Stock Picks Today: Dr Lal Path, Axis Bank, Syrma SGS, Delhivery, And More On Brokerages' Radar

Brokerages issued fresh views on Dr Lal Path, Axis Bank, Syrma SGS, Delhivery, Indus Towers, Phoenix Mills, alongside commentary on jewellery stocks, life insurance, and IT sector.

Citi on Dr Lal Path

• Maintain Buy with TP of Rs 1950.
• Adding Upside 90-Day Catalyst Watch.
• Stock continues to trade near its 5-year average EV/EBITDA multiple, leaving room for further upside.
• Volume growth accelerated to 9% in Q4 reflecting the benefits of sustained network expansion.
• Expect this momentum to sustain over the coming quarters.
• This may drive consensus upgrades as well as expansion in valuations.

JPMorgan on Jewellery Stocks

• Gold exchange initiatives gain traction.
• Demand is re-shaping fast – led by recycling and lighter, lower-carat products.
• Retailers are pushing exchange and encashment schemes to pull in footfall and recycle gold.
• Retailers are pushing exchange and encashment schemes to pull in footfall and recycle gold.
• The Apr–Jun quarter saw good performance across players.
• Remain Overweight on Titan – the core jewelry franchise remains underpinned by structural tailwinds.

Jefferies on Life Insurance

• Momentum Improves For SBI Life; Group Business Pick Up A Risk.
• The faster growth in group savings business during Jun'26 qtr for HDFC Life/IPRU may be a risk to margins.
• Top picks: SBI Life and Max Financial.

 Macquarie on Life Insurance

• Healthy uptick for industry, SBI Life and LIC shine.
• Industry records healthy growth of 16% YoY in terms of individual APE.
• SBI Life and Max Life perform well while HDFC Life lags.
• Ticket size remained a key growth lever as retail policy growth stayed modest.
• LIC continues its upward trajectory, registering an individual APE growth of 21% YoY, although it was aided by a favourable base.

JPMorgan India Strategy – Rajiv Batra

• Q1FY27 Earnings Preview: Top-line strength could  offset margin headwinds.
• Profits may be tempered by elevated raw  material costs.
• Expected to be a temporary, inventory-driven headwind and has already led  to downgrades to India.
• CY26/FY27 earnings growth estimates over the past  3–4 months.
• A sharp depreciation in the Indian rupee is expected to  provide a meaningful boost to the earnings of pharma companies in FY27.
• Upgrading the Pharma sector to Neutral.
• Anticipate small and mid-caps to  continue to post robust earnings vs. large-caps.
• Outlook favors double-digit earnings growth.
• Financials, Materials,  Discretionary and Industrials positioned to contribute meaningfully for CY26.
• MSCI India earnings growth forecast is 11%/13% for CY26/27.
• Year-end Bull/Base/Bear case targets for the Nifty 50 remain 30,000/27,000/20,500.

Jefferies on Axis Bank

• Maintain Buy with TP of Rs 1700.

• Deposit growth improvement led by non-retail segments.
• Loan growth led by corp and SME; retail disbursements picking up.
• Share of PSL loans rises, but some risk for FY27.
• Core asset quality is improving.
• Stays among top-picks.

HSBC on Syrma SGS

• Initiate Buy with TP of Rs 1750.
• High growth manufacturing at scale.
• Leading EMS company with a diversified customers base and original design manufacturing expertise.
• Backward integration and inorganic expansions are key to  growth.
• Strong competition in lower value segments a concern.
• Target price of Rs 1,750 – the highest on the Street.

Investec on Delhivery

• Maintain Buy; Hike TP to Rs 610 from Rs 560
• Express parcel volume growth to stay robust;
• No material change in insourcing by Meesho
• PTL growth momentum to sustain; SCS to accelerate
• Margin headwinds in the near term

Nomura on Indus Towers

• Maintain Buy with TP of Rs 505
• Sharp correction on nervousness with respect to Jio's tenancy renewal
• Share price correction may be overdone; stock buying from Bharti may provide support
• See value in the stock even in unlikely scenario of Indus losing all tenancies from Jio
• Stock trades at undemanding valuation of ~6.1x FY28F EV/EBITDA

HSBC on Phoenix Mills

• Maintain Buy with TP of Rs 2230.
• Another quarter of strong consumption growth.
• Third consecutive quarter of 25%+ consumption growth.
• Agra hotel recorded strong RevPAR growth, St. Regis continues strong run.
• Office occupancy inched up slightly while residential continues to be slow.
• Strong RevPAR growth seen across both hotel assets, office occupancy inched up slightly, residential still slow.

HSBC on IT Sector

• Indian IT should hope for the global AI ‘bubble' to continue
• Any moderation in global AI investments and the AI narrative is  not a positive read-across for Indian IT, in our view
• The IT sector will still be impacted by tech deflation, while any incremental business will be curtailed in that scenario
• On a positive note, valuations are at a bottom, and  may improve if the global AI narrative moderates.

Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.

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