Stock Picks Today: Infosys, Tata Power, Adani Ports, Nykaa, RBL Bank, And More On Brokerages' Radar

Brokerages have highlighted opportunities across the power, ports, IT, banking, FMCG, metals, and e-commerce sectors, aerospace and defence equipment and consumer goods sectors, issuing fresh calls on Infosys, Tata Power, Adani Ports, Godrej Consumer, Nykaa, RBL Bank, Tata Technologies, Aequs, Wakefit, and Welspun Corp, while also sharing their outlook on the power and banking sectors, along with their broader India strategy.

Citi on Infosys

• Maintain Neutral with TP of Rs 1115
• Demand environment unchanged
• AI productivity continues, new services growing rapidly
• Competitive intensity is high, particularly in large deals
• Expect usual seasonality in FY27 although European manufacturing client could have higher impact in Q4

Macquarie on Godrej Consumer

• Maintain Outperform with TP of Rs 1100
• FY27 target holds despite planned trade inventory correction
• See gradual sequential improvement to teens profit growth
• Focus on improving core category growth
• Focus on growing new segments
• See room for international portfolio expansion
• See need for sharpening India trade inventory

MS on Godrej Consumer

• Maintain Equal-weight with TP of Rs 1204
• Medium-term ambitions and FY27 targets were reiterated
• Strategy is focussed on reviving the core and driving category expansion
• Will invest Rs 200 cr annually (to be scaled gradually) in marketing, distribution
• Will correct India inventory of Rs 150 cr (1.7% of revenues) aided by better tools leading to some near-term pressure, to be offset at overall level
• Believe stock outperformance will be dependent on execution
• India EBITDA growth is the key monitorable.

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Nomura on Adani Ports

• Maintain Buy with TP of Rs 2080
• Cargo traffic hits record high in Aug 26
• FY27 logistics guidance remains intact
• Expects the asset-light logistics subsegments to do the heavy lifting in FY27.

HSBC on Adani Ports

• Maintain Buy with TP of Rs 2200
• Momentum builds with record August port throughput
• Posted record monthly throughput of 50 MMT in August
• Q2FY27-to-date, cargo growth stood at 17% y-o-y (vs est of 16%) and YTD (Apr-Aug) growth was 16% (vs est of 14%)
• Mundra empty container yard strike risks congestion
• Mundra containers drive 24% total throughput and 54% of containers

Kotak Securities on Aequs

• Initiate Reduce with TP of Rs 240
• Precision at scale; execution remains key
• High entry barriers support sustainable competitive advantage
• Financials: Expect 71% EBITDA CAGR over FY26-31
• Risks: Slow ramp-up in consumer electronics and high capital intensity.

Nomura on Wakefit

• Maintain Buy with TP of Rs 200
• Leading play on large home furnishing opportunity
• Leveraging mattress leadership into furniture
• Full-stack operating model driving impressive cost efficiencies
• Expanding online to offline D2C leadership in India's home and furnishing market
• Expect 19% revenue, 31% pre-Ind AS EBITDA CAGRs over FY26-29
• Pre-Ind AS margin potentially expanding from 7.4% in FY26 to 10.3% by FY29.

Nuvama on Tata Power

• Upgrade to Buy from Hold; Hike TP to Rs 421 from Rs 400
• CMP factors the worst; 15%+ in bull case
• CMP < Bear Case TP of Rs 363; overhang largely priced in
• See a meaningful upside from unpriced PSP and TBCB pipeline
• All contributing to cash flows by FY29–30
• Timely commissioning of 2.8GW PSP can add Rs 600 cr in annual cash flow and lead to re-rating once the street rolls over to FY29.

Jefferies on Welspun Corp

• Initiate Buy with TP of Rs 3250
• Riding the Energy Cycle
• Global leader in welded line pipes
• Beneficiary of strong US O&G capex with local manufacturing
• Big opportunity in Saudi Arabia
• Potential tailwinds in India, but near-term demand uncertain
• Strong growth outlook and ROE.

JPMorgan on Adani Ports

• Maintain Overweight with TP of Rs 2000
• Strong Volume Growth Continues
• Correction Is An Opportunity
• Associated British Ports stake sale process advances; Adani Ports no longer in contention
• Q1FY27 results were strong despite the impact of Middle East conflict
• Adani Ports remains one of top picks in the sector.

Macquarie on Adani Ports

• Maintain Outperform with TP of Rs 1860
• August 2026: record volumes and domestic improving
• Believe sequential recovery in volumes is encouraging
• Do not see a risk of material market-share loss to major ports
• Remain optimistic on long-term prospects given its execution track record, and expansion plans supported by cash flow.

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GS on Tata Tech

• Maintain Sell with TP of Rs 550
• Expect ER&D outsource pickup in challenging cost environment
• Major mix shift, with embedded and digital services now 55% of revenue, versus 20–22% at IPO
• Chinese OEMs have reset global benchmarks, launching cars in 20–24 months at 30–40% lower cost.

GS on Nykaa

• Maintain Neutral with TP of Rs 280
• Broad based growth while expanding margins
• Confident of strong growth with margin expansion across both its beauty and fashion segments
• Recent acceleration in fashion segment growth was broad-based and not just due to the Nike partnership
• Sees room to for more partnerships in the fashion segment on similar lines as that with Nike
• Expects its house of brands to grow faster than overall BPC business, with margins higher than segment average over time

Citi on RBL Bank

• Maintain Buy with TP of Rs 440
• A Disproportionate FCNR(B) Haul That Reshapes the Earnings Narrative
• RBL has capitalized on its promoter's Emirates NBD relationship
• This is an outsized haul for a mid-sized bank, representing 26% of total deposits, 37% of term deposits, and 2.7% market share
• Earnings implications are consequential
• Accretion translates into a tangible 7% uplift in absolute NII and 10% in PPOP (FY27)
• See optical NIM pressure of 40-45 bps over next two quarters – partial drag in Q2; full impact in Q3

Jefferies India Strategy - Mahesh Nandurkar

• Several major economic & corporate performance indicators have strengthened recently
• Nominal GDP growth is set to accelerate towards 11.5-12% in FY27 from 9% last year
• This helps corporate EPS growth towards 14%+
• Valuations remain elevated and equity supply is likely to stay large, capping broad market returns though
• Overweight on Lenders, Power, Metals, Property & Hospitals

BNP Paribas on Power

• Multi-fold electricity demand drivers in place
• Power generation with a more diversified mix planned
• Distribution – need to step on the pedal
• Utilities – setting off on the next leg of growth
• CESC – Initiate Outperform with TP of Rs 230
• NTPC – Initiate Outperform with TP of Rs 400
• Power Grid – Initiate Outperform with TP of Rs 340
• JSW Energy – Initiate Neutral with TP of Rs 600
• Tata Power – Initiate Neutral with TP of Rs 395
• Coal India – Initiate Neutral with TP of Rs 425
• NHPC – Initiate Underperform with TP of Rs 75.

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Jefferies on Banks

• FCNR-B: $60bn+ in 10 Days; Total at $136bn is 4x of 2013 Scheme Flows
• In positive surprise, Indian banks have mobilized $60bn+ in last 10 days
• This beats upper-end estimate of $100bn; net raising till 31 July were 76% of gross
• Flows enhance liquidity ahead of festive season & may help keep rates lower
• RBI may absorb some via Repo, but we see lower chance of CRR hike
• Better liquidity will benefit NBFCs & Small Pvt Bks
• While FCNR-B makes lower NIM, but is accretive to NII.

Macquarie on Banks

• India banks - FCNR windfall
• Strengthening liquidity; rebuilding currency buffers
• FCNR flows: Expectations comprehensively surpassed
• Aiding forex reserves: Rebuilding RBI's ammunition
• Few disproportionate beneficiaries include ICICI bank

HSBC on Tractors

• M&M – Maintain Buy with TP of Rs 4200
• Escorts – Maintain Hold with TP of Rs 3300
• Slow and steady wins the race
• World's largest tractor market faces near-term risks
• But believe the long-term industry outlook remains attractive
• Need for mechanisation, falling cost of ownership, and low penetration rates will drive long-term growth
• Expect a 10-year volume CAGR of 5% and an 8-9% revenue CAGR
• Downside risks: weak monsoons and higher emission standards

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