Stock Picks Today: ICICI Bank, HDFC Bank, RIL And More On Brokerages' Radar

A clutch of global and domestic brokerages has rolled out fresh views on Reliance Industries, Federal Bank, HDFC Bank, ICICI Bank, Polycab India, Wipro, Tech Mahindra, JSW Steel, Hero MotoCorp, Yes Bank, RBL Bank, JSW Infrastructure, Sobha, and Can Fin Homes ahead of the upcoming session.

They have also shared sector-level commentary across banking and NBFCs, IT services, metals, consumer discretionary, infrastructure and real estate, alongside broader views on earnings momentum, asset quality trends, margin trajectories and near-term market sentiment.

Reliance Industries

Morgan Stanley on RIL
Maintain Overweight; Cut TP to Rs 1,803 from Rs 1,847.
Q3 results were in line but missed on earnings quality, especially in retail.
Weak retail performance is viewed as a clearing event and largely priced in.
Energy and AI-led catalysts outweigh near-term retail volatility.
Positives include new energy execution and refining performance.
Negatives were weaker retail topline growth and higher unallocated costs.

Jefferies on RIL
Maintain Buy; Cut TP to Rs 1,795 from Rs 1,830.
Consolidated EBITDA missed estimates by 5%, led by a retail miss and spike in unallocated expenses.
Retail EBITDA grew just 2% YoY amid promotions and quick commerce pressure.
Jio performance was in line; IPO awaits government approval.
O2C performance was steady with a constructive refining outlook.
Retail recovery and tariff hikes at Jio remain key triggers.

Macquarie on RIL
Maintain Outperform; TP Rs 1,650.
Retail performance was lacklustre while Jio remained robust.
Higher losses in the ‘Others' segment weighed on results.
Sees downside risk to consensus assumptions of 15% group EPS growth.

Citi on RIL
Maintain Buy; Cut TP to Rs 1,815 from Rs 1,860.
Q3 earnings were below expectations as retail growth moderated.
Jio delivered steady performance with improving ARPU.
Near-term softness could cap upside, though recent correction limits downside.

Federal Bank

Citi on Federal Bank
Maintain Neutral; TP Rs 280.
NIM expanded 12 bps, beating expectations.
Slippages and credit costs improved QoQ.
CASA market share gains continue; loan growth is staging a comeback.

UBS on Federal Bank
Maintain Buy; TP Rs 310.
Strong Q3 performance across metrics.
Sequential loan growth improved and CASA ratio rose 106 bps QoQ.
Management guides for 16% loan growth in FY27E.

CLSA on Federal Bank
Maintain Outperform; Hike TP to Rs 300 from Rs 260.
All-round strong quarter with healthy loan growth and asset quality.
NIM expansion aided by lower cost of funds and CRR cut.

HDFC Bank

Bernstein on HDFC Bank
Maintain Outperform; TP Rs 1,200.
Steady improvement in earnings growth continues.
NIM expansion supports NII growth.

Kotak Securities on HDFC Bank
Maintain Add; Cut TP to Rs 1,050 from Rs 1,100.
Recovery underway, led by improving NIMs and lower provisions.
Re-rating expected to be gradual.

BofA on HDFC Bank
Maintain Buy; TP Rs 1,175.
Inline quarter with NIM expansion and healthy fee growth.
Deposit growth lagged expectations.

Morgan Stanley on HDFC Bank
Maintain Overweight; TP Rs 1,225.
Q3 saw higher NIMs and improving loan growth.
Bank reiterated market share gains from FY27.

ICICI Bank

Kotak Securities on ICICI Bank
Maintain Buy; TP Rs 1,800.
NIM stable; earnings muted due to one-off provisions.
Leadership continuity provides comfort.

BofA on ICICI Bank
Maintain Buy; TP Rs 1,750.
Headline miss driven by one-off provisions.
Core RoA stable at 2.3%; loan growth recovering.

Morgan Stanley on ICICI Bank
Maintain Overweight; TP Rs 1,800.
Loan growth accelerating with strong deposit traction.
CEO reappointment provides leadership clarity.

Polycab India

Jefferies on Polycab
TP Rs 9,225, implying 26% upside.
Strong volume growth of 40%, though margins hit by deferred price hikes.
Sees Polycab as a play on private capex, housing and infrastructure.

Morgan Stanley on Polycab
Maintain Overweight; TP Rs 9,373.
Strong topline in Q3 but margins declined.
C&W EBIT margin at multi-quarter low due to mix, cost deferral and higher ad spends.

UBS on Polycab
Maintain Buy; Hike TP to Rs 9,500 from Rs 9,440.
Solid topline; near-term margin drag from commodity inflation.
Management reiterated strong demand outlook.

IT Services

Wipro

BofA on Wipro
Retain Underperform; TP Rs 230.
Margin beat offsets inline revenue.
Q4 revenue outlook remains soft.

Jefferies on Wipro
Maintain Underperform; TP Rs 220.
Revenue and margins in line; profit beat estimates.
Delayed deal ramp-ups weigh on growth.

UBS on Wipro
Maintain Neutral; Hike TP to Rs 290 from Rs 285.
Q3 marginally ahead of expectations.
BFSI and European manufacturing show traction.

Nomura on Wipro
Maintain Buy; Cut TP to Rs 290 from Rs 300.
Q4 guidance weak, though margin discipline remains strong.

Tech Mahindra

Jefferies on Tech Mahindra
Maintain Underperform; TP Rs 1,420.
Broad-based growth but margin expectations remain steep.

HSBC on Tech Mahindra
Maintain Buy; TP Rs 1,910.
Solid all-round Q3 performance with strong deal wins.

Nomura on Tech Mahindra
Maintain Buy; Hike TP to Rs 1,810 from Rs 1,750.
Turnaround progressing well; growth visibility improving.

UBS on Tech Mahindra
Maintain Sell; Hike TP to Rs 1,650 from Rs 1,550.
Strong Q3 beat; expects steady growth from Q4 onward.

JSW Steel

Jefferies on JSW Steel
Maintain Buy; TP Rs 1,400.
Safeguard duty reinstatement to boost margins.
Higher India exposure and earnings sensitivity justify valuation premium.

Hero MotoCorp

JPMorgan on Hero MotoCorp
Maintain Overweight; Hike TP to Rs 6,950 from Rs 6,850.
Industry demand improving with market share stabilisation.
EV market share gains add to confidence.

Yes Bank

Morgan Stanley on Yes Bank
Maintain Underweight; TP Rs 17.
Strong Q3 earnings beat driven by higher NII and low credit costs.
Profitability improvement likely to be gradual.

Kotak Securities on Yes Bank
Maintain Sell; Hike TP to Rs 19 from Rs 18.
Asset quality improving but valuations remain stretched.

RBL Bank

CLSA on RBL Bank
Maintain Hold; TP Rs 310.
Asset quality concerns persist despite operating profit improvement.

Morgan Stanley on RBL Bank
Maintain Equal-weight; TP Rs 305.
Mixed quarter with elevated credit costs.

Others

ICICI Securities on KRN Heat Exchanger
Initiate Buy; TP Rs 820.
Structural HVAC tailwinds and capacity expansion drive growth visibility.

Jefferies on Nuvoco
Maintain Buy; TP Rs 435.
Cost-led beat with demand and pricing uptick expected.

Jefferies on JSW Infra
Maintain Buy; Hike TP to Rs 360.
Targets EBITDA doubling over FY26–28E.

Jefferies on Sobha
Maintain Hold; TP Rs 1,650.
Operational performance strong; margin recovery awaited in P&L.

Morgan Stanley on Can Fin Homes
Maintain Overweight; TP Rs 1,060.
All-round Q3 beat with strong disbursements and NIM expansion.

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