Stock Picks Today: Tata Motors PV, Shyam Metalics, Titan, Max Health, United Spirits, Thyrocare And More On Brokerages' Radar

Brokerages issued fresh views on Tata Motors PV, Shyam Metalics, Titan, Max Health, United Spirits, Thyrocare and more alongside commentary on macro, consumer and India strategy.

MS on Tata Motors

• Maintain Equal-weight with TP of Rs 367.
• JLR had a tough FY26 and BMW's recent 2026 guidance cut shows that the environment remains challenging.
• FY27 EBIT guidance is broadly in line.
• Company will focus on key four brands, cost-cutting, EV launche,s and an expanding presence in the North American market.
• FY27 guidance better than feared – Revenues a touch higher than our estimate but margins slightly lower.
• FY27 FCF guidance of break-even vs. estimate of GBP400mn.

Jefferies on Tata Motors PV

• Maintain Underperform with TP of Rs 300
• JLR provided subdued guidance for FY27
• See multiple headwinds, such as increased competition, high discounts & warranty cost, and elevated CWIP (capital work & product-dev in progress)
• Its key models are starting to age.

CLSA on Tata Motors PV

• Maintain Outperform; Cut TP to Rs 452 from Rs 468
• Too harsh a reaction
• Scope for betterment in guidance lies with commodity price cuts
• Believe with commodity price normalisation JLR will lift its guidance
• Deviation in JLR's guidance was largely driven by the nil FCF outlook on the back of the potential margin impact driven by recent commodity inflation.

Citi on Tata Motors PV

• Maintain Sell; Cut TP to Rs 320 from Rs 330.
• FY27 guidance appears cautious.
• Pivot to the North America market.
• Five new models are expected over the next 18 months.

BofA on Tata Motors PV

• Maintain Underperform with TP of Rs 335.
• Guide underwhelms but North America pivot, new launches promising.
• EV launches coming but flexible powertrains remain core.

JM Financial on Shyam Metalics

• Maintain Buy; Hike TP to Rs 1100 from Rs 1050
• Value-added portfolio expected to drive earnings growth beyond FY26
• Stainless steel, CRM and aluminium emerge as key growth engines
• Capital discipline and cost advantages remain central to the strategy
• Discussion reinforced management's confidence in delivering growth.

Jefferies on Shyam Metalics

• Maintain Buy; Hike TP to Rs 1150 from Rs 1040.
• Target of nearly tripling EBITDA to Rs 6200 cr over FY26-31.
• It is expanding capacity across stainless steel, carbon steel, and sponge & pig iron, which should drive strong volume growth ahead.
• Achieving margin guidance would depend on market spreads and product mix.
• Like company's strong growth focus and expanding product portfolio.
• Expect 16% EBITDA CAGR over FY26-29.

GS on Shyam Metalics

• Maintain Buy with TP of Rs 1050
• Vision FY31 shared, growth focus intact.
• Targeting EBITDA growth of 21.7% CAGR by FY31.
• Pending capex at INR 106bn likely to be executed until FY29.
• Among steel players, Shyam has the lowest leverage.
• Due to its low leverage and exposure across the value chain, the company has been consistently profit making.
• Shyam Metalics is one of the fastest growing steel companies in India.

CLSA on Tata Communications

• Maintain Outperform with TP of Rs 2600
• Leading in enterprise digital services
• Digital portfolio services growing at ~20%YoY
• Stock's compelling valuation. 

Macquarie on India Consumer

• US-Iran likely to ink peace deal this Friday.
• Could see inflationary pressure moderating, reflected in the correction seen in crude oil prices.
• Preferred plays for such a sustained moderation in inflationary pressure are Asian Paints, Titan, Trent, Devyani and HUL.
• Asian Paints: Crude moderation to aid margin expansion.
• Trent: Steady demand trends meet favorable base.
• Titan: lowering pressure on current account deficit attenuating concerns of regulatory action on gold imports.
• Devyani: improved outlook on inflation should support steady demand recovery.
• HUL: reduction in crude price moderates margin pressures across homecare/ personal care segments.

Macquarie on India Macro

• IMD data paints a bleak picture
• However, food inflation might not be as bad as imagined
• Current water storage stands at 16% above the long-term average, albeit 8% lower YoY
• This provides a meaningful cushion against rainfall deficits
• Together with ongoing government interventions, this should help moderate the transmission of deficient rainfall into food price pressures

Citi on Max Health

• Maintain Buy with TP of Rs 1240.
• Preparing for a Long Haul.
• Current Weakness a Buying Opportunity.
• Improvement in balance sheet and RoCE, despite aggressive expansion.
• Near-term challenges transient, oncology disruption to be in the base in H1.
• See 20% EBITDA CAGR over FY26-30.

Citi on Titan

• Maintain Neutral with TP of Rs 5075.
• Gold demand has seen a clear divergence between investment and consumption demand.
• Investment demand ramping up materially in H2FY26.
• Jewellery consumption demand has seen some softness due to high gold prices and uncertainty.
• Management indicated momentum remains strong.
• May not seeing any significant impact except for some deferral around 8–10 days.
• Sourcing has become a key strategic focus after geopolitical disruption started in late February.
• Buyer growth remains the key management focus.
• Studded jewellery growth appears to be improving as the earlier LGD-led consumer pause is easing.
• Margin should remain in a narrow band assuming stable gold prices and relatively lower coin growth.

Citi on Vedanta

• Initiate Buy with TP of Rs 560.
• Key drivers include – positive aluminium outlook, growth potential, cost focus and improving leverage.
• Expect a net cash position by FY28.
• Every $100/t change in LME impacts EBITDA 4-5.5%, fair value by Rs 30/sh.
• Vedanta Aluminium is now our top India metals pick.
• Open a 90-day positive catalyst watch.
• Commodities team believes the aluminium market is in deficit and will draw inventories sharply over the next 3–6 months.
• This will drive prices up 15–20% to $4k/t in base case.

Kotak Securities on Vedanta Aluminium

• Initiate Buy with TP of Rs 600.
• Crown jewel set to extend leadership.
• Leader with longest growth runway.
• Backward integration to place VAML in 1st decile of global curve.
• Aluminum: Structural deficit to keep prices firm.
• Strong cashflows to deleverage and fuel next phase of growth.

​JPMorgan on United Spirits

• Maintain Overweight with TP of Rs 1510
• Constructive growth outlook anchored on renovation, innovation and sharper execution
• Double-digit revenue aspiration intact, likely to be back ended
• State-specific nuances: Maharashtra worst likely behind, Karnataka to be supportive
• Differentiated execution through a laddered portfolio for “Many Indias.”

BofA Fund Manager Survey

• Investors are steadfastly bullish, albeit a tad less bullish than in May.
• Cash level up to 4.1% from 3.9%
• History of survey suggests this is not a “big top” for risk assets.
• Traders take summer chips off table, consumer stocks best contrarian play for “peace”.
• 22% of investors say Spain will win the World Cup, 19% say France, 8% say England, Brazil, or Argentina, 6%. Portugal, 3% Germany.

B&K on Thyrocare

• Initiate Buy with TP of Rs 615.
• Franchise addition to drive profitability ahead.
• Strong free cash flow generating business model.
• Diagnostic market – poised for healthy growth market.

Jefferies India Strategy – Mahesh Nandurkar

• Expensive stocks don't always mean underperformance.
• Last 15 years has witnessed several examples of investment themes emerging.
• Valuations surging to a seemingly expensive level but yet delivering strong returns over the subsequent 2-3 years.
• Believe that pvt power cos have entered this thematic stage.
• El-Nino led YoY demand surge would be the near-term positive.
• Top picks are JSW Energy, Adani Energy, Premier & Siemens Energy.
• This fits in well with our broader 'Hard asset' theme also.

Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.

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