Stock Picks Today: Dabur, Titan, Canara Bank, PNB, Indraprastha Gas, Lodha, Union Bank On Brokerages' Radar

Petronet LNG stocks, Dabur India Ltd., Titan Co. Ltd., Canara Bank Ltd., PNB Ltd., Union Bank Ltd., Indraprastha Gas Ltd., and Lodha Developers Ltd., are among the companies garnering brokerage commentary today.

Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms. Here are the key analyst calls to watch out for today:

UBS

• Maintain sell with target price of Rs 500

• Q2 FY26 revenue growth in mid single digits is in-line, if transitory impact of GST is excluded

• Beverages continues to struggle; International also slows down

• Overall in-line

Morgan Stanley

• Maintain underweight with target price of Rs 400

• Q2: Weaker than expected

• Q2 consolidated revenue growth in mid-single digits vs. Morgan Stanley estimate of 7%

JP Morgan

• Maintain neutral with target price of Rs 3,500

• Festive fervor aided by attractive offers drives healthy jewellery growth

• Jewellery: Gold price led revenue growth

• With better than feared revenue print, expect a positive share price move

• Some of the recent underperformance to reverse

• Next catalyst would be the earnings print, where margin delivery and, importantly, management’s growth outlook will be key to monitor

Morgan Stanley

• Maintain overweight with target price of Rs 3,953

• Q2: Strong beat; Jewellery shines

• High base effect (benefit from customs duty cut) was offset by early festive season

• Growth was also aided by significant investments in consumer promotions

• Studded jewellery showed mid-teens revenue growth, while gold coins sustained their growth trajectory

Macquarie

• Maintain outperform with target price of Rs 4,150

• Pre-Q2: Jewellery sales surprise positively

• Better-than expected pre-Q2 update

• Expect 14% standalone Ebitda growth for Q2

CLSA

• Maintain outperform with target price of Rs 4,220

• Jewellery business strong

• Domestic jewellery business growth of 19% well ahead of estimates

• Remain positive over the medium term as elevated gold prices should drive operating leverage over time

Morgan Stanley

• Q2 - Base for the next leg of the earnings cycle

• Analysts expect a low-single-digit rise in profits

• High single digit revenue growth with numbers distorted by several one-offs

• Quarter is likely to transition India into higher earnings growth given all the policy stimulus

• Breadth in margin expansion to remain low

• Margins are expected to rise for five out of 10 sectors

• Energy and communication services are likely to see expansion

• Margins for financials are likely to fall the most

• Financials and Energy witnessed highest positive earnings revisions in the past three months

• Recommend lenders, consumer and industrial stocks going into earnings season

Jefferies

• Sep25 earnings preview - Recovery postponed

• Earnings growth for the JEF coverage (ex O&G, ex Metals) are likely to stay weak at 4% YoY

• GST cuts delay the expected recovery by a quarter

• Conversely, the consumption jump post the GST cuts may aid earnings growth in Dec'25 quarter

• Cement, telecom, ERMS, hospitals, OMCs among stronger earnings trajectories

• Lenders, consumer, autos, IT flattish to low single digit

Investec

• Maintain buy with target price of Rs 400

• Short-term weakness, strong long-term opportunity

• Potential global LNG supply glut could further ease prices, lifting demand further

• Well-positioned to benefit, supported by its scale, low-cost structure, and capacity expansions at Dahej and Kochi

• Recent correction, reflects undue pessimism and presents an attractive entry point

• Offers a compelling mix of value, resilience, and growth

• Expect a re-rating as volumes recover and capacity ramps up

Citi

• Draft directions to reduce risk-weights across products – to boost capital adequacy

• Key beneficiaries – banks with exposure to housing, SME, credit cards (HDFC/ICICI/AXIS/SBI)

• Draft circular for ECL transitioning – recommended prudential floor / transitional arrangement suggests limited impact

• Adverse impact higher for banks with higher exposure in 30-90 dpd (viz unsecured loans, MFI, vehicle loans etc) and PSBs

Jefferies

• RBI has proposed two changes from April 1, 2027

• First, risk weights on SME, housing, transacting credit cards, & others will be lowered

• Second, switch to ECL (alike NBFCs) that will consume some capital in transition (can be over 5yrs) & tad higher credit cost

• But EIR will compensate that partly

• See limited overall capital impact

• Larger private banks are better placed

CLSA

• RBI draft circular to generate positive sentiment for banks and SBI Cards

• Lowering of risk-weights in important sectors, like MSME, highlights the RBI’s intention for banks to focus on this segment

• Transactor loans on credit cards and real estate loans will also have a lower risk-weight going forward

• Given this backdrop, calculate that for a 10ppt risk-weight asset reduction, Tier-1 ratios will increase by 40-60 bps

• Believe that this will generate positive sentiment towards bank stocks and SBI cards

UBS

• Maintain neutral with target price of Rs 120

• Return ratios to remain low

• Key metrics to remain moderate

• Business growth to remain steady; near-term NIMs under pressure

• Credit cost to inch up from FY25; ROA to decline

UBS

• Maintain buy with target price of Rs 150

• Steady earnings profile

• Business metrics to remain stable; ROA/ROE to stay at 1%/16% over FY26-28E

• Loan growth outlook steady; pressure on NIM to be relatively lower

• Credit cost likely to remain controlled; ROA to remain at 1%

UBS

• Maintain neutral with target price of Rs 150

• Modest growth outlook

• Initiate at neutral on lower-than-peer growth and limited ROA upside

• Loan growth may remain slower; margin profile may remain steady

• Credit cost may remain stable; ROA at around 1% vs 1.2% in FY25

UBS

• Maintain buy with target price of Rs 250

• The end of a tax overhang

• From overhang to tailwind – near 20% upside to Ebitda

• Upcoming implementation of pipeline tariff reforms – further benefits to accrue

Investec

• Maintain buy with target price of Rs 250

• Beneficiary of Gujarat tax cut

• IGL: Major beneficiary; limited gain for MGL

• This should drive an Ebitda improvement of 18–20%, bolstering earnings and cash flows

Jefferies

• Maintain buy with target price of Rs 1,625

• Mumbai infra upgrade beneficiary

• Opening of Mumbai's 2nd International airport is part of the ongoing $80bn+ infra upgrade transforming the city

• Lodha's large 4,500 acre land bank in city outskirts are well-placed to benefit

• Land values up 8x in 4-yrs demonstrate the potential

• Mumbai performance, alongside geographic expansion, should deliver 20% presales CAGR

• Recent concerns of a slow H1 have brought ex-Palava biz to ~2x EV/sales

• An attractive entry point