Stock Picks Today: Apollo Hospitals, Devyani Intl, RIL And More On Brokerages’ Radar

A host of global and domestic brokerages have released fresh views on Apollo Hospitals, IndiGo, Britannia Industries, Titan Company, Reliance Industries, JSW Energy, IDFC First Bank and Tata Technologies ahead of Tuesday’s session.

They have also shared their outlook on consumer staples, travel and tourism, healthcare, power, IT services and banking, alongside broader views on India’s macroeconomic trajectory and earnings cycle.

• Macquarie flags the CCI’s observations as a near-term negative for investor sentiment.

• The brokerage notes that domestic steel industry fundamentals have improved over recent years.

• Steel demand is expected to grow steadily at 7–8%.

• Capacity utilisation is seen sustaining above 85%.

• Policy support remains strong with a 12.5% safeguard duty on steel imports.

• Citi maintains a Buy rating and raises the target price to Rs 9,600 from Rs 9,330.

• Near-term challenges are largely priced in, improving risk-reward.

• Apollo remains a high-conviction Buy.

• The stock reflects losses from new hospitals and disruption in Bangladesh patient inflows.

• Losses in new hospitals may keep margins flat at ~24% in the near term.

• Ramp-up in new facilities could drive over 100 bps margin expansion by FY28.

• HealthCo is transitioning from a drag to a value creator as offline pharmacy scales.

• 24x7 losses are narrowing, while the Keimed merger and potential listing could unlock value.

• Indian Hotels – Maintain Buy; TP cut to Rs 910 from Rs 935.

• ITC Hotels – Maintain Buy; TP cut to Rs 255 from Rs 270.

• IndiGo – Maintain Buy; TP raised to Rs 6,140 from Rs 6,035.

• Chalet Hotels – Maintain Buy; TP raised to Rs 1,075 from Rs 1,070.

• GMR Airports – Maintain Buy; TP raised to Rs 125 from Rs 115.

• Jefferies sees resilience in 2026 despite sector challenges.

• Airlines face capacity constraints due to new flight duty norms.

• IndiGo’s fleet additions and international expansion to continue with a yield focus.

• Airports benefit from traffic recovery, retail scaling and RE monetisation.

• Hotels enter a mild moderation phase after a strong upcycle.

• Sector preference order: Airports > Airlines > Hotels.

• Macquarie maintains an Outperform rating with a target price of Rs 835.

• Syngene is well positioned heading into 2026.

• The brokerage sees an attractive risk-reward with improving fundamentals.

• CRO growth is expected to accelerate as biotech funding recovers.

• The CDO segment adds another growth driver.

• CMO headwinds are already factored into guidance.

• New projects could materially boost profitability via operating leverage.

• Britannia – Upgrade to Buy from Hold; TP raised to Rs 7,300 from Rs 6,350.

• HUL – Maintain Buy; TP cut to Rs 2,815 from Rs 3,050.

• Staples faced a tough 2025 amid muted demand, margin pressure and GST disruption.

• Discretionary and retail segments showed mixed trends.

• Internet businesses continued to deliver strong growth.

• 2026 outlook improves on easing inflation, tax cuts and low-base benefits.

• Margin expansion is expected to support earnings recovery.

• Top picks include Eternal, Asian Paints, Vishal Mega Mart, Jubilant Food, Britannia, Godrej Consumer and Marico.

• Jefferies maintains a Buy rating with a target price of Rs 1,625.

• December pre-quarter update shows improving sales momentum.

• Q3 pre-sales rose 25% YoY, slightly above estimates.

• Management reiterated 20% pre-sales growth guidance.

• A major positive was a large project addition of Rs 33,800 crore GDV.

• New projects are expected to enhance medium-term growth and margins.

• Morgan Stanley maintains an Overweight rating with a target price of Rs 1,291.

• Q3 performance beat expectations.

• India demand conditions improved during the quarter.

• Management remains confident of a gradual recovery ahead.

• Morgan Stanley maintains an Overweight rating with a target price of Rs 4,062.

• Q3 results beat estimates, led by 40% jewellery revenue growth.

• Buyer growth was flat but offset by a sharp increase in ASPs.

• Citi maintains a Neutral rating with a target price of Rs 4,125.

• Jewellery growth remained robust in Q3.

• Studded jewellery mix declined during the quarter.

• Revenue growth was driven by higher ASPs rather than buyer additions.

• Margin trajectory remains a key monitorable.

• Morgan Stanley maintains an Overweight rating with a target price of Rs 775.

• Q3 performance was broadly in line.

• Standalone revenue grew 11.8% YoY, marginally below estimates.

• Sequential growth moderated versus the prior four-quarter run rate.

• Morgan Stanley maintains an Equal-weight rating with a target price of Rs 1,360.

• Q3 pre-sales rose 25% YoY.

• Collections remained weak during the quarter.

• The company has achieved around 70% of its annual pre-sales target.

• Godrej Consumer delivered stronger-than-expected performance in India, while Indonesia remained weak.

• Jubilant Food posted in-line India LFL growth of around 5%, at the lower end of guidance.

• The company continues to invest in building new operational capabilities.

• Pizza Hut is expected to turn contribution-positive within the first year.

• KFC is also expected to benefit from technology and supply-chain transitions.

• Nomura initiates coverage with a Buy rating and a target price of Rs 105.

• The bank is entering an operating leverage inflection phase.

• Earnings momentum is strengthening with improving profitability.

• Margins are expected to stabilise with potential upside.

• Asset quality stress has been addressed and credit costs should moderate.

• Tata Technologies – Upgrade to Neutral from Underweight; TP raised to Rs 710 from Rs 570.

• Tata Elxsi – Upgrade to Neutral from Underweight; TP raised to Rs 4,800 from Rs 4,000.

• KPIT Technologies – Maintain Overweight; TP Rs 1,400.

• Auto ER&D demand is showing signs of recovery.

• OEMs are gradually restarting delayed R&D programs.

• Spending is driven by hybrids, autonomous and connected vehicles.

• EV demand recovery remains muted.

• Europe leads the recovery, followed by APAC, while the US lags.

• Multiple indicators point to improving stock returns in the coming months.

• Morgan Stanley expects positive earnings revisions ahead of consensus.

• RBI policy is expected to support liquidity and loan growth.

• Policy reforms, including privatisation, are likely underway.

• The upcoming Union Budget may include capital market reforms.

• A potential India–US trade deal and lower US tariffs are positives.

• FPI positioning remains light, with flows dependent on growth recovery.

• Key risks include global slowdown and geopolitical escalation.

• Preference remains for domestic cyclicals over defensives.

• Overweight Financials, Consumer Discretionary and Industrials.

• Underweight Energy, Materials, Utilities and Healthcare.

• Macquarie maintains an Outperform rating with a target price of Rs 200.

• Management is guiding towards improved Pizza Hut performance.

• The merged entity is expected to drive stronger execution.

• Merger synergies and margin outlook for Pizza Hut remain constructive.

• Demand recovery remains the key catalyst.

• Jefferies maintains a Buy rating and raises the target price to Rs 1,830 from Rs 1,785.

• Tariff hikes and Jio’s listing are key 2026 catalysts.

• Retail growth recovery is expected in FY27.

• Jefferies projects 13% consolidated EBITDA growth in FY27.

• Jio is expected to be the primary growth driver.

• FMCG, new energy and data centres offer additional optionality.