Citigroup has a buy rating on Bharti Airtel with the target price at Rs 2,225. Analysts said the telecom services major had a steady July Sept quarter (Q2FY26), with India mobile, homes, and business segments all modestly above expectations. They said India mobile revenue and earnings before interest, taxes, depreciation and amortization (EBITDA) grew 2.5-4% on the quarter (QoQ) that was ahead of estimates, with slightly higher ARPUs offsetting slightly lower subscriber additions. Homes revenue and EBITDA both grew ~8.5%, both ahead of estimates, driven by robust subscriber additions. Airtel’s business revenue growth normalised to 4% on the quarter. They also said the company’s 32% QoQ increase in India (ex-Indus) capex was a surprise.
Nomura has a buy rating on Titan with the target price at Rs 4,275. Analysts said the company’s Q2FY26 sales were strong and were largely in line with the pre-quarter update. However, margins were a bit lower on the year (YoY) but strong festive demand could drive an improvement in outlook. Its jewellery sales were in line though margins were a bit lower. Titan also reported a 13% growth in sales of watches, a little better than the pre-quarterly update of 12%. Its eyecare sales grew at 8.5% YoY, which was in line with the pre-quarter update. Titan also reported a 34% YoY growth in sales for its emerging businesses.
Morgan Stanley has an overweight rating on Ambuja Cements with the target price at Rs 650. Analysts said the cement major’s revenues were in line with estimates with volumes and realizations largely in-line. EBITDA/ton was at Rs 1,060, ahead of the brokerage’s estimates. Under exceptionals, the company recognised losses aggregating Rs 220 crore to account for outstanding government grant, Rs 1,700 crore tax reversals. The company also upped its FY28 capacity target from about 140 million ton to about 155 million ton, led by debottlenecking.
Macquarie has an outperform rating on Westlife Foodworld with the target price at Rs 750. Analysts said Q2FY26 EBITDA was below their and the market’s consensus estimates. The company is investing for growth while a pick-up in demand was the key. They also said limited signs of an industry recovery remain a concern.
Jefferies has a buy rating on Ajanta Pharma with the target price at Rs 3,320, up from Rs 3120. Analysts said Ajanta Pharma’s Sept quarter numbers beat estimates and the outlook for the company remains strong. They said FY26 guidance pointed towards continued strength in the USA and increased sales growth in Africa. Analysts see EBITDA margin at 27% due to ongoing investments in Asia and Africa.
Nomura has a buy rating on Titan with the target price at Rs 4,275. Analysts said the company’s Q2FY26 sales were strong and were largely in line with the pre-quarter update. However, margins were a bit lower on the year (YoY) but strong festive demand could drive an improvement in outlook. Its jewellery sales were in line though margins were a bit lower. Titan also reported a 13% growth in sales of watches, a little better than the pre-quarterly update of 12%. Its eyecare sales grew at 8.5% YoY, which was in line with the pre-quarter update. Titan also reported a 34% YoY growth in sales for its emerging businesses.
Morgan Stanley has an overweight rating on Ambuja Cements with the target price at Rs 650. Analysts said the cement major’s revenues were in line with estimates with volumes and realizations largely in-line. EBITDA/ton was at Rs 1,060, ahead of the brokerage’s estimates. Under exceptionals, the company recognised losses aggregating Rs 220 crore to account for outstanding government grant, Rs 1,700 crore tax reversals. The company also upped its FY28 capacity target from about 140 million ton to about 155 million ton, led by debottlenecking.
Macquarie has an outperform rating on Westlife Foodworld with the target price at Rs 750. Analysts said Q2FY26 EBITDA was below their and the market’s consensus estimates. The company is investing for growth while a pick-up in demand was the key. They also said limited signs of an industry recovery remain a concern.
Jefferies has a buy rating on Ajanta Pharma with the target price at Rs 3,320, up from Rs 3120. Analysts said Ajanta Pharma’s Sept quarter numbers beat estimates and the outlook for the company remains strong. They said FY26 guidance pointed towards continued strength in the USA and increased sales growth in Africa. Analysts see EBITDA margin at 27% due to ongoing investments in Asia and Africa.
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