Stock Picks Today: HDFC Bank, Bajaj Auto, Meesho, Pidilite, United Spirits, And More On Brokerages' Radar

Brokerages have highlighted opportunities in banks, e-commerce, automobiles, specialty chemicals, healthcare, mutual fund and alcoholic beverages sector, with fresh calls on HDFC Bank, Bajaj Auto, Meesho, Pidilite, United Spirits, Metropolis, SBI FM, Manipal Health, alongside broader sectoral insights on jewelry stocks and capital goods landscape.

Macquarie on HDFC Bank

• Maintain Outperform with TP of Rs 1150
• CEO uncertainty persists; tenure slated to expire on October 26, 2026
• There are two main options now, considering the paucity of time
• Either the MD & CEO gets a tenure extension of say around 6 months or a full 3-year tenure
• In case of the former, the messaging here is that the board is looking for candidates apart from the current CEO and wants time from RBI to recommend a new list
• In case of latter, the uncertainty ends with respect to the CEO tenure
• Both are equally probable options at this point in time
• In case of the former, the uncertainty will linger, and the new CEO could take time to settle in
• In that case, HDFC Bank's stock price could fall further
• In the latter case, believe the stock could find a bottom support around current levels
• Future performance driven by improvement in fundamentals.

CLSA on Meesho

• Initiate Underperform with TP of Rs 150
• Tough cohort to monetise
• Solving for affordability and desirability for masses; can it make money?
• Meesho eschews high AOVs for affordability while improving delivery efficiency
• The promise is large, monetisation, especially of the low-income cohort, is a key challenge
• Payments, lending and content monetisation competitive in India
• Believe the current valuation is pricing in unrealistic outcomes.

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CLSA on Bajaj Auto

• Maintain Outperform; Hike TP to Rs 13466 from Rs 12068
• All stars are aligning
• Diversified portfolio to drive growth even after GST cut led rebasing
• Growth, post-GST cut led re-basing from October would be better against peers
• EBITDA margin execution being best in class; beneficiary of weaker INR
• Jefferies India Strategy - Mahesh Nandurkar
• India's Hidden Stimulus: The Gold Wealth Effect
• Indians hold an est. $4 lakh cr in Gold, 4x the money held in stocks
• If the recent surge in Gold prices extends on the back of US$ concerns, wealth and spending would be likely visible
• Monetisation of Gold savings via Gold backed loans has gained salience
• This could be driving 80 bps additional GDP growth/spends for a 10% gold price increase, partially offset by higher CAD
• Add Manappuram, Hindustan Zinc, Navin Fluorine, Meesho to model portfolio.

JPMorgan on Jewellery Stocks

• Demand Shines Amid Volatility
• Affordability, category expansion and repeat purchases remain key growth drivers
• Gold exchange momentum sustains
• Formalization tailwinds continue to support network expansion
• Firm yet rational competitive landscape
• Localization strategies are gaining traction
• Lab-grown vs Natural diamonds debate stays

Jefferies on Pidilite

• Maintain Hold with TP of Rs 1730
• Sticky Brand But Valuation Stickier; Hold
• Pidilite is a strong franchise
• 3x sales, 4x PAT & 4-5x MCap in last 10-year
• Channel check suggests Pidilite hiked prices by 2-12% in Q1, but offered low discount in July26 and target-based offers
• Demand stays healthy in most products
• Est FY27e OPM to dip to 22% (-200bps) with high VAM prices

Macquarie on Power Capital Goods

• US Order - A tailwind for India grid companies
• India is not subject to U.S. arms embargo or sanctions
• It is a strategic partner of the US with Indian grid companies already supplying equipment to the US
• Believe the order is generally more an opportunity than a threat
• Indian grid companies like GE Vernova T&D, Hitachi Energy, Siemens Energy and CG Power stands to benefits
• Can potentially ramp up exports to US as each of these companies is in the midst of a major expansion
• GE Vernova already exports 33% from India (not just US but other markets also)
• Exports for Hitachi Energy (26%) and Siemens Energy (29%) with CG Power below 5%
• Now see potential China + 1 playing out in the bulk power systems and continue to like the India grid companies

Macquarie on United Spirits

• Maintain Outperform with TP of Rs 1475
• Growth marginally higher than Pernod India
• Pernod India saw 9% sales growth in the Jun'26 quarter
• Acknowledge the near-term input cost inflationary concerns post sugar price increases
• Like the constructive demand commentary by Pernod India and the stronger growth seen for United Spirits vs Pernod

Kotak Securities on Metropolis

• Maintain Add with TP of Rs 655
• Eyeing growth acceleration; 14-15% YoY growth guidance for FY2027 stays
• Share of TruHealth and specialty to continue to inch up
• Healthy growth visibility
• Expect a 300 bps EBITDA margin expansion over FY26-29
• Aided by increasing maturity of the expanded network and a better margin profile for Core.

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Jefferies on SBI FM

• Initiate Buy with TP of Rs 710
• Largest Indian AMC with Distribution Moat
• Exclusive association with largest PSU bank
• Market leadership in faster-growing lower-tier markets
• Well-diversified scheme mix, and institutional scale
• Expect 15% OPAT CAGR till FY29 led by 18% MF AUM CAGR and operating leverage
• Valuation in-line with HDFC AMC, due to similar earnings growth

HSBC on Manipal Health

• Initiate Buy with TP of Rs 1000
• Economies of scale at play
• India's biggest private hospital operator, set to sharpen its focus on profitability after doubling bed capacity since FY23
• Expect PAT to grow 3x over FY26-29e and net debt to EBITDA to improve to 0.7x in FY27e vs 3.7x in FY26
• Improving EBITDA margins for the acquired Sahyadri Hospitals is a key catalyst.

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