Stock Picks Today: Adani Ports, HDFC Bank, Axis Bank And More On Brokerages' Radar

A host of global and domestic brokerages have released fresh views on Adani Power Ltd., Cello World Ltd., HDFC Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., PNB Housing Finance Ltd., Arvind Fashions Ltd. and Bharti Airtel Ltd. ahead of Monday’s session.

They have also shared their outlook on the power, banking, consumer and telecom sectors, among others.

• Antique initiates coverage with a Buy rating and a target price of Rs 187.

• The brokerage sees Adani Power as a key beneficiary of India’s rising baseload power demand.

• Earnings are expected to enter a multi-year upcycle, supported by a 2.3x capacity expansion from 18.15 GW in FY25 to 41.9 GW by FY33.

• The company has transitioned from a stressed thermal IPP to the most efficient private baseload power producer.

• Adani Power has secured a dominant 70% share of ongoing state-led thermal PPA awards.

• Earnings visibility remains strong, with 90% of operational capacity and 67% of the total portfolio tied up under long-term PPAs.

• New PPAs offer higher fixed charges, while fuel security is supported through SHAKTI-linked FSAs.

• Antique expects revenue, EBITDA and PAT to grow at a 16%, 19% and 17% CAGR over FY25–32.

• Scale-led cost advantages and long-duration cash flows underpin the investment thesis.

• Investec initiates coverage with a Sell rating and a target price of Rs 530.

• Around 30% of the company’s portfolio is exposed to adverse near-term macro headwinds.

• This exposure poses risks to both growth and EBITDA margins.

• Scaling up the glassware segment may be challenging amid rising competitive intensity.

• EBITDA margins are seen capped at around 25%, below management’s 30–35% guidance.

• Longer payback periods could limit returns, keeping RoCE broadly in line with the cost of capital.

• The brokerage sees room for further consensus downgrades.

• Valuations are also seen as unattractive at current levels.

• Citi maintains a Buy rating with a target price of Rs 1,180.

• The bank continues to manage its cost of funds efficiently through borrowing refinancing and term-deposit repricing.

• A CRR cut is expected to channel excess liquidity into lending.

• Over the medium term, deposit growth is expected to outpace credit growth.

• Growth engines are seen as optimally calibrated to deliver industry-average growth in FY26.

• Management commentary reflected confidence in momentum, cross-segment opportunities and disciplined pricing.

• The banking industry is making representations to the RBI on the ECL framework.

• Citi maintains a Neutral rating with a target price of Rs 1,285.

• The corporate segment is showing improved traction.

• The retail segment is also witnessing a recovery driven by pent-up demand.

• Stress in the cards portfolio is improving, with no visible stress in export-oriented MSMEs.

• Gross slippages are expected to show seasonal fluctuations in Q3.

• NIMs are now expected to bottom out in Q4 or Q1.

• Management aims to deliver positive operating leverage with cost-to-assets trending lower.

• Fee-to-asset ratio optimisation remains constrained in the near term.

• Citi maintains a Buy rating with a target price of Rs 1,700.

• Corporate growth in Q2 was moderated due to accelerated PSU loan repayments and prepayments.

• Strong traction continues in mortgages, unsecured lending and business banking.

• Untapped opportunities support confidence in market share gains in profitable growth segments.

• Net interest margins are expected to remain range-bound.

• Benefits from deposit repricing are likely to be offset by moderation in investment yields.

• MSME and business banking segments continue to show stable asset quality.

• Clarity on the MD & CEO’s term renewal, due in October 2026, is being closely tracked.

• ICICI Securities upgrades the stock to Add from Hold with a target price of Rs 970.

• The company has onboarded a new MD and CEO with strong domain expertise.

• Leadership uncertainty has ended, improving investor confidence.

• Valuations are seen as attractive at current levels.

• Affordable housing and emerging verticals are expected to remain key focus areas.

• Motilal Oswal initiates coverage with a Buy rating and a target price of Rs 725.

• The brokerage sees Arvind Fashion entering a new phase of profitable growth.

• The D2C pivot is expected to drive higher capital efficiency.

• Arrow and USPA brands are seen anchoring the next phase of margin expansion.

• Capital efficiency and profitability gains could double RoIC by FY27E.

• Revenue is expected to grow at a 13% CAGR over FY26–28.

• EBITDA margins are seen expanding by around 190 basis points over the same period.

• Morgan Stanley upgrades Bharti Airtel to Overweight from Equal-weight.

• The target price has been raised to Rs 2,435 from Rs 2,035.

• Premium valuation multiples are expected to be sustained.

• The brokerage expects the industry repair phase to continue in the near term.

• Over the medium term, multiple levers are seen driving organic ARPU growth into mid-single digits.

• This is expected to translate into double-digit growth in India operations.

• Return ratios are seen improving sustainably to over 20%.