Brokerages back Eternal, Titan, Paytm; Goldman sets Rs 350 TP on Eternal with $1bn FY29 EBITDA goal
Goldman is bullish on Eternal (quick commerce/food delivery, TP Rs 350) and Paytm (TP Rs 1430, ~27% YoY GMV growth). HSBC sees 30%+ Q1FY27 jewellery growth for Titan (TP Rs 5250). CLSA backs Ather Energy (TP Rs 1450); Jefferies positive on GMR Airports' Nagpur takeover.
What happened
Brokerages flag retail-relevant names: Goldman bullish on Eternal (quick commerce/food delivery) and Paytm; HSBC sees 30%+ jewellery growth for Titan; CLSA
Key facts
- Eternal TP Rs 350
- Eternal FY29 EBITDA target $1bn
- Titan TP Rs 5250
- Titan 30%+ Q1FY27 jewellery growth
- Paytm TP Rs 1430
- Paytm ~27% YoY GMV growth
- Ather TP Rs 1450
Why this matters
GMR's Nagpur airport takeover and multi-brand brokerage optimism point to consolidation and infrastructure expansion as themes for partnership and M&A targeting.
What to watch
- Titan Q1FY27 jewellery growth print vs 30% bar
- Eternal/Blinkit quarterly EBITDA trajectory toward $1bn FY29 goal
- Paytm GMV growth sustaining ~27% YoY and regulatory/payment-business updates
- Gold price volatility impacting jewellery demand and margins
- Quick-commerce cash burn and discount intensity escalation
- Watch for peer brokerages to align or push back on Goldman's Rs 350 Eternal TP within 1-2 weeks
- Track quick-commerce competitive intensity (Blinkit vs Instamart vs Zepto) for margin read-through
- Monitor Titan ahead of Q1FY27 jewellery disclosure for confirmation of 30%+ growth
- Position for Paytm GMV/UPI incentive clarity as profitability lever