Several high-profile Indian companies are in focus today, August 8, as top brokerages including Citi, Jefferies, CLSA, Morgan Stanley, and HSBC released fresh commentary and target price revisions following Q1 earnings updates and industry developments.

Titan: Mixed signals on margins and outlook

Titan remains in the spotlight with mixed views.

  • Citi maintained a Neutral rating with a target price of ₹3,900. While revenue (ex-bullion) grew 17% YoY, EBITDA and PAT were 13% and 9% ahead of estimates, respectively. However, adjusted PAT (excluding a ₹1bn one-off) was in line. Citi remains cautious on medium-term profitability due to margin pressures, high gold prices, and increasing competition.

  • Jefferies reiterated a Buy and raised its target to ₹3,800, citing strong growth in jewellery and watches and positive margin surprise (partly one-off driven). It flagged that firm gold prices continue to impact buyer sentiment.

  • CLSA also maintained Outperform with a revised TP of ₹4,394, noting standalone sales growth of 21% YoY and improved jewellery margins at 11.5%, ahead of estimates.

Page Industries: Weak volume, cautious tone

Citi retained a Sell rating on Page Industries, cutting its TP to ₹36,800. Volume growth was just 1.9% YoY vs its estimate of 8.5%. Despite gross margin improvements, EBITDA and PAT missed estimates. Management attributed the weakness to delayed festive season and retail softness, offering no near-term catalyst.

Kalyan Jewellers: Strong growth and strategic pivot

Citi maintained a Buy rating on Kalyan Jewellers, hiking its target to ₹700. The company reported 31% YoY revenue growth and a 49% jump in PBT, supported by operational leverage and gains in platinum and silver. Strategic initiatives include a pilot for “lean credit procurement” and launching regional FoCo-brand stores.

Godrej Consumer (GCPL): Mixed Q1 but structural positives

Citi retained its Buy call with a TP of ₹1,400. While Q1 revenue grew 10% YoY in line with estimates, profitability missed, with EBITDA down 4% and PAT flat. The firm highlighted market share gains in India HI and continued strength in high-growth segments. Citi cut FY26–28 EPS by 6%.

Life insurers in focus: LIC and Max Financial

  • LIC: Citi maintained a Buy rating, TP ₹1,370. VNB grew 21% YoY with margin expansion due to better product mix and improving agency metrics.

  • Max Financial: Also rated Buy by Citi with a TP of ₹1,840, driven by 32% VNB growth and a favorable shift toward high-margin products like annuities and protection.

HPCL: Diverging views among brokerages

Brokerages had sharply different takes on HPCL post Q1 earnings.

  • Citi rated it Buy, TP ₹510, highlighting a strong 34% QoQ rise in EBITDA despite weak GRMs.

  • CLSA maintained Underperform, TP ₹340, pointing to losses in both refining and marketing, alongside forex loss surprises.

  • Jefferies also has an Underperform, TP ₹360, flagging full valuation and weak refining profitability.

  • Morgan Stanley remains most optimistic with an Overweight rating and TP of ₹516, stating PAT beat estimates even after adjusting for inventory losses. It sees earnings upside even if Russian crude sourcing is reduced.

Crompton Greaves Consumer: Margin pressure persists

CLSA retained an Outperform on Crompton, TP ₹375, but flagged weak results due to subdued demand in seasonal products, driving a 19% YoY fall in PAT. However, green shoots emerged toward quarter-end.

Ramco Cements: Realisations strong, volumes weak

  • Jefferies maintained Hold and raised TP to ₹1,020, citing strong realisations and improved unit EBITDA despite a 7% volume drop.

  • CLSA remained Underperform, TP ₹950, citing concerns over market share loss amid South India’s high competition despite profitability gains.

Bajaj Electricals: Disappointing performance

Morgan Stanley downgraded Bajaj Electricals to Underweight, TP ₹481, as revenue, EBITDA, and PAT declined 8%, 56%, and 70% YoY respectively. Consumer product sales underperformed sharply, with EBIT margin turning negative.

KIMS Hospitals: Growth intact despite margin hit

HSBC maintained Buy on KIMS, TP ₹805. While losses in new hospitals hurt EBITDA margins in Q1, the brokerage expects break-even within a year and sees the overall outlook as steady.

Disclaimer: The views and investment opinions expressed in this article are those of the respective brokerages—Citi, Jefferies, CLSA, Morgan Stanley, and HSBC—as cited. These do not represent the views or recommendations of this publication. Investors are advised to consult certified financial advisors before making any investment decisions. Ask ChatGPT

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