
- Domestic travel demand remains robust entering FY27
- FY26 exited with 15% EBITDA growth
- Company guiding for 12-14% revenue growth in FY27
- Q1FY27 growth expected above 12%
MS on Indian Hotels
- Maintain Equal-weight with TP of Rs 700
- Q4 RevPAR stronger than estimates
- Company executing well despite challenging environment
- FY27 double-digit revenue growth guidance maintained
Macquarie on Indian Hotels
- Maintain Outperform with TP of Rs 770
- Q4 performance strong on favourable domestic travel trends
- FY27 revenue growth guidance trimmed by 100 bps
MS on Canara Bank
- Maintain Underweight with TP of Rs 103
- NII beat estimates in Q4
- Core PPOP missed due to lower fee income
- Slippages increased sharply QoQ
- Higher non-core income and lower provisions drove PAT beat
- Stock may underperform peers due to lower core ROA concerns
Citi on Nuvama Wealth
- Maintain Buy; Hike TP to Rs 2,050 from Rs 2,000
- Strong momentum across business segments
- Wealth inflows remain robust
- Yields stable
- FY28-29 PAT estimates raised on stronger wealth revenues
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