Stock Picks Today: Bajaj Finance, Bharti Airtel, Federal Bank, Patanjali And More On Brokerages' Radar

Brokerages rolled out fresh calls on Bajaj Finance, Bharti Airtel, Federal Bank, Navin Fluorine, and Patanjali Foods, while also flagging trends across IT, retail and new-age platforms.

Jefferies on Patanjali Foods

• Maintain Buy; TP cut to Rs 560
• Transitioning into a more stable FMCG-led earnings model
• Strong position in edible oils, but margins volatile
• Leveraging umbrella brand to scale FMCG business
• Attractive valuation at ~35% discount to peers

Macquarie on Bharti Airtel

• Maintain Outperform; TP Rs 2,220
• Airtel Money valuation unlock potential
• Possible $1.5–2 bn fundraise at ~$10 bn valuation
• Listing could be accretive to SOTP valuation

Jefferies on Bajaj Finance

• Maintain Buy; TP Rs 1,210
• AUM growth ~22% driving NII
• Credit quality improving; overlay provisions created
• Management guides 22–24% AUM growth
• ~20% profit CAGR expected over FY26–29

Macquarie on Bajaj Finance

• Maintain Underperform; TP Rs 860
• PAT beat led by lower credit costs
• Concerns on sustainability of growth and RoA
• Valuation at ~4.1x P/B seen expensive
• FY27 guidance appears aggressive

Bernstein on Bajaj Finance

• Maintain Underperform; TP Rs 840
• Lower credit costs offset weaker NII
• Asset quality trends improving
• Earnings growth may exceed AUM growth guidance

Morgan Stanley on Bajaj Finance

• Maintain Overweight; TP Rs 1,120
• Strong Q4 and constructive commentary
• Asset quality tailwinds expected in FY27
• Potential for P/E re-rating
• FY27 ROA seen at ~4.6%

Morgan Stanley on Federal Bank

• Maintain Equal-weight; TP Rs 260
• Q4 largely in line
• Core profitability supported by lower credit costs
• Loan/deposit growth below system
• Valuations keep stance neutral

UBS on Federal Bank

• Maintain Buy; TP Rs 340
• Steady performance across metrics
• Focus on low-cost liabilities
• Loan growth acceleration and NIM expansion key triggers
• Attractive risk-reward

Citi on Navin Fluorine

• Maintain Sell; TP Rs 6,500
• Growth led by CDMO ramp-up
• Capex-driven expansion largely priced in
• R32 pricing risk remains a key concern
• $1/kg price change impacts EBITDA by ~12%

Jefferies on Navin Fluorine

• Maintain Buy; TP Rs 8,385
• Strong Q4 beat led by specialty chemicals and CDMO
• Robust growth visibility
• Stable demand and raw material availability
• Strong balance sheet to fund expansion

Morgan Stanley on IT Sector

• Read-across from Cognizant indicates continued softness
• Demand environment remains weak
• Limited positive triggers near term
• Financial services vertical relatively resilient
• Healthcare and communications remain weak

Morgan Stanley on Larsen & Toubro

• Maintain Overweight; TP Rs 4,968
• Divestment of Hyderabad Metro stake
• Continued focus on cash flows and ROE
• Transactions to reduce debt and improve RoE
• ~70 bps improvement in RoE expected

JPMorgan on Meesho

• Initiate Overweight; TP Rs 215
• NMV growth expected to outpace user growth
• Advertising monetisation under-penetrated
• Logistics cost benefits seen as one-off
• Strong FCF recovery potential

HSBC on Avenue Supermarts (DMart)

• Maintain Reduce; TP Rs 4,070
• Strong store addition trajectory
• LFL growth may improve with inflation
• Structural concerns on competitive intensity remain
• Execution improving but landscape unchanged

ALSO READ: Five Stocks To Buy Or Sell: Coal India, Bharti Airtel And Indigo | April 30, 2026

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