Stock Picks Today: BEL, L&T, HDFC AMC, DMart, Adani Ports, And More On Brokerages' Radar

Brokerages have highlighted opportunities across defence and aerospace, capital goods, renewable energy, power, pharma, healthcare and retail sector, issuing fresh calls on BEL, Larsen and Toubro, HDFC AMC, Hero MotoCorp, Avenue Supermarts, Indian Hotel Company, Zydus Lifesciences, Adani Green, Adani Ports, Adani Energy, Global Helath, Adani Power, M&M Finance while also sharing their outlook on semicon 2026 and MDR on UPI.

Jefferies Larsen & Toubro

• Maintain Buy with TP of Rs 5000
• Management reiterated that Middle East and domestic private sector are driving order flow
• FY27E guidance of 10-12% revenue growth factored execution delays from West Asia conflict and assumed H2 would be better
• Thermal BTG and offshore HVDC order books are sizable and execution should pick up in the medium-term
• Earnings visibility and global tensions easing are key upside drivers.

Macquarie on Bharat Electronics

• Maintain Outperform with TP of Rs 550
• FY27 order inflow is down 50% YoY due to order timing
• Maintain FY27 order inflow forecast of Rs 55000 cr
• Q1FY27 provides strong revenue visibility

Jefferies on Adani Green

• Maintain Buy with TP of Rs 1695
• Management remains confident of adding 5 GW capacity in FY27E
• Aligning capacity addition timelines with transmission infrastructure to mitigate curtailment risk
• Plans to ramp up Battery Energy Storage System (BESS) capacity from 3.6 GWh currently to 10 GWh+ by FY27E remain on track
• Capacity tie-up with Adani Energy Solutions caps merchant upside, though improves earnings predictability

Jefferies on HDFC AMC

• Maintain Buy with TP of Rs 3130
• India's MF industry has multiple growth levers
• HDFC AMC is investing in physical distribution to expand into lower-tier markets
• Expanding both investment/sales teams to grow GIFT/AIF/PMS business
• Expect 20% AUM/14% operating profit growth over 2 yrs.

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JPMorgan on Hero MotoCorp

• Maintain Overweight with TP of Rs 6845
• Organization reorganized into four independent business
• Market share strategy for ICE commuter, scooters and EV has some levers
• Wholesale vs retail dynamics diverging due to delayed festive inventory buildup
• Exports have growth ambitions driven by “local-for-local” strategy
• 2W EVs is a multi-pronged approach
• Given its attractive valuation, see scope for re-rating if Hero Moto
• Can hold market share through the upcoming festive period on a YoY basis
• Can close the growth gap vs. peers over the medium term

JPMorgan on MDR on UPI

• Paytm - Upgrade to Overweight Neutral; Hike TP to Rs 2100 from Rs 1300
• Pine Labs – Maintain Neutral; Hike TP to Rs 190 from Rs 145
• MDR dramatically improves UPI economics
• Industry revenue pool of Rs17000 cr
• Competitive activity likely to inch up
• Paytm - monetises two parts of the business driving significant EPS upgrades
• Pinelabs - monetisation is the acquiring side driving EPS upgrades.

Jefferies on Indian Hotels

• Maintain Buy with TP of Rs 875
• Mgmt remains highly constructive on the long runway of India's hospitality upcycle
• Strong Q1 momentum has sustained into Q2, underpinning confidence of exceeding FY27 revenue growth guidance of 12-14%.
• Over the next few years, IHCL targets ~10% LFL growth and ~5% non-LFL growth
• Growth supported by a robust pipeline, new business growth and favourable demand-supply dynamics

CLSA on M&M Finance

• Maintain Outperform with TP of Rs 425
• Found the balance between NIM and asset quality
• AUM growth to pick up gradually in FY27
• See meaningful scale up in fee income
• RoA continues to improve; at 11x PE, the price is right

Bernstein on Zydus Life

• Maintain Outperform with TP of Rs 1457
• Novartis exit hands it a clearer shot at ALS
• Good data could put second high-return US NCE on the board
• Steadily building innovation pyramid for US growth

Investec on Global Health

• Initiate Buy with TP of Rs 1730
• Scaling beyond its core
• ARPOB growth to continue at mid to high single digit
• Doubling beds in 5 years: most additions post FY29E
• Operating matrices set to improve
• Forecast 16% / 23% revenue / EBITDA CAGR FY26-29

Jefferies on Adani Ports

• Maintain Buy with TP of Rs 2160
• Remains confident of achieving its 1 billion tonnes cargo target by 2030
• This is driven by organic growth in domestic ports and ramp up at its international ports
• Integrating technology into its strong port infrastructure is a focus area
• Logistics is a growth enabler for ports as well
• Balance sheet remains strong with potential to turn net cash by FY31
• This indicates room for growth capex
• Capital allocation remains a key focus area

Jefferies on Adani Energy

• Maintain Buy with TP of Rs 2060
• Management remains upbeat on prospects of its Trading business
• Highlighted that India's transmission outlook remains robust
• Reiterated their guidance on medium-term annual capex run-rate of Rs 20000-25000 cr
• Smart meters and trading business is ramping up well and will be the key growth drivers going forward

Jefferies on Adani Power

• Maintain Buy with TP of Rs 270
• Management reiterated its target of expanding capacity by 2.5x to 45 GW by FY32
• 56% of the upcoming 23.7 GW capacity is already locked in under long-term PPAs and the aim is to tie up 100%
• This lowers the risk profile further
• Believe Adani Power should see 22% EBITDA CAGR over FY26-30E
• Expect it to turn FCF positive by FY30E from negative levels currently.

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HSBC on Avenue Supermarts

• Maintain Reduce; Cut TP to Ts 3520 from Rs 3530
• Relative pricing marginally better
• Pricing differential for Dmart Ready/Dmart store marginally higher at ~5%/~10% vs. online peers
• Pricing is the only moat Dmart has vs other retailers
• Store adds remain skewed towards non-metros
• Disappointing status quo for strategy

Kotak Securities on Semicon 2026

• Kaynes' OSAT ramp-up remains a key monitorable, with customer validation underway and further capacity expansion plans under ISM 2.0
• Dixon and Syrma are accelerating backward integration
• Investments in displays, camera modules and PCBs aimed at increasing domestic value addition and enhancing margins
• Avalon and Cyient DLM could benefit from the emerging semiconductor equipment ecosystem
• Also await potential new JVs, partnerships and capacity announcements under ISM 2.0, which could create additional growth opportunities.

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