Tata Consumer Products Ltd. was in focus in Thursday’s brokerage notes after the company reported its January-March earnings late on Wednesday. While the results were beat expectations, analysts flagged margin pressures and valuations as near-term constraints despite a constructive long-term outlook on its food and beverage portfolio.

Waaree Energies Ltd. also drew attention, with Jefferies downgrading the stock following a sharp rally, citing limited near-term upside despite a strong quarterly print.

LTIMindtree Ltd. saw a cut in target price, even as brokerages noted encouraging commentary from management on deal wins and near-term demand.

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

On Tata Consumer Products 

JPMorgan 

  • Retained a ‘neutral’ rating on the stock and raises the target price to Rs 1,100 apiece from earlier Rs 970.

  • Fourth quarter performance was in line with estimates.

  • • The company is aiming for double-digit revenue growth along with a gradual revival in margins.

  • Core India business saw tea volumes normalise, while salt performed well.

  • Recent rally in the share price has capped valuation-driven upside.

Jefferies

  • Downgraded to ‘hold’ from ‘buy’ and retains a target price of Rs 1,100 apiece.

  • Fourth quarter performance broadly in line with estimates.

  • Margins continued to face pressure from elevated cost inflation, especially in tea.

  • The stock has risen 24% year to date, pushing valuation to 70 times estimated earnings for fiscal year 2026.

  • Downgrade driven by valuations despite liking the long-term structural food story.

Jefferies On Waaree Energies

  • Downgraded to ‘underperform’ from ‘hold’ and raises target price to Rs 2,100 apiece from earlier Rs 2,030.

  • Fourth quarter results were strong, with positive guidance for fiscal year 2026.

  • Profitability is expected to inflect over fiscal years 2026 to 2027.

  • Expect lower imports into the United States in fiscal year 2026 due to high inventories and weak economics in the second half of fiscal year 2027 under the non-domestic content requirement.

  • Downgrade follows a rally of approximately 25% over the past month.

Goldman Sachs On LTIMindtree

  • Retained a ‘neutral’ rating on the stock and lowered the target price to Rs 4,210 apiece from earlier Rs 4,500.

  • The fourth quarter was muted, though near-term commentary and outlook were surprisingly robust.

  • Management appeared confident about closing a couple of large deals in the first quarter of fiscal year 2026.

  • Commentary on vertical performance diverged from industry peers.

  • Expects revenue growth to decelerate to 3.5% year-on-year in fiscal year 2026 compared to 5% in fiscal year 2025.

UBS Equity Strategy

  • Upgraded India to ‘neutral’ from ‘underweight’ but continues to prefer China as a key overweight market.

  • Positive view on India driven by four factors: expectation of a consumption-led recovery in fiscal years 2026 and 2027, lower oil prices aiding gross domestic product growth and inflation, better positioning versus Asian peers to absorb United States tariffs and global slowdown, and reasonable valuations.

  • Favours financials, consumption, and auto sectors while remaining cautious on industrials, information technology, and pharmaceuticals.

  • Forecasts 8% upside in the Nifty 50 index, with a one-year target of 26,000.

  • Top six ‘buy’ ideas include Hindustan Unilever Ltd., ICICI Bank Ltd., InterGlobe Aviation Ltd., Sun Pharmaceutical Industries Ltd., Trent Ltd., and TVS Motor Company Ltd.

  • Top ‘sell’ ideas are Asian Paints Ltd., Bajaj Finance Ltd., Cummins India Ltd., and Jubilant FoodWorks Ltd., where earnings assumptions are seen as unrealistic and downgrades are likely.

On Can Fin Homes

Morgan Stanley

  • Retained an ‘overweight’ rating on the stock and a target price of Rs 800 apiece.

  • Fourth quarter pre-provision operating profit was in line, and profit after tax beat estimates due to a lower tax rate.

  • Disbursement guidance was met.

  • Provision coverage for Stage 3 assets improved, and the management increased overlay provisions.

  • Outlook on loan growth for fiscal 2026 is key to future performance.

Jefferies

  • Retains a ‘buy’ rating on the stock and a target price of Rs 915 apiece.

  • The fourth quarter saw improvement in disbursements, though net interest income was marginally below estimates.

Jefferies On Dalmia Bharat

  • Retained a ‘buy’ rating on the stock and a target price of Rs 2,050 apiece.

  • Fourth quarter missed estimates on account of weak volumes, while unit Ebitda was in line.

  • Realisations were slightly below estimates, while costs remained close to projections.

Goldman Sachs On Bajaj Housing Finance

  • Retained a ‘sell’ rating on the stock and lowers the target price to Rs 82 apiece from earlier Rs 83.

  • Fourth quarter operations missed expectations with flat pre-provision operating profit on a sequential basis.

  • Spreads declined due to lower yields, and individual home loan growth was weaker than expected.

  • The data reflects a broader slowdown in industry growth.

  • Lower spreads are indicative of rising competitive intensity.

  • The stock continues to trade at a significant premium to valuation multiples of the former Housing Development Finance Corporation Ltd.

CLSA On Tata Communications

  • Retained an ‘outperform’ rating on the stock and raised the target price to Rs 2,100 apiece from earlier Rs 2,070.

  • The chief executive officer said medium-term digital growth will accelerate.

  • The company expects a 10–15% compound annual growth rate in data revenue and consolidated Ebitda by fiscal year 2028.

  • The forecast was lowered, but the long-term growth outlook remains strong.

  • Capital expenditure has increased, but gearing levels remain comfortable.

. Read more on Markets by NDTV Profit.Here are the top analyst calls to track this Thursday, curated by NDTV Profit.  Read MoreMarkets, Business, Notifications 

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