A host of global and domestic brokerages have rolled out fresh views on Titan, ONGC, Bharti Airtel, Sai Life Sciences, IndiGo and several other companies as analysts assess the impact of rising energy prices, geopolitical disruptions and sector-specific growth trends.
UBS on Titan
Maintain Buy with TP of Rs 5,300
Store feedback suggests jewellery demand continues to remain very strong
Growth momentum sustained even as Middle East disruptions may weigh on international growth
Titan still seen mid-way in its long-term compounding journey
Consistent operating performance and margin delivery continue to surpass expectations
Key beneficiary of the long-term shift from unorganised to organised jewellery sector
UBS India Strategy – Hartmut Issel
Removed HPCL and BHEL from portfolio
Increased allocation to InterGlobe Aviation, Larsen & Toubro and Thermax by 1 percentage point each
Maintain Attractive rating for Indian equities
See robust macroeconomic fundamentals and proactive policy support
Government has front-loaded growth measures including income tax and GST cuts and labour law simplification
RBI has cut interest rates and injected liquidity into the system
Expect GDP growth around 7.4% in FY26
Expect single-digit Nifty EPS growth in FY26, accelerating to double-digit growth in FY27 and FY28
Nomura on NBFCs
Piramal Finance – Initiate Buy with TP of Rs 2,150
L&T Finance – Initiate Buy with TP of Rs 325
Tata Capital – Initiate Buy with TP of Rs 400
HDB Finance – Initiate Neutral with TP of Rs 760
Indian regulator preparing for AI adoption across the financial sector
Expect covered NBFCs to deliver high-teens to 20%+ loan growth CAGR over FY26–28
Three of the four companies expected to deliver ROE expansion above mid-teens by FY28
Tata Capital seen with favourable loan growth outlook and profit expansion potential
Piramal Finance and L&T Finance undergoing structural transformations offering medium-term upside
For HDB Finance, recovery in loan growth momentum seen as key for re-rating
Macquarie on ONGC
Maintain Outperform; Cut TP to Rs 300 from Rs 310
Current price volatility seen as positive for the stock
Sustained production growth critical for ONGC's re-rating
2025 marked a year of stability with production decline arrested
Expect significant production ramp-up in 2026
Cut FY26 and FY27 EPS estimates by 23.8% and 15.4% due to lower-than-expected production outlook
Attractive dividend yield offers potential upside
Macquarie on Consumer Sector
Energy price risks rising amid Iran conflict
United Spirits, Dabur, Britannia, Godrej Consumer, HUL and Marico have higher crude exposure
Brand strength for HUL (laundry), Godrej Consumer (home insecticides) and Marico (vegetable oils) provides pricing power to pass inflation
Risk of earnings pressure seen for Dabur, United Spirits and Britannia
Premium-end consumer demand better placed to absorb cost pressures
Prefer Titan, Marico, Lenskart and Godrej Consumer in the near term
Also expect demand recovery by H2 to support HUL and Trent
MS on Dixon Technologies
Maintain Underweight with TP of Rs 8,157
Assumes Dixon will receive PLI incentive of Rs 220 crore in mobile segment for FY26
This represents about 17% of EBITDA and roughly 40 basis points of margins
Mobile PLI allocation revised lower by 22% for FY26
FY27 budgeted allocation seen at Rs 1,350 crore
Reports indicate possibility of PLI 2.0 but policy clarity still lacking
Rising DRAM prices reduce visibility on mobile shipments for Q4 and FY27
Jefferies on Sai Life Sciences
Maintain Buy; Hike TP to Rs 1,300 from Rs 1,180
Top pick in the CRDMO space
Integrated “follow-the-molecule” model supports strong growth outlook
Healthy pipeline projects and strong win rates
Presence in oligos and global footprint add to growth potential
Clean balance sheet with no private equity supply overhang
Valuations in line with peers despite strong growth outlook
Raise FY28 sales and EPS estimates by 3% and 5%
Jefferies on Financials
Impact of Middle East conflict on Indian financials likely to be divergent
Banks may see higher loan growth but face risk of rising credit costs
NBFCs could see pressure on NIMs, growth and credit costs
Segments such as SME export-linked loans, commercial vehicles and overseas loans face higher risks
Valuations of lenders near cyclical lows suggesting limited downside
Stock exchanges likely to benefit from higher market volatility
Insurance and fintech companies face relatively lower risk
Jefferies on Bharti Airtel
Maintain Buy; Cut TP to Rs 2,250 from Rs 2,575
Cut India revenue and EBITDA estimates by 6–8% due to potential delays in Jio's IPO
Rising inflation risks linked to higher energy prices
Bharti's expansion into NBFC space introduces capital allocation concerns
Target multiple cut to 12x from 13x
Still expect ~14% EBITDA growth with limited direct exposure to energy prices
Citi on IndiGo
Maintain Buy; Cut TP to Rs 5,100 from Rs 5,700
Crude prices, refining spreads, currency moves driving earnings volatility
International traffic impacted by adverse geopolitical environment
10% rise in ATF prices could be offset through 4–5% increase in fares
Depreciating INR versus USD increases nearly 70% of operating costs.
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