Indian IPO and Research Report

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

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

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

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

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 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 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

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 JUBILANT FOOD | UNDERPERFORM Broker View - Recommendation: Underperform. - Target price: ₹360. - Demand outlook remains broadly positive. - Margin outlook remains cautious. Q1 Assessment - EBITDA broadly in-line across businesses. - India performance remained broadly stable. - International EBITDA also broadly in-line. - Input-cost pressures remain a concern. Key Risks - High LFL base may weigh growth. - Dine-in recovery could limit margin flow-through. - Lower sales salience may constrain profitability.

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.

MORGAN STANLEY ON JUBILANT FOOD | EQUAL-WEIGHT Broker View - Rating: Equal-weight. - Target price: ₹439. - Q1 performance broadly in-line. - Outlook shows improvement. Growth Outlook - Q2 started on a strong note. - LFL growth expected at 5–7%. - Management remains optimistic on demand. - Market-share gains expected to continue. Margin Outlook - 200 bps EBITDA improvement guidance reiterated. Popeyes - Positive on Popeyes disclosures. - Expansion supports future growth opportunities.

MORGAN STANLEY ON JUBILANT FOOD | EQUAL-WEIGHT Broker View - Recommendation: Equal-weight. - Target price: ₹439. - Q1 performance broadly in-line. - Outlook shows signs of improvement. Growth Outlook - Q2 started on a strong note. - LFL growth expected at 5–7%. - Management remains optimistic on demand. - Market-share gains expected to continue. Margin Outlook - 200 bps EBITDA margin improvement reiterated. - Q2 inflation remains a key concern. Popeyes - Broker remains positive on Popeyes disclosures. - Expansion provides additional growth opportunity.

Brokerages bullish on Solar Industries Nuvama TP upgraded to ₹23,435 vs ₹20,000 earlier (55x Sept-28E EPS) Raises FY27E/28E EPS estimates by 7%/6% Key catalysts: Pinaka ER order, capacity expansion in explosives/defence & 155mm artillery shell commercialisation -New geographies (Africa/Australia) and sustaining 27-28% OPM remain key Elara Reiterates Buy; TP raised to ₹24,270 vs ₹21,290 - Sees 33% earnings CAGR over FY26-29E - Raises FY27E EPS by 13%, FY28E/FY29E by 7% each after strong Q1 performance - Orderbook growth and robust domestic/international inflows remain positives

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