Stock Picks Today: Divi’s Labs, Apollo Hospitals, IDFC First Bank And More On Brokerages’ Radar

A host of global and domestic brokerages have released fresh views on Sai Life Sciences, Divi’s Laboratories, Apollo Hospitals, Tata Steel, Bharti Airtel, Indus Towers and IDFC First Bank ahead of Tuesday’s session.

They have also shared their outlook on pharmaceuticals, telecom, healthcare, metals and banking, alongside broader commentary on India’s growth outlook, GDP trajectory and the evolving earnings cycle.

• Sai Life Sciences – Maintain Buy; TP raised to Rs 1,180 from Rs 1,100.

• Divi’s Laboratories – Maintain Buy; TP raised to Rs 8,000 from Rs 7,850.

• Piramal Pharma – Maintain Buy; TP cut to Rs 210 from Rs 235.

• Cohance Life – Maintain Hold; TP cut to Rs 540 from Rs 650.

• Concord Biotech – Maintain Hold; TP cut to Rs 1,290 from Rs 1,500.

• Jefferies sees robust long-term prospects but advises short-term selectivity.

• CY25 was challenging for Indian CRDMOs due to destocking pressures.

• CY26 is expected to remain mixed with volatility from patent expiries.

• Passage of the Biosecure Act is seen as a key medium-to-long-term growth driver.

• A softer base should aid growth optics from H2 CY26.

• Top picks remain Sai Life Sciences and Divi’s on execution strength.

• Investec maintains a Buy rating with a target price of Rs 98.

• Savings account rate cuts are emerging as a key ROA lever.

• The rate cut could lower costs by 15–20 bps and lift ROA by ~5 bps.

• IDFC First remains a leader in savings account mobilisation.

• Multiple levers support further ROA expansion.

• The bank remains a top pick for Investec.

• Citi expects Q3 EBITDA growth of around 11% YoY across the Nifty.

• Consumption recovery and accelerating loan growth remain key positives.

• INR depreciation supports IT services earnings.

• Capital goods trends remain steady, while commodities show decent growth.

• Management commentary on sustainability of consumption recovery is crucial.

• India’s valuations are reasonable in a relative context.

• Optimism for 2026 is driven by financials as NIMs bottom and credit growth accelerates.

• Consumer recovery may be aided by rural strength and policy support.

• Export-oriented sectors such as IT and healthcare remain under pressure.

• Overweight: Banks, Telecom, Autos, Healthcare, Defence.

• Underweight: Consumer Staples, IT Services.

• Nifty Dec-26 target is 28,500.

• Revenue and profit growth is expected in mid-single digits.

• Margins are seen expanding modestly.

• India is entering a higher earnings growth phase supported by policy stimulus.

• All ten sectors are expected to post positive revenue growth.

• Communication services, consumer discretionary and industrials lead growth.

• Energy is expected to be the weakest contributor.

• Margin expansion breadth remains limited.

• December earnings preview points to encouraging revenue momentum.

• Revenue growth is expected to hit an 11-quarter high of 14%.

• EBITDA and earnings growth are expected to track revenue growth.

• GST cuts have boosted auto and discretionary demand.

• Construction activity has improved as weather normalises.

• Cement, telecom and oil companies are expected to sustain 30%+ growth.

• Financials, IT and pharma earnings growth may remain below 10%.

• Labour cost-related one-offs remain a key monitorable.

• Advance estimates confirm GDP growth moderated in H2 due to softer consumption.

• FY26 nominal GDP growth slows to around 8%.

• This is seen as neutral from a budget perspective.

• Nomura remains optimistic on India’s growth outlook for FY27.

• Lagged policy easing, low inflation and stable global growth are supportive.

• Potential easing in US trade tensions and ongoing structural reforms could drive 7.1% GDP growth in FY27.

• Indian Pharma Market grew 10.6% YoY in December 2025, the highest in CY25.

• Growth was driven by price hikes and new product launches.

• Volume growth remained soft, though showed month-on-month improvement.

• Glenmark and Torrent Pharma led growth at 18.9% and 17.2%, respectively.

• Underlying demand remains muted across the QSR industry.

• Demand deterioration continues despite improving macro conditions.

• Operating leverage pressure is expected to weigh on margins.

• High competitive intensity is limiting demand recovery.

• Westlife Foodworld – Downgrade to Neutral from Buy; TP cut to Rs 550 from Rs 720.

• Gold could rally to $5,000/oz in H1 CY26 amid geopolitical risks and rising fiscal debt.

• Volatility is expected to remain high.

• Central bank and institutional buying should support prices.

• Rallies may see pullbacks.

• Gold could weaken in H2 CY26 as Fed rate cuts end and supply improves.

• Citi maintains a Buy rating with a target price of Rs 3,560.

• The company has launched a new integrated dealer offering called “SUPER SERIES”.

• The product enables access across CarTrade’s user platforms.

• Details on monetisation and dealer value proposition are awaited.

• The move could unlock synergies post the OLX India acquisition.

• A single interface is expected to improve dealer experience.

• Goldman Sachs maintains a Buy rating with a target price of Rs 24,725.

• Progress in titanium metal capabilities strengthens the investment thesis.

• PTC’s aerospace-grade positioning is improving.

• The 600 tpa PAM facility is a key milestone.

• Titanium ingot orders from ISRO establish PTC as a strategic supplier.

• Asset quality improved in November after weakness in October.

• Small-ticket MSME asset quality remains weak but stable.

• CV loan asset quality is improving post seasonal stress.

• Top picks are Shriram Finance, Cholamandalam and PNB Housing Finance.

• JPMorgan maintains an Overweight rating; TP cut to Rs 805 from Rs 890.

• FY26–28 estimates cut by 1–3% ahead of Q3 results.

• The brokerage remains positive on the sector cycle.

• Scale benefits, execution and strong balance sheets support the thesis.

• JPMorgan maintains an Overweight rating with a target price of Rs 158.

• Store additions continue at a steady pace.

• Expansion is focused on new catchments.

• Lower cannibalisation risk supports same-store growth.

• Apollo Hospitals – Maintain Underperform; TP raised to Rs 6,230 from Rs 5,700.

• Max Healthcare – Maintain Underperform; TP raised to Rs 825 from Rs 615.

• Macquarie sees 2026 as another subdued year for hospitals.

• Large bed additions are expected before FY27-end.

• Management has flagged potential profitability pressure.

• Consensus estimates remain optimistic.

• EBITDA drag from new hospitals may not be fully priced in.

• CLSA notes reports of easing restrictions on Chinese equipment imports.

• Any correction in L&T stock is seen as a buying opportunity.

• The biggest risk lies in power generation and expensive T&D players.

• Solar, thermal power and transmission equipment makers could face pressure.

• Supply shortages have caused double-digit equipment inflation.

• Easing import restrictions could help developers but hurt some domestic suppliers.

• 2026 outlook points to a broad-based recovery.

• Favourable base, GST cuts and premiumisation support growth.

• EV adoption continues to improve gradually.

• CV upcycle is already underway.

• Exports remain a key growth lever.

• Tyre margins are entering an upcycle, supporting re-rating

• InCred maintains a Reduce rating; TP cut to Rs 200 from Rs 300.

• Order intake declined 19% YoY in 9M FY26.

• Order backlog has remained flat for three quarters.

• The CEO’s resignation adds to near-term uncertainty.

• Industry checks suggest partial relaxation of restrictions is likely.

• Thermal and high-voltage transmission face the most shortages.

• Equipment makers are more exposed than construction-heavy players.

• Impact on L&T is negative but limited.

• State-owned players like Power Grid and NTPC could benefit from lower costs.