Stock Picks Today: Grasim, Mankind Pharma, Jubilant Food, Apollo Hospitals, And More On Brokerages' Radar

Brokerages rolled out fresh calls on Grasim, Mankind Pharma, Jubilant Food, Apollo Hospitals and more while also tracking opportunities across defence, renewable energy, engineering and industrials etc.

MS on PI Industries

• Maintain Overweight with TP of Rs 3883.
• Moving Cautiously into FY27.
• Return to positive revenue growth anticipated in FY27, with improved prospects across agchem verticals.
• Pharma to take 2-3 years to scale to 2x current revenue base – a key level for margin inflection.
• Contract assets expected to be maintained at current levels.

MS on Apollo Hospital

• Maintain Overweight with TP of Rs 8,833.
• Strong Growth in Revenue and Digital Losses Narrowing.
• Strong Q4 beat led by operating leverage.
• Digital losses have narrowed sharply, indicating improving unit economics and path to profitability.

MS on Paints

• Birla Opus gained 90bps market share QoQ.
• Crossed 10% paints market share in March 2026.
• Company is nearing Berger's revenue size if just seen for the paints and putty business.
• Aspires to secure the position of #2 player.
• For the industry, company guided for double-digit value growth in FY27, with Opus continuing to outperform the industry.
• Tactical opportunities may continue to arise.
• Overall the segment appears to remain in a de-rating environment.
• Competitive intensity remains high, moats are getting diluted, and predictability of growth is waning.

MS on AB Capital

• Maintain Overweight with TP of Rs 408.
• Raises Rs 4,000 crore equity via preferential issue.
• Post-money overall shareholding dilution is 4%.
• Promoter shareholding will improve to 68.9% vs 68.5% pre-money.
• Fund raise from promoter and IFC is a positive outcome for the stock as it prevents potential stock supply.
• Attractive starting point of valuation makes risk reward attractive.

MS on Jubilant Food

• Maintain Equal-weight with TP of Rs 486.
• Q4: Weak Quarter; Near term Headwinds.
• Margin headwinds are seen for the near term from inflation in LPG costs, labours cost and commodities.
• Dominos has taken a ~1.2% price hike so far.
• Q1 LFL growth is seen higher than Q4, with sequential improvement expected through FY27.

Jefferies on Jubilant Food

• Maintain Buy; Cut TP to Rs 600 from Rs 850.
• Still Waiting for Pick-up in Earnings Growth.
• Consumer tech platforms becoming preferred ways for investors to play the consumption theme.
• Jubilant's Q4 provided no reason to revisit the name.
• Flat SSSG & cautious short term margin commentary suggest wait for a turnaround continues.
• Exit trajectory results in a 10-12% cut in EBITDA as mgmt aims for a calibrated price hike, which we view as a prudent strategy.
• Retain BUY, but upside is subject to pick up in earnings growth.

Macquarie on Jubilant Food

• Maintain Underperform with TP of Rs 390.
• Q4 Ebitda beat; cautious near-term outlook.
• Q4 Ebitda beat on healthy India margin, strong international performance.
• Concerned about the high base weighing on Jubilant's ability to reach 5-7% LFL growth in the next few quarters.

MS on Lenskart

• Maintain Overweight with TP of Rs 576.
• Q4 Beat: Another Strong Quarter.
• Focus remains on sustaining growth.
• Annual volume growth of 25% is still the target.
• ASP growth in the past two quarters reflects a weaker base.
• Steady-state EBITDA margin target of 25% was reiterated.
• Sees store additions in FY27 similar to FY26.
• Small towns (Tier2 and below) have been performing well.

MS on Mankind Pharma

• Maintain Overweight; Hike TP to Rs 2,735 from Rs 2,500.
• Recovery Back on Track; Growth Visibility Strengthens.
• Chronic-led momentum and robust OTC/BSV traction should continue.
• Though international growth remains muted. 

Jefferies on Grasim

• Maintain Buy; Hike TP to Rs 3,600 from Rs 3,440.
• Improving Standalone Biz Drive Strong Exit to FY26.
• Q4 beat est on strong VSF perf and lower losses in new business.
• Paints rev grew at robust with expanding mkt share trajectory to continue in FY27.
• B2B Ecomm is expected to turn profitable by FY27 exit.
• Strong perf in VSF was driven by mix, efficiencies, & low pulp prices.

Citi on Grasim

• Maintain Buy; Hike TP to Rs 3600 from Rs 3450
• Q4 Resilient, VSF EBITDA Up QoQ
• Paints Market Share Crosses 10%
• Stock will be driven by cement and paints supported by VSF/chemicals
• Holdco discount should keep narrowing as paints volumes/profitability rise and on elevated dividend from UltraTech

Macquarie on Apollo Hospital

• Maintain Underperform with TP of Rs 6,230.
• Q4FY26 results: Modest beat, another business segment deal
• Announced the merger of its Mother & Child and Fertility care businesses with Cloudnine.
• Believe the market may perceive the transaction valuation as underwhelming.

Jefferies on AB Capital

• Maintain Buy with TP of Rs 425.
• Est. the equity infusion should be 2% EPS accretive and 11% Book Value accretive.
• ROE dilution should be 140-132 bps for FY27-28 and accretion to SOTP valuation should be 3%.
• Est. standalone tier 1 cap will rise to 15.7% from 13.8% FY26.

MS on Samvardhana Motherson

• Maintain Overweight; Hike TP to Rs 150 from Rs 144.
• Inflection Year: Aerospace And Consumer Electronics In Focus.
• Auto business could a see softer H1 as global auto production slows down.
• New platform ramp-ups will help but believe scaling up in aero and consumer electronics will be the key stock drivers.
• Could see re-rating in FY27 as the market starts to price in the non-auto opportunity.

Citi on Samvardhana Motherson

• Maintain Sell; Hike TP to Rs 110 from Rs 100
• Q4 Results Above Estimates as Emerging Businesses Surprise Positively
• Cost Pressures to Persist
• Remain cautious on sustenance of global demand
• Also slightly concerned on rising interest cost.

Jefferies on Samvardhana Motherson

• Maintain Buy with TP of Rs 160.
• Growing Well Despite Subdued Macro.
• Expect 26% EPS CAGR over FY26-28.
• Global auto volumes remain range-bound.
• Recent acquisitions should boost growth in FY27-28.
• Also like its expansion in electronics & aerospace.
• Higher commodity costs could pose some margin pressure in H1FY27, but should get passed on to customers subsequently.

Jefferies On Lenskart

• Maintain Buy; Hike TP to Rs 600 from Rs 575.
• Delivered another standout qtr, with strong growth & smart margin gains.
• Mgmt commentary remains positive, with excessive focus on compounding growth.
• This should percolate into better profitability.
• AI is touching all aspects of business, and Lenskart benefits from its control over the value chain.

Citi on Ola Electric

• Maintain Sell; Hike TP to Rs 26 from Rs 22.
• Q4 Results Below Estimates.
• Gross Margins Impress But Operating Leverage is Still Low.
• Mgmt Optimistic on Demand.
• We would look for sustained volume growth before getting more constructive.

Jefferies on BEL

• Maintain Buy; Hike TP to Rs 585 from Rs 565.
• Visibility remains strong.
• Visible double-digit earnings growth medium-term.
• 15%+ earnings CAGR outlook remains intact.

Citi on AU SFB

• Maintain Buy with TP of Rs 1,225.
• Distribution-led mkt share gains in wheels and gold loans.
• Commercial banking compounding at >25%.
• Q4 NIM has seasonal benefits and should not be extrapolated; CoFs may have bottomed out.
• Reiterated credit cost guidance at 90 bps on average assets for FY27.
• Credit cost tailwinds from few businesses coming out of stress cycle to offset macro-driven headwinds.
• Credible and durable growth runway to compound at 2-2.5x nominal GDP.
• Medium-term cost-to-assets (ex-CGFMU) is targeted below 4%.
• Opex commitment centered around liability branches, marketing/branding, technology.
• Decision on equity raise will be contingent on having full clarity on the growth visibility.

Jefferies on Mankind Pharma

• Maintain Buy; Hike TP to Rs 3000 from Rs 2900
• Faith Vindicated
• Base business grows in double digits
• FY27 should be a progressive year
• See continued outperformance in chronic therapies
• See improving growth in acute therapies, and revival in exports
• Stays top pick

 GS on CE Info

• Maintain Buy; Cut TP to Rs 1,350 from Rs 1,400.
• Q4 miss: IoT margin surprise, order book execution needs more time.
• Mgmt indicated that Rs 1000 cr revenue target might be pushed out given the order delays.
• Following the delays in execution owing to a higher mix of government business offset partly by better margins.

Jefferies India Strategy - Mahesh Nandurkar

• Not CAD but all-time low capital flows is the culprit for INR pressure.
• Equity market driven outflows accounted for $78bn over the last two years.
• Strong domestic flows provided an easy exit to foreign capital escaping an expensive market.
• Potential valuation correction/AI trade unwinding/Hormuz opening could stem these outflows.
• Past INR depreciation episodes show turnaround possibilities from here.
• Real Effective Exchange Rate at 91 (INR 9% undervalued) provides comfort and historically (barring GFC), INR has rebounded from such levels.
• RBI's foreign exchange reserves at $597 bn (Adj. for $100bn forward shorts) provide a 9-month import cover, which is below average but still substantial.
• Expect INR to move to $93-95 over next 12 months assuming Hormuz opens soon.

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