Stock Picks Today: HAL, Kaynes Tech, Tata Steel, Siemens Energy, Voltas And More On Brokerages' Radar

Brokerages shared fresh calls on JSW Steel, Shriram Finance, TCS, Delhivery and broader market strategy, with views diverging across IT, metals and financials amid macro uncertainty and evolving earnings expectations.

Jefferies on Hindustan Aeronautics Ltd. (HAL)

• Maintain Buy, TP Rs 6300 (Rs 6220) 
• Execution should drive upside  
• March Qtr EBITDA was 10% below estimates led by a 9% revenue miss. 
• Lower FY27E-28E EPS by 3-8% factoring lower gross margins that was seen in March Qtr. 
• Believe as execution picks up, particularly delivery of Tejas Mk1A aircraft in next 3 months, the stock should move higher. 

JPMorgan on Hindustan Aeronautics Ltd. (HAL)

• Maintain Overweight; Cut TP to Rs 5145 from Rs 6004
• LCA delivery delays remain an overhang
• FY27 Guidance: Double-digit growth targeted, manufacturing to lead
• Valuations are cheap especially in the context of the large order book and high RoCEs/RoEs

Macquarie on Kaynes Tech 

• Downgrade to Neutral (From Outperform), TP Rs 3250 (from Rs 5450) 
• Kaynes missed estimates, but miscommunication hits harder. 
• Structural opportunity intact, 
• Lack of execution clouds near-term visibility, eliminates credibility and increases potential for a capital raise. 
• Business model transition has been painful and is a cautionary tale. 

Jefferies On Global Health 

• Maintain Buy, TP Rs 1500 (Rs 1440) 
• Steady Mar-Q, Noida losses have peaked out 
• Growth remains volume-led.  
• Lucknow and Patna delivered strong scale-up with 42% YoY volume-led EBITDA growth.  
• Patna yet to take price hikes leaving further headroom. 

Jefferies On Sai Life Science 

• Maintain Buy, TP Rs 1270 (from Rs 1300) 
• Transient blip in Mar-Q; outlook intact 
• Management reiterated mid-term sales growth guidance of 15-20% 
• Guided for Rs 1100-1300cr capex in FY27 vs Rs 630cr in FY26 
• Further strengthened its project pipeline with addition of new customers and late-phase molecules in Mar-Q 

Jefferies On Siemens Energy 

• Maintain Buy, TP Rs 4300 (from Rs 3700) 
• Margins Beat; Remain Positive 
• Management highlighted that ordering potential on Power T&D equipment (56% of 1H sales) remains robust  
• Operating leverage should drive 335 bps margin expansion to 22% over FY25-28E 
• 40% EPS CAGR over FY25-28E should drive upside.

Macquarie On United Spirits 

• Maintain Underperform, TP Rs 1350 
• Targets 10%+ prestige growth in FY27 
• Maharashtra impact has peaked.
• Expect productivity initiatives to help offset input cost pressures.
• Targets double-digit growth in Karnataka sales (6.5-7% share) after the policy change.
• Estimates a 125-150bps gross margin impact in 1Q and potential 250-300bps impact in 2Q from inflation in packaging costs.  

Kotak Securities on Premier Energies

• Maintain Reduce; Hike TP to Rs 900 from Rs 790.
• Steady execution, timely stabilisation of cell capacity key.
• Capacity expansion on track; among India's largest integrated players.
• KSolare inverter acquisition did not materialize and BESS commissioning has been delayed, which was a negative.

ICICI Securities on Sedemac Mechatronics

• Initiate Buy with TP of Rs 2350
• A rare tech-moat play; scaling into large addressable segments
• Rising adoption of ISG; well-positioned to gain market share
• Accelerating electrification in 2Ws/3Ws augurs well
• Scaling capabilities to new segments – large addressable market
• Robust growth; healthy return ratios
• Revenue/EBITDA to see 41%/47% CAGRs over FY25–28
• Strong return ratios to sustain above 30%

Kotak Securities on Cochin Shipyard

• Maintain Sell with TP of Rs 830.
• Weak performance; progress on new partnerships key.
• Shipbuilding package and progress on recent JV and MoUs remain key.
• Landing platform dock is key order as uncertainty about IAC-2 continues.

Kotak Securities on Aether Industries

• Downgrade to Reduce from Add; Hike TP to Rs 1060 from Rs 1050.
• Growth outlook intact despite Q4 softness; valuations pricey.
• LSM softness, fire impact and input costs weigh on Q4FY26 results.
• Debt expected to rise further.

GS on Solar Industries

• Maintain Buy; Hike TP to Rs 19590 from Rs 18,900.
• Q4FY26 Result Review: Surpasses estimates.
• Robust guidance likely to be the key catalyst for stock performance.
• Expect the revenue growth in FY28E to be impacted by possibility of ammonium nitrate cooling-off.

BofA on Voltas

• Maintain Buy with TP of Rs 1450
• Q4FY26: Earnings miss on margin pressure
• UCP: Margins key drag, price hikes expected
• Risk reward favourable.

MS on Voltas

• Maintain Equal-weight; Cut TP to Rs 1349 from Rs 1409
• Voltas' brand moat, distribution depth and market leadership in RAC are structural strengths
• Elevated competitive intensity and volatility in commodity costs could lead to just gradual margin recovery over FY27-28

GS on Data Patterns

• Maintain Buy; Hike TP to Rs 4,165 from Rs 3,650.
• Q4FY26 Result Review: Mixed performance; Robust earnings outlook.
• Robust order book pipeline.
• See export potential due to the vertically integrated business model.

 
GS on Azad Engineering

• Maintain Buy; Hike TP to Rs 2,460 from Rs 2,200.
• Q4FY26 Review: Marginal miss on estimates.
• Favorable macro tailwinds likely to maintain steep earnings.
• Expect short-term growth to be led by the existing robust order book.
• See major potential from two developments - supply of hot engine components to MHI and supply of 20 ATGG engines.

MS on SAIL

• Maintain Underweight with TP of Rs 140.
• SAIL adjusted EBITDA was lower than out estimates.
• Volumes & realizations were weaker than expected, partially offset by lower costs.
• Q1FY27 should see margin expansion on the back of higher steel prices.
• FY27 volume guidance of 22mnt looks optimistic to us.

Nomura on Apollo Tyres

• Maintain Neutral; Cut TP to Rs 452 from Rs 543
• Q4FY26 EBITDA ahead of estimates
• See risks to demand recovery from high inflation
• Risks to FCF from elevated capex and lower margins

HSBC on Nestle

• Maintain Hold with TP of Rs 1410
• 3 out of 4 engines firing not enough to take off
• See H2FY26 growth as driven by a low MPN base, GST cut benefits, Maggi Rs 5 re-launch, and chocolate acceleration
• Further growth acceleration would need double-digit growth in MPN business, which looks difficult
• Unfavourable risk-reward

MS on Tata Steel

• Maintain Overweight with TP of Rs 215.
• Good results; good outlook.
• Posted strong results across both domestic and overseas businesses.
• Near-term outlook remains promising, supported by higher prices in India and policy support in the UK and the EU.
• Management are focused on cost savings and downstream expansion.

Citi on Tata Steel

• Maintain Sell; Hike TP to Rs 200 from Rs 180.
• Q1 Realisations to Rise QoQ on Spot Trends.
• Further Hikes Unlikely.
• See potential higher costs on netherlands Regulatory Issues.

GS on Tata Steel

• Maintain Neutral; Hike TP to Rs 218 from Rs 210.
• Q4FY26 Results Review: Marginal miss.
• Realisation uptick across regions dampened by uncertainty around Netherlands.

Citi on SAIL

• Maintain Sell; Hike TP to Rs 180 from Rs 135
• Q4 Strong
• Think EBITDA/t May Have Peaked
• Debt/EBITDA Could Rise

Citi on Vodafone Idea

• Maintain Buy/High Risk with TP of Rs 14.
• Q4: Improving KPIs.
• AGR Reset and Promoter Backing Improves Funding Visibility.
• Equity infusion signals promoter confidence.
• Should catalyse closure of the long pending bank funding.

GS on Delhivery

• Maintain Neutral; Hike TP to Rs 480 from Rs 420.
• PTL volumes grew by 20% YoY with stable realisation.
• Across other businesses segments, growth was weak.
• Adjusted EBITDA came in at Rs 151 crore, below est. of Rs 197 crore.
• Neutral as valuations already reflect rapid improvement.

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