Stock Picks Today: Asian Paints, Dabur, Adani Ports, Eicher Motors, Colgate, And More On Brokerages' Radar

From Asian Paints and Dabur to Adani Ports, Eicher Motors and Bajaj Finance, brokerages have unveiled fresh stock calls across FMCG, ports, NBFC, healthcare and auto sectors.

GS on Asian Paints

• Maintain Sell; Hike TP to Rs 2725 from Rs 2575
• Q1 ahead of estimates driven by a strong margin beat
• Margins likely to moderate as benefit of low cost inventory is behind, but will remain in the 18-20% range
• Management expects volume growth to remain in the 8-10% range for FY27.

Jefferies on Asian Paints

• Maintain Buy; Hike TP to Rs 3350 from Rs 3300
• A Colourful Quarter
• Strong qtr on almost every front
• Revenue growth reached a multi-year high, margins surprised
• Mgmt. retained its volume & margin guidance despite inflation risks
• Outlook remains positive notwithstanding intense competition
• VAM/VAE ramp-up offers a medium-term margin lever

 GS on Dabur

• Maintain Neutral; Cut TP to Rs 485 from Rs 515
• In-line performance with PAT growing faster than revenue
• HPC and Foods Lead, Beverages Recovering post rains in April
• International Business was a tailwind
• Capital Allocation and M&A Optionality a key driver for growth.

MS on Dabur

• Maintain Underweight with TP of Rs 425
• Q1: In Line; Guidance Reiterated
• Management believes double-digit profitable growth is possible, if conflict ceases tomorrow
• Dabur saw 8% inflation in Q1, mitigated via pricing actions
• Management remains watchful of geopolitical risks and inflation. 

Macquarie on Dabur

• Maintain Neutral with TP of Rs 470
• In-line Q1; FY27 targets reiterated
• Management's confidence in driving sequential improvement in sales growth was encouraging
• Remain concerned about the continued growth volatility in beverages
• Worry about company's ability to balance market share and profitability in categories with high competitive intensity in India.

Jefferies on Dabur

• Maintain Buy with TP of Rs 610
• A Broadly Inline Result
• Rural outpaced urban, but the gap is narrowing
• Despite cost pressures, Dabur managed to protect EBITDA margins
• Mgmt sounded somewhat cautious on volume growth due to high inflation
• Stock trades at a significant discount to peers & remains a dark horse.

Citi on M&M

• Maintain Buy with TP of Rs 4470
• Truck and Bus Division (MTBD) To Be Sold to SML Mahindra
• M&M's standalone revenue will decline slightly
• Impact on M&M stock's fair value should be limited
• M&M will continue to benefit from the overall CV business.

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JPMorgan on Adani Ports

• Maintain Overweight with TP of Rs 2000
• Strong Growth In Q1 Results
• Consolidated Growth Powered by Inorganic Additions and International Ramp-Up
• Cargo Mix: Containers Gaining Share, Coal Dependence Reducing
• FY27 Guidance: Tracking Broadly in Line
• Domestic Ports: Steady Performance
• International Ports: NQXT and Colombo Drive Transformation. 

GS on Adani Ports

• Maintain Buy with TP of Rs 1870
• Strong ramp-up at new assets; multiple growth levers coming together
• Growth however was dominated by international ports while domestic volumes were soft
• As the Balance Sheet gets stronger, it positions Adani Port for more organic and inorganic growth opportunities
• Expect growth in revenue and EBITDA will also be in mid double digits.

Macquarie on Adani Ports

• Maintain Outperform with TP of Rs 1860
• 1QFY27: Realisation-led earnings beat
• EBITDA run-rate is tracking the high end of management's FY27 guidance
• Belief that volume softness is likely temporary
• Believe the risk to FY27 is skewed to the upside. 

Bernstein on Adani Ports

• Maintain Outperform with TP of Rs 1880
• Q1FY27: Steady quarter, aided by international volumes
• Delivered a beat across financial metrics, despite modest growth in domestic volumes, driven by international business, forex and cargo mix
• Continue to believe their pricing power and dominant position across ports-logistics is under-appreciated
• Have a healthy balance sheet now with 1.9x net-debt/EBITDA
• See any pullbacks from here as a good entry point 

Citi on Eicher

• Maintain Buy; Hike TP to Rs 8850 from Rs 8350
• Q1 Results Slightly Ahead of Estimates
• Outlook is Positive
• Commodity costs, though, remain volatile
• Capacity expansion remains on track.

Jefferies on Eicher Motors

• Maintain Buy; Hike TP to Rs 9300 from Rs 8800
• Good growth despite cost pressures
• Delivering strong volumes and expanding capacity
• Beneficiary of premiumization
• Peak of margin concerns behind
• Rich valuations justified, for good growth outlook and strong franchise. 

GS on Eicher Motors

• Maintain Buy; Hike TP to Rs 9300 from Rs 9100
• Q1 beat: Capacity addition on track to support strong demand growth
• With normalization of production, inventory has recovered
• Factor in the steady demand visibility, price increases and capacity ramp up.

MS on Eicher Motors

• Maintain Equal-weight with TP of Rs 7763
• Strong Earnings – but EV Risks to Cap Multiple Expansion
• Stronger-than-expected ASPs and tighter opex drove the EBITDA beat
• Demand is healthy, inventory is low, and now – as capacity comes in – Q2's run rate could be 10% ahead of Q1's.
• Continued demand momentum could drive 4-5% upside to our FY27 EPS estimate.

Macquarie on Eicher Motors

• Maintain Neutral with TP of Rs 7717
• Gross margin miss; constructive demand outlook
• Gross margin disappointment offset by cost control
• Well positioned from a volume standpoint.

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Macquarie on Devyani

• Maintain Outperform with TP of Rs 130
• Largely in-line Q1; demand pickup key
• Healthy same-store sales across KFC (focus on dine-in), Costa Coffee and other brands
• Weaker same-store sales growth across KFC and Pizza Hut vs Sapphire Foods

 GS on Colgate

• Maintain Sell; Hike TP to Rs 2050 from Rs 2000
• Growth improvement largely due to low base
• EBITDA margins decline, due to increased ad spends
• Hike FY27/28 EPS estimates by 1% to build in higher-than-expected pricing led revenue growth.

Jefferies on Colgate

• Maintain Buy; Hike TP to Rs 2650 from Rs 2600
• Growth Mindset Evident from High A&P Investments
• Investments in brands rose sharply, weighing on Ebitda margins despite better gross profitability
• Stock trades at a meaningful discount to peers which can come off should growth momentum continue. 

Citi on Colgate

• Maintain Sell; Hike TP to Rs 2000 from Rs 1900
• Growth Acceleration Though Off a Low Base; Margin Trade-offs Persist
• Expect reported volume and revenue growth to remain strong in Q2
• Continue to see premiumisation and incremental pricing actions as the key drivers of growth.

MS on Astral

• Maintain Overweight with TP of Rs 1660
• Announced withdrawal of Chemical business demerger
• Proposed demerger announcement had been taken negatively by the street
• Believe this is net positive and removes a demerger-related overhang from the stock

 Citi on Astral

• Maintain Buy with TP of Rs 1900
• Board may consider demerger once the chemicals business achieves scale and financial strength to independently fund its organic and inorganic growth
• Astral's shares had reacted negatively to the initial demerger announcement
• Withdrawal of the scheme removes this overhang and is likely to be viewed positively. 

Jefferies on Star Health

• Maintain Buy with TP of Rs 700
• Fourth Consecutive Qtr. of Loss Ratio Improvement
• Combined insurance service ratio of 97.1% was 89 bps ahead of estimates
• IFRS PAT at Rs 550 cr, up 25% YoY, was a 9% beat to estimates

 GS on KPIT Tech

• Maintain Neutral with TP of Rs 637
• Q1 in-line
• Deepening PV/CV/solutions efforts in difficult operating environment
• Mgmt expects to see a similar quarter in Q2, but expects a good exit to the year in Q4
• Focused on offsetting the current soft demand situation in its core European / Japanese customer cohort
• Management expects ongoing efforts in AI led productivity improvement and an increasing fixed cost pricing model to support gradual build back in margin

Macquarie on Syngene

• Maintain Outperform with TP of Rs 735
• Q1FY27: A quarter to forget
• All-round miss
• Management has maintained its FY27 EBITDA margin guidance in the mid-20% range

MS on Bajaj Finance

• Maintain Overweight with TP of Rs 1175
• Q1: Housing Finance Subsidiary Results
• Bajaj Housing management expects AUM growth to remain in the range of 21-23%
• It sees some pressure on asset pricing
• Hence guided to 6-8 bps of incremental NIM compression and full-year NIM compression of 20-25 bps
• It has guided to credit cost of 10-15 bps for FY27. 

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