Stock Picks Today: Zee Entertainment, Blue Star, Meesho, Tech Mahindra, And More On Brokerages' Radar

Brokerages issued fresh views on Zee Entertainment, Meesho, Tech Mahindra, Emcure Pharma, Vishal Mega Mart, IDFC First, GE Vernova alongside commentary on India Macro, NBFCs and cement sector

Citi on Meesho

• Initiate buy with TP of Rs 210.
• Leveraging Technology to Deliver Value E-Commerce.
• Value-focused e-commerce platform, with several vectors of strategic differentiation vs other.
• Business model is fully marketplace-based.
• Structurally reduces cost of doing business for sellers & delivers low-cost affordable selection to consumers.
• Believe Meesho is uniquely positioned to serve as an infinite & accessible store to a massive audience.

 CLSA on Zee Entertainment

• Maintain Outperform with TP of Rs 125.

• Streaming service Z5 users double.
• Z5 users double led by Zee's FIFA India rights; upside to growth forecasts.
• Z5 has also been the most downloaded OTT despite Zee having FIFA on premium subscription.
• With Zee's multi-platform approach viewership, momentum will likely build further, especially as the World Cup unfolds.
• Zee has an eight-year content rights deal with FIFA through 2034 including 39 major events.
• the 2026, 2030 Men's World Cups and the 2027 Women's World Cup.
• Zee is also claiming an 48 week high in linear television viewership market-share.
• Stock cheap at 1x sales and 11x PE for FY28.

Jefferies on GE Vernova

• Initiate Hold with TP of Rs 6000.
• With no large parent orders in FY26, gross margin upside may be limited in FY28E-29E.
• Value the company at 65x PE FY28E, for 36% EPS CAGR over FY26-28.
• Does not offer upside.

Jefferies on Emcure Pharma

• Maintain Buy with TP of Rs 2100 from Rs 1970.
• Margin Tailwind Across Businesses.
• Emcure Pharma looks well-placed to achieve low to mid-teens revenue growth and 75-100bps EBITDA margin expansion for FY27.
• Margin expansion would be driven by higher field force productivity in India and new launches in key global markets.
• R&D-backed products is sole focus for long term growth.
• Emcure presents consistent 20% EPS Cagr over FY26-29E.
• Increase EPS est by 1-5%

Citi on Tech Mahindra

• Maintain Sell with TP of Rs 1275.
• Nanagement remains focused on driving better than industry growth and 15% EBIT margin in FY27.
• Industry growth seems further challenged as per recent trends.
• TechM has executed relatively well in recent past.
• Valuations currently are at 18.5x, a premium to all the large cap peers.
• Decent growth in FY27E will be key for continued outperformance.

 Jefferies on Blue Star

• Maintain Hold with TP of Rs 1735
• Apr-May 2026 RAC industry sales is strong at +25-30%YoY.
• Data Center is a strong opportunity - India's capacity is est 1.5GW, which can grow ~5x by 2030.
• Estimate BlueStar's potential total addressable market at 50% of total data center capex.
• Blue Star expects its data center sales to triple to Rs 3000 cr (15% of sales) in next 3-4 years. 

Citi on Cement Sector

• Think industry utilisation could drop slightly in FY27 to ~66% and FY27 EBITDA/t should decline YoY.
• FY28 should likely be a stronger year for profitability.
• Most capacity expansion is back-ended.
• At 7% demand growth, expect industry utilisation to improve vs. FY27 and EBITDA/t to expand.
• Estimate 52 MT of cement capacity was likely added in FY26, demand growth ~6%, utilization ~67%
• Expect 165 MT of cement capacity addition through FY25-29.
• Consolidation across regions is not likely to increase much hereon pending M&A.
• All India top 5 players accounted for 63% in FY26, we estimate 64% by FY29.

Macquarie on India Macro

• Implied inflation and fiscal hit from oil now looks contained.
• Dr Nageswaran expects current account deficit at 2.0–2.2% of GDP.
• Fiscal slippage risk was not in focus.
• Government remains committed to the 4.3% deficit target, aided by oil pass-through and lower fertiliser prices.
• Concerns remain related to the states' fiscal health due to elevated welfare spending.
• Key investment implication is that India's macro risk has shifted from external-price shock to domestic weather shock.
• This is a less severe but more consumption sensitive risk.

 Jefferies on NBFC

• NBFCs: Sector Headwinds Ease; Growth and Asset Qualty Holding up Well.
• NBFC setup has improved as West Asia tensions ease.
• Growth and collections are tracking well ahead of last year.
• Softer bond yields & delayed rate-hike expectations should support NIMs.
• See healthy growth, easing credit costs and range bound NIMs.
• Valuations have rebounded from post-conflict lows but are near average.
• Weak monsoon/El Nino is the key risk.
• Diversified NBFCs are better placed near term.
• Prefer Bajaj Finance, AB Capital, Chola Finance & Shriram Finance.

CLSA on IDFC First

• Maintain Hold with TP of Rs 73.

• Balance sheet growth outlook healthy; capital raise over the next 12 month.
• NIM outlook stable; operating leverage key to RoA improvement.
• 1.7-1.8% credit cost guidance for FY27.

Investec on Vishal Mega Mart

• Initiate buy with TP of Rs 144.

• An outsized opportunity.
• Execution engine primed to win.
• Strong metrics; see potential to win.
• See a clean double-engine growth story.
• 10% SSSG and 13% store adds driving 18% revenue and 21% EPS CAGR over FY26-29E.
• Valuations at 42x FY28E are attractive.

JPMorgan on LG India

• Maintain overweight with TP of Rs 1620.

• Constructive into FY27.
• Premiumisation, exports and new launches underpin growth.
• Home Appliances & Air Solutions - Premiumization and penetration led growth.
• Home Entertainment – GST cut and premiumization acting as tailwinds.
• B2B / Exports / AMC – incremental growth and margin levers.
• Low double digit EBITDA margin guidance intact; pricing offsets commodity/FX headwinds.

Kotak Securities on Groww

• Maintain buy with TP of Rs 220.
• Groww has sustained strong net customer additions in a subdued industry environment.
• This is helped by better retention, supported by a multi-product marketing strategy.
• Company continues to capture 40-50% of gross industry additions.
• Aim is to deepen engagement and monetization through AI in the future.
• Beyond broking, the firm is building a three-tier wealth platform across retail, affluent and HNI segments.
• MTF book is scaling well with supportive proposed regulatory changes.
• Remain constructive on the business in the medium to long term, even though short-term trends can be volatile.

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