𝗧𝗼𝗽 𝗦𝘁𝗼𝗰𝗸𝘀 𝗧𝗼 𝗪𝗮𝘁𝗰𝗵 𝗼𝗻 𝗝𝘂𝗻𝗲 𝟴: 𝗧𝗶𝘁𝗮𝗻, 𝗕𝗵𝗮𝗿𝘁𝗶 𝗔𝗶𝗿𝘁𝗲𝗹, 𝗔𝗱𝗮𝗻𝗶 𝗣𝗼𝗿𝘁𝘀, 𝗠𝗮𝗿𝘂𝘁𝗶 𝗦𝘂𝘇𝘂𝗸𝗶, 𝗮𝗻𝗱 𝗠𝗠

Morgan Stanley rates Titan overweight with a target price of Rs 5,182. Analysts project 19% annual jewellery revenue growth through FY30. The company aims to grow market share from 8.5% to 11%. Gold exchange programs now drive about 50% of revenue. Supply remains secure despite stricter import rules. Jewellery demand dipped briefly after recent comments from the Prime Minister but has since rebounded. The plain gold opportunity remains large. The company plans to double its eye care market share by FY30 and open 100 new stores in FY27.

CLSA rates Bharti Airtel outperform with a target price of Rs 2,310. Airtel Money, the Africa mobile money unit, plans an IPO in the second half of 2026. The unit reportedly seeks to raise $1.5 to $2 billion at a $10 billion valuation. This marks a four-fold jump from 2021 and equals about 60% of Airtel Africa's market cap. FY26 revenue hit $1.4 billion, up 36% year over year. Earnings before interest, taxes, depreciation, and amortisation rose 31% year over year to $689 million. The service reaches 29% of Airtel Africa's 184 million mobile subscribers. Nigeria has yet to scale up. Airtel Money makes up about 20% of the Africa region. Africa accounts for 25% of Bharti Airtel's consolidated operations.

Goldman Sachs maintains a buy rating on Adani Ports and raised the target price to Rs 1,870. May 2026 cargo volumes hit 48.3 million tonnes, up 16% year over year. Liquids rose 33% and containers rose 17%. Quarter-to-date cargo stands at 91.4 million tonnes, up 15% year over year. Thermal coal handling is rebounding and is expected to stay strong through the summer. May logistics rail volumes fell 19% year over year to 48,170 container units. Growth drivers include Tata Power-linked coal at Mundra, the Vizhinjam transshipment project, liquid cargo at Mundra, and multimodal logistics parks. Earnings estimates and the target price moved up due to strong volume momentum and improving return on capital employed.

JP Morgan memberikan peringkat overweight untuk Maruti Suzuki dengan target harga Rs 16.415. Para analis menempatkan saham tersebut dalam pantauan katalis positif pada bulan April. Mereka memperkirakan segmen pembeli pertama akan terus pulih setelah pemotongan GST. Perusahaan memegang pangsa pasar yang besar di segmen ini. Order book dan kapasitas barunya diharapkan dapat membantu perusahaan meningkatkan pangsa pasar. Volume grosir pada April-Mei 2026 melonjak 38% secara year-on-year (YoY). Volume ritel tumbuh 22% secara YoY. Pangsa pasar ritel meningkat 1,2 poin persentase secara YoY menjadi 40%. Saham ini telah tertinggal 4% dari indeks Nifty Auto sejak awal FY27. Analis memperkirakan margin akan mencapai titik terendah pada paruh pertama FY27, kemudian membaik pada paruh kedua FY27 dan FY28.

Nomura memberikan peringkat buy untuk M&M dengan target harga Rs 4.580. Analis memperkirakan kapasitas dan model-model baru akan mendorong pertumbuhan. Perusahaan mengharapkan pertumbuhan volume di kisaran belasan persen (mid-to-high teens) untuk SUV pada FY27. Sebagian besar model menghadapi permintaan yang tinggi, namun pasokan mengalami kendala selama dua bulan terakhir. Perusahaan berharap masalah ini segera teratasi. Kapasitas SUV diperkirakan akan berkembang secara signifikan pada Maret 2027, yang akan diikuti dengan peluncuran platform NU-IQ. Perusahaan berencana meluncurkan 10 kendaraan mesin pembakaran internal (internal combustion engine) dan 6 kendaraan listrik berbasis baterai (battery electric vehicles) dari FY27 hingga FY31. Pabrik di Nagpur akan memproduksi 500.000 SUV dan 100.000 traktor mulai tahun 2028.