Stock Picks Today: HDFC Bank, Persistent Systems, Dixon Tech, Hindalco, Voltas, And More On Brokerages' Radar

Brokerages have highlighted opportunities across NBFC, banks, IT, electronic manufacturing services, cement, consumer electronics, renewable energy and FMCG, pharma, supply chain and logistics sector, issuing fresh calls on HDFC Bank, Tata Capital, Persistent Systems, Dixon Technologies, Hindalco, Voltas, Shadowfax, Jubilant Ingrevia, Clean Max, Patanjali while also sharing their outlook on paint and logistics sector. 

Citi on Tata Capital

• Initiate Buy with TP of Rs 450
• NBFC Economics, Private-bank Discipline; Scale Meets Speed
• Structurally improving profile powered by converging growth engines
• Margin, opex levers underpin earnings growth
• Within NBFCs, prefer franchises combining scale with earnings upside — Bajaj Finance/Tata Capital

Macquarie on HDFC Bank

• Maintains Outperform rating with TP of Rs 1,150
• RBI seeking feedback from IRDAI on Anup Bagchi's candidature
• No final decision yet on HDFC Bank's CEO succession
• HDFC Bank board forwarded Kaizad Bharucha and Anup Bagchi's names to RBI
• Bagchi seen as frontrunner as per media reports
• Anup Bagchi currently heads ICICI Prudential Life
• Insurance stint seen as an addition to Bagchi's banking credentials
• Any external CEO appointment could lead to senior management exits
• Stabilising leadership team may be the immediate priority

HSBC on Persistent Systems

• Maintain Hold with TP of Rs 5000
• Secures control of Nagarro SE
• Has another 2-weeks window to further increase stake
• Reaching more than 90% would enable to pursue squeeze put of minority shareholders
• This could accelerate Nagarro integration.

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JPMorgan on Dixon Technologies

• Maintain Overweight with TP of Rs 16400
• Exports to drive next leg of growth
• RoCEs wont be compromised
• Looking to enter low volume high margin segments like defense, medical electronics, drones and robotics
• Open to take the inorganic route also and not just do it organically

CLSA on Hindalco

• Maintain Outperform with TP of Rs 1240
• Ebitda 2x+ in five years
• Novelis: Bay Minette expansion and debottlenecking to lead to 5mt+ volumes with profitability of US$600/T
• India upstream Ebitda to more than double helped by both capacity expansion and coal projects,
• India downstream Ebitda to rise to US$1bn vs US$200m
• Net debt in Novelis is likely to peak by Q4FY27, despite US$10bn capex in India

BofA on Voltas

• Maintain Buy with TP of Rs 1400
• Meeting reinforces margin opportunity thesis
• Encourgaging Q2 revenue trends aided by weak base
• Strategic Focus – market share, premiumisation and operations
• Risk reward remains compelling on attractive valuations

HSBC on Voltas

• Maintain Buy with TP of Rs 1450
• Market share improved and lead over second-largest player widened
• See stock inventory holding low
• Rs 200 cr in data center orders

Jefferies on Voltas

• Maintain Buy; Cut TP to Rs 1495 from Rs 1580
• Margins to feel the heat
• Despite 12% price hike, cost surge continues
• Factor margin pressure and cut EPS.

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Kotak Securities on Shadowfax

• Initiate Add with TP of Rs 310
• The capital-efficient outperformer
• Meaningful outperformance driven by mix benefits and account share gains
• See 31%/58% CAGR in revenue/adjusted EBITDA over FY2026-30
• Risks: Increased concentration to Meesho, pricing pressure from customers

Kotak Securities on Jubilant Ingrevia

• Maintain Buy with TP of Rs 1010
• Remains on track for rapid earnings growth
• Concerns around FMC contract already reflected in the stock price
• Zettaone acquisition is too small to warrant a de-rating of the stock
• Despite fresh hostilities in the Middle East, Q2 results likely to be good
• Continue to expect Jubilant to deliver sharp earnings growth in FY27 as well as beyond
• This is underpinned by the company's order book and improved results from chemical intermediates.

Macquarie on Clean Max

• Initiate Outperform with TP of Rs 1700
• Powering corporate transition
• CleanMax is India's largest pure-play Commercial & Industrial renewables platform by capacity
• Installed base to more than double to c.8GW by FY29E
• Repeat C&I business and Data & AI exposure support CleanMax's growth
• See longer-term earnings upside in an underpenetrated C&I renewables market.

Jefferies on Patanjali

• Maintain Buy with TP of Rs 560
• Mgmt highlighted near-term rural demand softness but expects a festive-led recovery driven by resilient urban demand
• Despite sunflower oil supply disruptions & commodity inflation, it maintained FY27 growth guidance
• Sees 4% volume growth for Edible Oil, 8-10% for Foods & 15% for FMCG HPC
• Remains confident of sustaining 18-20% margins in FMCG HPC

MS on Paint Sector

• Demand trends remain similar sequentially across markets
• Rural dealer commentary better on demand
• Volume growth similar to Q1
• Pre-hike channel stocking has normalized
• Owing to the channel stocking normalization, secondary sales could be slightly ahead of primary
• Owing to a later Diwali and festive season this year, dealers expect to increase inventory in Oct vs Sep last year
• Dealers expect better demand in October
• JSW Dulux is steadily attempting to gain share
• For Opus, dealers highlight improving brand acceptability and repeat orders from painters
• Pricing was largely stable across players in Aug-Sep
• Dealers highlighted that higher prices post hikes have largely been accepted at the consumer end

Jefferies on Logistics

• India is the world's 7th-largest container market and the second-fastest growing among major economies
• Yet, 75% of its Transshipment traffic is handled overseas
• The untapped opportunity, coupled with hub and spoke network adoption by shipping lines, can complement the strong base volume growth
• Believe Adani Ports is best placed to capture the opportunity, with Vizhinjam's strategic location, deep-draft, operating strengths and MSC partnership

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