Goldman Sachs has maintained its neutral rating on Jubilant Foodworks while cutting the target price to Rs 460 from Rs 480. Analysts noted that the company's EBITDA for the January-March quarter (Q4FY26) was slightly ahead of estimates, driven by the classification of Dunkin' as discontinued operations. However, they flagged near-term margin pressures from energy, wage, and raw material inflation. Domino's Pizza's like-for-like (LFL) growth in India stood at 0.2% year-on-year. The average bill value declined due to a lower free-delivery threshold, though management indicated that bill values are expected to stabilize in early Q1FY27. Analysts anticipate Domino's India growth to lag behind peers in FY27.
Nomura Bullish on BPCL
Nomura has issued a buy rating on BPCL with a target price of Rs 365. Analysts highlighted the refiner's strong gross refining margin (GRM) in Q4FY26, attributed to higher cracks and likely inventory gains. They expect HPCL's ongoing key projects to drive the next growth cycle, though capex intensity will remain high. Earnings may bounce back in FY28 after a washout FY27.
Morgan Stanley Overweight on PI Industries
Morgan Stanley maintained its overweight rating on PI Industries with a target price of Rs 3,883. Analysts noted that the company expects to return to positive revenue growth in FY27, with improved traction in exports and the domestic agchem business. Its global biologicals business margins exceeded 60%, while the pharma business may take 2-3 years to double its revenue base. PI's commentary on agchem recovery was more cautious than peers. US registration has been granted for PI's bionematicide product, and the launch of Pioxaniliprole in India is expected this year.
Nuvama Upgrades Grasim Industries
Nuvama upgraded Grasim Industries to buy from hold, with a target price of Rs 3,546 (up from Rs 3,336). Analysts cited improving demand in Cellulosic Staple Fibre and margin-led growth in the chemical segment. The scaling-up of paints and B2B e-commerce businesses continues. They estimated that net debt/EBITDA is likely to be below 3.5x despite huge capex.
Motilal Oswal Maintains Buy on Bharat Electronics
Motilal Oswal Securities maintained its buy rating on Bharat Electronics with a target price of Rs 510 (down from Rs 520). Analysts expect strong margin performance to continue, with revenue growth exceeding 15% over the next few years. Order inflows are expected to exceed Rs 55,000 crore in FY27. Large opportunities are emerging in indigenous data center solutions, with initial opportunities estimated between Rs 1,000 crore and Rs 5,000 crore, potentially scaling up to Rs 10,000 crore. The Quick Reaction Surface-to-Air Missile (QRSAM) contract is expected to be finalized by June-July 2026.
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