Stock Picks Today: ITC, L&T, Maruti Suzuki And More On Brokerages’ Radar

A host of global and domestic brokerages have released fresh views on Larsen & Toubro, LTI Mindtree, ITC, Emmvee Photo, NSDL and more ahead of Tuesday's session.

They have also shared their outlook on banks, NBFCs, pharma, renewables and consumer-facing businesses, alongside broader views on India’s macroeconomic trajectory.

• Citi maintains a Sell rating with a target price of Rs 5,480.

• The stock has been placed on a 30-day downside catalyst watch.

• Investor expectations of double-digit exit revenue growth for FY26 and FY27 appear challenging.

• Further EBIT margin expansion could be difficult amid sector-wide pressures.

• Valuations are closer to faster-growing peers like Coforge and at a premium to large caps.

• Q3 results could reset expectations.

• Risk-reward is seen as unattractive.

• Citi maintains a Buy rating with a target price of Rs 330.

• Disbursement growth remains strong at over 40% YoY and 19% QoQ.

• Retail AUM growth has crossed 20%.

• Borrowing costs could improve further.

• Operating expense ratios are expected to remain broadly stable.

• Return on assets is estimated at around 2.4%.

• Jefferies initiates coverage with a Buy rating and a target price of Rs 320.

• India’s solar installations are expected to grow at a 24% CAGR over FY25–28.

• Early entry into TOPCon, DCR-led profitability and a well-funded balance sheet provide an edge.

• Industry profitability may normalise from FY28 onwards.

• Jefferies expects high-teens steady-state RoCE.

• EBITDA is projected to grow at a 56% CAGR over FY25–28.

• The stock trades at nearly a 50% discount to peers.

• InCred initiates coverage with a Hold rating and a target price of Rs 4,187.

• Near-term order inflows are seen peaking.

• Domestic core segment orders are expected to decline 19% YoY in H2 FY26.

• Global core segment orders may soften through FY27.

• Sales growth in Saudi Arabia could moderate beyond FY27.

• Polycab – Maintain Buy; TP raised to Rs 9,230 from Rs 8,960.

• LG India – Maintain Buy; TP cut to Rs 1,950 from Rs 1,980.

• Voltas – Maintain Buy; TP raised to Rs 1,680 from Rs 1,635.

• Blue Star – Maintain Buy; TP raised to Rs 2,000 from Rs 1,990.

• Havells – Maintain Hold; TP cut to Rs 1,560 from Rs 1,620.

• Jefferies sees a sweet spot in cables & wires in 2026 due to strong demand and 6–8% price hikes.

• Incremental demand over the next five years is expected to outpace supply.

• Air-conditioner makers could benefit from a normal summer and low base.

• Data centres and solar products are emerging growth drivers.

• Rising copper and aluminium prices and a weak rupee remain margin risks.

• Top picks are Polycab and LG India.

• Bharti Airtel – Maintain Buy; TP raised to Rs 2,475 from Rs 2,405.

• Reliance Industries – Maintain Buy; TP raised to Rs 1,860 from Rs 1,805.

• Indus Towers – Maintain Buy; TP raised to Rs 515 from Rs 500.

• Vodafone Idea – Maintain High Risk Buy; TP raised to Rs 15 from Rs 14.

• Bharti Hexacom – Maintain Neutral; TP raised to Rs 2,005 from Rs 1,885.

• Next tariff hike is now expected around Jio’s listing in H1 CY26.

• Tariff hike expectations deferred to Q1 FY27.

• Jio’s listing could act as a catalyst for RIL and Bharti.

• Focus may shift to completion of Vodafone Idea’s bank debt raise.

• This could influence the timing of Indus Towers’ shareholder payouts.

• Eicher – Maintain Buy; TP raised to Rs 8,650 from Rs 8,000.

• Hero MotoCorp – Maintain Underperform; TP raised to Rs 5,000 from Rs 4,950.

• Hyundai – Maintain Underperform; TP cut to Rs 2,000 from Rs 2,050.

• Ashok Leyland – Maintain Hold; TP raised to Rs 175 from Rs 135.

• Jefferies enters 2026 with a positive outlook for auto demand.

• Volume CAGR of 6–8% expected across segments over FY26–28.

• TVS, Eicher and M&M are expected to gain market share.

• Risks remain for Hero MotoCorp and Hyundai.

• TVS is expected to deliver the highest EPS CAGR at 26%.

• Preferred buys are TVS, M&M and Eicher.

• Avendus Spark initiates coverage with a Sell rating and a target price of Rs 900.

• NSDL has lost market share in demat accounts.

• Market share losses have impacted multiple revenue streams.

• Recurring issuer fee income is growing at a slower pace.

• The benefit of mandatory dematerialisation has largely played out.

• Transaction income growth is increasingly reliant on pledge income.

• EBITDA margins are expected to trail CDSL.

• Valuations are seen as stretched at 40x FY28 core PAT.

• Kotak Mahindra Bank and Axis Bank reported strong loan growth.

• Axis Bank surprised positively on deposit growth.

• IndusInd Bank saw loan growth moderation driven by the MFI segment.

• HSBC maintains a Buy rating and raises the target price to Rs 18,500 from Rs 17,000.

• The brokerage believes it is time for profitability delivery.

• Market share has normalised back to around 40%.

• Overall demand outlook remains strong.

• Q3 and Q4 margin delivery is critical for the stock.

• An EBIT margin below 10% could disappoint the market.

• Commodity prices remain a near-term risk.

• Investec maintains a Hold rating with a target price of Rs 1,238, implying 21.8% upside.

• Q3 box office trends suggest 9% consolidated revenue growth.

• The Q4 content slate appears strong and should support growth on a low base.

• FY26E is expected to be the first PAT-positive year since FY20.

• Investec plans to reassess its stance as execution plays out.

• Macquarie downgrades ITC to Neutral from Buy.

• Target price is cut to Rs 330 from Rs 500.

• A sharp tax hike is expected to hit cigarette volumes by around 15%.

• Lower leaf tobacco costs may provide some margin relief.

• Pricing ladder expansion could hurt mix and profitability.

• FY27–28 EPS estimates are cut by 18%.