Stock Picks Today: Dixon Tech, Marico, Tata Motors PV And More On Brokerages' Radar

A host of global and domestic brokerages have released fresh views on EMS players including Dixon Technologies, Amber Enterprises and Syrma SGS, along with JSW Infrastructure, Marico, Axis Bank, RBL Bank, Finolex Cables and Tata Motors PV ahead of the upcoming session.

They have also shared broader commentary on financial sector trends, food delivery demand risks, and the impact of geopolitical tensions on margins and supply chains, alongside sectoral preferences in EMS manufacturing, infrastructure, consumption and banking.

JPMorgan on EMS Sector

• JPMorgan believes the EMS growth story remains intact, with a shift from finished goods to components and bare PCBs.
• Recent stock corrections have raised concerns around the sector's outlook, but the brokerage rejects this view.
• Expects all companies (except Dixon) to deliver 20%+ revenue growth over FY26–28.
• Valuations have eased following underperformance.
• Preferred picks are Syrma and Amber, which are likely to beat Street expectations.
• Pecking order: Syrma > Dixon > Amber > Kaynes > Cyient DLM > Avalon Tech.
• Amber – Upgrade to Overweight from Neutral; TP raised to Rs 9,000 from Rs 7,650.
• Cyient DLM – Upgrade to Overweight from Neutral; TP at Rs 400.
• Dixon Technologies – Maintain Overweight with TP of Rs 13,000.
• Kaynes Technology – Maintain Overweight with TP of Rs 6,000.
• Syrma SGS – Maintain Overweight with TP of Rs 1,050.
• Avalon Technologies – Maintain Neutral with TP of Rs 1,000.

Jefferies on JSW Infrastructure

• Jefferies maintains Buy with a target price of Rs 360.
• Capacity addition plans remain on track, while logistics expansion is ahead of schedule.
• Geopolitical tensions pose near-term headwinds.
• FY28 EBITDA estimates raised by 10%.
• Expect 29% EBITDA CAGR over FY26–30, led by 19% volume CAGR.

Nuvama on Marico

• Nuvama maintains Buy with a target price of Rs 900.
• VAHO segment continues to show strong growth, hitting an 18-quarter high in Q3FY26.
• Middle East exposure remains limited at 3–4% of revenue.
• Copra price correction has not yet been passed on; calibrated price cuts likely.
• Bangladesh business showing stable growth momentum.
• Middle East tensions remain a key monitorable.

Investec on Axis Bank

• Investec maintains Buy with a target price of Rs 1,600.
• Competitive pressures from PSU banks remain intense.
• Near-term NIM moderation expected, with focus shifting to NII growth.
• NIMs expected to normalise towards ~3.8% over the cycle.
• Asset quality risks from geopolitical developments are being monitored.
• Unsecured retail stress expected to stabilise.
• Credit growth could see near-term boost from higher working capital demand.

Investec on RBL Bank

• Investec maintains Buy with a target price of Rs 390.
• Emirates NBD transaction expected to close by June 2026.
• Focus on leveraging strong parentage to build a resilient franchise.
• Branch network to expand from 580 to 1,000 by FY28.
• Funding costs expected to improve post transaction.
• Targets 25%+ loan growth over FY26–29 and ~10% RoE by FY29.
• Near-term credit costs likely to remain elevated.

Morgan Stanley on India Financials

• Morgan Stanley hosted multiple financial sector management teams.
• No significant change in credit flows or collections observed in Q4FY26 so far.
• FY27 outlook remains positive, barring geopolitical risks.
• Protection business performing well, aided by GST-related tailwinds.
• Regulatory changes in commissions likely to favour insurers.
• Health insurance segment appears best positioned.
• Sector remains structurally strong with positive regulatory and growth outlook.

Kotak Securities on Food Delivery

• Commercial LPG supply disruption is impacting restaurants.
• Food delivery volumes could see pressure.
• Delivery costs unlikely to change materially in the near term.
• Swiggy expected to be more impacted than Eternal in case of prolonged disruption.

HSBC on Metal Sector

• Sector moving from price-led gains to demand disruption concerns.
• Production at large companies remains largely unaffected.
• Downstream disruptions emerging due to supply chain challenges.
• Coal impact seen as transient; aluminium impact more medium-term.
• Prices rising across steel, aluminium, coal and energy.

Jefferies on Finolex Cables

• Jefferies maintains Buy with a target price of Rs 1,025.
• Company implemented multiple price hikes (+17% cumulative) to offset copper price surge.
• Electrical wires volumes grew 28% YoY in December quarter due to restocking.
• March quarter faces a high base.
• Data centre demand to support power cables.
• BharatNet orders expected to drive OFC volumes.
• Estimate 17% EPS CAGR over FY25–28.
• Middle East conflict could impact demand and supply chains.

HSBC on Tata Motors PV

• HSBC maintains Hold and cuts target price to Rs 340 from Rs 400.
• JLR weakness continues to weigh on overall performance.
• Middle East exposure and rising input costs add to challenges.
• India PV business supported by new launches like Sierra and Harrier petrol.
• Raw material inflation remains a key margin risk.
• JLR recovery in the near term remains uncertain.

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