From Titan to Lupin, Motilal Oswal analysts rate buy, hold or skip on 11 stocks post Q1

Jewelry, banking, power, metals, FMCG, pharma and two-wheelers all reported this quarter - and the results split sharply into winners and laggards. Here's what moved, what missed, and what analysts think happens next.

Companies covered by Motilal Oswal Financial Services here include: Titan, SBI, Power Grid, Hindalco, Hitachi Energy, PFC, Britannia, GE Vernova T&D, Hero MotoCorp, Godrej Consumer, Lupin.

Titan's quarter was a standout. Total revenue climbed 29% from a year ago, and standalone jewelry sales — excluding bullion — surged 38%. Shoppers weren't just buying more; they were spending more per visit, with average ticket size up 31%.

A jump in gold import duty gave Tanishq, Mia and Zoya an inventory windfall, but even stripping that out, jewelry profit margins still expanded. CaratLane also improved sharply, though the Dubai-based Damas business slipped into a loss amid regional tensions.

Rating: Buy | Target: ₹6,000 | Domestic jewelry growth: 33%

India's largest lender posted profit of ₹211 billion, up 10% from last year and well ahead of what analysts expected. Strong treasury gains and tight cost control did the heavy lifting.

After a sharp margin squeeze last quarter, SBI's net interest margins recovered, edging up to 2.86%. Loans grew a healthy 19% year-on-year, and the bank says it can keep growing at 14-15% through the year. Bad loans ticked slightly better too, though fresh defaults rose a touch - typical for the season.

Rating: Buy | Target: ₹1,370 | Loan growth guidance: 14-15%

Power Grid's numbers came in below expectations across the board this quarter, with revenue and profit both trailing forecasts. It's an uncommon miss for a company known for steady, predictable earnings.

The bright spot: The company still has a massive pipeline of work, with nearly ₹1.75 trillion of projects in hand and another ₹1.19 trillion up for bidding. It's also chasing 21 new high-voltage transmission projects and exploring battery storage. But land-acquisition delays remain a real drag on how fast that pipeline turns into revenue.
​
Rating: Neutral | Target: ₹302 | Works in hand: ₹1.75 trillion

Hindalco delivered a strong beat this quarter, powered by favorable metal prices, a better product mix in India, and a recovery at its US subsidiary Novelis, which had been struggling with disruption at its Oswego plant.

Analysts expect the second half to cool slightly as aluminum prices ease back from their Middle East-crisis peak, but stronger volumes should soften that impact. The company's India operations are expected to stay strong through the year.

Rating: Buy | Target: ₹1,220 | FY27 EBITDA estimate raised: +22

Hitachi Energy easily beat expectations on both revenue and profit. New orders (excluding large HVDC projects) grew 26%, pushed along by demand from data centers, factories and battery storage — even as traditional transmission orders stayed soft.

The catch is valuation. At current prices, the stock already trades at roughly 90 times this year's earnings, pricing in a big transmission order win every single year. Analysts like the business but think the stock needs a better entry point.

Rating: Neutral | Target: ₹36,000 | Order book growth: 11% YoY

Power Finance Corporation's profit grew 5% and technically beat forecasts — but only because of writebacks on old provisions, not because the underlying business had a great quarter. Core interest income actually fell 4% and missed estimates.

Lending margins narrowed as the company trimmed rates in a falling-rate environment, and loan growth was muted. Management says it's balancing growth against profitability rather than chasing volume at any cost.
​
Rating: Buy | Target: ₹500 | Net interest margin: down 22bp QoQ

Britannia grew revenue 9.5% with volume growth of 9% -ahead of what analysts expected. Rural markets wobbled briefly in April-May due to a pricing mismatch between channels, but demand normalized by June, and general trade sales bounced back strongly.

Rising costs for palm oil, sugar and fuel remain a headwind. The company has only passed on about half of that cost inflation through price hikes so far, mostly via smaller pack sizes, with more pricing action expected in coming quarters.

Rating: Buy | Target: ₹6,700 | Volume growth: 9%

GE Vernova T&D topped estimates on revenue and profit, but new order inflow was weak, hurt by delays in finalizing export orders tied to a US data-center project. Its order book still stands 60% higher than a year ago.

Analysts expect domestic ordering to pick back up over the next couple of quarters, with the delayed export orders likely to land soon after. Big contributions from HVDC transmission work aren't expected until FY29.

Rating: Buy | Target: ₹5,100 | Order book: +60% YoY

Hero MotoCorp's profit of ₹14.5 billion beat expectations, thanks to tight control over operating costs that offset a squeeze on gross margins. Overall margins slipped only slightly, to 13.3%.

The company has strengthened its grip on the entry-level 100cc segment and is gaining ground in both electric and petrol scooters. Exports, though still small, are starting to pick up pace too — helped by steady rural demand across the country.

Rating: Buy | Target: ₹6,560 | EBITDA margin: 13.3%

Godrej Consumer's overseas business is firing on all cylinders - up 30% overall, with its Africa, US & Middle East business up 47% and Indonesia rebounding after a rough year. But India margins missed estimates as commodity costs bit into profitability.

Domestically, soaps returned to growth for the first time in several quarters, and the company gained market share in incense sticks for the first time in nearly a decade. Management expects Indian margins to recover in the second half as costs stabilize.

Rating: Buy | Target: ₹1,300 | International revenue: +30%

Lupin kept its beat streak alive, topping revenue and profit estimates thanks to standout growth in emerging and other developed markets. Its US business stayed steady, and its Indian formulations arm grew faster than the industry average.

Even so, analysts trimmed their earnings estimate slightly to account for higher depreciation and tax, and see FY27 as more of a consolidation year — a pause to digest recent gains before the next leg of growth.

Rating: Neutral | Target: ₹2,500 | Ex-US organic growth: 20%

Winners led on execution, not luck
Across the board, the companies that beat expectations shared a theme: tight cost control, pricing discipline and recovering demand. The misses, Power Grid, PFC, were about timing and margins, not broken businesses.
Source: Motilal Oswal Financial Services research notes. This is a summary of analyst commentary, not investment advice. Do your own research before making any investment decision.