Stock Picks Today: Ashok Leyland, Max Healthcare, Voltas, JSW Cement, Bharat Dynamics, And More On Brokerages' Radar

Brokerages have identified investment opportunities across a broad spectrum of sectors, including electronics, cement, defence, EMS (electronics manufacturing services), ports and logistics, railways, industrial equipment, healthcare, and online education,  with fresh ratings, target price revisions, and earnings-led calls on stocks such as Ashok Leyland, Max Healthcare, Voltas, JSW Cement, Mahindra & Mahindra (M&M), Endurance Technologies, Amber Enterprises, NMDC, Bharat Dynamics, Aegis Vopak Terminals, Hitachi Energy India, Titagarh Rail Systems, Cochin Shipyard, Alkem Laboratories, Kalyan Jewellers, PhysicsWallah and Info Edge. Analysts have also outlined their broader view on India strategy, Foreign Currency Non-Resident (FCNR), while sharing their latest outlook on the non-life insurance sector.

Jefferies on Max Healthcare

• Maintains Buy; raises TP to Rs. 1,260 from Rs. 1,230
• Q1 in-line; revenue and EBITDA grew 15% YoY 
• Growth was led by IP volumes, while oncology drug discontinuation continued to weigh on performance; impact expected to fade from Dec-26
• Expansion pipeline largely on track, with Max Smart operational and Kalinga Hospital acquisition completed
• Some bed additions delayed to FY30, prompting 2-3% cuts to FY27-29 EBITDA estimates
• Strong 2H growth and 18% EBITDA CAGR expected through FY29.

Citi on Max Healthcare

• Maintains Buy; TP at Rs. 1,240
• 1QFY27 revenue grew 16% growth driven by occupied bed days
• Oncology remained a drag
• IPD revenue share fell to 22% from 26%
• Ex-oncology, gross revenue grew 20% YoY
• Oncology expected to normalise from 3QFY27
• EBITDA margin at 24.8% Impactedby new capacity ramp-up costs
• Margins expected to improve gradually as new beds ramp up and leverage improves.

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Jefferies on Ashok Leyland

• Maintains Hold; retains TP at Rs. 160
• Q1 subdued; EBITDA was flat YoY while PAT rose 3%, with volumes up 10% YoY
• Truck demand remains strong but growth is expected to moderate to mid-single digits in 2HFY27 on a high base
• Market share remains broadly stable at ~30%, while EBITDA margins have improved sharply to 13% in FY26
• Valuations remain a concern at 15x forward EV/EBITDA vs 13x 10-year average.

Goldman Sachs on Ashok Leyland

• Maintains Neutral; raises TP to Rs. 175 from Rs. 162
• Gross margin fell 90bps YoY; higher-cost inventory could pressure margins further in 2Q
• Demand remains strong; management sees high-single-digit truck volume growth in FY27
• Price hikes of 225bps in MHCV and 350bps+ in LCV taken in FY27 so far.

Citi on Ashok Leyland

• Maintains Buy; cuts TP to Rs. 200 from Rs. 205
• Management sees strong CV demand MHCV growth guided at high-single digits
• LCV growth expected to be higher
• New high-payload models could aid market share gains
• Margin outlook remains a concern commodity costs have risen sharply in 2Q.

Kotak Institutional Equities on Ashok Leyland

• Maintains ADD; raises TP to Rs. 180 from Rs. 170
• Strong margins aided by sale of lower-cost inventory
• Margins could soften in 2Q due to commodity cost lead-lag
• CV demand remains healthy; FY27 domestic volumes seen up high-single digits
• Price hikes, non-auto mix and cost controls should aid 2H margin recovery

CLSA on Ashok Leyland

• Maintain Outperform; Hike TP to Rs 196 from Rs 183
• Demand outlook remains steady
• Better than expected Q1 growth amidst adversities
• Margins to gradually normalise from Q3 as key commodity prices stabilize. 

UBS on Ashok Leyland

• Maintain Buy; Hike TP to Rs 210 from Rs 208
• Mixed Q1FY27; pricing discipline intact
• Q1FY27: Profitability beats expectations led by inventory support
• Q2FY27 margins to be tested amidst elevated commodity.

Morgan Stanley on Non-Life Insurance

• July business momentum remained strong, led by retail health, motor and miscellaneous segments
• Motor OD GDPI grew 17% YoY, with private insurers also growing 17%, ICICI Lombard grew 16%, while Go Digit declined 6%
• Motor TP GDPI rose 12% YoY; ICICI Lombard grew 18%, while Go Digit declined 6%
• Retail health GDPI jumped 32% YoY, with private-sector growth at 43%
• Among standalone health insurers, ICICI Lombard grew 65%, Niva Bupa 47% and Star Health 22% in July.

Jefferies on Voltas

• Maintains Buy; raises TP to Rs. 1,580 from Rs. 1,530
• RAC market share gained sharply to 17.3% from 15.9%, with volumes up 44% and channel inventory normalised to ~4 weeks
• Voltas plans a 50:50 JV with Atomberg to manufacture ~2.5mn RAC compressors over 1.5-2 years, aimed at securing supply amid import restrictions.

Nomura on Voltas

• Maintain Neutral; Cut TP to Rs 1357 from Rs 1368
• Risks to margin recovery from high competition
• Q1 EBITDA in line with consensus
• Focus on growth, high competition to delay margin recovery.

Jefferies on Aegis Vopak

• Downgrades to Hold from Buy; raises TP to Rs. 280 from Rs. 240
• Q1 EBITDA beat estimates by 14%, led by 31% YoY growth in liquid revenue from the JNPA terminal
• Aegis Vopak handled 32% of India's LPG imports despite a 45% YoY decline in national LPG imports
• Capacity expansion remains on track, with USD 5bn capex planned through FY31 and 36% FY26-30 EBITDA CAGR estimated
• Valuation is the key concern; stock trades at 33x Sep-27 EV/EBITDA after 35% outperformance vs Nifty since June, limiting upside.

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Jefferies on Titagarh Rail Systems

• Maintains Buy; retains TP at Rs. 990
• Q1 EBITDA beat estimates by 5%, supported by strong Passenger Rail margins despite weak wagon sales
• Passenger coach sales rose for the sixth consecutive quarter
• Metro coach target of 200-220 for FY27 remains intact
• FY27 wagon sales estimated to decline 12%
• Passenger segment order pipeline remains strong providing visibility beyond FY28

Jefferies on Aditya Birla Real Estate

• Initiates Buy; sets TP at Rs. 1,880
• ABREL has transformed from a textile company into a pan-India developer
• Pre-sales quadrupled to Rs. 81bn in FY25 from FY23; 78% of FY26 sales were from outside MMR
• Project pipeline stands at ~Rs. 500bn
• Net gearing has fallen to nearly zero
• Central Mumbai land forms ~60% of NAV ~Rs. 330bn inventory remains to monetize
• Management targets 20%+ pre-sales CAGR and ~20% ROE over the next few years
• Commercial rental income targeted at Rs. 10bn vs Rs. 1.4bn currently.

Macquarie on Info Edge India

• Maintains Neutral; raises TP to Rs. 1,260
• Billings growth improved in Jun-Q3Y CAGR estimate raised to 13%
• Recruitment Billings estimates raised 6-15% for FY27-29
• Naukri remains the key value driver ~50% of Enterprise Value
• 99acres expected to reach 10% EBIT margin by FY29 vs breakeven earlier
• Valuation remains elevated.

Citi on NMDC

• Maintains Sell; cuts TP to Rs. 80 from Rs. 85
• Higher volumes and realizations supported earnings but higher costs offset the gains
• YTD despatches up only ~1% YoY raising the required run-rate for the rest of FY27
• Domestic iron ore prices likely rangebound
• Limited pricing upside expected
• Global iron ore prices face medium-term downside
• Supply growth and weak Chinese demand remain risks

Citi on JSW Cement

• Maintains Buy; cuts TP to Rs. 160 from Rs. 165
• 1Q EBITDA at Rs. 3bn beat estimates on better realizations
• EBITDA/t fell to Rs. 785 vs Rs. 915 in 4Q and Rs. 975 YoY
• High marketing costs were a key drag
• FY27 volume growth target remains
• In the high-teens range
• Citi expects market share gains
• And cost improvements to aid earnings.

Jefferies on JSW Cement

• Maintains Buy; TP at Rs. 150
• Q1 EBITDA missed estimates dragged by steep losses at the new Nagaur plant and weaker GGBS mix
• Overall volumes grew 15% YoY, led by 26% cement growth; ex-North
• Cement EBITDA grew 4% YoY with EBITDA/t improving QoQ
• Nagaur utilization is ramping rapidly, with management targeting EBITDA breakeven by Sep-26 

Citi on Endurance Technologies

• Maintains Buy; raises TP to Rs. 3,350 from Rs. 3,000
• Strong order wins across 2W, 4W and EVs
• Production starts expected over 6-12 months
• India growth outlook remains positive
• Non-auto and 4W mix also improving
• Rising Chinese/Korean OEM presence
• Could impact local sourcing in Europe
• Margins expected to improve lower aluminium prices should provide relief.u

Goldman Sachs on Endurance Technologies

• Raises TP to Rs. 3,090 from Rs. 2,710
• Remaining aluminium cost inflation pass-through is still pending
• Management is also negotiating pass-through of steel, rubber and plastics inflation
• Aluminium deflation in recent weeks could provide margin support
• ABS capacity expansion cut to 0.9mn units as disc brake demand strengthens
• Alloy wheel capacity remains well booked, with additional capacity at 60% utilization.

Goldman Sachs on Bharat Dynamics

• Maintains Sell; retains TP at Rs. 1,150
• Q1 revenue/EBITDA beat estimates by 15%/52%, driven by Akash execution
• Revenue rose 131% YoY to Rs. 5.7bn as supply-chain issues eased
• FY27 revenue estimate of Rs. 56.1bn remains intact as execution improves
• Margins could face pressure as newer platforms like Astra enter execution
• Exports are unlikely to provide significant support due to limited contribution
• Order book estimated at ~Rs. 266bn, implying strong 9.6x book-to-bill
• Recent stock run-up largely captures revenue upside

J.P. Morgan on Alkem Laboratories

• Maintains Neutral; raises TP to Rs. 6,100 from Rs. 5,900
• India growth at 10% YoY remained muted, led by weak trade generics
• Branded business grew ~12%, while trade generics remained largely flat
• Gross margin improved 260bps YoY to 67.9%, but higher opex offset the benefit
• US growth remained muted at 6.5%, while non-US sales grew 35% YoY
• Occlutech and Enzene are expected to weigh on margins near term
• Trade generics recovery expected, but growth likely capped at high-single digits.

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Kotak on Cochin Shipyard

• Maintains Sell; raises TP to Rs. 860 from Rs. 830
• Shipbuilding revenue grew 48% YoY, offset by a 38% decline in ship repair
• EBITDA margin at 17.3% was broadly in line with estimates
• Profitability fell as one-time INS Vikrant/Vikramaditya repair orders ended
• New partnerships with HD KSOE, Maersk and Drydocks World remain key
• Vadinar ship-repair expansion could benefit from the Rs. 700bn shipbuilding package
• Landing platform dock order is a key opportunity amid IAC-2 uncertainty

Kotak Institutional Equities on Amber Enterprises

• Maintains Buy; cuts TP to Rs. 8,600 from Rs. 8,710
• 1Q EBITDA was slightly ahead despite weaker-than-expected execution
• Consumer durables margins benefited from pre-stocking and premium mix
• Ascent's new Hosur facility commissioning remains a key monitorable
• FY27 electronics revenue growth guidance remains at 40%+. 

JPMorgan on Physicswallah

• Upgrade to Overweight from Neutral; TP at Rs 148
• Q1 print beats; maintained its guidance of 30% revenue growth in FY27
• To divest its NBFC arm FinZ Finance due to its focus on building the core education platform rather than a lending business
• Stock down 18% in last 1-month on worries surrounding NEET exam delays. 

JPMorgan India Strategy – Rajiv Batra

• Highest earnings growth since Jun-2024
• Reiterate Nifty-50 target 27000
• MSCI India companies' revenue and PAT growing 19% and 16% YoY in Q1
• Key highlight - beats/misses came in at 58%/24%
• There was better sectoral breadth of earnings growth
• Resilient domestic demand continued to offset an unusually noisy external environment
• Materials, Utilities, Industrials and Discretionary reported high earnings growth
• Beneath a healthy topline, aggregate profitability was dragged down by a handful of heavyweights
• Clearest structural bright spots were power demand, the capex/grid/defence cycle, autos and a volume-led recovery in consumer staples
• Overall tone was broadly constructive but prudent
• Companies emphasizing profitable expansion
• Estimate MSCI earnings to grow by 11%/13% for CY26/27 respectively
• Preferred positioning leans heavily towards high-growth domestic cyclicals
• Base/bull/bear case Nifty-50 targets remains 27,000/30,000/20,500 respectively

BofA on FCNR

• RBI closes the FCNR (B) window amid record inflows
• FCNR flows to support BoP
• Q2 26 Current Account balance at -USD3.1bn; at 0.3% of GDP
• FPI remained weak in Q2; overall BoP turned negative
• Expect earlier estimate of inflows from the forex swap that stood at $60-70bn has some clear upside
• Revise this up to $80bn – given the stronger the expected flows, but will be below what could have been in terms of the curtailed window
• Forex reserves of the RBI also surpassed the $700bn mark, and may keep trending higher in coming week. 

Citi on M&M

• Maintain Buy with TP of Rs 4260
• Launch of BE6 SPORTEQ: Extension of BEV Portfolio With Enhanced Tech Features and BaaS Offering
• M&M continues to gain market share with its BEVs
• BE6, XEV 9E and XEV 9S, have seen positive response
• New models will augment M&M's growing market share in EVs as the company is also expanding capacity. 

Citi on Kalyan Jewellers

• Maintain Buy with TP of Rs 800
• Hosted Kalyan Jewellers' senior management for investor meetings
• Recent demand trend continues to remain strong and at least 10% SSG is achievable in the medium to long term
• Old-gold exchange is gross margin dilutive, although cash-for-gold is margin accretive and will help in mitigating the impact of old gold exchange
• Expect around Rs 350-400 cr from land sales, including Rs 100 cr by Sep'26
• On track to become debt free by Sep'26
• Evaluating franchising the Middle East stores which can generate additional cash flows
• All 84 planned stores for FY27 will follow the FOCO model. 

Citi on Hitachi Energy

• Maintain Buy with TP of Rs 46700
• Hosted Hitachi Energy India for investor meetings
• Order Book-to-Revenue of 3.5x as of Q1FY27 provides strong multi-year execution visibility
• Company is well-placed to capture the next wave of grid investment
• Foray into Data Centers and BESS broadens the total addressable market
• 65% commodity cost pass-throughs underpin margin resilience
• Rs 4000 cr of ongoing capex and an export revenue target of 30% by FY30 to support the longer-term growth trajectory.

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