BROKERAGE REPORTS

NOMURA ON TATA MOTORS PV Rating: Neutral Target: ₹389 • India PV: Strong demand, but steep cost pressure • JLR: Success of new launches remains key monitorable • China outlook challenging, while US market offers growth opportunity • Valuation at 3.8x FY28F EV/EBITDA seen as reasonable considering risks • Upside: Higher India PV volumes and successful JLR launches • Downside: Weaker JLR margins, negative FCF and near-term India PV margin pressure

HSBC ON TATA MOTORS PV Rating: Hold Target: ₹360 • Domestic demand momentum strong, but margin hit from commodity costs • Commodity headwinds likely to continue in Q2 • JLR structural recovery depends on new model launches as existing portfolio has aged • Estimates cut due to higher commodity and operating costs

CLSA ON TATA MOTORS PV Rating: Outperform Target: ₹452 • JLR EBIT margin at 2.8% in Q1FY27, 90 bps above estimates • Domestic PV EBITDA margin at 4.3%, 250 bps below estimates • JLR FCF outflow at £1.0 bn; management retains FY27 guidance of ~4% EBIT margin and breakeven FCF • Upcoming launches, North America focus and cost reduction to support JLR • Domestic PV demand outlook remains strong • Dealer inventory at ~30 days; dispatches guided at 65k–70k units/month ahead of festive season

CITI ON TATA MOTORS PV Rating: Sell Target: ₹305 • Q1 significantly below expectations for JLR and India PV due to severe cost headwinds • India demand outlook remains positive; FY27 volume growth guidance at high double-digits • 2Q margins expected to remain similar to Q1 due to rising commodity costs • JLR reiterates double-digit FY27 revenue growth guidance; cost efficiencies and higher ASPs to support margins • Focus remains on four upcoming new launches • Citi remains concerned about margin trajectory, especially in India PV where EBIT remains negative despite healthy volumes and PLI benefits

HSBC ON MAX FIN Rating: Buy Target: ₹2,100 • Q1FY27 APE growth broadly in line with estimates • Stronger-than-expected margin uplift drove VNB beat • Distribution and product diversification expected to support sustainable medium-term growth • EV estimates tweaked for FY27–29E

CITI ON JUBILANT FOOD Rating: Accumulate Target: ₹670 vs ₹650 earlier • Domino’s remains steady; Popeyes emerging as second growth engine • Strategic initiatives continue to drive positive LFL growth • Higher discretionary consumption could improve LFL and support re-rating • Jubilant Food is Citi’s preferred pick in QSR coverage • LFL outperformance vs peers expected; significant growth opportunity for Popeyes

MACQUARIE ON TATA MOTORS PV Rating: Outperform Target: ₹381 • Margins disappoint; near-term risks persist • India margins disappoint; JLR in line with muted expectations • Positive on domestic growth outlook • Margin risks remain a key concern

BERNSTEIN ON MAX FINANCIAL Rating: Outperform Target: ₹2,080 • Q1FY27 saw healthy growth, sharp margin expansion & deferred dilution • Margin expansion driven by yield-curve movements, favourable product mix & cost optimisation • Parent bank increased its stake and plans to raise ownership further • Higher parent stake to boost solvency and defer potential capital-raising plans

MACQUARIE ON DELHIVERY Rating: Outperform Target: ₹580 • Revenue forecasts raised on better parcel volumes • Strong operating leverage and margin expansion expected with scale • FY26–29E: 21% revenue CAGR & 50%+ EBITDA CAGR • Expected to further consolidate market share in 3P e-commerce logistics & Part-Truck Load

JEFFERIES ON LG ELECTRONICS Rating: Accumulate Target: ₹1,810 • Q1 margins beat estimates; operating performance remains strong • LG Essential Series helping expand penetration across Tier 2–3 markets • FY26–28E EPS CAGR estimated at ~25% • Margins supported by premium mix, higher volumes, price hikes, cost controls and backward integration

MACQUARIE ON PAGE INDUSTRIES Rating: Underperform Target: ₹32,500 • Q1 missed estimates due to weaker volume momentum • EBITDA below expectations as logistical constraints hurt volumes • Management reiterated double-digit volume growth target for FY27 • Macquarie remains cautious as management confidence may not translate into actual performance

JEFFERIES ON JUBILANT FOOD Rating: Overweight Target: ₹650 vs ₹600 earlier • Q1 broadly in-line • Domino’s India LFL improved to 2.5% YoY, though remains weak • Standalone EBITDA growth did not translate into earnings; earnings flat YoY • Management expects growth to accelerate, supported by internal & external factors • Lower base expected to further aid growth

MORGAN STANLEY ON BRAINBEES Rating: Equal-weight Target: ₹300 • Q1 margin miss, but India revenue growth improving • India revenue growth improvement seen as structural • FY27 growth expected to remain elevated, supported by strategic initiatives • India margins impacted by diaper competition and higher manufacturing costs • Manufacturing margin losses expected to recover by Q2 through price pass-through

MACQUARIE ON MAX HEALTH Rating: Underperform Target: ₹825 • Q1 operational performance in-line, but PAT missed estimates • PAT miss driven by higher-than-expected finance costs • EBITDA per bed declined QoQ due to drag from new beds

GOLDMAN SACHS ON SOLAR INDUSTRIES | ACCUMULATE Broker View - Rating: Accumulate. - Target price: ₹20,180. - Q1FY27 results exceeded estimates. - Management guidance remains unchanged. Growth Outlook - Sizeable orders expected in coming quarters. - Volumes likely to rise after Dhule commissioning. - Robust order inflows support growth. - International business expected to remain strong. Margin Outlook - Margins expected to remain strong. - Target margin range stands at 27–28%.

MACQUARIE ON IGL Rating: Outperform Target: ₹220 • Q1 volumes in-line, but margins squeezed • Higher gas costs impacted margins despite price hikes • Gas availability and sourcing mix remain key monitorables • FY27 volume and margin guidance will be key to watch

BOFA ON INDIA STRATEGY • Q1FY27 earnings momentum gaining strength • 97% of Nifty market cap reported; earnings tracking 3% above expectations • Nifty earnings growth at 13% YoY; broad-based strength • Metals delivered the strongest earnings beat • NSE 200 earnings growth at 13% YoY • Metals, Materials & Telecom showed relatively stronger growth

MACQUARIE ON DELHIVERY Rating: Outperform Target: ₹580 • Revenue forecasts raised on better parcel volumes • Strong operating leverage and margin expansion expected with scale • FY26–29E: 21% revenue CAGR and 50%+ EBITDA CAGR • Expected to gain further market share in 3P e-commerce logistics & Part-Truck Load

MACQUARIE ON JUBILANT FOOD | UNDERPERFORM Broker View - Rating: Underperform. - Target price: ₹360. - Q1 EBITDA broadly in-line. - India and international businesses performed broadly in-line. Demand Outlook - Demand outlook remains positive. - High LFL base may weigh growth. - Dine-in recovery could remain challenging. Margin Concerns - Margins remain a key concern. - Input-cost pressures continue. - Dine-in recovery may limit margin flow-through.