Stock Picks Today: HCLTech, Swiggy, Ather Energy, Oil India, Adani Ports And More On Brokerages' Radar

Brokerages have highlighted opportunities across IT, online food delivery, telecom, automotives, ports and logistics, healthcare, and oil and gas sector, issuing fresh calls on HCLTech, Swiggy, Adani Ports and Special Economic Zone, Ather Energy, Adani Enterprises, Coforge, Vodafone idea, Adani Energy, Oil India, Manipal Health Enterprises while also sharing their outlook on gold financiers.

Citi on HCLTech

• Maintain Sell with TP of Rs 1110
• Demand environment remains largely unchanged; seasonality trends usual
• Advanced AI new total addressable market; making good progress
• Engineering services impacted by auto & telco verticals in Q1; should stabilize going forward
• Software impacted by macro, decline in some parts of portfolio and shift towards term licenses
• Datacenter business – HCLT sees better value capture as a full stack player
• Progress on advanced AI is encouraging, but HCL trades at decent premium to large cap peers.

Citi on Swiggy

• Maintain Buy with TP of Rs 390
• Reiterated existing guidance of accelerating growth
• This is aided by step-up in new user acquisition & retention, dark store openings and differentiated selection
• Existing guidance of +80bps contribution margins - likely from Q3 – owing to domestic ownership
• Toing: value-play in food delivery is as much defensive vs new competition

CLSA on Coforge

• Maintain High Conviction Outperform with TP of Rs 2170
• Chairman resignation not a red flag
• Several facts underscore no major governance lapses at Coforge
• Note a proactive exchange filling by Coforge management
• Coforge books are thoroughly scanned by current and previous private equity investors and KPMG
• Number of independent directors have gone up since FY24
• See strong growth ahead on the back of revenue synergies from Encora.

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Bernstein on Adani Ports

• Maintain Outperform with TP of Rs 1973
• Investors in Singapore-Hong Kong were only interested in either Adani Group or data center midcap names
• Adani Ports is top pick in coverage
• Rising power demand to increase coal demand – Adani Ports clear beneficiary
• Structural winner – Container King and Dollar revenue
• Three risks mitigated – Mundra port concession, AB Ports acquisition overhang gone and strong group health limiting burden on ports

Nomura on Ather Energy

• Maintain Buy; Hike TP to Rs 1926 from Rs 1714
• Konarc launch to drive more upside
• Faster EV adoption strengthens Ather's outlook
• EV 2W accelerating faster than expected; will likely touch 22.0% by FY30F.

Citi on Ather Energy Mgmt Meet

• Ather sees healthy demand, supported by favourable policy measures and the EV value proposition
• Capacity expansion progressing as planned
• Ather sees Konarc expanding its addressable market
• Ather taking pricing actions to mitigate commodity inflation headwinds
• Company highlighted manufacturing flexibility and battery capabilities.

Jefferies on Adani Energy

• Maintain Buy with TP of Rs 2060
• Increasing tie-ups in trading segment is in-line with management vision
• Merchant power prices are up 2.1x YoY in Sept 2026 till date
• Locked-in for double-digit medium-term growth.

Jefferies on Adani Enterprises

• Maintain Buy with TP of Rs 3830
• National champion with multiple growth platforms
• Current value captures only part of the story
• EBITDA inflection likely ahead; est 23% EBITDA CAGR over FY26-31
• Airports, data center and ANIL are largest contributor.

Jefferies on Manipal Hospitals

• Initiate Buy with TP of Rs 870
• Excellence At Scale
• Scaled hospital chain with industry leading metrics
• Proven integration playbook
• Healthy mix of brownfield and greenfield expansion
• Operating leverage from scale & Sahyadri turnaround
• See 17%/19% revenue/Ebitda Cagr over FY26-29.

JPMorgan on Manipal Health

• Initiate Neutral with TP of Rs 800
• Leading consolidator with scale and visibility but valuation caps upside
• Base portfolio: cluster depth supports steady compounding
• M&A-led scale-up with strong integration track record
• Sahyadri: strategic Pune entry, but RoCE will take time to normalize
• See 15%/17% revenue/EBITDA CAGR over FY26–29

GS on Manipal Health

• Initiate Buy with TP of Rs 865
• 20%+ CAGR revenue over FY26-29E driven by ramp-up of new hospitals and improvement in base business mix
• Industry leading core margins to improve
• Best-in-class track-record for turning around acquired hospitals
• Manipal remains a leader in the most optimal regions for healthcare delivery services within India
• Core markets: Strengthening the existing leadership in 3 of the top 7 cities in the country
• Non-core hospitals spread across markets, diagnostics remains an optionality.

Jefferies on Vodafone Idea

• Initiate Buy with TP of Rs 20
• Answering the turnaround call
• Offers high-beta turnaround opportunity in Indian telecom
• Expect subscriber stabilization to support an 11% revenue CAGR over FY26-29
• Strong operating leverage will drive a 25% cash EBITDA CAGR and a sharp ROIC inflection through FY31
• Premium multiples should sustain during the turnaround
• Every 10% tariff hike potentially driving 34% equity upside
• Risks - execution and funding

MS on Oil India

• Maintain Equal-weight with TP of Rs 506
• Believe the share price will rise over the next 30 days
• Offers differentiated leverage to tight oil and fuel refining markets
• Own crude usage in the refinery helps it to capture the integrated upside despite windfall taxes on fuel in India
• See growing oil production in H2 and good progress on tripling of refinery capacity by 2027
• See Oil India as a key global beneficiary of the refining golden age
• Upcoming NRL capacity ramp up should provide an additional leg of earnings and FCF growth in Q2.

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Jefferies on Gold Financiers

• Gold Financiers: Assessing the Evolving Competitive Landscape
• Gold loan growth stays strong, but competition should rise as new players double branch additions in FY27
• Bajaj Finance is driving 35% of the additions
• New branches are mostly in non-south states & also widening penetration
• Incumbent gold NBFCs gain from execution & trust advantages and have widened product variants to defend share
• Yield pressure has been limited
• Gold prices stays the key swing factor
• Retain Buy on Manappuram Finance & see balanced risk reward for Muthoot.

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