Check out top stocks under brokerages' radar heading into trade today.
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STOCKS IN THIS STORY
Brokerages have highlighted opportunities across automobiles, FMCG, IT, e-commerce, banks, airports infra and chemical sector issuing fresh calls on HUL, Adani Ports, Hyundai Motor, TVS Motor, NSE, Adani Enterprises, Bandhan Bank, Car Trade, Meesho, Pidilite, JSW Energy, GMR Airports Infra, Info Edge, Chola Finance, Concord Biotech, United Spirits while also sharing their outlook on paint and power sector, alongside a broader view on India strategy.
Morgan Stanley on Hindustan Unilever
- Maintain Equal-weight with TP of Rs 2,480
- Q2 underlying sales grow 15%; volume growth at 7%
- EBITDA margin contracts 142 bps YoY to 22.6% amid inflation
- Demand remains resilient; Home Care and Beauty & Wellbeing lead growth.
Jefferies on Hindustan Unilever
- Maintain Buy; Cut TP to Rs 2,350 from Rs 2,450
- Q2 revenue rises 15% YoY; volume growth at 7%, strongest in several quarters
- Home Care grows 22%; Beauty & Wellbeing sales rise 16%
- Inflation pressures persist, but volume recovery and demand outlook remain positive.
HSBC on Hindustan Unilever
- Maintain Buy; Hike TP to Rs 2,220 from Rs 2,210
- Q2 underlying sales grow 14.5%; volume growth at 7%
- Home Care and Beauty & Wellbeing deliver double-digit volume growth
- Sees improving demand trends despite inflation and El Niño concerns
UBS on Hindustan Unilever
- Maintain Buy with TP of Rs 2,700
- Q2 revenue rises 14.8%; volume growth of 7% beats estimates
- Home Care grows 22%; Beauty & Wellbeing sales rise 16%
- EBITDA and PAT grow 8% and 8.7%; sees overall strong performance.
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Jefferies on NSE
- Initiate Buy with TP of Rs 2,085; sees 17% upside
- Expects 15% revenue CAGR and 16% EPS CAGR over FY27–29
- New growth opportunities could add 15% to FY30 EPS
- Market leadership, diversification and improving margins support premium valuations
Jefferies on Adani Enterprises
- Maintain Buy with TP of Rs 3,830; sees 54% upside
- Q2 EBITDA rises 62% YoY, beating estimates on airports and copper strength
- Airports EBITDA grows 55% despite 6% decline in passenger traffic
- Raises FY27 EBITDA estimates by 4%; data centre expansion offers growth visibility.
MOSL on Adani Enterprises
- Maintain Buy with TP of Rs 3,350
- Q2 revenue surges 75% YoY; EBITDA rises 67%, beating estimates
- Adjusted PAT jumps fourfold YoY to Rs 1,500 crore
- Copper, airports and mining drive growth; data centre capacity expansion remains key catalyst.
Jefferies on Bandhan Bank
- Maintain Buy; Cut TP to Rs 200 from Rs 240
- Q2 profit jumps 456% YoY; net loans grow 15% and NII rises 14%
- Deposit growth lags at 9%; higher credit costs and regulatory changes pose risks
- Cuts FY28–29 earnings estimates by 3–4%; attractive valuations limit downside.
Jefferies on Hyundai Motor
- Maintain Underperform; Cut TP to Rs 1,630 from Rs 1,725
- Q2 EBITDA and PAT decline 19–24% YoY, missing estimates
- Market share slips to 12%; faces intensifying competition in SUVs
- Brokerage skeptical of Bayon positioning and meaningful market share recovery.
Kotak Neo on Hyundai Motor
- Maintain Reduce; Cut TP to Rs 1,950 from Rs 2,000
- Q2 EBITDA in line; margins under pressure from higher commodity costs
- New SUV and EV launches expected to drive gradual market share recovery
- Cuts FY27–28 earnings estimates; competition and EV dilution to cap margins.
Citi on Hyundai Motor
- Maintain Buy; Cut TP to Rs 2,200 from Rs 2,350
- Q2 revenue rises 19% YoY; EBITDA falls 19% on commodity inflation
- Retains FY27 domestic volume growth guidance of 8–10%
- Bayon and upcoming mass-market EV to drive growth; margin pressures remain a concern.
Morgan Stanley on Hyundai Motor
- Maintain Overweight with TP of Rs 2,438
- Q2 revenue rises 19% YoY; EBITDA falls 19% on commodity pressures
- Expects sharp recovery in H2FY27 margins, volumes and market share
- Golden product cycle led by Bayon and new EV SUV to drive growth.
JPMorgan on Hero MotoCorp
- Maintain Overweight with TP of Rs 6,845
- Q2 revenue rises 21% YoY; EBITDA grows 8%, beating estimates
- EBITDA margin at 13.4%; adjusted PAT rises 5% but misses estimates
- Better gross margins support earnings; commodity costs and growth outlook remain key monitorables.
Jefferies on Hero MotoCorp
- Maintain Hold with TP of Rs 6,000
- Q2 EBITDA rises 8% YoY, in line with estimates
- Volumes grow 11% YoY; EBITDA margin flat QoQ at 13.4%
- PAT rises 5% YoY but misses estimates by 4% on lower financial income
Citi on TVS Motor
- Maintain Sell; Hike TP to Rs 3,600 from Rs 3,500
- Q2 revenue/EBITDA grow 44%/47% YoY, beating estimates
- Higher realisations and PLI incentives offset rising operating costs
- Consumer finance demerger could unlock value; elevated valuations remain a concern.
Goldman Sachs on TVS Motor
- Maintain Buy; Hike TP to Rs 5,290 from Rs 4,950
- Q2 revenue and EBITDA grow 44% and 47% YoY, beating estimates
- Expects market share gains and margin improvement in H2FY27
- Consumer finance business demerger aimed at unlocking shareholder value
Macquarie on TVS Motor
- Maintain Outperform with TP of Rs 4,325
- Q2 EBITDA jumps 47% YoY to Rs 2,220 crore, beating estimates by 5%
- EBITDA margin expands to 13% despite commodity cost pressures
- Consumer finance business demerger to unlock value; capacity expansion to support growth
Jefferies on TVS Motor
- Maintain Buy with TP of Rs 5,425
- Q2 EBITDA and PAT grow 47–48% YoY, beating estimates
- Volumes rise 27% YoY; EBITDA margin improves to 13%
- Domestic two-wheeler market share hits 23-year high of 20%; strong export momentum continues.
Kotak Neo on TVS Motor
- Maintain Add; Hike TP to Rs 4,400 from Rs 4,350
- Q2 revenue/EBITDA grow 44%/47% YoY; EBITDA beats estimates
- Volumes rise 27% YoY; EBITDA margin improves to 13%
- Expects market share gains across scooters, premium motorcycles and EVs
Citi on CarTrade Tech
- Maintain Buy; Cut TP to Rs 2,910 from Rs 3,300
- Q2 revenue grows 10% YoY, missing estimates as consumer business slows
- OLX revenue rises 26% YoY, supported by monetisation initiatives
- Cuts consumer business valuations; OLX growth momentum supports positive outlook.
Citi on Meesho
- Maintain Buy; Hike TP to Rs 265 from Rs 220
- Q2 marketplace NMV grows 23% YoY; contribution margin expands to 6%
- Higher customer acquisition and technology spends weigh on near-term earnings
- Sees strong festive demand and advertising monetisation driving future profitability.
Jefferies on Meesho
- Maintain Buy; Raise TP to Rs 285 from Rs 240
- Q2 revenue rises 34% YoY; net merchandise value grows 23%
- Contribution margin improves to 6% as logistics efficiencies reduce losses
- Management targets 25% NMV CAGR through FY31; prioritises growth over monetisation
Citi on Pidilite
- Maintain Sell; Cut TP to Rs 1,300 from Rs 1,550
- Q2 revenue grows 21% YoY; EBITDA/PAT rise just 3%/6%
- Gross margin contracts 648 bps YoY on raw material inflation
- Cuts FY27–29 EPS estimates by 2–5%; valuations remain expensive.
HSBC on Pidilite
- Maintain Buy with TP of Rs 1,920
- Q2 revenue grows 21% YoY; underlying volume growth at 10.7%
- EBITDA misses estimates by 5–7% on high-cost inventories
- Gross margin contracts 650 bps YoY; management confident of sustaining growth momentum
Goldman Sachs on Pidilite
- Maintain Buy; TP not specified in first-take summary
- Q2 revenue grows 21% YoY; EBITDA rises just 3%, missing estimates
- Consumer & Bazaar volume growth at 11.1%; B2B volumes grow 9.2%
- Gross margin contracts 650 bps YoY as raw material inflation weighs.
Citi on JSW Energy
- Maintain Buy with TP of Rs 650; sees 35% upside
- Q2 EBITDA grows 21% YoY, beating estimates by 16%
- Power generation rises 17% YoY; merchant realisations remain strong
- Renewable capacity additions support growth; transmission constraints and interest costs key risks
Citi on Info Edge
- Maintain Buy; Hike TP to Rs 1,500 from Rs 1,470
- Q2 EBITDA margin expands 500 bps YoY to 44.8%
- AI-led recruitment products generate Rs 240 crore annualised revenue
- CEO transition remains key monitorable; AI monetisation supports growth outlook.
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Kotak Neo on Info Edge
- Maintain Buy; Hike TP to Rs 1,475 from Rs 1,420
- Q2 revenue grows 12.8% YoY; Naukri revenue rises 13.3%
- AI recruitment products reach Rs 240 crore annualised revenue run rate
- CEO transition unexpected; improving Naukri margins and 99acres growth support outlook.
GS on Info Edge
- Maintain Buy; Raise TP to Rs 1,430 from Rs 1,410
- Q2 EBITDA grows 29% YoY despite challenging recruitment environment
- AI products now contribute high-single-digit share of recruitment revenue
- Hitesh Oberoi to step down as MD & CEO in December; Sanjeev Bikhchandani to take charge.
BofA Securities on Info Edge
- Maintain Buy with TP of Rs 1,500
- Q2 revenue grows 13% YoY; EBITDA rises 28%, margins improve
- CEO transition unlikely to disrupt execution; Naukri margins remain strong
- AI and data products emerge as key growth drivers with Rs 2.4 bn ARR
Citi on Chola Finance
- Maintain Buy with TP of Rs 2,100; sees 36% upside
- Q2 disbursements jump over 45% YoY; AUM grows 25%
- Credit costs moderate to 1.4%, while NIMs decline 30 bps QoQ
- Retains 22–24% AUM growth guidance; asset quality remains resilient.
Jefferies on Chola Finance
- Maintain Buy; Cut TP to Rs 1,960 from Rs 2,100
- Q2 PAT jumps 41% YoY to Rs 1,630 crore, beating estimates by 3%
- AUM grows 25% YoY to Rs 2.48 lakh crore; asset quality improves
- Higher funding costs pressure NIMs; FY27 AUM growth guidance retained at 22–23%.
UBS on Chola Finance
- Maintain Buy; Cut TP to Rs 1,940 from Rs 2,100
- Q2 AUM grows 25% YoY; disbursements surge 47%
- Credit costs moderate to 1.45%; PAT rises 41% YoY
- Retains 20–23% AUM growth guidance; remains top NBFC pick.
Kotak Neo on Adani Ports
- Maintain Buy; Hike TP to Rs 2,075
- Q2 revenue/EBITDA grow 24%/23% YoY, beating estimates
- International ports outperform; domestic cargo volumes grow just 4%
- Expects H2 growth acceleration; higher guidance supports earnings outlook.
Emkay Global on Adani Ports
- Maintain Buy; Raise TP to Rs 2,200 from Rs 2,100
- Q2 revenue/EBITDA grow 24%/23% YoY, beating estimates by 3–4%
- Domestic ports revenue rises 13%; international ports revenue jumps 71% YoY
- Raises FY27 EBITDA guidance to Rs 26,000–27,000 crore; strong cash flows support expansion
Nuvama on Adani Ports
- Maintain Buy; Raise TP to Rs 2,170 from Rs 2,000
- Q2 revenue/EBITDA/adjusted PAT grow 24%/25%/13% YoY, beating Street estimates
- International ports EBITDA surges 236% YoY; domestic ports revenue rises 13%
- Raises FY27/28 EBITDA estimates by 4%/2%; higher guidance and capacity expansion support growth.
Jefferies on Adani Ports
- Maintain Buy; Raise TP to Rs 2,180 from Rs 2,160
- Q2 EBITDA beats estimates by 4%, driven by international ports
- International ports EBITDA rises 3.4 times YoY; domestic cargo volumes grow 4%
- Raises FY27 EBITDA guidance to Rs 26,000–27,000 crore; capacity expansion to support growth
JPMorgan on Adani Ports
- Maintain Overweight; Raise TP to Rs 2,076 from Rs 2,000
- Q2 revenue/EBITDA/PAT grow 24%/23%/19% YoY
- Cargo volumes rise 15% YoY; international volumes surge 147%
- Raises FY27 revenue, EBITDA and capex guidance; remains preferred pick.
Prabhudas Lilladher on Adani Ports
- Maintain Buy; Raise TP to Rs 2,248 from Rs 2,243
- Q2 EBITDA rises 23% YoY, supported by strong international port performance
- International cargo volumes surge 147% YoY; EBITDA margin reaches 47.7%
- Higher FY27 guidance and capacity expansion support long-term growth outlook.
MOSL on Adani Ports
- Maintain Buy with TP of Rs 2,130
- Q2 revenue rises 24% YoY; EBITDA grows 23%, beating estimates by 6%
- Cargo volumes rise 15% YoY to 142.3 million tonnes
- Raises FY27 EBITDA guidance to Rs 26,000–27,000 crore; international ports drive growth.
Jefferies on JSW Energy
- Maintain Buy with TP of Rs 720
- Q2 EBITDA beats estimates by 10% on higher generation and merchant sales
- Installed capacity rises 15% YoY to 15.1 GW; targets 3 GW renewable additions in FY27
- Expects 41% EBITDA growth in H2FY27; execution ramp-up could drive re-rating.
Jefferies on GMR Airports
- Maintain Buy with TP of Rs 135; sees 51% upside
- Q2 EBITDA declines 2% YoY to Rs 1,480 crore despite higher revenue
- Passenger traffic grows just 1.4%; Hyderabad and Goa traffic remain weak
- Non-aeronautical revenue grows 17% YoY; improving yields cushion muted traffic.
Kotak Neo on CarTrade Tech
- Upgrade to Add; Cut TP to Rs 2,650 from Rs 2,700
- Q2 revenue growth of 10% misses estimates on weak core classifieds business
- OLX revenue grows 26% YoY; improving monetisation drives momentum
- Strong margin expansion, but cuts FY27–29 revenue estimates by 4–8%.
Jefferies on Concord Biotech
- Maintain Hold; Hike TP to Rs 1,360 from Rs 1,268
- Q2 revenue rises 25% YoY; EBITDA up 18%, broadly in line
- Margins decline 200 bps on higher raw material costs and new business losses
- Retains FY27 revenue growth guidance of over 20%; expects gradual margin recovery.
CLSA on United Spirits
- Maintain Hold with TP of Rs 1,303
- Q2 net sales rise 2.8% YoY, below estimates; P&A volumes fall 1.6%
- Gross margin expands 88 bps, but higher ad spends weigh on EBITDA margin
- Maharashtra and Karnataka regulatory headwinds continue to impact growth
Goldman Sachs on United Spirits
- Maintain Buy with TP of Rs 1,575
- Q2 revenue grows 2.9% YoY, below estimates; Prestige volumes decline 1.2%
- EBITDA falls 5% YoY, but beats estimates on better gross margins
- Higher advertising spends and Maharashtra tax changes weigh on performance.
Jefferies on United Spirits
- Maintain Hold with TP of Rs 1,560
- Q2 growth underwhelming; Prestige & Above volumes decline 1%
- Gross margin expands 88 bps, but higher ad spends weigh on EBITDA margin
- Maharashtra headwinds persist; strong cash flow generation provides comfort.
Citi on Paint Sector
- Decorative paint demand stable; volumes growing mid-single digits
- Industry value growth at 15–18% YTD; premiumisation trend remains intact
- Paint prices rise 11–12% till October; further 3% hike announced for November
- Asian Paints defends market share through dealer incentives; Birla Opus faces scaling challenges
Jefferies on India Power Sector
- Raises FY27 power demand growth estimate to 9% from 7%
- October power generation surges 24% YoY, strongest trend in 15 years barring 2021
- Thermal coal stocks fall to six days from 15 days YoY; merchant prices remain elevated
- Adani Energy and JSW Energy top private-sector picks; also positive on NTPC.
HSBC on India Power Demand
- Power demand surges 21% YoY in October till 25th, aided by low base
- Peak demand rises 24% YoY to 261 GW; IEX prices jump 72%
- Renewable capacity additions reach nearly 24 GW in H1FY27
- Warns of supply stress amid low coal stocks, declining reservoirs and weak wind generation.
Jefferies India Strategy
- Implications of a Potential Equity Tax Cut
- Chatter around a potential Equity LTCG tax cut has picked up though no decision has been announced
- Govt needs to balance potential fiscal impact even as path towards converging taxation across asset classes continues
- Potentially better FPI sentiment can support both equities & INR given positioning
- Flows suggest large caps sectors like Financials, Energy, Cons. tech can benefit most if FPI flows rise
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