Market Overview
On November 17, 2025, several brokerage firms provided their evaluations of various companies in the Indian market. CLSA issued an 'underperform' rating
for Jubilant Foodworks, setting a target price of Rs 477, citing missed sales estimates and lower-than-expected EBITDA margins. Jefferies, on the other hand, maintained a 'buy' rating for Voltas with a target price of Rs 1,670. Bernstein upgraded Muthoot Finance to 'outperform' with a target price of Rs 3,400, highlighting strong AUM growth and profitability. HSBC held Alkem Laboratories with a raised target price of Rs 5,170. Kotak initiated a 'sell' rating on Eicher Motors, setting a target price of Rs 5,750, due to its expensive valuations.
Jubilant Foodworks Analysis
CLSA's analysis of Jubilant Foodworks indicated a challenging outlook. The brokerage firm's 'underperform' rating, at a target price of Rs 477, was driven by the company missing sales expectations. Although the EBITDA margin showed a slight sequential improvement, it remained below consensus estimates. Gross margins saw a marginal increase due to price adjustments and packaging charges. Same-store sales growth for Domino's India was recorded at 9.1%. Analysts noted that early festive demand influenced the July-September quarter of FY26.
Voltas Recommendation
Jefferies maintained a positive outlook on Voltas, issuing a 'buy' rating with a target price of Rs 1,670. However, the company experienced some setbacks in Q2FY26. It missed estimates, with its consolidated sales of Rs 2,340 crore reflecting a 10% year-over-year decrease. Operating profit margin was at 3%, which was lower than projected, negatively affecting profit after tax. The firm attributed the margin decline to poor operating leverage, higher marketing expenses, and under-absorption at new facilities.
Muthoot Finance Insights
Bernstein's assessment of Muthoot Finance was highly positive, upgrading the stock to 'outperform' with a target price of Rs 3,400. The company showcased solid performance in Q2FY26, marked by robust assets under management (AUM) growth. Its net interest margin expanded further, resulting in a return on assets (ROE) exceeding 30%. Earnings per share (EPS) growth was substantial at 87% during this period, reinforcing the firm’s strong financial health.
Alkem Laboratories Outlook
HSBC held its position on Alkem Laboratories, maintaining a 'hold' rating and increasing the target price to Rs 5,170. The company's Q2FY26 results outperformed expectations, primarily due to reduced R&D costs. Sales in India and the US aligned with expectations, while the rest of the world exhibited robust growth. Alkem projected EBITDA margins of 19.5%-20% for FY26, down from 22.5% in H1FY26, due to increased spending on R&D and new initiatives. Analysts believe it would take time for these initiatives to yield meaningful results.
Eicher Motors View
Kotak initiated a 'sell' rating on Eicher Motors, setting a target price of Rs 5,750. The analysts observed in-line quarterly results, anticipating sustained volume growth in the upcoming quarters. However, they expected that the average selling price (ASP) and profitability would fall short of expectations. The firm also noted the valuation, which stood at 34 times one-year forward price-to-earnings for the domestic two-wheeler business, and considered it expensive.
