Stock Picks Today: HDFC Bank, Siemens Energy, HCLTech, Tech Mahindra, BHEL, And More On Brokerages' Radar

From IT and private banks to capital goods, energy technology, AMC, automotive manufacturer and FMEG, brokerages have turned positive on a range of stocks, including HDFC Bank,Siemens Energy, Eicher Motors, HCLTech, Polycab, Wipro, Tech Mahindra, BHEL, 360ONE, RBL Bank, Newgen Software, ITC Hotels while also commenting on the outlook for FII flows.

Jefferies on HDFC Bank

• Maintain Buy with TP of Rs 1050
• Steady deposit growth with higher share of Top-20 clients
• Loan growth led by corporate & SME loans
• Moderate fee growth; pickup is key
• PSL buyout reduces & aids profits
• Slippages low; reasonable buffer provisions.

Nuvama on Siemens Energy

• Initiate Buy with TP of Rs 4200
• Growth at discount; HVDC unpriced
• Power T&D (65% of OI) remains bedrock of growth
• Power Gen (35% of OI) adds differentiated growth
• Peer-like growth; at discounted valuation
• See EPS CAGR of 28% with 29% RoE over FY26–28.

Kotak Securities on Eicher Motors

• Upgrade to Add from Sell; Hike TP to Rs 7950 from Rs 6500
• Growth drivers in place; ready for ascent
• Near-term demand momentum remains robust
• Long runway for growth from premiumization and state-wise convergence
• Potential 250 cc entry adds a new growth lever
• Increase FY2027-29 consolidated EPS estimates by 5-7%  

ALSO READ: Wipro Vs TCS Vs HCLTech: Deal Wins To Guidance, What Q1 Numbers Of Indian IT Majors Reveal

MS on HCL Tech

• Maintain Equal-weight with TP of Rs 1152
• Announces a large deal win and acquisition of global capability center
• Announced a new seven-year agreement with the Guardian Life Insurance Company of America (Guardian)
• Current deal potentially translates into total contract value of $400mn over the life of the contract
• This is a significant win for the company and could contribute 30-40bps of revenue growth in FY27.

BofA on Wipro

• Maintain Underperform; Cut TP to Rs 184 from Rs 210
• Payoff to take more time
• In-line, soft Q1; Q2 guide is below expectation
• Margin miss as investments take priority.

Jefferies on Wipro

• Maintain Underperform; Cut TP to Rs 150 from Rs 180
• Another soft print | Guidance implies delayed recovery
• Guidance for Sep-26 being the key negative surprise
• Wipro has struggled to grow organic revenues for 3 years in a row and FY27 is unlikely to be any different
• Cut revenue/PAT by 2-5% on slower growth outlook
• Over FY27-29E, expect 5% EPS CAGR which along with 5% dividend yields makes risk-reward unattractive. 

Citi on Wipro

• Maintain Sell; Cut TP to Rs 150 from Rs 160
• Disappointing Q1
• Continues to underperform peers on a relative basis
• Performance was weak across all major geographies and verticals.

MS on Tech Mahindra

• Maintain Underweight; Hike TP to Rs 1270 from Rs 1160
• Strong performance
• Strong revenue beat in Q1, robust deal wins
• Commentary of sustained momentum in Q2
• Reiteration of EBIT margin outlook for FY27
• See near-term PE multiples cholding up but a risk of de-rating once EBIT margins normalize and revenue growth gets aligned to peers.

Jefferies on Tech Mahindra

• Maintain Underperform; Hike TP to Rs 1260 from Rs 1225
• Strong quarter
• Revenue/margin ahead; profits in line
• Growth led by Manufacturing and BFSI
• Healthy deal wins to improve growth in FY27
• Valuation leaves limited upside.

Citi on Tech Mahindra

• Maintain Sell; Hike TP to Rs 1345 from Rs 1220
• Good Q1 partly aided by one-time rev. & lower SG&A
• TechM trades at ~20-40% premium to peers
• Industry remains challenging; better performance needs to sustain.

Macquaire on BHEL

• Maintain Underperform; Hike TP of Rs 315 from Rs 250  
• Momentum at Last; Eye on Sustainability
• New orders doubled over Q1FY26, improving revenue visibility further
• See improved execution and margin
• Maintain Underperform as sustainability of performance is key.

JPMorgan on BHEL

• Maintain Underweight with TP of Rs 220
• Q1 P&L Shows Improved Execution and Margins
• Believe the pace of order inflows will reduce sharply from hereon
• Current stock price more than adequately factors in the long-term profit potential.

ALSO READ: Asian Stock Markets Today: Nikkei Slides As AI Selloff Deepens, Chip Stocks Weigh On Sentiment

Macquarie India Strategy – Aditya Suresh

• Liquidity conditions improving
• Local liquidity remains resilient at $4bn per month, with mid-caps continuing to see the highest traction
• Foreign sentiment seems to have turned from bearish to neutral; mild inflows seen in July against record outflows in 1H26.
• Primary activity which has been subdued this year will likely gather momentum (Jio, NSE, others) to absorb this liquidity

 GS on Polycab

• Maintain Neutral; Hike TP to Rs 8920 from Rs 8730
• C&W volume growth muted, FMEG performance robust
• Q1 was largely inline, with surprise mainly coming from strong FMEG growth and profitability
• 2nd consecutive qtr of weak volume growth in cables and wires is key to watch-out for
• Think Polycab's C&W margins have peaked as incremental industry capacity comes online. 

Citi on Polycab

• Maintain Buy; Hike TP to Rs 10900 from Rs 10500
• Strong C&W Execution Continues
• FMEG Surprises Positively
• Volume Acceleration Key to Re-rating
• Polycab is our top pick within Consumer Durables/Electrical.

JPMOrgan on Polycab

• Maintain Overweight with TP of Rs 10000
• Largely in-line C&W print
• Near term risk/reward balanced
• Export rebound, domestic volume growth recovery key monitorables. 

Jefferies on Polycab

• Maintain Buy; Hike TP to Rs 11100 from Rs 10920
• A Steady Hand; Delivering Through Cycles
• For the past 16-Q, Polycab consistently delivered double-digit C&W sales growth with steady 12-15% EBIT margin
• View Polycab as a play on power/capex and est FY26-29e EPS CAGR at +22%.

MS on RBL Bank

• Maintain Equal-weight; Hike TP to Rs 335 from Rs 205
• Hike PAT estimates to factor in completion of the capital infusion
• EPS estimates fall 52% for FY27 and 42% for FY28 on share count dilution
• Equal-weight rating reflects our view of full valuation.

Jefferies on Piramal Finance

• Maintain Hold; Hike TP to Rs 2300 from Rs 1940
• Healthy AUM growth momentum in retail
• NIM inline, opex tad higher
• Provision surprise negatively; retail GNPA inch up QoQ
• Valuation upside seems capped given 10/12% ROE by FY28/29.

Jefferies on 360 One

• Maintain Buy; Hike TP to Rs 1340 from Rs 1300
• Healthy flows in Wealth, partly offset by withdrawals in AMC
• Earnings growing well; ramp-up of HNI & mass mkt platforms to play out in FY28
• CEO's clarification about continuity to ease concerns
• Raise estimates & expect 17% EPS CAGR over FY26-29.

Citi on 360 One

• Maintain Buy; Hike TP to Rs 1600 from Rs 1525
• Solid non-institutional flows into wealth and AMC
• Flows: expect momentum to sustain
• In a sweet spot to benefit from gradual formalization of managed wealth

 Bernstein on 360 One

• Maintain Outperform with TP of Rs 1330
• Flows & fee growth continue despite yield pressure
• Costs start to moderate
• Flows were dominated by the advisory wealth business.

Jefferies on Newgen Software

• Maintain Buy; Hike TP to Rs 630 from Rs 610
• Revenue inline; Profit beat
• Sharp spike in license revenues drive growth uptick
• Growth to pick up from FY27
• AI-driven productivity to keep margins steady. 

Macquarie on ITC Hotels

• Maintain Outperform; Cut TP to Rs 210 from Rs 220
• Q1FY27: Improving hotel performance
• Results missed consensus but mostly beat our conservative estimates
• Hotels outperformed estimates as the impact of the West Asia conflict eased through the quarter.
• Reduce revenue/EBITDA estimates, primarily for an elongated apartment sale cycle and slower pace of margin expansion. 

 Jefferies Greed & Fear – Chris Wood

• Main driver of foreign selling was nothing to do with India and everything to do with the surging neutral weighting of Korea in the MSCI Emerging Market Index
• Korea weightage soared from 9% to 23.7% since the beginning of last year and the end of last quarter
• In absolute-return terms India as a market has been less disastrous, most particularly from the standpoint of domestic investors in rupee terms
• Most interesting feature of Indian market has been the massive outperformance of the small and mid-caps at a time when the big caps have lacked
• Main positive for the Indian stock market remains the continuing evidence of inflows into the domestic mutual fund industry
• For foreigners to return in size they need to believe that the AI trade has peaked, which is why the recent rotation is interesting
• Or foreign investors need to see much lower valuations in India which is only likely if there is suddenly a stampede out of domestic mutual funds
• There remains no sign of that at present with most inflows remaining monthly Systematic Investment Plans (SIPs).

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.

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.