Stock Picks Today: Avalon Technologies, AWL Agri, Hindalco, ICICI Bank, BEL And More On Brokerages' Radar

Brokerages rolled out fresh calls on Avalon Technologies, AWL Agri Business, Hindalco Industries, ICICI Bank and Bharat Electronics, while also tracking trends across pharma, infrastructure, defence and industrial manufacturing.

Nomura on Avalon Technologies

• Initiate Buy with TP of Rs 1,722
• Seen as a play on global industrial EMS upcycle
• Demand tailwinds from AI, HVDC and semiconductors
• Management targeting doubling of revenues over FY26-29
• Revenue CAGR estimated at 31% over FY26-29
• EBITDA margins seen improving from 10.8% to 13.2%
• Forecasting 41% EPS CAGR

Jefferies on AWL Agri

• Assume Buy; Cut TP to Rs 260 from Rs 340
• Transitioning from edible-oil-led model to diversified kitchen essentials platform
• Foods business seen as key growth engine
• Edible oils expected to generate stable cash flows
• Foods restructuring expected to support profitable long-term growth
• Valuation seen attractive at ~50% discount to peers

Citi on Hindalco Novelis

• Maintain Neutral with TP of Rs 1,000
• Free cash flow expected to turn positive by end FY27
• Oswego restart ahead of schedule
• Bay Minette project nearing completion
• FY26 cost savings exceeded guidance

HSBC on Hindalco Novelis

• Maintain Buy with TP of Rs 1,310
• Strong earnings performance
• Oswego restart seen as a key positive
• Bay Minette capex remains on track without inflation
• Underlying earnings expected to improve in FY27

Jefferies on Hindalco Novelis

• Maintain Hold with TP of Rs 890
• Fire incident continued to impact quarterly performance
• New York plant restart expected in coming weeks
• Insurance recovery may cloud underlying EBITDA performance

MS on Mankind Pharma

• Maintain Overweight with TP of Rs 2,500
• EBITDA supported by strong domestic growth
• Key therapy segments continued to perform well
• Positive on domestic growth recovery trajectory

Macquarie on Zydus Life

• Maintain Outperform with TP of Rs 1,110
• Reported strong all-round beat
• New growth drivers expected to support upside
• FY28 EPS estimates raised by 21%
• gIbrance opportunity now seen in FY28

Jefferies on Zydus Life

• Maintain Buy; Hike TP to Rs 1,200 from Rs 1,100
• US business outperformed expectations
• India business remained steady
• International markets delivered robust growth
• FTF launches and innovative portfolio expected to support growth

Citi on Axis Bank

• Maintain Buy with TP of Rs 1,620
• No visible stress from West Asia crisis
• Comfortable on growth and asset quality outlook
• Committed to maintaining through-cycle NIM of 3.8%
• Strategic deposit franchise deepening underway
• Positive operating leverage expected in FY27
• ECL transition impact seen minimal

Citi on Ajax Engineering

• Maintain Buy; Hike TP to Rs 680 from Rs 600
• Q4 ahead of expectations
• Pricing discipline and market share resilience highlighted
• EBITDA margin target maintained at 13-15%
• Infrastructure spending and mechanised construction trends supportive
• Management hopeful of M&A opportunity in H2

Citi on ICICI Bank

• Maintain Buy with TP of Rs 1,720
• Broad-based growth led by retail segment
• Corporate growth benefiting from shift away from bond markets
• NIMs expected to remain range-bound
• No visible portfolio stress from West Asia crisis
• Fee income growth expected to improve
• Cost discipline maintained

MS on Blackbuck

• Maintain Equal-weight with TP of Rs 650
• Revenue beat expectations in Q4
• Core business profitability remains consistent
• Vehicle finance nearing EBITDA break-even
• Near-term caution due to freight disruption risks from West Asia tensions

JPMorgan on BPCL

• Maintain Overweight with TP of Rs 465
• Q4 beat supported by refining margins and inventory gains
• Higher other income aided profitability
• Impairment losses on BPRL weighed on numbers

GS on BEL

• Maintain Buy with TP of Rs 475
• Slight miss on estimates but ahead of street expectations
• Healthy order book maintained
• Strong book-to-bill ratio at 2.7x
• FY27 order inflow and margin sustainability remain key monitorables

UBS on BEL

• Maintain Buy with TP of Rs 500
• Strong order inflows helped exceed FY26 guidance
• Robust performance largely priced in
• FY27 order pipeline remains key focus area

UBS on Triveni Turbine

• Maintain Buy with TP of Rs 840
• Growth outlook remains intact
• US subsidiary expected to turn profitable in FY27
• API turbines remain major profitability driver
• Aftermarket business expected to contribute meaningfully

Citi on Orkla

• Maintain Buy; Hike TP to Rs 760 from Rs 750
• Pricing tailwinds emerging
• Growth impacted near term by Kerala distribution restructuring
• Freight costs and digital investments may pressure margins
• Medium-term opportunity remains constructive

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