Stock Picks Today: Bank of Baroda, Maruti Suzuki, Urban Company, BEL On Brokerage Radar

Bank of Baroda Ltd., Maruti Suzuki Ltd., Urban Company Ltd., Bharat Electronics Ltd., and Godrej Consumer Products Ltd. are among companies that have drawn commentary from top brokerages on Monday.

Analysts have tweaked share price targets after these companies announced their September quarter results.

Investec

• Upgrade to 'Buy' from 'Hold' and Hike target price to Rs 325 from Rs 250.

• Strong growth and RoA delivery.

• NII led PPOP beat, lower credit costs help deliver robust RoA.

• Healthy loan growth driven by retail and Agri, TD and CA lead deposit growth.

• Robust asset quality, GNPA/NNPA continue to improve.

Citi

• Maintains Buy rating and raises target price to Rs 350 from Rs 310.

• Positive coverage justified with strong all-round performance.

• NIM expansion aided by interest on IT refunds.

• Credit cost at 40 basis points; created floating provisions.

• Absence of overseas slippages and improved MSME and retail asset quality.

• Expects FY26 NIMs to stabilise near 2.85%.

• Improved medium-term risk-adjusted return outlook.

• Cement prices softened due to festive period and extended monsoons.

• October prices declined by 1% month-on-month; year-to-date fiscal year 2026 prices up 5% year-on-year versus forecast of over 4%.

• Quarter-to-date average shows 1.5% quarter-on-quarter decline as near-term price hikes are capped.

• Festive demand weakness affected seasonal price growth.

• Expect modest price recovery in fourth quarter amid demand improvement.

• Maintains a positive 12-month view.

• Prefers Ambuja, UltraTech, and JK Cement.

Jefferies

• Strong October for auto wholesales.

• Indian auto OEMs recorded solid wholesale growth, except Hyundai.

• Passenger vehicle wholesales estimated up 17% year-on-year, tractors up 10%, and trucks up 8%.

• Post-GST cuts and strong festive season drove registrations up 52% year-on-year for two-wheelers and 15% for passenger vehicles.

Bank of America

• October dispatches accelerated and sustainability remains key.

• Fiscal year 2026 likely to be a year of two halves, with October benefiting from festive strength.

• Passenger vehicles: M&M and Tata Motors outperformed, Maruti in line.

• Two-wheelers: TVS and Eicher in line; retail sales strong in October.

• Tractors remained strong; LCVs gained from GST boost.

• Maintains Overweight rating and raises target price to Rs 18,489 from Rs 18,360.

• Maruti expanding market reach, even displaying helmets in car showrooms.

• Suzuki is making strategic moves to revive and expand India’s car market.

• Expanding powertrain portfolio and leveraging India’s scale to boost exports.

• Reports 90% year-on-year growth in the festive period, with 200,000 bookings and three weeks of inventory, indicating a strong Q3.

• Maintains Underweight rating and raises target price to Rs 119 from Rs 117.

• Second quarter results broadly in line.

• Key metrics such as NTV and annual transacting users slightly ahead of estimates.

• Growth accelerated in core India consumer segment excluding Insta.

• Clarity provided on profitability outlook, international breakeven, and continued investment in Insta.

• Maintains Hold rating and raises target price to Rs 1,710 from Rs 1,580.

• Growth outlook already priced in.

• Growth driven by top 10 clients.

• Margin expansion expected to support 25% EPS CAGR over FY26–28.

• Company positioned among peers with one of the strongest earnings growth profiles.

• Raises FY27–28 EPS estimates by 2%.

• Maintains Buy rating and revises target price to Rs 3,260 from Rs 3,330.

• Steady second quarter with strong deal wins.

• Revenue growth outlook robust given healthy deal pipeline.

• Margins expected to remain stable around 15.6% by FY28.

• Raises FY26–28 EPS estimates by 1–3%.

Jefferies

• Maintains Buy rating and raises target price to Rs 210 from Rs 206.

• Trading performance strong; tariff hike key driver.

• A 10% tariff hike could add around 11% to fair value.

• Positive on transmission volume recovery prospects.

• Petrochemical segment loss due to higher feedstock costs.

• Gas transmission performance strong but volume guidance trimmed.

• Cuts FY26/27 EBITDA by 6%/2% on transmission and petrochemical weakness.

Citi

• Maintains Buy rating and revises target price to Rs 215 from Rs 220.

• Gas trading performance strong; transmission improving.

• Transmission volumes recovering modestly.

• Petrochemicals remain subdued.

• Additional transparency in gas trading enhances investor comfort.

• Maintains Hold rating and raises target price to Rs 480 from Rs 430.

• Strong but in-line performance; growth drivers intact though valuations remain rich.

• On track to add 54 new centres in FY26.

• Aggressive India expansion and premiumisation to continue.

• Company remains a strong single-specialty growth story.

• Adds Reliance Industries and Varun Beverages to Focus List, replacing Interglobe Aviation and Jubilant Foodworks.

• Recommends large private financials, consumer, and industrial stocks.

• Reliance expected to unlock $50 billion value from New Energy and AI ventures.

• Reliance’s AI potential seen as undervalued.

• Aims to become South Asia’s only fully integrated 20GW solar chain by 2027.

• Varun Beverages continues to scale domestic and global operations.

• Maintains Buy rating and raises target price to Rs 2,750 from Rs 2,550.

• Realisations surprised positively alongside planned capex.

• Improved RMC profitability and attractive valuations support outlook.

• Cement volumes up ~16% year-on-year to 10 million tonnes.

• Capacity expected to rise from 40.4mt to 43.7mt by end-FY26.

• Awaiting clarity on MSA sales.

• Retains Buy rating and raises target price to Rs 510 from Rs 455.

• All-round beat with Ebitda 20% above estimates.

• Company attractively valued among industrial peers.

• Myanmar exposure remains under 5% of total revenues.

• Earnings visibility has further improved.

• Maintains Buy rating and raises target price to Rs 585 from Rs 500.

• Supported by resilient commodity prices and volume gains.

• Sequential Ebitda growth driven by commodity prices, volume, and FX tailwinds.

• If NCLT approves resolution plan, company likely to pay Rs 3,700 crore upfront.

• Confident about leverage position.

• Expects aluminium to average $3,500 in 2027; maintains bullish stance.

• Maintains Buy rating but reduces target price to Rs 1,400 from Rs 1,450.

• Weak quarter; expects growth and margin recovery ahead.

• India segment faced revenue and Ebitda pressure; Africa performed strongly.

• Management expects India margins to improve while domestic challenges persist.

• GST impact mainly on soaps and hair care categories.

• Maintains Buy rating and raises target price to Rs 430 from Rs 410.

• Strong results supported by refining and inventory gains.

• Government compensation for LPG losses to aid FY26–27 earnings.

• Marketing profitability weakened in the third quarter inventory losses expected.

• Large capex in refining and petrochemicals could weigh on RoCE.

• Earnings outlook positive amid stable crude prices.

• Raises FY26/27 earnings estimates by 25%/23%.

• Upgrades to Buy and raises target price to Rs 2,150.

• First half volumes affected by capacity expansion delays.

• Beat estimates on higher operating margins.

• Plans to add 80ktpa/45ktpa lead capacity at Mundra and Phagi plants in H2FY26.

• Expected to deliver ~25% revenue CAGR and ~24% EPS CAGR over FY25–28.

• Raises FY26–28 EPS estimates by 4–7% factoring in margin gains.

• Recent correction offers attractive entry point.

• Maintains Sell rating; revises target price to Rs 1,400 from Rs 1,500.

• Strong volume growth but moderating earnings not fully priced in.

• Rural growth continues to outpace urban.

• Earnings growth expected to align with or lag behind revenue growth.

• Cuts FY26–28 EPS estimates by 1–3% after Q2 results.

• Maintains Buy rating and raises target price to Rs 870 from Rs 750.

• Earnings beat supported by stable credit costs and sustained growth.

• Credit quality improved in CVs, PVs, and tractors; weaker in MSME and 2W segments.

• AUM growth steady despite challenging environment.

• Growth driven by tractors, MSME, PV, and CV segments.

• Management optimistic on FY26 growth citing strong festive demand.

• Asset quality resilient; credit costs stable.

• Expects liquidity benefits in Q3 and NIMs near 8.5% by Q4.

• Raises FY26–28 earnings estimates by 2–3%.