Stock Picks Today: ICICI Bank, Hindalco, Godrej Consumer, DMart, IndiGo And More On Brokerages' Radar

Brokerages issued fresh calls on ICICI Bank, Hindalco, Godrej Consumer, Avenue Supermarts (DMart), IndiGo and the travel sector, while flagging risks to insurers and mixed trends in consumer names.

Jefferies on General Insurers
Rising yields and falling equities may hurt investment income
ICICI Lombard has higher equity exposure; multi-line insurers hold more long-term debt
FY26/27 earnings cut by ~25%/12% factoring MTM losses
Fundamental tailwinds for Star Health and ICICI Lombard unchanged
Risk-reward seen favourable for both stocks

BofA on Avenue Supermarts (DMart)
Upgrade to Neutral from Underperform; TP Rs 4,525
Defensive appeal remains, but valuations cap upside
Q4 revenue suggests SSSG may have bottomed out
Inflation and new store contribution limited this quarter
Competitive intensity and quick commerce risks persist
Underlying business momentum improving

Citi on Godrej Consumer
Maintain Buy with TP of Rs 1,425
Strong growth momentum
Adequate levers to manage cost pressures in FY27
Formalisation tailwinds support growth outlook
Remains top pick in the sector

BofA on Banks
ICICI Bank – Maintain Buy; Cut TP to Rs 1,500
HDFC Bank – Maintain Buy; Cut TP to Rs 950
Price correction seen as overdone
Prefer large banks for resilience amid macro volatility
NIM upside possible with potential rate hikes
Healthy EPS growth expected with loan growth normalization
Valuations below long-term averages

JPMorgan on Aluminium
Hindalco – Upgrade to Overweight; TP Rs 1,125
Vedanta – Upgrade to Overweight; TP Rs 850
West Asia conflict expected to keep aluminium prices elevated
Vedanta risk-reward attractive; energy inflation manageable
Hindalco: Novelis pressure easing; India business tailwinds supportive

Jefferies on India Travel
IndiGo – Maintain Buy; Cut TP to Rs 5,500
Indian Hotels – Maintain Buy; Cut TP to Rs 800
ITC Hotels – Maintain Buy; Cut TP to Rs 210
Chalet – Maintain Buy; Cut TP to Rs 910
GMR Airports – Maintain Buy; TP Rs 125

Middle East disruption weighing on international traffic
Airlines most exposed due to capacity cuts and fuel inflation
Airports face traffic headwinds
Hotels partly cushioned by domestic demand substitution
Pecking order preference: Airports > Airlines > Hotels

Jefferies on Steel
Steel stocks corrected despite rising domestic prices
FY27-28 EPS estimates for Tata Steel and JSW Steel above street
Improving demand-supply balance in China
Asian spreads below long-term average
Prefer steel within India metals

Macquarie on Jubilant Food
Maintain Underperform; TP Rs 460
Weak India performance expected in Q4
Margins likely under pressure due to weak like-for-like growth
Turkey business remains strong
Limited scope to expand delivery share
Adverse base likely to weigh on growth

MS on Jubilant Food
Maintain Overweight; TP Rs 693
Q4 miss; LFL growth at 0.2% vs 4% estimate

MS on Godrej Consumer
Maintain Equal-weight; TP Rs 1,159
India growth broad-based
Indonesia competitive intensity easing
GAUM markets showing double-digit growth

Macquarie on Godrej Consumer
Maintain Outperform; TP Rs 1,340
India performance healthy; international weaker
Near-term performance may be impacted
FY27 bottom-line outlook largely intact

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