Stock Picks Today: Adani Power, Avenue Supermarts, Marico, PVR Inox And More On Brokerages’ Radar

A host of global and domestic brokerages have released fresh views on Adani Power Ltd., Avenue Supermarts Ltd., Marico Ltd., PVR Inox Ltd., and more ahead of Monday's session.

They have also shared their outlook on property, banks, NBFCs, IT, alongside their broader macro India strategy.

• JM Financial initiates coverage with a Buy rating and a target price of Rs 178, implying 20% upside.

• Adani Power is India’s largest private-sector thermal power producer with 18.1 GW capacity.

• Operational capacity is expected to reach 41.3 GW by FY32.

• EBITDA per MW is projected to rise from Rs 13 million in FY25 to Rs 18 million by FY32.

• JM Financial expects revenue and EBITDA CAGR of 15% and 18% respectively over FY25–28.

• The stock is valued at 13x FY28 EV/EBITDA, reflecting strong execution and improving operational metrics.

Morgan Stanley on Avenue Supermarts

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 4,522, implying 22% upside.

• Weak growth trends continued in Q3FY26, the lowest since Q3FY21.

• Growth has declined sequentially since Q3FY25.

• The three-year CAGR of 15.9% is below the 20% average seen during Q2FY25–Q1FY26.

• Morgan Stanley estimates implied SSSG at flat to low single digits for the quarter.

Citi on Avenue Supermarts

• Citi reiterates a Sell rating with a target price of Rs 3,250, implying 12.6% downside.

• Revenue growth of 13.2% was the lowest in the last 20 quarters.

• Citi remains cautious due to moderating SSSG.

• Growth moderation is driven by rising quick-commerce competition.

• Weak demand conditions and store additions in smaller towns are also impacting growth.

• EBITDA margins have declined YoY in 11 of the last 12 quarters.

Morgan Stanley on Punjab National Bank

• Morgan Stanley maintains an Underweight rating with a target price of Rs 100, implying 20% downside.

• Domestic loan growth remained strong at 4.5% QoQ versus 3.6% in the prior quarter.

• Domestic deposit growth was relatively muted at 2.1% QoQ.

• The domestic loan-to-deposit ratio of 73.1% is seen as having further room to improve.

• Overseas loans, which form 5% of total loans, grew strongly at 25% QoQ.

Citi on Punjab National Bank

• Citi reiterates a Sell rating with a target price of Rs 108, implying 14.1% downside.

• Gross advances grew 11.0% YoY and 5.4% QoQ, in line with estimates.

• Mid-teens growth is expected in RAM segments alongside corporate lending.

• Deposit growth slowed to 8.5% YoY and 2.7% QoQ, below estimates.

• Management has guided for FY26 loan growth of 11–12%, deposit growth of 9–10%, and NIM of 2.8–2.9%.

UBS on Punjab National Bank

• UBS maintains a Neutral rating with a target price of Rs 122.

• Loan growth remained healthy in Q3FY26.

• Deposit traction stayed steady.

• Sequential NIM performance remains the key monitorable.

• Morgan Stanley maintains an Underweight rating with a target price of Rs 120, implying 20% downside.

• Strong balance sheet growth was seen in Q3FY26.

• Domestic loan growth remained robust at 5.2% QoQ after 5.7% QoQ growth in the prior quarter.

• Domestic deposits grew 4.8% QoQ versus 2.8% in Q2FY26.

• Overseas loan growth moderated to 5.7% YoY from 10.4% in Q2FY26.

• Bernstein cuts India’s rating to Neutral.

• The brokerage does not see sufficient momentum to sustain elevated valuations.

• India enters 2026 as one of the most expensive global markets.

• Valuations stand above 20x forward P/E versus an average of 15.1x across 15 key economies.

• Bernstein believes India has re-entered a phase of heftier valuations.

• It sets a Nifty target of 28,100, implying a modest return of 7.5%.

• Jefferies expects low base effects and capacity additions to drive growth in 2026.

• Ports and logistics stocks underperformed the Nifty in 2025 due to weaker-than-expected volumes.

• Adani Ports and Delhivery were exceptions, supported by earnings upgrades and acquisitions.

• Port and rail container volumes are expected to recover from Q1FY27E.

• Top picks include JSW Infra, CONCOR, and Adani Ports.

• Jefferies maintains Buy on Adani Ports with a revised target price of Rs 1,765 from Rs 1,880.

• JSW Infra Buy rating is retained with a revised target price of Rs 335 from Rs 390.

• CONCOR Buy rating is retained with a revised target price of Rs 635 from Rs 660.

• Gateway Distriparks Buy rating is retained with a revised target price of Rs 75 from Rs 83.

• Citi flags the impact of new labour codes on gratuity and leave encashment liabilities.

• The impact will be expensed in Q3 under both Ind-AS and I-GAAP.

• Employee-related liabilities are expected to rise.

• Engagements with lenders suggest the impact is generally anticipated to be non-material.

• Citi maintains a Buy rating with a target price of Rs 400, implying 25% upside.

• Advances grew modestly at 2% QoQ, with retail advances remaining flat.

• Deposit growth improved to 12% YoY and 3% QoQ, led by granular retail deposits.

• LCR remained comfortable at 125%, while LDR moderated by 50 bps QoQ to 85.7%.

• Citi expects RoA to reach 0.75%, with improving visibility towards over 1% by Q4.

Nuvama on Marico

• Nuvama retains a Buy rating with a target price of Rs 865, implying 13.8% upside.

• Revenue and EBITDA came in slightly ahead of expectations.

• Volume growth of 8% YoY was in line with estimates.

• Revenue and EBITDA are expected to grow around 27% and 10% YoY respectively.

• Parachute volumes are likely to decline marginally by around 2% YoY.

• Saffola oil is expected to have a muted quarter, while the foods portfolio remains benign.

Morgan Stanley on Marico

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 741, implying 2% downside.

• Demand trends remained steady in Q3FY26.

• VAHO momentum continued.

• Consolidated revenue is expected to grow in the high-20s percentage range.

• Gross margins are expected to improve sequentially as lower copra prices flow through.

Nomura on Marico

• Nomura maintains a Buy rating with a target price of Rs 875.

• Q3 delivered another strong quarter with QoQ improvement.

• VAHO and international segments surprised positively.

• Parachute, Saffola, and premium personal care were in line.

• Foods business remained benign as expected.

• Pan-India cement prices declined by Rs 1 per bag MoM in December 2025.

• Price declines were seen across South, East, North, and Central regions.

• The West saw a price increase.

• Attempts at price hikes failed due to aggressive volume push by players.

• Q3 spreads are expected to remain muted due to adverse pricing trends.

• Preferred Buy picks are UltraTech Cement, Ambuja Cements, and JK Cements.

• Investec maintains a Hold rating with a target price of Rs 1,238, implying 21.8% upside.

• Q3 box office trends suggest 9% consolidated revenue growth.

• The Q4 content slate appears strong and should support growth on a low base.

• FY26E is expected to be the first PAT-positive year since FY20.

• Investec plans to reassess its stance as execution plays out.

• US generics sales ex-lumpy products showed marginal QoQ improvement with benign pricing.

• Sun Pharma’s specialty portfolio saw mixed trends, with Winlevi showing positive momentum.

• Biocon Biologics showed strong traction in bStelara.

• Cipla recorded the highest QoQ uptick in IQVIA sales among coverage stocks.

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 410, implying 2% upside.

• Coal India has expanded its market by allowing neighbouring countries to participate in e-auctions.

• E-auction share stood at around 9% in Q2FY26, with premiums of approximately 55%.

• This is seen as positive for volume growth and realizations.

• Morgan Stanley remains watchful of thermal power demand and coal inventory levels.

• Jefferies enters 2026 with a positive stance on Indian metals.

• Indian steel companies are expected to deliver 6–9% volume CAGR over FY26–28.

• Reinstatement of safeguard duty should support domestic steel prices.

• FY27–28 EPS estimates are raised by 4–17% for JSW Steel, Tata Steel, Hindustan Zinc, and Hindalco.

• Top picks include Jindal Stainless, Tata Steel, and JSW Steel.

• BofA upgrades India’s GDP forecast on stronger incoming data.

• Policy support is expected to play a key role in growth.

• FY26 GDP growth estimate is raised to 7.6% from 7.0%.

• FY27 GDP growth is modestly upgraded to 6.8% from 6.5%.

• BofA remains relatively cautious on FY27 growth due to lagged effects of trade measures.

• CLSA downgrades HCL Tech to Hold from Outperform and hikes the target price to Rs 1,692.

• Tech Mahindra is downgraded to Outperform from High Conviction Outperform with a target price of Rs 1,705.

• Coforge rating is maintained at Outperform with a target price raised to Rs 2,411.

• Persistent remains a High Conviction Outperform with a target price of Rs 8,731.

• LTIMindtree Outperform rating is maintained with a target price of Rs 7,064.

• TCS remains Outperform with a target price of Rs 3,601.

• Infosys remains Outperform with a target price of Rs 1,814.

• Wipro remains Hold with a target price of Rs 237.

• Q3 previews point to further cuts in constant currency growth estimates.

• Persistent, Coforge, and HCL are expected to lead sequential growth.

• Top picks are Persistent and Coforge in mid-caps and Infosys and Tech Mahindra in large caps.

• Goldman Sachs sees multiple tailwinds aligning for the FMCG sector.

• FMCG is entering a “Goldilocks” phase in 2026.

• The earnings downgrade cycle for staples is seen as behind.

• Top FMCG picks include Godrej Consumer, Tata Consumer, Varun Beverages, and Marico.

• Within discretionary consumption, Titan remains the top pick.

• Gross margins are expected to benefit from falling input costs.

• UBS maintains a Neutral rating with a target price of Rs 150.

• Loan growth accelerated sequentially in Q3FY26.

• CD ratio expanded by 400 bps QoQ.

• Growth outlook and NIM performance remain key focus areas.

• Avendus Spark initiates coverage with an Add rating and a target price of Rs 165.

• Canara HSBC Life is the eighth-largest private life insurer.

• Strong captive banca partnerships remain a key strength.

• Banca is expected to remain the dominant distribution channel.

• Higher ticket sizes have driven APE growth since FY22.

• Improving branch productivity is key to increasing penetration.

• Avendus expects better-than-industry APE growth.

• VNB margins are expected to improve gradually, with RoEV averaging 16.9%.

• Kotak Securities initiates coverage with an Add rating and a target price of Rs 132.

• The company owns a portfolio of 29 Grade-A office assets.

• Total leasable area stands at 37.1 million sq. ft. across six cities.

• NOI is expected to grow at a 14% CAGR over FY25–28.

• Contractual escalations are a key growth driver.

• Rising GCC demand supports the office real estate outlook.

• Key risks include occupancy declines and city concentration.

• Morgan Stanley maintains an Underweight rating with a target price of Rs 17.

• The bank continues to lag system growth YoY.

• Loan growth moderated to 2.9% QoQ from 3.8% in the previous quarter.

• Morgan Stanley maintains an Overweight rating with a target price of Rs 1,195.

• Q3 update shows moderation in AUM growth, as previously guided.

• Customer additions stood at 4.76 million in Q3.

• FY26 customer additions are expected to exceed 18 million.

• Investor focus remains on credit costs and management commentary.

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 300.

• Q3 update showed weak growth despite a festive quarter.

• Asset quality remains healthy.

• Disbursement growth was weak despite expectations of festive and GST-led demand.

• Morgan Stanley maintains an Underweight rating with a target price of Rs 255.

• Q3 initial update shows strong loan growth.

• Morgan Stanley maintains an Overweight rating with a target price of Rs 271.

• Beauty and personal care revenue growth was in the upper end of mid-20s YoY.

• Fashion revenue grew in the late teens YoY.

• GMV growth was supported by strong beauty performance and improving fashion momentum.

• Jefferies maintains a Buy rating with a target price of Rs 940.

• AUM growth picked up in Q3.

• Drag from unsecured loans is moderating.

• Jefferies factors in 20% growth for FY26.

• Jefferies maintains a Buy rating with a target price of Rs 200.

• Q3 trends improved as growth and MFI collections strengthened.

• MFI collection efficiency improved to 98%.

• Improving MFI trends are key to growth and RoA recovery.

• Jefferies maintains a Buy rating with a target price of Rs 1,270.

• AUM growth moderated to 22% from 24% in the September quarter.

• Growth in new loans booked slowed to 15% YoY.

• The moderation was partly due to an advanced festive season.

• Morgan Stanley upgrades Mindspace REIT to Overweight and hikes the target price to Rs 520.

• Embassy REIT remains Overweight with a target price raised to Rs 470.

• Brookfield REIT remains Equal-weight with a target price raised to Rs 360.

• FY25 marked a strong inflection point for office REITs.

• Dividend per unit growth of 10% YoY is expected for the first time since listing.

• DPU is expected to compound at 10% over the next three years.

• Growth will be driven by GCC-led occupancy gains, GLA additions, and rate-cut tailwinds.

• Jefferies sees limited near-term impact on global crude prices.

• US oil majors may invest to raise Venezuelan oil production.

• This could pressure crude prices in 2027–28 unless OPEC+ intervenes.

• Lifting US sanctions would allow Reliance to buy discounted Venezuelan crude.

• ONGC could receive around $500 million in unpaid dividends.

• ICICI Securities upgrades Latent View to Buy from Add and hikes the target price to Rs 560 from Rs 480.

• The brokerage expects healthy USD revenue growth of 6% QoQ in a seasonally strong Q3.

• EBITDA margins are expected to expand by 50 bps QoQ.

• The company is on track to meet its FY26 guidance of 20% YoY USD revenue growth.

• Most December-quarter contract renewals are expected without pricing or volume cuts.

• Latent View is well positioned for strong and profitable growth over FY27–28.