Stock Picks Today: Titan, HAL, ICICI Bank, Aegis Logistics, APL Apollo Tubes On Brokerages' Radar

Titan Company Ltd., Hindustan Aeronautical Ltd., ICICI Bank Ltd., Aegis Logistics Ltd., and APL Apollo Tubes 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:

Nomura

• Initiate buy with target price of Rs 4,275

• Demand to remain steady; staple in the discretionary category

• Organised players to continue to grow 1.5x faster than industry at mid-teens+

• Headwinds largely behind; sales growth and margins reset to new normal levels

• Q2 likely to be weak but provides good entry point; we expect a recovery from H2

• Strong structural story intact; better placed vs domestic peers on a risk-weighted basis

Citi

• Maintain buy with target price of Rs 1,700

• Profitable growth focus aligns advances growth to industry average

• HL/PL disbursements reviving a tad; SME to sustain traction, though will moderate from 30% levels

• Yield repricing is partially offset by SA/TD rate cuts, LDR expansion, bulk/wholesale deposit run-downs, and the absence of seasonal KCC slippage drag

• Estimate core NIM contraction in mid-single digit

• Asset quality remains stable across secured/unsecured retail and business banking

• Opex growth will be influenced by festive spending and PSLCs

• Disciplined deposit strategy focuses on retiring bulk deposits and enhancing average CASA mix

HSBC's Prerna Garg

• Lower valuations, a slow recovery in earnings, and low foreign fund positioning make us positive on the market

• After an absence of 12 months, we think conditions are right for foreign funds to start to return

• Recent demand-side measures are positive for the consumer sector

• Auto sales are also set to benefit and consumer staples should see a margin recovery next year

• In financials, prefer large banks, diversified financials and multi-line non-life insurers

• Outlook for tech services has improved after a material re-rating; expect demand to pick-up next year

• US tariffs are an overhang for pharma, but risks are low given US dependency on Indian generics

• Telecoms and hospitals are structural demand plays

Stocks Picks: Marico, Trent, M&M, Phoenix Mills, HDFC Bank, ICICI Lombard, Ultra Tech Cement, Infosys, Adani Ports and SEZ, Divi’s Lab, and NTPC.

Nomura

• Maintain Buy with target price of Rs 6,100

• Robust order book bolstered even further

• Estimate order book to amount to Rs 2.45 lakh crore by the end of Q2

• Commencement of the supply of engines by GE is a significant positive

• Delivery of LCA Mk1A aircraft should start getting streamlined going forward

UBS

• Maintain buy with target price of Rs 2,000

• APL's strategy of launching 'SG Premium', a brand to take competition head on, is a step in the right direction

• Narrowing price gap versus peers while leveraging its deep connects with the dealer network can impact peers offtake

• This strategy can help to keep not only competitive intensity in check but also impact expansion plans of peers

• For Q2, build in 12% YoY growth in volume; on profitability, can positively surprise with a 8-10% beat

JPMorgan

• Maintain overweight with target price of Rs 895

• LPG imports rising swiftly

• GAIL’s pipeline capacity expansion news is a positive

• Oil/gas logistics story is underappreciated

JPMorgan

• Maintain overweight with target price of Rs 1,365

• GST-led trade disruption may weigh on Q2, full-year revenue outlook maintained

• Rising palm oil prices pose a risk to the pace of margin recovery in H2

• Indonesia - macro headwinds cause near-term uncertainty

• Capital allocation will remain a priority for India

JP Morgan

• Maintain neutral with target price of Rs 745

• Revenue growth stays prioritised

• But balancing it with improving margin ahead

• Doubling down on technology/digital capabilities

• Popeyes – Ready for a faster scale-up

Macquarie

• Accenture's best performing vertical was Financial Services which grew12% YoY in Q4FY25 in constant currency (CC) terms

• India IT Services firms have a higher exposure to Financial Services with TCS having the highest among large caps

• Bookings for Accenture showing Managed Services doing better than Consulting

• Think it indicates that clients are still focused on cost takeout projects

• TCS is a Macquarie Marquee Buy Idea

• Expect significant margin expansion and a growth pickup over FY27E to help drive a rerating

Citi

• Financial services grew 12% YoY cc – Indian IT companies have the bulk of their exposure in these areas

• Gen AI pricing likely to be accretive to overall Accenture’s average – commentary from Indian IT to be watched out for

• Despite underperformance, remain cautious on IT sector given AI disruption, GCC trend, increased competitive intensity & now the US regulatory backdrop

• Expect FY26E to be the third consecutive low growth year for the industry

Jefferies

• Muted growth guidance to weigh on Indian IT

• Accenture’s organic revenue growth guidance in FY26 suggests steady to moderating revenue growth outlook for the next FY

• Muted growth guidance despite pick up in GenAI projects suggest that these projects are not driving an increase in IT services budgets

• This poses downside risks to consensus expectations of acceleration in growth in FY27 for Indian IT firms and may limit PE expansion

• Maintain selective stance

Nomura

• Accenture FY26 revenue growth guidance includes negative 1-1.5% impact from US federal business

• Unlike Accenture, Indian IT companies do not have any exposure to US federal government contracts

• Revenue growth momentum continues to be strong in Financial Services

• There has been no noticeable change in the macroeconomic environment

• Gen AI opportunities continue to mature gradually

• GenAI bookings for India IT companies rose from $3bn in FY24 to $5.9bn in FY25

• A sharp growth revival hinges on macroeconomic improvement particularly in the US

Investec

• Accenture print suggests nothing negative for Indian IT

• Results and commentary only highlight an acceleration in demand versus the prior year

• Lower end of the guidance assumes a deterioration in discretionary spends while the upper end assumes no change

Goldman Sachs

• Accenture’s results indicate discretionary demand environment unchanged expectation

• For India IT, revenue growth expectation for 12m ending Sep ‘26 at 3.6% is not meaningfully different vs Accenture’s FY26 guidance

• FY27 full year revenue growth estimate of 6.1% YoY could be at risk if there is no discretionary demand improvement

• Accenture’s top end of its FY26 guidance assumes no change in discretionary demand environment

• Improved momentum in bookings; Generative AI not deflationary

• Decelerating growth in Americas but financial services vertical strong