Analysts Rate Jubilant Foodworks Neutral, See Margin Pressure

Goldman Sachs maintained its neutral rating on Jubilant Foodworks with the target price cut to Rs 460 from Rs 480 earlier. Analysts said that in the Jan-March quarter (Q4FY26) the company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) was slightly ahead of estimates due to Dunkin’ classification as discontinued operations. Analysts flagged near-term margin pressure from energy, wage and raw material inflation. Domino’s Pizza’s like for like (LFL) growth in India was 0.2% on the year (YoY). The average bill value declined due to lower free-delivery threshold. The management indicated bill values to stabilise in early Q1FY27. Analysts expect Domino’s India growth to lag peers in FY27. Nomura has a buy rating on BPCL with the target price at Rs 365. Analysts said that the refiner’s strong gross refining margin (GRM) in Q4FY26 was from higher cracks and likely inventory gains. They expect HPCL’s key projects currently underway to drive the next growth cycle and the capex intensity would remain high. They said its earnings may bounce back in FY28 after a washout FY27. Morgan Stanley maintained its overweight rating on PI Industries with the target price at Rs 3,883. Analysts said that the company expects to return to positive revenue growth in FY27, and improved traction expected across exports and domestic agchem business. Its global biologicals business margins was above 60%, while the pharma business may take 2-3 years to double the revenue base. Analysts said PI’s commentary on agchem recovery more cautious than peers. The US registration has been granted for PI’s bionematicide product while Pioxaniliprole launch in India is expected this year. Nuvama has upgraded Grasim Industries to buy from hold with a target price of Rs 3,546 from Rs 3,336. Analysts said there’s improving demand in Cellulosic Staple Fibre while there is margin-led growth in the chemical segment. The scaling-up of paints and B2B e-commerce businesses are continuing. They estimated that the company’s net debt/EBITDA is likely to be <3.5x despite huge capex. Motilal Oswal Securities maintained its buy rating on Bharat Electronics with the target price at Rs 510, down from Rs 520. Analysts expected the company’s strong margin performance to continue, and it can sustain revenue growth of over 15% over the next few years. They expected order inflows exceeding Rs 55,000 crore in FY27. Analysts also said large opportunities are emerging in indigenous data center solutions with the initial opportunities estimated at between Rs 1,000 crore and Rs 5,000 crore, while fully indigenous data center projects may scale up toward Rs 10,000 crore. They expected the Quick Reaction Surface-to-Air Missile (QRSAM) contract to be finalized by Jun-Jul ’26. (Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)