Brokerage Views: Titan, Bharti Airtel Get Target Price Hikes, Nuvama On NMDC And More

Titan Co. and Bharti Airtel Ltd. got target price hikes from brokerages, with Citi Research factoring in better demand trend on the back of custom duty cut for Titan. Jefferies forecast two telecom tariff hikes in the next two years and a better competitive advantage for Bharti Airtel.

NDTV Profit tracks what brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Friday.

Citi On Titan

Maintained 'neutral' rating on the stock and increased target price to Rs 4,110 per share from Rs 3,510 apiece, a potential upside of 11% over the previous close.
Marginally increased revenue and earnings-per-share estimates by 1% and 3% respectively for the next two years.
Factoring in better demand trend on the back of custom duty cut.
The target price is based on 65 times the June 2026 EPS estimate for the standalone business, and set at 15% premium to stock’s 10-year historical average.
Also adds an additional value for the company’s stake in CaratLane at 6 times the June 2026 sales estimates.

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Jefferies On Bharti Airtel

Retained 'buy' rating on the stock with a target price of Rs 1,970 apiece, a potential upside of 20.5%.
Jio’s growth target may require multiple tariff hikes. Its recent lead indicates step in this direction.
Its rising focus on monetisation gives indication of another hike in mid 2025.
Vodafone Idea's revenue market share has fallen further.
By the time Vodafone Idea completes network investments, it may see further decline in market share.
It would, therefore, require more tariff hikes to bridge the gap between cashflows and dues payable.
It forecasts two tariff hikes in second quarters of fiscal 2026 and 2027.
It expects Bharti Airtel to deliver 17% and 19% CAGR in India revenues and operating profit (Ebitda) over the next three years.
It expects deleveraging by $9.5 billion over the next two years.

Motilal Oswal: Monthly Metals Report

Steel prices down 3% month-on-month in August on muted demand and weak global sentiments.
Channel checks suggest steel prices could remain subdued next few months.
It expects recovery steel prices at start of the second half of the current fiscal.
Muted input prices may partially cushion the weakening spreads.

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Nuvama On NMDC

The stock has been under pressure due to falling iron ore prices.
It reckons global iron ore prices have bottomed out and will move higher now.
The key positive is the company's prices, trading at 21% discount to landed import cost.
It sees lower chance of NMDC cutting prices and cuts of Rs 200-300 per tonne, if any.
It expects volume recovery from October and logistics constraints to ease in the second half of the current fiscal.
It noted that current valuations are inexpensive at 7.6 times the fiscal 2026 price-to-earnings ratio.

Citi On Kalyan Jewellers

Maintained 'buy' on the stock and increased the target price to Rs 770 per share, compared to Rs 650 apiece earlier, a potential upside of 17% over the previous close.
The target price is based on 60 times the June 2026 estimated consolidated EPS, set at an 8% discount to Titan.
Marginally increased two-year revenue and EPS estimates by 1% and 3%.
Factoring in better demand trend on the back of custom duty cut.
Target multiple raised to 60 times compared 52 times earlier given broader rerating.
There is ample room for the stock to re-rate, provided there is steady execution.
Stock specific or technical factors like PE stake overhang or stock liquidity issues also affect headline multiples.

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Motilal Oswal On Granules India

Reiterated 'buy' call with a target price of Rs 680 per share, a potential 20% upside.
It expects 36% earnings CAGR over the next two years.
USFDA issued Form 483 with six observations at Gagillapur site that flagged cleaning/maintenance issues, inadequate root-cause analysis, document management problems, lack of in-process controls and concerns over air purification units.
It is awaiting USFDA classification to assess long-term compliance.
No major product approvals pending from this site.
Gagillapur inspected six times. Previous inspections resulted in voluntary action or no action classifications.
The management is working to resolve USFDA issues within the timeframe.
Gagillapur inspection a near-term hurdle for US growth.
The company has focus on niche pipeline like oncology and innovative products.
An earnings growth of 36% compounded annually is expected over next two years.

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Jefferies On Bharti Hexacom

Upgraded the company to a 'buy' rating, with a target price of Rs 1,600 per share, a potential upside of 29%.
It forecasts two tariff hikes in second quarters of fiscal 2026 and 2027.
Expects the company to deliver 19% and 25% CAGR in revenue and Ebitda over the next three years.
Its faster growth to Airtel keeps valuations at premium to Airtel’s India operations.
Company valued at 14.5 times the enterprise value-to-Ebitda.

Also Read: Bharti Airtel Gets A Target Price Upgrade On Tariff Hike Expectations

Jefferies On Zomato

Maintained 'buy' with target price of Rs 335 apiece, an upside of 23%.
Gross order value likely to ramp up at a CAGR of 20%.
Restaurant take rates largely optimised at 22% of GOV.
Margins should still improve steadily to 4-5% of GOV.
Dark stores could eventually expand to service 4,000 orders per day versus 1,560 currently.
Dark store achieves breakeven at 1,200 orders per day.
Competition in the short term might put pressure on growth and margins.

Citi On Samvardhana Motherson

Maintained 'sell' rating with target price of Rs 105 per share, a likely downside of 43%.
Opening 90-day negative catalyst with headwinds to auto volumes.
Recent trends in auto volumes across key global markets have been weak.
OEMs have been guiding down on volume guidance, especially in Europe.
Further news flow on weakness in demand and inventory buildup could result in stock’s underperformance over the near term.
Board has approved raising of funds through various modes.
Further debt could stress balance sheet, net debt of Rs 16,000 crore.
Valuations at 38 times and 32 times the EPS estimate for fiscal 2025 and 2026 provide little comfort.
It appears to price in the potential growth in non-autos business.

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