Research Recommendations – August 8

Consumer & Retail

Titan Company (Jewellery, Watches)

Jefferies: Buy | TP ₹3800

Strong growth across segments, margin gain aided by 1-offs

CLSA: Outperform | TP ₹4394

21% YoY growth; jewellery margin (ex-bullion) at 11.5%

Citi: Buy | TP ₹3900

Growth in-line; cautious on margins due to competition, high gold prices

Page Industries (Apparel)

Goldman Sachs: Buy | TP ₹50,000

PAT beat; gradual volume recovery expected; benefits from lower competitive intensity

Kalyan Jewellers

Citi: Buy | TP ₹700

Revenue up 31% YoY; EBITDA/PBT beat led by operating leverage

Godrej Consumer Products

Jefferies: Buy | TP ₹1450

Margin pressure persists, but positive long-term outlook

Crompton Consumer

Goldman Sachs: Buy | TP ₹380 (from ₹420)

Growth challenging but risk-reward remains favorable

Financials & Insurance

AU Small Finance Bank

Morgan Stanley: Overweight | TP ₹860

Universal Bank license = big positive for visibility & growth

Goldman Sachs: Buy | TP ₹979

Strategic optionality secured; governance confidence reaffirmed

Max Financial

Jefferies: Buy | TP ₹1830

VNB beat; better product mix

Citi: Positive mix shift driving margin expansion

LIC

Citi: Buy | TP ₹1370 (from ₹1320)

Strong VNB growth; margin uptick; agency green shoots

Industrials & Capital Goods

Cummins India

Nomura: Buy | TP ₹3800

Strong Q1 beat; +26% revenue YoY; exports and domestic growth

Healthcare & Hospitals

Fortis Healthcare

Jefferies: Buy | TP ₹1030 (from ₹820)

All-round Q1 beat; hospital + diagnostics recovery and growth outlook strong

Emcure Pharma

Jefferies: Buy | TP ₹1610 (from ₹1400)

Continued growth; 150bps margin expansion; strong domestic outlook

Oil & Gas / Energy

HPCL

Jefferies: Underperform | TP ₹360 (from ₹315)

Weak Q1 refining; LPG losses uncompensated

Morgan Stanley: Overweight | TP ₹516

Core PAT beat; even with shift from Russian crude, earnings have upside

IT & Tech

Birlasoft

Nomura: Neutral | TP ₹400 (from ₹410)

Tepid deal wins; growth/margin concerns; among cheapest in coverage

Media & Entertainment

Sun TV Network

Motilal Oswal: Neutral | TP ₹600 (from ₹625)

Weak ad recovery; EBITDA/PAT estimates cut for FY26-27

Stock Exchange & Financial Platforms

BSE Ltd

Jefferies: Hold | TP ₹2790 (from ₹2900)

Q1 healthy but soft option volumes; slight EPS cut

Goldman Sachs: Neutral | TP ₹2550

EPS beat on lower OPEX; guidance stable on regulatory expenses