Several stocks are expected to remain in focus on May 21 after major global brokerages revised ratings, target prices, and outlooks following recent quarterly earnings and business updates. Companies such as Ola Electric, Apollo Hospitals Enterprise, BPCL, Jubilant FoodWorks, Samvardhana Motherson and PI Industries saw fresh commentary from brokerages including Macquarie, HSBC, Jefferies, CLSA, Citi, and Nomura.
Apollo Hospitals
Macquarie maintained an “Outperform” rating on Apollo Hospitals Enterprise with a target price of ₹6,230. The brokerage said the company’s Q4 revenue, EBITDA and adjusted PAT came in slightly above consensus expectations. EBITDA margin stood at 15.3%, beating estimates by 58 basis points.
The brokerage also highlighted Apollo’s announced merger of its Mother & Child and Fertility care businesses with Cloudnine. The transaction values Apollo’s businesses at ₹15.5 billion and includes a mix of cash and equity stake in the combined entity.
Ola Electric
Brokerages remained cautious on Ola Electric despite management commentary around demand recovery and margin expansion.
HSBC maintained a “Reduce” rating and cut the target price to ₹33, citing weak volume growth and delays in battery cell production scaling. The brokerage said these delays may reduce a key competitive advantage for the company.
Citi retained a “Sell” rating with a target price of ₹26. The brokerage noted that Q4 performance was below estimates due to lower average selling prices. However, it acknowledged improvement in gross margins and the company’s focus on cost reduction and cash flow generation. Citi added that EBITDA could remain under pressure if volumes fail to improve meaningfully.
Samvardhana Motherson
Jefferies maintained a “Buy” rating on Samvardhana Motherson with a target price of ₹160. The brokerage expects a 26% EPS CAGR over FY26-28 and highlighted strong EBITDA growth during Q4. It also expects recent acquisitions and expansion into electronics and aerospace businesses to support future growth.
CLSA maintained an “Outperform” rating with a target price of ₹173. The brokerage said Q4 EBITDA margins came in higher than estimates, while revenue growth was supported by strong traction in emerging businesses such as aerospace and consumer electronics.
Jubilant FoodWorks
Jubilant FoodWorks also remained in focus after mixed Q4 commentary from brokerages.
HSBC downgraded the stock to “Hold” and cut estimates, citing moderation in like-for-like growth and inflation-related concerns. The brokerage noted that near-term growth may depend heavily on activation-led demand.
CLSA maintained an “Outperform” rating with a target price of ₹520, highlighting margin improvement and better-than-expected EBITDA margins. The brokerage said discontinuation of Dunkin operations could support margins further.
Jefferies retained a “Buy” rating but reduced the target price to ₹600 from ₹850. It noted that flat same-store sales growth and cautious margin commentary indicate that a broader turnaround may still take time.
BPCL
Nomura maintained a “Buy” rating on Bharat Petroleum Corporation with a target price of ₹365. The brokerage expects strong gross refining margins in Q4FY26 driven by inventory gains and higher cracks. It also said key projects under implementation could support the next growth cycle.
Jefferies also maintained a “Buy” rating with a target price of ₹415. The brokerage highlighted inventory gains and attractive valuations compared to peers, though it flagged challenges including higher freight costs, crude premiums and currency depreciation.
PI Industries
Jefferies maintained a “Buy” rating on PI Industries with a target price of ₹3,575 despite weaker-than-expected EBITDA and PAT. The brokerage expects growth recovery in FY27 supported by new molecules and a favourable base.
HSBC maintained a “Hold” rating with a target price of ₹3,000, citing continued weakness in core businesses and pressure on EBITDA margins due to higher overheads.
Disclaimer: The views and recommendations shared above are those of individual brokerages and analysts. Investors should consult certified financial advisors before making investment decisions.