GS on Titan
Buy, TP raised to Rs 4850
Sharp revenue acceleration to 40% YoY, driven by jewellery:
Jewellery growth accelerated sharply from 18% YoY in 1HFY26 to 41% YoY in 3QFY26, driven by all segments
Jewellery margins likely to moderate YoY due to adverse mix, but EBIT growth likely be very strong
Watches, eyewear and international business also saw strong growth
CITI on Titan
Neutral, TP Rs 4125
Standalone domestic jewellery (ex-bullion) reported 40% YoY growth (Citi est 25%) led by low-thirties LFL in 3QFY26 (gold prices were up ~55% YoY).
On Jewellery, management highlighted (a) revenue growth was driven by substantial increase in ASP; (b) flattish buyer growth; (c) gold coins sales doubled YoY; (d) plain gold jewellery grew in late-thirties while studded grew by mid-twenties supported by buyer growth in the sub-segment (we estimate studded ratio decline of 200-250bps YoY).
Tanishq added 10 stores in India and 2 in International markets.
CaratLane reported 42% YoY growth while growth for other standalone segments was: Watches & Wearables 13%, EyeCare 16%, Emerging Businesses 14%. Consolidated consumer business revenue growth ex-bullion was 40% YoY.
Nomura on Titan
Buy, TP Rs 4500
3QFY26E update: Significant beat
Consolidated sales growth (ex-bullion) of c.40% y-y much above est.
Jewellery (domestic including CaratLane): Sales growth of c.41% y-y, better than est. of 25%-30% y-y
Watches (domestic): In-line performance
Eyecare (domestic): In-line performance
Emerging business (domestic): Fashion Accessories continue strong growth
CLSA on Jubilant Food
U-P TP Rs 477
3QFY26 standalone sales of Rs18.02bn slightly below expectations (+11.8% YoY, below our/VA consensus estimates of 12.5%/13%).
Domino’s India LFL growth of 5% was in line with estimate.
Consolidated net sales growth was 13.4% YoY, with LFL growth of 6.3% for the Turkey business.
Jubilant was lapping higher LFL growth from this quarter
Jefferies on Lodha
Buy, TP Rs 1650
3Q pre-sales of Rs56.2bn, a record, were +25% YoY, tad above 22% growth estimate, & raise the 9MFY26 growth to 14%.
Management has reiterated its 20% pre-sales growth guidance.
Positive surprise was from large project add of Rs338bn GDV, which comes on top of Rs250bn guidance met in 1H.
Management believes the large new projects raise medium term growth perspective and should drive better margins ahead
Nomura on Lodha
Buy, TP Rs 1450
Co achieved highest-ever quarterly presales of Rs56.2bn (+25% y-y, 23% q-q; in line with est
Additionally, it has achieved 70% of its FY26F presales guidance YTD 3QFY26
Overall, co maintains its FY26E presales guidance of INR210bn, which pegs 4QFY26F presales at INR65bn (+35% y-y)
Notably, co did new business development (BD) with Gross Development Value (GDV) of INR338bn in 3QFY26F.
It has already achieved new BD of INR588bn YTD 3QFY26 (vs FY26F guidance of INR250bn), which believe underpins expectations for its FY27F growth.
Nomura on GCPL
Buy, TP Rs 1520
Consolidated revenue growth close to double digits, led by double-digit India volume growth — both above expectations
Margin trends — Meaningful improvement, as expected
For 3QFY26F, we expect consolidated margins of 20.7%, which should drive 12.8% y-y growth in EBITDA.
Nuvama on GCPL
Buy, TP Rs 1350
Q3 business update, which came in ahead of initial expectations driven by strong growth in Home care segment
Now reckon revenue/EBITDA shall grow 10%/~21% YoY (earlier 8%/18% YoY)
Volumes shall grow 10% YoY (initial estimate: 8% YoY).
Home care is likely to grow in double digits (~10% YoY) while personal care is likely to grow in mid-single digit (~5% YoY) led by a recovery in soaps.
Standalone EBITDA margins are likely to return to normalised levels (24–26%).
Internationally, Indonesia is likely to inch down 3% YoY on the back of continued competitive pricing pressure, whereas GAUM is likely to deliver a strong performance
Nuvama on Oswal Pumps
Initiate Buy, TP Rs 720
Co poised to capitalise on growing integration of agriculture and solar energy, especially given
i) OPL’s strong expertise in pump technology and in-house solar module manufacturing;
ii) Significant benefits to government and farmers over lifecycle
Reckon OPL shall report revenue/EBITDA/PAT CAGR of 21%/13%/11% over FY26–28E, given high base (66%/86%/95% over FY24–26E) & budget a modest delay in PM-KUSUM 2.0 scheme on a conservative basis
Nomura on Life Insurance
Miles to go, millions to take along
Distribution reforms can open up opportunities for high cost insurers; regulatory landscape still evolving
Estimate 170-225mn owned individual life & credit life/group protect policies; target market size of self-reliant ‘Atmanirbhar’ adults is about 500mn
Savings products dominate the life insurance industry but PPF far more popular in India; higher adoption of credit life in protection
Cracking the distribution code while regulator makes structural changes
SBI Life – Buy, TP Rs 2455
Max Fin – Buy, TP Rs 1935
HDFC Life – Neutral, TP Rs 815
ICICI Pru Life – Neutral, TP Rs 740
Jefferies on RIL
Buy, TP Rs 1830
RIL outperformed Nifty by 19% in CY25 on restoration of double-digit consol Ebitda growth after a weak FY25
See a tariff hike and Jio’s listing by mid-CY26 and restoration of mid-teens growth in Retail in FY27
Project 13% consol Ebitda growth in FY27 with Jio doing heavy lifting.
FMCG, New Energy and data center are other optionalities
Nomura on IDFC First BK
Initiate Buy, TP Rs 105
Initiate Buy as bank shifts from a multi-year investment & balance-sheet transition phase to one of sustained, broad-based profitability
Bank has built a strong liabilities franchise (50% CASA as of 1HFY26; borrowings at 13% of funding mix [vs. 32% in FY22]), & structurally shifted from a wholesale-led lender to a granular retail-focused model
Growth visibility remains strong, & expect loans/deposits to post 20%/22% CAGRs over FY26-28F
Furthermore, bank’s fee-income profile (>2% of average assets) is superior to peers
Expect bank to deliver a 39% core-PPOP CAGR over FY26-28F driven by 50bp moderation in cost-to-assets & 14bp improvement in NIMs
This, alongside a 35bp decline in credit costs, should lift RoA/RoE to 1.2%/11.8% by FY28F (from 0.6%/5.4% in FY26F) & drive a sector-leading EPS CAGR of 67% over FY26-28F.
MS India Strategy – Ridham Desai
Valuations, trailing performance, the macro, positioning and thegrowth cycle all signal improving stock returns in the months ahead
Growth signals – we are ahead of consensus and expect positive earnings revisions
RBI policy – which we think will support liquidity and loan growth
Policy reforms – several measures including privatization are likely underway
Forthcoming Union Budget could also contain capital market reforms
Morgan Stanley on IHCL
Downgraded to equalweight (from overweight) with target price ₹811 (from ₹780 earlier).
RevPAR cycle is growing but is not surprising on the upside.
India domestic hotel expected to grow at 9–10% in 3QFY26.
Room rates to rise by 8–9%; occupancies to be up by 1%.
Standalone RevPAR may see 8% growth due to limited slower growth on a higher base.
Expects the company to deliver a 10% YoY growth in standalone and consolidated EBITDA each.
FY26–28 EPS estimates see a 2–3% cut led by slightly lower RevPAR estimates and margins.
CLSA on Tata Motors PV
Maintains ‘Outperform’ with Price Target of Rs 450
Sun behind the dark clouds.
Ransomware attack, tariffs, and higher VME to impact FY26 FCF.
Scale revival and control on VME to drive margin recovery for JLR.
India business to benefit from market revival and new launches.
Macquarie on Devyani
Maintains ‘Outperform’ with Price Target of Rs 200
Guiding to better Pizza Hut performance.
Confident on merged entity driving stronger performance.
Likes the front-end nature of merger synergies and the constructive outlook on Pizza Hut margins.
Jefferies on JSW Energy
Maintains ‘Buy’ with Price Target of Rs 700
Interest in India’s power sector has picked up.
JSW Energy organically raised capacity by 3x in FY10–13.
EBITDA per unit is already up 16% YoY in H1FY26 at ₹2; FY26E assumption at ₹2.1.