Stock Picks Today: Bharat Electronics, Navin Fluorine, NSE, And More On Brokerages' Radar

Brokerages have highlighted opportunities across defence psu, chemicals, industrials, financial services and capital goods sector issuing fresh calls on Bharat Electronics, Navin Fluorine, NSE, Triveni Turbine, Finolex Cables, Garden Reach Shipbuilders, while also sharing their outlook on India's life insurance sector alongside a broader view on mutual fund industry. 

UBS on Bharat Electronics

• Maintain Buy; hike TP to Rs 550 from Rs 500; added to UBS APAC Key Call list
• Rs 2.5 tn FY27–30 order pipeline supports potential new orders of Rs 2 tn
• Expects 18% revenue and earnings CAGR through FY30, supported by radar, missile and electronic warfare programmes
• Strong systems-integration capabilities limit competitive risks; hikes FY29 EPS estimates by 3%. 

Jefferies on Navin Fluorine

• Maintain Buy; hike TP to Rs 11,100 from Rs 10,540
• US FDA approval for Asundexian unlocks estimated EUR 2bn peak US/EU sales opportunity, with additional potential in China
• Asundexian supplies expected from 2HCY27, ramping in CY28; Nubeqa's expanded patient base strengthens longer-term CDMO growth
• Hikes FY28–29 EPS estimates by 3–5%; expects 33% EPS CAGR over FY26–29

Nuvama on NSE

• Initiate Buy; TP at Rs 2,220
• Dominant market share in cash equities and futures, alongside strong liquidity advantages, supports valuation convergence with BSE
• Expects 11% revenue and EPS CAGR over FY26–29, with EBITDA margins remaining near 78%
• Regulatory headwinds largely priced in; cash trading, co-location, data services and emerging segments offer growth opportunities.

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Jefferies on Finolex Cables

• Maintain Buy; hike TP to Rs 1,525 from Rs 1,410
• AI and data-centre demand drives optical fibre growth, while new fibre capacity and backward integration support margins
• Expects electrical cables and communication cables revenue CAGR of 21% and 15%, respectively, over FY26–29
• Hikes FY27–29 EPS estimates by 4–6%; forecasts 20% sales and 27% EBITDA CAGR over FY26–29

UBS on Triveni Turbine

• Maintain Buy; TP at Rs 840
• Strong order inflows led by exports and improving domestic demand support medium-term execution visibility
• Management expects stronger H2FY27 performance through better execution and favourable product mix
• Margin pressure from raw materials and product mix remains a near-term risk despite healthy order momentum

Goldman Sachs on Garden Reach Shipbuilders

• Maintain Sell; hike TP to Rs 1,735 from Rs 1,640
• Rs 320 bn Next-Generation Corvette order strengthens backlog, but execution stretches over nine years and four months
• Revenue and margin pressures expected after FY28 as major ship deliveries taper off
• Hikes FY27–28 EPS estimates by 4–6% but trims FY29 EPS by 0.8% amid slower execution.

Nomura on India Life Insurance

• Maintain Buy on SBI Life, HDFC Life, ICICI Life and Max Financial; SBI Life remains top pick
• Private insurers' total APE growth of 20% contrasts with softer individual APE growth of 6%
• HDFC Life and Axis Max Life lead growth momentum, while SBI Life's weaker performance reflects a high base
• Upcoming insurance distribution reforms remain the key sector catalyst; SBI Life seen as relatively insulated

Morgan Stanley on India Life Insurance

• Maintain Attractive industry view; no sector TP provided
• HDFC Life and Axis Max Life outperform on retail premium growth, while SBI Life and ICICI Life remain softer
• Group business supports stronger overall APE growth despite modest individual premium expansion
• Sustained retail premium recovery remains important for assessing underlying sector momentum

Jefferies on India Life Insurance

• October 2026 Was A Mixed Bag With Better Growth From Max Financial & HDFC
• October 26 life Retail Weighted Received Premium grew 5% YoY vs 9% in September 2026
• AB Sun Life (+27%), HDFC Life (+16%) and Max Financial (+12%) outperformed, while ICICI Life, Bajaj Life and SBI Life saw lower growth
• Oct'25 had both Dussehra and Diwali distorting the base; Oct-Nov trends will provide a cleaner read
• HDFC Life and Axis Max Life show improving retail premium growth, while SBI Life and ICICI Life remain relatively subdued
• Festive calendar distortions make October–November trends important for assessing underlying demand
• HDFC Life narrowing its growth gap with Tata AIA and ABSLI supports a more favourable outlook.

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Morgan Stanley on MF Flows

• Domestic equity inflows remain resilient, with 2026 YTD flows reaching Rs 4.7 tn versus Rs 4.2 tn last year
• SIP inflows remain near record levels at Rs 322 bn, while non-SIP contributions moderate sharply
• ETF inflows strengthen to Rs 149 bn; domestic institutional buying continues to offset foreign investor selling.

Jefferies on Mutual Fund Industry

• Sector update; large-cap funds gaining flows at the expense of small- and mid-cap funds
• Equity inflows moderated 21% MoM to Rs 335 bn, while SIP contributions remained resilient at Rs 322 bn
• Large-cap rotation benefits HDFC AMC, although its 13% valuation premium to ICICI AMC appears difficult to sustain
• ICICI AMC's diversified franchise and large-cap exposure strengthen its relative investment case.

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