Stock Picks Today: Bharat Forge, Gland Pharma, Info Edge, Fractal Analytics, Vodafone And More On Brokerages' Radar

Brokerages remain constructive on a diverse set of stocks spanning technology, industrial forgings, AI-driven analytics, healthcare distribution and infrastructure and telecom, with fresh recommendations on Bharat Forge, Gland Pharma, Zydus Life, Info Edge, Fractal Analytics, Zee Entertainment, Vodafone Idea, PNB, Carborundum Universal, Afcons Infrastructure and Entero Healthcare, while also highlighting opportunities in metals and cement.

GS on Bharat Forge

• Maintain Neutral with TP of Rs 2120
• Q1 miss: Manpower shortages + US PMT plant shutdown impacts profitability
• See improving profitability and visibility on Defense and other adjacent businesses
• See lower margins on Standalone, K Drive Mobility, JSA business. 

Citi on Bharat Forge

• Maintain Sell; Hike TP to Rs 1210 from Rs 1060
• Q1 Results Slightly Below Estimates Due to Escalated Input and Energy Costs
• Demand Outlook Is Positive
• Acknowledge improving exports and better margins in the Indian subsidiaries
• Mgmt highlighted strong growth across segments in India and US operations
• In EU, CV demand is strong but PV demand is relatively weaker.

Jefferies on Bharat Forge

• Maintain Buy with TP of Rs 2500
• Modest Q1; Cut EPS est. but Good Growth Outlook
• Cut FY27-29 EPS by 4-16% on softer margins, some delay in execution of gun order, and higher capex
• Still expect 30% EPS CAGR over FY26-29, led by rebound in exports and ramp-up of defense
• Continue to like expanding footprint and ability to benefit from broad-based tailwinds for Indian manufacturing. 

MS on Bharat Forge

• Maintain Overweight; Hike TP to Rs 2469 from Rs 2233
• Weak Quarter, an Opportunity to Add
• Q1 was hit by issues that are transitory
• Highlights of the quarter: improvement in defence margins and increase in capex to capture upcoming manufacturing opportunities
• FY28e P/E is 42x; the auto supplier average stands at 38x while Industrial peers trade at ~49x.

Jefferies on Gland Pharma

• Upgrade to Buy from Hold; Hike TP to Rs 3350 from Rs 2080
• Key Challenges Largely Behind
• Delivered a strong beat vs estimate, driven by 32% YoY growth in key US market
• Mgmt has indicated that for FY27, growth can potentially reach 15% (cc) from earlier guidance of 12-13%
• Signed one major CDMO contract and has in-licensed a large total addressable market differentiated product
• Believe many key challenges for Gland are behind
• See Cenexi breakeven, new contract wins and expansion into complex products.

GS on Gland Pharma

• Maintain Sell; Hike TP to Rs 2125 from Rs 1875
• Q1 above: Margin performance healthy
• Cenexi turnaround progressing, albeit still early
• Hike FY27-29E EPS estimates by 8% to 10% to factor in the Q1 beat, revised guidance/business outlook by management
• Remain Sell on valuation.

Macquarie on Info Edge

• Maintain Neutral with TP of Rs 1000
• Recruitment revenue growth trails Billings
• Continue to see the risk of AI slowing velocity of jobs
• This will lead to a softer medium-term Billings/Revenue growth outlook
• See potential downside risk to consensus mid-teen revenue growth forecast.

Citi on Info Edge

• Maintain Buy; Hike TP to Rs 1510 from Rs 1400
• Several accelerants in recruitment billings
• Near-term, GCCs, better pricing power, and improved jobseeker monetization are supportive
• Medium-term, premiumization in white collar jobs market should drive ARPU-led growth
• Long term, traction in the value segment (JobHai) and India/global jobs macro will  be key.

BofA on Info Edge

• Maintain Neutral; Hike TP to Rs 1400 from Rs 1330
• Q1: Steady quarter; Improving hiring trends likely to sustain
• 5% EBITDA beat vs Street; Business momentum improving
• Premium segment & newer AI initiatives aiding Naukri.

JPMorgan on Vodafone Idea

• Maintain Underweight with TP of Rs 9
• Net subs adds return to positive territory for the first time since merger
• ARPU growth was helped by seasonality (1 extra day)
• Bank funding remains crucial
• Capex declined 16% QoQ and came below estimates.

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MS on Metal

• The MMDR Amendment Bill 2026 tabled; key positive for miners if passed
• Extends the Centre's regulatory control from "mines" to "mineral bearing lands"
• Restricts States' ability to impose mining-related taxes/cesses
• Pending/uncollected State levies would effectively be extinguished
• The Centre gets significant rule-making discretion. 

Jefferies on Afcons Infra

• Maintain Hold; Cut TP to Rs 290 from Rs 305
• Execution impacts Qtr; order flow a positive
• Working capital deterioration needs to be watched
• Slower execution due to delayed payments, adverse weather conditions, and labour shortages. 

Jefferies on Entero Health

• Maintain Buy; Hike TP to Rs 1800 from Rs 1500
• FY27 Begins with a Bang, upside risk to FY27 guidance
• Medtech - a key growth driver
• Over the next 3yrs, 20% revenue CAGR and 6%+ EBITDA margin look achievable
• Raise FY29E EPS by 10% on higher growth + better margins. 

MS on Cement

• Cement: Is the worst behind? Maybe
• Cement stocks have been underperforming the broader market, as the industry has been adversely affected by the Middle East conflict
• Demand has been good and sustained pricing trends have largely offset cost inflation.
• Post-monsoon demand is key to watch. 

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Kotak Securities on Fractal Analytics

• Initiate Buy with TP of Rs 1000
• Well positioned to be an AI services winner
• A leading pureplay in the data, analytics and AI services market
• Well positioned to benefit from accelerating enterprise AI adoption
• Fractal can become a strategic partner as AI becomes central to businesses
• Key risks: Concentration, AI progress, intensifying competition and deflation.

Citi on Zee Entertainment

• Maintain Sell; Hike TP to Rs 80 from Rs 75
• Sports Drives Reach; Ad Recovery Critical For Margin Expansion
• Return to sports via FIFA and other football properties could be strategically positive
• Remain cautious given weak ad trends, rising investments and competitive intensity
• Will monitor execution in sports. 

Macquarie on Carborundum Universal

• Maintain Underperform; Hike TP to Rs 940 from Rs 870
• Mixed bag
• Consolidated revenue was ahead of expectation, led by Abrasives
• EBITDA and PAT were below estimates, as gross margin contracted 350bps due to higher input costs
• New guidance points to higher revenue but lower PAT on higher costs and delays in closing overseas entities

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Macquarie on Zydus Life

• Maintain Outperform; Hike TP to Rs 1285 from Rs 1260
• Near-term catalysts support long-term growth
• Recent capital allocation towards new businesses and assess the outlook for its existing segments
• Believe MedTech, Specialty, CDMO and D2C build-out is underappreciated
• This is supported by strong teams and disciplined execution
• Domestic business, generics exports well positioned to drive near-tem earnings growth while newer businesses build out. 

Jefferies on PNB

• Maintain Buy with TP of Rs 130
• MD & CEO of PNB highlighted that the bank is focusing on quality of loan growth
• Focusing through direct origination at fair-yields, instead of buyout or low-yielding corp loans
• NIMs can expand from Q1 levels & bank sees ROA of 1-1.1% over FY27-28
• ECL can be a slight drag, and we watch out for the start of next wage negotiations
• See 13% Cagr in loans & ROA of 0.9% in FY27.

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