Stock Picks Today: Adani Group, Infosys, ITC, Nykaa, LIC And More On Brokerages' Radar

Bernstein on Adani Group

• Execution at scale helping compete with inefficient government-run businesses
• Comfortable on debt profile, repayment and yields
• Share pledge and promoter holding termed healthy
• Valuations no longer cheap, though some stocks remain in line with peers

Adani Ports

• Maintain Outperform with TP of Rs 1,880
• Strong pricing power and room for value-chain expansion
• Competes largely with government-run ports

Adani Power

• Maintain Outperform with TP of Rs 177
• Operates in an effective 2–3 player market
• Equipment bottlenecks seen supporting competitive positioning

Ambuja Cement

• Maintain Market-perform with TP of Rs 542

Adani Green

• Maintain Underperform with TP of Rs 864
• Strategic advantages acknowledged
• Valuations remain a concern

Bernstein on Pharma

Zydus Life

• Initiate Outperform with TP of Rs 1,457
• Earnings acceleration expected from innovation and wellness adjacencies

Lupin

• Initiate Outperform with TP of Rs 2,707
• Seen as an innovation-driven turnaround story

Sun Pharma

• Initiate Outperform with TP of Rs 2,235
• Consistent EPS growth expected

Aurobindo Pharma

• Initiate Market-perform with TP of Rs 1,498

Mankind Pharma

• Initiate Underperform with TP of Rs 2,057
• Bernstein sees deeper slowdown in core sales growth than Street expectations

Biocon

• Initiate Underperform with TP of Rs 326
• Weak sales execution impacting return ratios
• Innovation in niche therapies and specialty products expected to drive Indian biopharma growth
• Quality culture and GenAI gains seen as strong catalysts

Citi on Infosys

• Maintain Neutral with TP of Rs 1,300
• Financial services and energy verticals expected to improve
• Macro softness and decision-making delays visible in March
• H1FY27 expected to be stronger than H2FY27
• Infosys working with 90% of top-200 clients on AI
• AI-led deflation risks acknowledged, but new value pools emerging
• Wage hikes already budgeted into margin guidance

Macquarie on Page Industries

• Maintain Underperform with TP of Rs 31,000
• Q4 EBITDA beat estimates
• Management bullish on FY27 growth outlook
• Potential price hikes could support near-term performance
• Concern remains over sustainability of demand momentum

Bernstein on Financials

• Sector outlook: “Calm before the storm”
• Growth improving while margins soften marginally
• Asset quality remains benign
• PSB outperformance less certain
• NIM pressure expected amid tighter liquidity conditions

HDFC Bank

• Maintain Outperform with TP of Rs 1,150

ICICI Bank

• Maintain Market-perform with TP of Rs 1,550

Axis Bank

• Maintain Outperform with TP of Rs 1,600

Kotak Mahindra Bank

• Maintain Market-perform with TP of Rs 500

SBI

• Maintain Market-perform with TP of Rs 1,300

IndusInd Bank

• Maintain Outperform with TP of Rs 1,000

Bajaj Finance

• Maintain Underperform with TP of Rs 840

Paytm

• Maintain Outperform with TP of Rs 1,500

Jefferies on ITC

• Maintain Hold; Cut TP to Rs 350 from Rs 400
• Strong Q4 driven by cigarettes business
• Partial impact of tax hike reflected in Q4
• Q1FY27 expected to provide clearer picture of tax impact
• Volumes and margins likely to remain under pressure
• Stock expected to stay range-bound near term

Macquarie on ITC

• Maintain Neutral with TP of Rs 330
• Q4 impacted by tax transition
• Positive on FMCG demand recovery and paper margins
• Agri EBIT affected by Iran conflict disruptions
• Q1FY27 profitability may remain under pressure

Citi on ITC

• Maintain Sell with TP of Rs 290
• Regulatory overhang remains key concern
• Q1FY27 to offer better read-through on tax impact
• Staggered pricing strategy could hurt profitability
• Monitoring volume trends and competitive intensity closely

MS on ITC

• Maintain Equal-weight with TP of Rs 346
• Cigarettes, FMCG and paper EBIT ahead of estimates
• Agri business weaker than expectations
• Tax hike implications remain key monitorable
• Stock expected to remain range-bound

JPMorgan on ITC

• Maintain Neutral with TP of Rs 325
• Q4 EBITDA beat estimates
• Q1FY27 remains crucial for assessing cigarette tax impact
• FMCG and paper businesses showing improvement
• Pricing and cost optimisation expected to offset inflationary pressures

Jefferies on AWL Agri

• Maintain Buy with TP of Rs 260
• Transitioning from edible oil-led business to broader foods platform
• Guided for Rs 1 lakh crore sales by 2030
• Foods growth expected to accelerate using Fortune brand strength
• Margins expected to improve with scale and better mix

Macquarie on Nykaa

• Maintain Underperform with TP of Rs 210
• Beauty margins remained healthy
• Fashion business reached EBITDA breakeven
• Moderation seen in beauty ad income growth and own-brand growth

Jefferies on Nykaa

• Maintain Buy; Hike TP to Rs 350 from Rs 315
• Strong growth across segments
• Fashion acceleration and breakeven seen as positives
• Own brands continue to perform strongly
• Positive medium-term outlook despite macro caution

Citi on Nykaa

• Maintain Sell; Hike TP to Rs 225 from Rs 215
• Margins improved on lower fixed costs
• Fashion losses reduced
• Beauty and personal care gross margins improved

Jefferies on LG India

• Maintain Buy with TP of Rs 1,660
• Demand remained broad-based in Q4
• Operating margin impacted by commodity inflation and weak INR
• Room AC sales crossed 1 million units in Q4
• Company targets exports to 22 countries in FY27

Jefferies on Emami

• Maintain Buy; Cut TP to Rs 620 from Rs 650
• Revenue volatility continues
• EBITDA growth remained muted
• Stock likely to stay out of favour unless growth improves
• Buy call based mainly on valuations

Jefferies on Dr Agarwal's

• Maintain Hold; Hike TP to Rs 510 from Rs 470
• Strong growth momentum continues
• Expansion guidance maintained
• FY27 revenue growth guided at 21-22%
• Margins expected to remain stable at ~27%

Macquarie on GAIL

• Maintain Outperform with TP of Rs 205
• Q4 impacted by lower volumes and soft marketing margins
• Geopolitical disruptions weighed on performance
• Full impact expected in Q1FY27
• FY27 guidance on transmission and marketing margins remains key

Bernstein on LIC

• Maintain Market-perform with TP of Rs 940
• Strong top-line and bottom-line growth in Q4FY26
• Product mix aiding margin expansion
• Margins may gradually converge with private peers

Macquarie on LIC

• Maintain Outperform with TP of Rs 1,100
• Strong margin expansion surprised positively
• APE growth remained strong
• Product mix improving VNB margins
• Valuation support remains intact

Citi on LIC

• Maintain Buy; Hike TP to Rs 1,475 from Rs 1,345
• Strong operational performance
• Persistency-led gains continue
• Valuation remains attractive
• Promoter holding structure remains an overhang

Jefferies on Varun Beverages

• Maintain Buy with TP of Rs 615
• Revised franchise agreement offers flexibility
• Company exploring adjacent consumer categories
• Beer distribution trials already underway in parts of Africa

Jefferies on JSW Cement

• Maintain Buy with TP of Rs 150
• Q4 beat driven by realizations
• FY27 volume growth estimated at 19%
• Cost savings expected through higher renewable energy mix

Jefferies on Honasa

• Maintain Buy; Hike TP to Rs 565 from Rs 500
• Growth trajectory improving
• Margins at record highs
• Guidance includes high-teens revenue growth and EBITDA expansion

Citi on Honasa

• Maintain Sell; Hike TP to Rs 320 from Rs 285
• Growth acceleration noted
• Sustainability of margins remains key monitorable
• Offline expansion and innovation remain important drivers

MS on Maruti

• Maintain Overweight with TP of Rs 17,895
• Commodity cost pressures intensifying
• Margins expected to trough in Q1FY27
• Price hikes likely to be limited versus peers

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