Stock Picks Today: Delhivery, NSE, Muthoot Finance, Sun Pharma, BEL, And More On Brokerages' Radar

Check out the top stock calls, initiations, upgrades, downgrades, and target price revisions from leading brokerages ahead of today's trade.

Author: NDTV Profit Research
Markets
Nov 02, 2026 06:52 IST

Read Time: 16 mins

Check out top stocks under brokerages' radar heading into trade today.

(Photo: NDTV Profit/ AI generated image)

Brokerages have highlighted opportunities across logistics, pharma, exchanges, banks, NBFCs, chemical, oil and gas, and EMS sector issuing fresh calls on Delhivery, NSE, Reliance Industries, Welspun Living, Welspun Corp., Bank Of Baroda, Muthoot Finance, Sun Pharma, Navin Fluorine, GAIL, Dixon Technologies, Bharat Electronics, PB Fintech, Ajanta Pharma, Central Depository Services, Computer Age Management Services, Pheonix Mills, Aether Industries, GE Vernova T&D, Varun Beverages, Aditya Birla Capital, Lodha, Zee Entertainment, Max Healthcare and Alivus Life Sciences.

JPMorgan on Delhivery

Maintain Overweight; retain TP at Rs 590
Q2 revenue grows 20% YoY to Rs 30.7 bn; reported EBITDA rises 37% to Rs 2.05 bn
Express parcel volumes grow 32% YoY; PTL EBITDA margin improves to 12.8%
Raises FY27 EPS estimate by 10.9%; expects adjusted EBITDA margin to improve sharply in H2.

Jefferies on Delhivery

Maintain Buy; TP cut to Rs 470 from Rs 540
Adjusted Ebitda beat estimates despite the deferred festive season.
Margin expansion was aided by price hikes and operating leverage.
Express parcel growth benefited from lower Meesho insourcing and new initiatives.
Sequential realisations improved after six quarters of decline.
PTL momentum remained healthy, with structural initiatives supporting yields.
Supply-chain margins improved as new contracts stabilised.
Meesho's rising insourcing remains a key medium-term risk.

Kotak on Delhivery

Maintain Buy; retain FV at Rs 550
Q2 reported EBITDA grows 29% YoY, beating estimates by 16% on improved service margins
Express parcel yields improve; PTL and supply-chain services support profitability
Working capital falls to five days of sales; Meesho insourcing remains a key risk.

Citi on Delhivery

Maintain Buy; TP cut to Rs 545 from Rs 570
Margins beat estimates despite softer volumes, driven by higher yields.
Yields improved on inflation pass-through and better shipment mix.
PTL volumes missed estimates, though higher yields supported margins.
Focus remains on higher-margin business, potentially at the cost of volumes.
Industry consolidation has improved the pricing environment.
D2C volumes remain strong despite broader industry headwinds.
Automation, robotics and AI investments should support operating leverage.
Adjusted Ebitda estimates cut on higher growth investments and corporate overheads.
E-commerce volume estimates raised on an improved growth outlook.

JPMorgan on NSE

Initiate coverage with Overweight; TP Rs 2,130
NSE commands 93% cash equity market share; index options share declines to 66%
Expects EBITDA margin to improve from 75.3% in FY27 to 77.1% in FY29
Forecasts 14% adjusted PAT CAGR over FY27–29; regulatory changes and market share remain key risks.

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JPMorgan on Bank of Baroda

Maintain Overweight; cut TP to Rs 310 from Rs 315
Q2 NII grows 9% YoY to Rs 130.3 bn; core PAT rises 36% to Rs 65.3 bn
Gross advances grow 18.3% YoY; GNPA improves to 1.78%
Raises FY27 EPS estimate by 8.2%; upgrades loan growth guidance to 13–15% and deposit growth to 11–13%.

HSBC on Bank of Baroda

Upgrade to Buy from Hold; raise TP to Rs 284 from Rs 276
Q2 core profit beats estimates on stronger fee income and lower underlying credit costs
Expects improving NIM and loan growth to support around 1% RoA and 13% RoE
Raises FY27–29 EPS estimates by 10.7–16.7%; ECL transition remains a key risk

UBS on Bank of Baroda

Maintain Buy; cut TP to Rs 300 from Rs 310
Q2 NII stands at Rs 130 bn, up 4% QoQ; NIM declines 3 bps to 2.74%
Adjusted PAT grows 12% YoY to Rs 54 bn; GNPA improves to 1.78%
Raises FY27 loan growth guidance to 13–15% and deposit growth to 11–13%; retains 2.75–2.95% NIM guidance

Jefferies on Bank of Baroda

Maintain Hold; TP at Rs 275
Profit beat estimates, aided by investment gains partly used to strengthen provisions.
Core trends improved as the loan and deposit mix supported NII and margins.
Overseas and FCNR-linked loans drove growth, while low-margin corporate lending was moderated.
Liquidity improved, providing room to replace costly wholesale deposits or support loan growth.
Lower SME slippages improved asset quality, while retail and agriculture stress also moderated.
Core fee income remained weak, partly offset by stronger forex and treasury income.
Rate hikes should support margins as EBLR-linked loans reprice immediately.

Citi on Bank of Baroda

Maintain Buy; TP at Rs 310
Treasury gains boosted RoA and funded additional prudential buffers.
NIM stayed resilient despite FCNR-led CASA dilution and overseas margin pressure.
H2 margins should benefit from repo-linked and corporate loan repricing.
Growth was broad-based across RAM, while corporate lending remained subdued.
Credit growth guidance raised on strong RAM accretion
Gold loan growth was calibrated amid industry-wide stress concerns.
FCNR mobilisation strengthened liquidity but diluted the CASA mix.
Deposit growth guidance was raised on strong FCNR-led mobilisation.
Asset-quality trends remained benign; slippages were below guidance.
Fee pricing is under review after weaker commission and brokerage income.
FY27 earnings estimate raised 12% on stronger other income and NII trajectory.

JPMorgan on Reliance Industries

Maintain Overweight; raise TP to Rs 1,675 from Rs 1,625
Q2 consolidated EBITDA rises 23% YoY to Rs 566 bn; PAT grows 41% to Rs 255.5 bn
O2C EBITDA jumps 48% QoQ to Rs 252 bn; Retail EBITDA declines 10% YoY
Raises FY27/FY28 EPS estimates by 10.9%/5%; expects retail recovery and strong refining margins to support earnings

Jefferies on Reliance Industries

Maintain Buy; TP Rs 1,710
Q2 consolidated EBITDA rises 23% YoY to Rs 566 bn, beating estimates by 6%; O2C leads performance
Retail EBITDA misses estimates by 6% as quick-commerce investments and inflation weigh on margins
Raises FY27/FY28 EBITDA estimates by 6%/2%; expects strong winter refining profitability.

Jefferies on Muthoot Finance

Maintain Hold; cut TP to Rs 2,700 from Rs 3,300
Q2 PAT rises 27% YoY to Rs 29.8 bn, beating estimates by 10%; AUM grows 42% YoY
NIM expands 150 bps QoQ, while Stage 2/3 loans rise sharply amid repayment challenges
Raises FY27/FY28 EPS estimates by 9%/4%; expects 13% EPS CAGR over FY26–28

Jefferies on Navin Fluorine

Maintain Buy; raise TP to Rs 10,540 from Rs 9,405
Q2 revenue rises 57% YoY; EBITDA grows 66% and PAT jumps 81%, beating estimates
CDMO revenue grows 78% YoY; specialty chemicals and high-performance products sustain momentum
Raises FY27/FY28 EPS estimates by 18%/16%; forecasts 30% EPS CAGR over FY26–29.

Kotak on Navin Fluorine

Maintain Sell; raise FV to Rs 5,990 from Rs 5,250
Q2 revenue grows 57% YoY; EBITDA rises 65% and PAT jumps 81%
CDMO revenue rises 78% YoY; higher R-32 realisations support high-performance products
Raises FY27–29 EPS estimates by 23–24%, but retains Sell on expensive valuations

Citi on GAIL

Maintain Buy; TP cut to Rs 200 from Rs 202
EBITDA beat estimates, led by strong gas trading and transmission performance.
Gas trading benefited from US LNG profitability and oil-linked contract timing gains.
Gas trading profit guidance was raised sharply after a strong first half.
Transmission outlook improved on a stronger than expected volume recovery.
LPG remained weak on lower international prices, while petchem improved sequentially.
Petchem production recovered after gas supply constraints eased.
Pipeline project completion was delayed by six months to Mar. 2027.
Dabhol terminal upgrades should enable full utilisation by Sep. 2027.
Board approved the proposed listing of GAIL Gas.

Jefferies on GAIL

Maintain Hold; TP Rs 185
Q2 EBITDA doubles YoY to Rs 64.1 bn; PAT rises 110% to Rs 46.5 bn
Gas transmission volumes reach 130.1 mmscmd; FY27 volume guidance raised to 126–127 mmscmd
Raises FY27 EPS estimates by 40%, but expects trading profits to normalise in H2.

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Jefferies on CDSL

Maintain Hold; TP Rs 1,315
Q2 PAT rises 24% YoY to Rs 1.7 bn, beating estimates by 10%
IPO and corporate-action income grows 65% YoY; transaction charges rise 15%
EBITDA margin expands 220 bps YoY to 57.9%, despite 39% growth in technology expenses

Jefferies on Phoenix Mills

Maintain Buy; raise TP to Rs 2,250 from Rs 2,215
Q2 EBITDA rises 7% YoY to Rs 7.1 bn; margin expands 180 bps to 61.6%
Mall consumption grows 25% YoY to Rs 46.9 bn; retail lease income rises 15%
Expects 15% consumption growth in H2FY27; office portfolio reaches 79% leasing

Kotak on Dixon Technologies

Upgrade to Buy from Add; retain FV at Rs 14,900
Q2 revenue at Rs 218 bn beats estimates by 6.4%; PAT of Rs 2.93 bn beats by 4%
Retains FY27 mobile volume guidance of 33–34 mn units, excluding Vivo; targets 55–60 mn in FY28
Cuts earnings estimates by 1–2%; telecom, IT hardware and components remain growth drivers.

Kotak on Aether Industries

Maintain Sell; raise FV to Rs 1,120 from Rs 1,070
Q2 revenue grows 26% YoY; EBITDA rises 25.5%, driven by 50% growth in CEM revenue
Inventory days rise to 172 from 151; operating cash flow falls to Rs 0.3 bn in H1
Strong growth outlook requires heavy capex; expensive valuations and weak cash generation remain concerns

Kotak on Deepak Nitrite

Maintain Add; FV Rs 1,690
Q2 revenue jumps 62% YoY; EBITDA rises 207% and PAT grows 235%
Phenolics EBIT rises 23% QoQ on strong realisations, while advanced intermediates EBIT falls 27%
Raises FY27 EPS estimate by 48%; expects earnings moderation in FY28 as phenol spreads normalise.

HSBC on Sun Pharma

Maintain Buy; cut TP to Rs 2,050 from Rs 2,100
Global innovative medicine sales grow 6.9% YoY to $356 mn, impacted by slower US Ilumya sales
US FDA approval for Ilumya in psoriatic arthritis expands addressable market; launch planned from November
Cuts FY27–29 EPS estimates by 2.5–3.1%; Ilumya recovery and European lerodalcibep launch remain catalysts.

BofA on Sun Pharma

Maintain Underperform; cut TP to Rs 1,850 from Rs 1,915
Q2 revenue grows 12% YoY; EBITDA stands at Rs 46.6 bn with 28.8% margin
India sales grow 17%, while specialty sales rise just 7% amid slowing US Ilumya demand
Cuts FY27 EPS estimate to Rs 48.40 from Rs 53.93; higher R&D spending and specialty concentration remain concerns.

Kotak Neo on Sun Pharmaceutical Industries

Maintain Add; TP Rs 2,060
Ebitda beat estimates, largely due to lower R&D spending.
India growth was supported by volumes and new launches.
Ilumya US sales declined due to execution issues and slower market growth.
Corrective measures should restore Ilumya growth over the next few quarters.
Ilumya's psoriatic arthritis approval provides an additional growth lever.
Leqselvi and Unloxcyt ramp-up should support specialty growth.
Emerging markets and ROW growth should benefit from specialty and Semaglutide launches.
Organon's medium-term growth outlook remains muted.

HSBC on Bharat Electronics

Maintain Buy; TP Rs 525
Q2 revenue rises 26.5% YoY to Rs 72.9 bn; EBITDA grows 20.3% to Rs 20.4 bn
PAT rises 19.8% YoY to Rs 15.4 bn; EBITDA margin stands at 28%
Order book declines 4.9% QoQ to Rs 687 bn amid softer inflows; balance sheet remains debt-free.

Jefferies on PB Fintech

Maintain Buy; TP Rs 1,540
Revenue beat estimates, but adjusted Ebitda missed on higher expenses.
Core insurance growth remained strong, led by new health and term insurance.
Renewal take rate improved on higher health renewals and the Combined Operating model.
PB Health remains on track to reach break-even at the targeted revenue run rate.
Paisabazaar momentum remained muted as marketing growth was kept subdued.
Regulatory risks may be mitigated through non-insurance revenue, productivity gains and cost alignment.
Management will not reduce investments in customer propositions or insurer stakes.
H2 growth could moderate as GST-related tailwinds diminish.
FY27 PAT estimate cut 3% due to higher operating expenses.

HSBC on PB Fintech

Maintain Hold; cut TP to Rs 1,100 from Rs 1,150
Q2 earnings miss estimates as higher advertising and operating expenses weigh on profitability
Insurance premiums grow around 38% YoY, but regulatory uncertainty clouds the outlook
Cuts FY27–29 EPS estimates by 2–4%; cost optimisation and commission changes remain key monitorables.

Bernstein on PB Fintech

Maintain Outperform; TP Rs 1,085
Q2 consolidated premiums grow 38% YoY; core credit disbursements rise 22%
Contribution margin remains around 29% and adjusted EBITDA margin around 10% amid higher marketing spend
Management outlines a 1,000-day plan focused on cost discipline, non-insurance revenue and exploring an insurer licence.

HSBC on Varun Beverages

Maintain Buy; retain TP at Rs 540
Q3 volumes grow 29% YoY; revenue rises 33%, EBITDA 25% and PAT 14%
Gross margin contracts 330 bps on packaging inflation; EBITDA margin falls 140 bps to 21.6%
Premium products, international expansion and digital distribution support growth despite cost pressures

Goldman Sachs on Varun Beverages

Maintain Buy; TP at Rs 520
Revenue and Ebitda beat estimates, led by strong volume growth.
India volumes accelerated on favourable weather and a strong summer.
India realisations turned positive, indicating easing competitive intensity.
Gross margin fell on packaging and sugar inflation.
Operating leverage partly offset gross-margin pressure.
Price hikes may be considered if input costs remain elevated.
International growth remained strong as Twizza capacities ramped up.
Supply chain efficiencies supported international margins despite input-cost pressure.

Jefferies on Varun Beverages

Maintain Buy; TP cut to Rs 530 from Rs 615
India volume growth rebounded, aided by favourable weather and a low base.
Growth momentum continued in Oct.; competition remains manageable.
Margins missed estimates due to packaging-cost inflation.
Positive India realisations partly offset raw-material pressure.
Lower grammage in Sting helped mitigate inflation without price hikes.
International growth remained strong, aided by Twizza and organic expansion.
New initiatives scaled well, with Kenya operations and new product launches.
Distribution expansion and technology-led optimisation remain key growth drivers.

Jefferies on Lodha

Maintain Buy; TP at Rs 1,400
Profit beat estimates on stronger margins, while revenue remained in line.
Management expects to comfortably exceed FY27 profit growth guidance.
Pre-sales were in line, led by a strong Bengaluru launch and MMR growth.
Second-half launches, including the NCR pilot, should support sales momentum.
Data-centre power capacity was raised, improving long-term monetisation potential.
Flat collections and land spending led to a modest rise in net debt.
Operating cash flow should accelerate in H2 as collections improve.
Large unsold inventory provides launch visibility over the next five years.

J.P. Morgan on CAMS

Maintain Overweight; TP cut to Rs 790 from Rs 930
Core mutual fund revenue tracked AUM growth, yield compression moderating.
Equity AUM share improved, though net equity sales and SIP market share declined.
Non-MF businesses scaled up across payments, alternatives and account aggregation.
CAMSPay growth was supported by new clients and cross border payment authorisation.
New AMC and SIF mandates strengthened the core business pipeline.
Margins improved on operating leverage, cost discipline and lower headcount.

Macquarie on Indian Hotels

Maintain Outperform; TP at Rs 860
Strategic partnership with Adani Airports adds eight hotels and over 2,000 rooms.
Adani Airports will develop the hotels; IHCL will operate them under an asset-light model.
Partnership spans Taj, Vivanta, Gateway and Ginger across four cities.
Airport-linked portfolio will expand to 25 hotels
New hotels will add around 7% to the managed-room pipeline.
Some properties are under construction and could open within 18-24 months.
Airport locations offer captive business, leisure, transit and MICE demand.

Jefferies on GE Vernova T&D India

Maintain Hold; TP cut to Rs 4,390 from Rs 4,850
Ebitda was broadly in line, while better gross margins supported profitability.
Domestic outlook remains robust as the transmission bid pipeline has strengthened.
Large HVDC order win provides revenue visibility and supported modest EPS upgrades.
Order book supports strong growth and operating leverage over the medium term.
Export visibility remains weaker due to delays in large parent-led orders.
Smaller export order pipeline remains healthy across key international markets.
Mid-20s margin guidance retained, though lower export mix may limit gross-margin upside.
TP cut due to sector-wide derating and a lower valuation multiple.
Prefers Hitachi Energy and Siemens Energy on better growth and margin traction.

Jefferies on Aditya Birla Capital

Maintain Buy; TP cut to Rs 455 from Rs 475
NBFC profit beat estimates on better NIM and lower credit costs.
NIM improved on higher yields, lower calculated funding costs and leverage.
Rate hikes should support margins given higher floating-rate assets than liabilities.
Asset quality remained stable; agriculture and drought-related risks appear limited.
Housing finance growth remained robust, with rate hikes expected to support margins.
Life insurance growth strengthened, while a better annuity mix supported VNB margin.
Management expects to navigate proposed insurance norms without affecting growth or profitability targets.
Health insurance growth remained strong; reward customers reported lower loss ratios.
AMC equity AUM growth improved, though low-yield mandates may dilute revenue yields.

Jefferies on Ajanta Pharma

Maintain Buy; TP raised to Rs 4,180 from Rs 4,050
Broad-based beat was led by strong US and Africa performance.
India outperformed the market, driven by volumes, field-force expansion and new launches.
Asia rebounded as delayed shipments from Middle East disruptions were fulfilled.
FY27 guidance was retained despite a strong first half.
US growth should moderate in H2 due to higher competition and price erosion.
Africa institutional sales are also expected to normalise in H2.
R&D spending will rise as US filings increase.

Jefferies on Welspun Living

Maintain Buy; TP at Rs 260
Revenue and PAT beat estimates despite flood-related disruption at Vapi.
Margins remained resilient as operating leverage offset cotton inflation.
Vapi-related shipment delays should reverse over the coming quarters.
Home textiles growth remained strong, led by exports and US pillows.
Pillow operations reached breakeven; scale-up should support future margins.
Branded and innovation-led businesses continued to gain revenue share.
Flooring profitability improved on cost restructuring and portfolio rationalisation.
US demand remained resilient, while FTAs support UK and European growth.
Strong cash generation moved the company from net debt to net cash.
Scale benefits should outweigh cotton inflation, supporting medium-term margin expansion.

Jefferies on Welspun Corp

Maintain Buy; TP at Rs 3,250
Ebitda beat estimates despite lower volumes, aided by stronger US mix and margins.
US demand remains strong, supported by rising midstream capex and project approvals.
Order book more than doubled, improving growth visibility.
US capacity expansion should support higher volumes over the medium term.
Middle East expansion continues, though geopolitical issues are raising logistics costs.
India demand remains muted, particularly in water pipelines.
FY27-29 EPS raised 1-3% on higher US volumes, partly offset by India weakness.

Jefferies on Dixon Technologies

Maintain Hold; TP raised to Rs 12,765 from Rs 12,730
Sales growth was pricing-led, while mobile volumes declined on affordability pressure.
Margins declined due to Mobile PLI expiry and higher memory-cost pass-through.
ODM margins faced additional pressure due to a lag in cost pass-through.
FY28 margins should improve through backward integration in cameras and displays.
Mobile exports and Vivo operations are expected to ramp up from Q4FY27.
New customer additions and component capacity expansion should support market-share gains.

Citi on Zee Entertainment

Maintain Sell; TP cut to Rs 65 from Rs 80
FY27-29 EPS estimates cut 13-19% after recent results.
Margin assumptions lowered due to continued investments in new initiatives.
Earnings growth outlook remains weak over the medium term.
TV viewership trends and strategy amid rising competition remain key monitorables.

Jefferies on Max Healthcare Institute

Maintain Buy; TP at Rs 1,260
Ebitda and PAT were slightly ahead despite revenue being in line.
New beds are ramping up faster, reflecting strong demand and capacity absorption.
Occupancy remained healthy, supported by higher occupied bed days.
Revenue per occupied bed growth supported overall performance.
Max Labs and Max Home maintained strong growth momentum.
Board approved Rs 4.15 billion capex to add 209 brownfield beds across Noida, BLK and Vaishali.

Kotak Neo on Alivus Life Sciences

Maintain Buy; TP raised to Rs 1,630 from Rs 1,400
Ebitda beat estimates on better product mix, CDMO growth and one-off benefits.
Even excluding one-offs, Ebitda remained ahead of estimates.
FY27 Ebitda margin guidance raised to 35-36% from 30-32%.
H2 margins may moderate due to a higher GNP sales mix.
Stable API pricing, new launches and operating efficiencies should support margins.
CDMO visibility remains intact, with recently commercialised projects ramping up.
Generic API growth was supported by healthy demand and new launches.
GNP recovery expected in H2; non-GNP run-rate likely to sustain.
Flow chemistry reduced costs for the commercialised product.
Oncology formulations expand the pipeline; meaningful revenue is 3-4 years away.
FY27-29 EPS estimates raised 12-13% on stronger profitability.

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