Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Britannia Industries, Jubilant FoodWorks, Shree Cement, and more.

Britannia Industries

Nomura On Britannia

Neutral Call, Target At `5,800/Sh

Another Quarter Of Below-than-expected Results

Morgan Stanley On Britannia

Equal-weight Call, Target At `5,424/Sh

Miss On All Fronts In Q2

Inflation Hurts Demand & Profit

Had Earlier Guided Revenue Growth To Be In-line With Volume Growth By Q3

Downside Risk To The Guidance Seems Likely

Jubilant FoodWorks

Morgan Stanley On Jubilant Food

Equal-weight Call, Target At `620/Sh

Demand Trends Remain Uninspiring

Initiatives Are Showcasing Improving Growth Trends

Jefferies On Jubilant Food

Buy Call, Target At `880/Sh

Managed To Continue With A Positive SSSG In A Tough Macro Environment

Delivery Continued To Show Respectable Growth, Dine-in Suffered

Mgmt Is Unapologetically Focusing On Growth

CLSA On Jubilant Foodworks

Underperform Call, Target At `445/Sh

Domino’s Sales Per Store Declined 1.1% YoY, LFL Growth Slightly Below Ests

Domino’s India Is Seeing A Shift To Delivery From Dine-in, Which Is Dilutive Top Margin

Management Indicated An Acceleration To SSSG In Q3

Cut FY25-27 Earnings Estimates By 17-32%

Shree Cement

Morgan Stanley On Shree Cement

Underweight Call, Target At `24,200/Sh

Strategy Changed Again, Good Prices Prioritised Over Volumes

H2FY25 Should Be Good, As For Other Large Cement Players

Limited Clarity Around Capacity & Volumes Market Share Gains

Jefferies On Shree Cement

Buy Call, Target Cut To `28,400/Sh

Reported A Slight EBITDA Beat On The Back Of Better Realisation

Strategy Becomes Confusing, Focus Was Volume In Q1 & Value In Q2

Due To Industry Headwinds, Cut EBITDA Estimates By 9-15%

CLSA On Shree Cements

Hold Call, Target Cut To `25,600/Sh

Q2 EBITDA Below Estimates On Weak Volumes

It Is Likely To Have Lost Market Share In Key Geographies

Cement ASP Largely Flat QoQ, Leading To Better-than-industry Profitability

Asian Paints

Nomura On Asian Paints

Neutral Call, target At `2,500/Sh

Co Gave A Cautious/Guarded Outlook

Company Expects FY25 Volumes Growth To Be In Single Digit

Margin Range Guidance Of 18-20% For the Next Few Yrs

Morgan Stanley On Asian Paints

Equal-weight Call, Target Cut To `2,358/Sh

Management Sounded Less Optimistic On Near-term Demand

Co Cuts FY25 Volume Growth Guidance To Single Digit

Margin Guidance Reiterated, But See Potential Downside Risk

Morgan Stanley On ICICI Bank

Overweight Call, Target Raised To `1,650/Sh

Remains Top Pick Despite Its Strong Outperformance

Improved Funding/Underwriting Franchise Has Driven Performance So Far

Expect Earnings To Continue To Outperform Peers

Power Of Compounding In Play, Expect Further Re-rating

CLSA On Hindalco

Buy Call, Target At `800/Sh

Reported EBITDA Of `4,300 Cr, 35?ove Estimates

Aluminium EBITDA/t Rises $96 QoQ Despite $140/t Lower LME

HSBC On UPL

Buy Call, Target Cut To `680/Sh

Sharp Stock Correction Appears An Overreaction

On Course To Recovery As Expect Further Improvements In H2

Rights Issue/Other Initiatives Are Levers For Debt Reduction

Jefferies On Ramco Cements

Underperform Call, Target Cut To `680/Sh

Q2 EBITDA Better Than Estimates On Lower Costs

Revenue In-line With Vols Declining 3% YoY & Pricing Are Lower 5% QoQ

Leverage Ratios Remain Elevated

Nomura On EPLBuy Call, Target At `290/Sh

Q2 Above Estimates, Sales Growth Of 8.4% YoY Tad Below Ests

Revenue Growth Guidance Of Double-digit Retained For FY25

Medium-term Guidance Indicates Step-up In Sales Growth & EBITDA