Stock Picks Today: Adani Ports, Hindalco, JSW Steel, Mankind Pharma, LTIM And More On Brokerages' Radar

Emkay on LTIMindtree Investor Day

• Retain Add with TP of Rs 4,700
• Management unveiled five-year “Lakshya 2031” strategy
• Company looking to reposition itself as an AI-led “Business Creativity Partner”
• Targets doubling of revenue by FY31, implying ~15% CAGR
• M&As expected to contribute 15-17% to growth
• Targets ~200 bps EBIT margin expansion
• Sees AI reducing the traditional IT services market by $0.3 trillion
• However, new AI-led opportunities could expand total addressable market to $2.3 trillion
• Randstad partnership seen as value accretive with no material FY27 margin impact

HSBC on India's New IP Series

• April industrial production rose 4.9% YoY, beating estimates
• Manufacturing growth supported by front-loading and inventory build-up
• New series indicates stronger industrial growth versus old series
• FY26 growth moderated due to weaker manufacturing output
• Correlation between new IIP and GDP manufacturing data has weakened, though revisions may improve alignment later

Jefferies on Adani Ports

• Maintain Buy; Hike TP to Rs 2,160 from Rs 2,100
• Capacity constraints expected to drive next leg of upside
• Raised FY28-29 EBITDA estimates by 3-5%
• Expects 15% EBITDA CAGR over FY26-31
• Gujarat and Maharashtra container ports may see demand-supply gap, aiding market share gains
• Vizhinjam port offers additional upside through lower transit costs and faster turnaround
• Strong cash flows expected to support capex and deleveraging simultaneously

Nomura on Adani Ports

• Maintain Buy with TP of Rs 1,930
• Cargo traffic growth of 16% YoY was in line with estimates
• Management expects healthy momentum through 2031
• Revenue and EBITDA CAGR guidance pegged at 19% and 18% respectively over FY26-31
• Strong operating efficiency and integrated logistics platform seen as key moat
• Nomura estimates 19% EBITDA CAGR over FY26-28

MS on Hindalco (Management Meet)

• Maintain Overweight with TP of Rs 1,325
• Power costs expected to moderate by ~30%
• This could lower overall costs by 12-13%
• China supply caps, Middle East disruptions and falling inventories expected to support aluminium prices
• EBITDA improvement expected from Q2FY27 onwards as Oswego restarts
• Business expected to turn cash positive by Q4FY27
• Insurance recoveries from fire incidents pegged at $1.2-1.3 billion

MS on Jindal Steel (Management Meet)

• Maintain Overweight with TP of Rs 1,250
• Expects strong reconstruction demand from Middle East in H2FY27
• Looking to increase auto segment market share
• Coking coal and iron ore costs expected to rise in Q1FY27
• Coking coal prices guided higher by $20-25/ton QoQ

MS on PNB Housing Finance (Management Meet)

• Maintain Overweight with TP of Rs 1,250
• Expects retail loan growth of 18% in FY27
• Funding costs tracking higher than current book
• NIM expected to remain stable to slightly lower
• Guides for negative credit costs in FY27 aided by recoveries
• Normalized credit costs expected at 15-20 bps from FY28
• Steady-state RoA guidance revised slightly lower to 2.3-2.4%

MS on HDB Financial Services (Management Meet)

• Maintain Equal-weight with TP of Rs 720
• Collections and loan demand remain stable
• Loan growth aspiration pegged at nominal GDP growth plus 6-7%
• Targets NIM above 8% over medium term
• Slight increase in cost of funds possible in Q2FY27
• Medium-term credit costs guided at 2-3%

MS on JSW Steel (Management Meet)

• Maintain Overweight with TP of Rs 1,330
• Targeting 50 MT domestic crude steel capacity by 2030
• Expanding domestic mines and Mozambique operations to secure coking coal supply
• Aims to keep EBITDA/ton in Rs 11,000-12,000 range
• Looking to maintain net debt-to-EBITDA below 3x

Jefferies on Mankind Pharma (Management Meet)

• Maintain Buy with TP of Rs 3,000
• Signs of improvement in acute therapy volume growth
• Chronic segment distribution remains consistent
• Bharat Serum exports expected to grow in high teens during FY27
• Clinical pipeline offers long-term optionality

Nomura on AMC Stocks

• Expects Rs 313 billion net equity inflows in May 2026

ICICI Prudential AMC

• Flow share of 13.9% nearly matches AUM share of 14.1%

Nippon AMC

• Continued strong momentum
• Flow share at 10.6%, well above AUM share of 7.3%
• Preferred among AMC names

HDFC AMC

• Flow share moderated to 11%, below AUM share of 12.9%
• Moderation seen in flexicap, midcap and balanced advantage schemes
• Nomura prefers Nippon Life India Asset Management followed by HDFC Asset Management Company

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