Analysts from JP Morgan, CLSA, Nomura and Citigroup have issued ratings and key takeaways on four major Indian stocks — Bajaj Finance, Varun Beverages, Nykaa and Jubilant Foodworks — as reported by Business Today on June 22, 2026. The recommendations span overweight, outperform and buy calls with specific target prices.
Bajaj Finance: JP Morgan Overweight
JP Morgan has assigned an overweight rating on Bajaj Finance with a target price of Rs 1,080, according to Business Today. Analysts attended the company's management meeting and highlighted three key takeaways:
- Growth momentum on the ground remains strong despite macro concerns over higher global oil prices and supply chain disruptions over the last few months.
- Asset quality trends (bounce rates, collection efficiency) remain benign across loan segments with no visible impact from the West Asia conflict.
- On net interest margins (NIMs), the company remains confident of delivering its guidance of a 10–12 basis points NIM decline in FY27 despite the tight liquidity environment and recent spike in funding costs.
Overall, Bajaj Finance's management reiterated its long-term focus on building for scale without compromising on risk discipline. Analysts retained their positive view, driven by a combination of healthy loan growth, operating cost leverage from AI initiatives and credit cost decline, which should support a 26% earnings CAGR over FY26-FY28, as per the report.
Varun Beverages: CLSA Outperform, Asahi Partnership
CLSA has a high conviction outperform rating on Varun Beverages (VBL) with a target price of Rs 654, Business Today reported. Analysts noted that VBL has entered into a partnership with Asahi Group Holdings to manufacture, distribute and sell the CALPIS brand — a fermented milk-based beverage with over a century of presence in Japan. Asahi will handle product development and technical support; its Indian subsidiary will manage marketing and brand management.
The alliance is strategically positive as it adds a differentiated fermented dairy-based ready-to-drink (RTD) offering (akin to a premium lassi sub-segment) to VBL's existing portfolio. Importantly, it underscores VBL's ability to leverage its strong manufacturing base and extensive distribution network, including its existing cold-chain infrastructure, according to the report.
Nykaa: Nomura Buy with FY30 Guidance
Nomura has a buy rating on Nykaa with a target price of Rs 317, according to Business Today. Analysts attended the company's investor day and reported that Nykaa provided a strong FY30 guidance:
- Revenue is guided to grow by 2.5–3 times.
- EBITDA margins are expected to expand to early-/mid-teens by FY30.
The report also noted that consumer preference is shifting toward discovery-led new-age brands, and Nykaa benefits through its trusted platform, content ecosystem and owned brands, enabling it to capture a disproportionate share of premium lifestyle spending.
Jubilant Foodworks: Citigroup Buy, Margin Expansion
Citigroup has a buy rating on Jubilant Foodworks with a target price of Rs 650, as per Business Today. Analysts attended the management meeting and reported the following key takeaways:
- Domino's India like-for-like (LFL) sales should remain in the 5–7% medium-term range despite quarterly volatility and high base effects.
- The deceleration in the January-March quarter (Q4FY26) was driven by a high base, lower free-delivery threshold and weaker dine-in/takeaway, rather than demand weakness. Management has already taken calibrated pricing actions.
- Dine-in recovery will likely be longer than delivery average basket value (ABV) recovery, with 400–500 Domino's Dine-In/Take-Away (DITA)-heavy stores being worked on through menu, experience and refurbishment.
- Margin pressure from cost inflation should be partially offset by pricing/mix actions; management remains confident of 200 bps standalone margin expansion (FY24-FY28).
- Popeyes continues to show improving economics, but scale-up will remain disciplined until the store model is fully proven.
Summary of Analyst Ratings
| Stock | Broker | Rating | Target Price |
|---|---|---|---|
| Bajaj Finance | JP Morgan | Overweight | Rs 1,080 |
| Varun Beverages | CLSA | High Conviction Outperform | Rs 654 |
| Nykaa | Nomura | Buy | Rs 317 |
| Jubilant Foodworks | Citigroup | Buy | Rs 650 |
These ratings and management meeting insights provide investors and executives with clear signals on the strategic direction and financial health of these companies. As the market navigates macro uncertainties, the underlying business fundamentals and management guidance offer a basis for portfolio decisions. Next milestones include quarterly earnings releases and the execution of strategic initiatives such as VBL's partnership with Asahi and Nykaa's long-term growth plan.
Disclaimer: Recommendations and views on the stock market given by experts are their own. These opinions do not represent the views of The Times of India, per the source article.
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