Stock Picks Today: HAL, Hindalco, Nykaa, Mama Earth, Suzlon, Paytm On Brokerages' Radar

Hindustan Aeronautics Ltd., Hindalco Industries Ltd., Nykaa, Suzlon Energy Ltd., Honasa Consumer Ltd., Apollo Hospitals Enterprise Ltd., and Paytm 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, broadly based on the first quarter financials that the players have put out. Here are the key analyst calls to watch out for today:

Morgan Stanley

• Maintained Equal-weight; target price of Rs 950.

• Consolidated Ebitda was 16% ahead of consensus.

• Beat was led by better realizations and lower RM costs.

• Angul project commissioning is in the final stages, and production should start in a month.

Jefferies

• Maintained Hold; hiked target price to Rs 430 from Rs 380.

• The brokerage noted that the Q1 results were in-line.

• Aggressive expansion plans in India.

• Balanced growth supported by various levers.

• On track to meet FY26 guidance but valuations are punchy.

Morgan Stanley

• Maintained Overweight; target price of Rs 225.

• Q1: In-line margins, Beauty growth on track.

• Management reiterated focus on driving penetration and premiumization in Beauty.

• Target of Fashion Ebitda break-even in FY26.

• Both segments continue to deliver industry-leading growth and hence continued to gain market share.

Jefferies

• Maintained Buy; hiked target price to Rs 250 from Rs 240.

• Nykaa reported an impressive 26% growth in the beauty business along with margin expansion.

• Fashion growth picked-up, but management continued to balance growth & profitability.

• eB2B had another blockbuster quarter. Marketing spends in BPC continued to go up.

• Nykaa Now (quicker delivery) continues to scale up well and the broader business is eyeing growth.

Macquarie

• Maintained Underperform; target price of Rs 150.

• Nykaa Q1 Ebitda was marginally below street estimates.

• Sustained beauty margin expansion is key to performance.

• See risk to beauty margin from higher delivery costs as it tries to remain competitive against quick commerce through Nykaa Now.

Jefferies

• Maintained Buy; target price of Rs 400.

• Positive surprise on Margins.

• Impact of unseasonal rains was visible from a modest 7% revenue growth given sunscreen was impacted negatively.

• Despite this, Honasa managed to see a sequential improvement in Ebitda margin, a beat.

• New brands continued to grow strongly while Mamaearth is yet to recover, focus on part growing.

• Management sounded positive in its outlook on growth and margins despite highlighting a rise in competition.

Macquarie

• Maintained Outperform; target price of Rs 709.

• Ebitda Miss driven by a lower aluminium price, partly offset by better copper Ebitda.

• Downstream focus; upstream expansion likely by financial year 2028.

• Believe tariff-led demand and cost Ebitda impact lends downside earnings risk.

Jefferies

• Maintained Hold; hiked target price to Rs 735 from Rs 690.

• Strong India results offset weak Novelis.

• Higher aluminum prices set to aid India profitability.

• Tariff impact on Novelis margins to intensify in 2Q, but some tailwinds, too.

Morgan Stanley

• Maintained Equal-weight; target price of Rs 5,092.

• Q1FY26: Beat; strong results.

• Ebitda beat was driven by a higher-than-expected gross margin of 68% and lower-than-expected provisions.

• PAT beat was also driven by higher other income.

UBS

• Maintained Neutral; cut target price to Rs 4,900 from Rs 5,600.

• Q1FY26 - operationally better P&L but execution ramp-up is key for re-rating.

• Believe execution ramp-up of key platforms like LCA Mk1A, LCH Prachand remains the critical trigger.

• Cut valuation multiples owing to execution challenges, potential risk to margins, and a lack of large orders till FY28.

• Continue to prefer BEL over HAL given stronger earnings visibility, better medium-term order book growth, upside risks to new orders and execution, and lower profitability risk.

JPMorgan

• Maintained Overweight; target price of Rs 6,105.

• Q1FY26 results: Healthy revenue growth is encouraging; margins expanded.

• PAT growth was affected by tax rate variations.

• Healthy revenue growth is encouraging as a pointer to underlying execution in FY27.

Jefferies

• Maintained Buy; cut target price to Rs 2,175 from Rs 2,280.

• Q1 Results: Profit Miss; Loan Growth Pickup the Key.

• Disbursement fell 5% year-on-year due to a change in the disbursement recognition policy.

• Should normalize Q2 onwards.

• Expect EPS to grow at 18% CAGR and ROE to inch up over FY25-28e.

Jefferies

• Maintained Buy; target price of Rs 1,150.

• Q1: Strong quarter; beat estimates on robust growth in US & International markets.

• Controlled opex led to a margin beat.

• Maintained FY26 guidance and expects sustainable US growth trajectory driven by complex Gx launches.

• India outperformance should continue and International markets to grow above mid-teens.

• Continue to like the stock due to a strong US pipeline and differentiated launches across markets.

Jefferies

• Maintained Buy; hiked target price to Rs 160 from Rs 135.

• Good Growth in Q1.

• Expect 12% Ebitda and 18% EPS CAGR over FY25-28E.

• Positive on rising 2W demand, industry premiumization, increasing content-per-vehicle, and expansion in 4Ws & exports, along with deleveraging.

• Stock is trading at a lower PEG than most peers, providing more room for multiple expansion especially if the group structure gets simplified.

Investec

• Maintained Buy; target price of Rs 70.

• Execution remains strong; Order book at an all-time high.

• Net cash status, strong RoE/RoCE, and a rapidly growing order book.

• Suzlon is well-positioned for a 49%/26% revenue/PAT CAGR over FY25–27.

UBS

• Maintained Buy; target price of Rs 78.

• Q1FY26: Operationally strong; cyclically better.

• Elevated one-offs in interest and tax impacted PAT conversion.

• Remains well-positioned to meet its FY26 guidance, backed by stronger positioning and a supportive growth cycle reflected in order inflows, execution, and Ebitda delivery.

• Rising protectionism, sector consolidation, and a resilient wind energy profile continue to benefit Suzlon across its key segments.

Citi

• Maintained Buy; target price of Rs 8260.

• Q1 Ahead; Margin Expansion in HealthCo, Hospitals.

• Solid growth and margin expansion in HealthCo.

• Hospitals business too witnessed margin expansion despite a decline in Bangladeshi patients.

• HealthCo continues to witness improvement in margins and turned PAT positive in Q1.

Citi

• Maintained Buy; target price of Rs 1,215.

• RBI Grants Payment Aggregator License.

• Removes Major Pending Regulatory Restriction.

• Paytm can leverage its relative scale and product development capabilities to be more competitive than earlier in the segment.

Bernstein

• Maintained Outperform; target price of Rs 1,100.

• Yet another positive inflection point.

• Long-standing regulatory overhang eased.

• Development as positive as Paytm turning profitable.

• First constructive action after years of heightened regulatory scrutiny.

• Near-term earnings effect will be modest.

• Over time, should support higher payment margins.

• Meaningful relief since a rejection would cast a shadow over the offline business too.

• Raises the likelihood of approvals for other pending developments.