Kotak Institutional Equities has initiated coverage on Vedanta Aluminium with a target price of Rs 600. Analysts highlighted that Vedanta Aluminium (VAML), a pure-play aluminum producer, is well-positioned with sector-leading volume growth, accelerating backward integration, and a supportive industry backdrop. Capacity additions are expected to underpin approximately 6% volume compounded annual growth rate (CAGR) over FY26-FY29, while integration across bauxite and coal mines is set to materially lower costs by $150 per ton. A structural deficit in the aluminium market and elevated prices should further support earnings growth. Strong free cash flow is anticipated to drive rapid deleveraging and higher shareholder returns.
Reliance Industries: CLSA Outperform
CLSA has assigned an outperform rating to Reliance Industries with a target price of Rs 1,800. Analysts noted that over the next 12 months, a clear ramp-up is expected in RIL's solar and battery manufacturing, generation, and electrolyser gigafactory for the new energy ecosystem, even as it builds compressed biogas capacity. This segment could become a notable growth area in the medium term. Further details on these initiatives at the upcoming AGM will be closely watched. Industry events in 2026 could notably improve acceptance of perovskite-based solar modules and sodium-ion batteries, two technologies in which Reliance has invested. RIL's solar gigafactory is operational, while its Battery Energy Storage System (BESS) production is expected to start in 2026. The company also plans to become a large compressed biogas player. These technology investments may pay off and drive a rerating.
Tata Motors PV: Nomura Neutral
Nomura has a neutral rating on Tata Motors' passenger vehicle business with a target price of Rs 373. Analysts stated that JLR's FY27 guidance was slightly below estimates. The company plans double-digit revenue growth over the next few years and expects an FY27 earnings before interest and taxes (EBIT) margin of 4% and free cash flow breakeven. At 3.5x FY28 enterprise value (EV)/EBITDA, the current valuation is undemanding but in a fair zone given the risks.
Shyam Metalics: Jefferies Buy
Jefferies has a buy rating on Shyam Metalics, raising the target price to Rs 1,150. Analysts highlighted several takeaways from the company's investor day. The company reiterated its target of nearly tripling EBITDA to Rs 6,200 crore over FY26-FY31. It is expanding capacity across stainless steel, carbon steel, and sponge & pig iron, which should drive strong volume growth ahead. While achieving margin guidance would depend on market spreads and product mix, analysts like the company's strong growth focus and expanding product portfolio. They expect a 16% EBITDA CAGR over FY26-FY29.
Titan: Citigroup Neutral
Citigroup has a neutral rating on Titan with a target price of Rs 5,075. Analysts attended the management meeting and noted key takeaways. Gold demand has seen a clear divergence between investment and consumption demand, with investment demand ramping up materially in H2FY26. Jewellery consumption demand has seen some softness due to high gold prices and uncertainty, but management indicated that momentum remains strong, with May not seeing any significant impact except for some deferral of around 8–10 days. Sourcing has become a key strategic focus after the West Asia war started in late February. Buyer growth remains the key management focus, especially at the entry price point below Rs 1 lakh, where pressure is higher. Studded jewellery growth appears to be improving as the earlier LGD-led consumer pause eases. Margins should remain in a narrow band assuming stable gold prices and relatively lower coin growth.
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