Stock Recommendations Today: L&T, Titan, Tata Motors, Britannia, Canara Bank On Brokerages’ Radar NDTV Profit Research NDTV Profit

Larsen & Toubro Ltd. is in sharp focus after both Goldman Sachs and Investec weighed in on its March quarter earnings. While Goldman Sachs trimmed its target price citing macro uncertainty and rising global exposure, Investec remains bullish, highlighting strong cash flows, robust order prospects, and upbeat management commentary. 

Titan Company Ltd. is on both Morgan Stanley and Macquarie’s radar as they flagged a strong March quarter, highlighting margin resilience and potential upside to earnings estimates. Brokerages are backing its strategy of chasing market share over short-term profitability.

Tata Motors Ltd. is also in focus as Morgan Stanley sees partial relief for Jaguar Land Rover from the UK-US tariff deal, though warns that China remains a pressure point.

Britannia Industries Ltd. got a nod from Macquarie for a clean Ebitda beat, though margin clarity is still awaited. Canara Bank’s earnings got a boost from one-off recoveries, but Morgan Stanley flagged weak core profitability.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the key brokerage calls to watch on Friday.

On Larsen & Toubro

Goldman Sachs

• Retains a ‘neutral’ rating on the stock and lowers target price to Rs 3,260 apiece from earlier Rs 3,330.

• Fourth quarter saw strong order inflow and a fiscal year 2026 order prospect base of Rs 19 trillion, up around 60% year-on-year.

• Core Ebitda margins stood at 8.5%.

• Prospect base increase is largely driven by international orders.

• Maintains cautious stance amid macro uncertainty and rising international exposure.

Investec

• Retains a ‘buy’ rating on the stock and raises target price to Rs 4,115 apiece from earlier Rs 4,030.

• Reports decent fourth quarter results with confident guidance and commentary.

• Domestic business was muted, but international segment delivered exceptionally strong performance.

• Strong cash flow supported by working capital reduction.

• Robust project pipeline provides earnings visibility.

On Titan

Morgan Stanley 

• Retains an ‘overweight’ rating on the stock and a target price of Rs 3,876 apiece.

• Fourth quarter was a beat in pursuit of a gold-class delivery.

• Appreciates the management’s focus on chasing market share over margins.

• The company beat estimates on growth and profitability despite high gold prices.

• Management expects 15-20% growth with Ebitda margins in the range of 11-11.5% for the fiscal year ending March 2026.

• Sees upside risk to consensus earnings estimates of 6-8%.

Macquarie

• Retains an ‘outperform’ rating on the stock and a target price of Rs 4,000 apiece.

• Fourth quarter Ebitda was ahead of expectations, driven by stronger jewellery margins.

• Projects strong double-digit sales growth.

• Expects 11-11.5% margin in the jewellery segment for the fiscal year ending March 2026.

Morgan Stanley On Canara Bank

• Retains an ‘underweight’ rating on the stock and a target price of Rs 80 apiece.

• Fourth quarter profit after tax beat estimates by 23%, aided by strong non-performing loan recoveries.

• Core pre-provision operating profit growth was below expectations due to higher operating costs.

• Net interest income was 2% above estimates, supported by interest income write-backs on non-performing loans.

• While asset quality is currently strong, sustainability remains uncertain.

Macquarie On Britannia

• Retains an ‘underperform’ rating on the stock and a target price of Rs 4,600 apiece.

• Fourth quarter Ebitda beat was led by lower employee costs.

• Estimates underlying fourth quarter volume growth at around 8%.

• Awaiting clarity on the Ebitda margin trajectory as input costs have corrected meaningfully in recent months.

Morgan Stanley On Asian Paints

• Retains an ‘underweight’ rating on the stock and a target price of Rs 2,126 apiece.

• Projects a cautious growth outlook for the near term.

• Competitive intensity remains high, with a strategic focus on offering the right value proposition rather than chasing market share.

• Maintains Ebitda margin guidance at 18-20%.

Macquarie On Pidilite

• Retains an ‘underperform’ rating on the stock and a target price of Rs 2,600 apiece.

• Fourth quarter Ebitda missed estimates due to higher marketing spend.

• Reports healthy volume-led growth across both the consumer bazaar and business-to-business verticals.

• Continues to maintain a cautiously optimistic demand outlook.

Morgan Stanley On Tata Motors

• Retains an ‘equal-weight’ rating on the stock and a target price of Rs 853 apiece.

• Notes that the UK-US trade agreement offers partial relief for Jaguar Land Rover.

• The United States will allow the United Kingdom to export 100,000 vehicles at a 10% tariff.

• This is positive for Jaguar Land Rover as most competitors already have US-based manufacturing.

• China remains highly competitive, while the United States has emerged as the key growth market.

• Jaguar Land Rover’s US retail sales rose 28% year-on-year in the fiscal year ending March 2025, with North America’s share increasing to 29%.

• Current US sales are fully covered under the 100,000-unit 10% tariff quota.

• Future sales growth may fall under the 25% tariff bracket.

• Phasing out of the Jaguar brand may create growth headroom for Land Rover until the new electric vehicle lineup is launched.

BofA On Zee Entertainment

• Retains an ‘underperform’ rating on the stock and a target price of Rs 102 apiece.

• Fourth quarter revenue was in line with estimates, but Ebitda missed expectations.

• Near-term outlook remains subdued.

• Advertising business not yet out of the woods; Zee5 breakeven expected in two years.

Citi On India Strategy

• Fourth quarter Ebitda growth stands at 6% year-on-year so far, ahead of subdued expectations.

• Earnings per share estimates for the fiscal year ending March 2026 have been cut by around 2% since the quarter began.

• Commodity sectors such as energy and materials have delivered strong Ebitda growth and earnings beats.

• Consumer discretionary and staples have reported in-line Ebitda growth in the mid-teens or low single digits.

• Information technology sector results are slightly below estimates with mid-single-digit Ebitda growth.

• Large banks have posted adjusted pre-provision operating profit growth of around 12% year-on-year, ahead of expectations.

• Sets Nifty target of 26,000 by December 2025, implying a 7% upside.

Citi On Mahindra & Mahindra Financial Services

• Retains a ‘neutral’ rating on the stock and a target price of Rs 300 apiece.

• Announces rights issue of 154.44 million shares, resulting in 12% equity dilution.

• Issue price set at Rs 194 per share, a 24% discount to current market price and a 23% premium to book value.

• Notes marginal accretion to book value is a better outcome compared to previous issuance.

. Read more on Markets by NDTV Profit.Here are all the top calls from analysts you need to know about on Friday.  Read MoreMarkets, Business, Notifications 

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