Morgan Stanley maintained its overweight rating on Titan with the target price at Rs 5,182. Analysts projected a 19% annual jewellery revenue growth for Titan through FY30. The company is aiming to increase market share from 8.5% to 11%. Its gold exchange programs now drive about 50% of the revenue, and despite stricter import documentation, supply remains secure. Analysts also said that the company’s jewellery demand saw a brief impact after the Prime Minister’s comments recently but has rebounded. They also said that the plain gold opportunity remained large. The company plans to double its eye care market share by FY30, targeting 100 new store openings in FY27. CLSA has an outperform rating on Bharti Airtel with the target price at Rs 2,310. Analysts said the IPO for Airtel Money, Bharti Airtel’s Africa mobile money business, is scheduled for the second half of 2026. Airtel Money reportedly could raise $1.5-2 billion at a potential valuation of $10 billion, up four-fold from 2021, implying about 60% of Airtel Africa’s market cap. Airtel Money’s FY26 revenue was up 36% on the year (YoY) to $1.4 billion, while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 31% YoY to $689 million. Airtel Money penetration is low at 29% of Airtel Africa’s own mobile subscribers of 184 million as Nigeria has yet to ramp up. Thus, strong growth could likely continue. Airtel Money business contributes about 20% of the region, Africa accounts for 25% of Bharti Airtel’s consolidated operations. Goldman Sachs maintained its buy rating on Adani Ports & SEZ with the target price raised to Rs 1,870. Analysts said May 2026 cargo volumes reached 48.3 million tonnes, a 16% YoY increase, driven by a 33% rise in liquids and 17% in containers. Quarter-to-date cargo volumes are at 91.4 million tonnes, up 15% YoY and exceeding analyst expectations. Thermal coal handling is rebounding and expected to remain strong through the summer. May logistics rail volumes were 48,170 container units, reflecting a 19% YoY decline. The key growth drivers include Tata Power-linked coal at Mundra, the Vizhinjam transshipment ramp-up, liquid cargo at Mundra, and multimodal logistics parks. Earnings estimates and target price are revised upward due to strong volume momentum and improving return on capital employed (ROCE). JP Morgan has an overweight rating on Maruti Suzuki with the target price at Rs 16,415. Analysts placed the stock on positive catalyst watch in April driven by several factors. For one, analysts believe that the first-time buyer (FTB) segment should continue to revive in the aftermath of the GST cuts. The company, having a disproportionate share in the segment, should be a beneficiary of the same. The company’s outstanding order book and new capacity ramp-up should enable it to gain market-share. As expected by the analysts, Maruti’s Apr-May 2026 volumes have recovered sharply with wholesale and retail growths at 38% and 22% YoY, respectively. Its retail market-share has also expanded (1.2 percentage points YoY to 40%). However, the stock has underperformed the Nifty Auto index by 4% since the beginning of FY27. Analysts believe this is driven by fears of commodity driven margin compression. Their thesis is that margins could bottom in H1FY27 and improve in H2FY27/FY28. Nomura has a buy on M&M with the target price at Rs 4,580. Analysts said the company’s strong growth outlook was intact. They expect its capacity and model cycle would drive growth. They attended the company’s Asia conference and there were some important takeaways from the same. In the UV space, M&M is optimistic on demand outlook of mid-to-high teens volume growth for SUVs in FY27. Most of its models have high demand, but supplies have been affected over the past two months. The company expected this issue to be resolved in the coming months. The company also expected its SUV capacity to expand significantly by Mar ’27. The launch of its NU-IQ platform will be supported by this capacity expansion. The company plans to launch 10 ICEs and 6BEVs over FY27-FY31. M&M’s Nagpur plant will eventually have a capacity of 500k SUVs and 100k tractors which will commence operation in 2028.
