Morgan Stanley has assigned an equal weight rating to State Bank of India (SBI) with a target price of Rs 980. Analysts highlighted that the primary focus during the analysts' call was on the sharp decline in net interest margin (NIM). The bank's management anticipates some recovery in NIM from the fourth quarter of FY26, driven largely by loan yield recovery. While analysts expect some improvement, they have reduced the FY27 NIM forecast by more than 20 basis points (100 basis points equals 1 percentage point). Additionally, earnings per share (EPS) estimates for FY27 and FY28 have been cut by 4% and 2%, respectively. Management guided for FY27 loan growth of 13-15%, assuming no significant macroeconomic deterioration.
Goldman Sachs on Titan
Goldman Sachs has a buy rating on Titan with a target price of Rs 5,400. Analysts noted that Titan reported a domestic jewellery earnings before interest and taxes (EBIT) margin of 11.1%, surpassing investor expectations that ranged from 10.5% to 11%. Within the domestic jewellery business, the Tanishq, Mia, and Zoya (TMZ) segment achieved an EBIT margin of 11.3%, while Caratlane recorded 8.3%. The domestic jewellery EBIT grew a robust 41% year-on-year. However, Titan's consolidated jewellery EBIT margin stood at 10%, down 100 basis points year-on-year, due to losses in the international business from store disruptions in West Asia and the consolidation of Damas financials starting Q4FY26. Management guided that the international jewellery business could return to positive margins within 2-3 quarters.
CLSA on Bank of Baroda
CLSA has an outperform rating on Bank of Baroda (BoB) with a target price of Rs 335. Analysts stated that BoB's Q4FY26 profit before tax (PBT) was in line with estimates but included several one-off items such as interest on IT refund, employee provision reversals, and floating provisions. The lender's core performance was mixed. Loan growth accelerated to 16.5% year-on-year, outperforming many peers. Deposit growth marginally improved to 12% year-on-year, while the current account and savings account (CASA) ratio increased slightly quarter-on-quarter. Although the bank's reported NIM improved by 10 basis points quarter-on-quarter, analysts believe this was driven by interest on IT refund, and core NIM likely declined. Management guided for NIMs of 2.75-2.95% in FY27 and expects similar interest on IT refunds throughout FY27.
Nomura on Swiggy
Nomura has a buy rating on Swiggy with a target price of Rs 473. Analysts noted that the company's strong growth in the food delivery (FD) business continued, while growth moderation in quick commerce (QC) reflects a strategy to avoid irrational competition. They believe Swiggy is well-funded to withstand competition in the QC segment. At the current market price, investors are assigning negative value to the QC business, and analysts think Swiggy needs to improve its execution toward profitability for the stock to perform well. A key risk remains continued intense competition in QC.
HSBC on Hyundai
HSBC has a buy rating on Hyundai with a target price of Rs 2,400, raised from Rs 2,200 earlier. Analysts cited market share recovery as a key growth driver. Hyundai announced two FY27 launches—an ICE SUV and an electric SUV—both critical to the company's success. Currently, Hyundai is at a cyclical low, and analysts expect margins and volume recoveries from the second half of FY27. They also anticipate benefits from new launches and product stabilization at the Pune plant.
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