Stock Picks Today: ITC, Marico, Devyani International, Yes Bank, And More On Brokerages' Radar

Check out the top stock calls, initiations, upgrades, downgrades, and target price revisions from leading brokerages ahead of today's trade.

Author: Usha Kunji
Markets
Nov 03, 2026 07:46 IST

Read Time: 12 mins

Check out top stocks under brokerages' radar heading into trade today.

(Photo: NDTV Profit/ AI generated image)

Brokerages have highlighted opportunities across FMCG, banks, ports, healthcare, renewable energy, automobiles, chemicals and IT sector issuing fresh calls on ITC, Marico, Devyani International, Escorts Kubota, Amara Raja, Yes Bank, UPL, Aarti Industries, Affle India, Adani Ports and Special Economic Zone, Shyam Metallics, Gabriel India, Garden Reach Shipbuilders, Juniper Green Energy, Petronet LNG, Narayana Hrudayalaya, Finolex Industries, Corona Industries, Container Corp while also sharing their outlook on private banks alongside a broader view on India strategy.

JPMorgan on ITC

Maintain Neutral; TP Rs 310
Cigarette portfolio restructuring and further price hikes expected to restore EBIT per stick by Q4FY27
FMCG growth supported by premiumisation, digital-first brands and distribution expansion
Paperboard recovery and improving margins provide support; cigarette taxation remains a key risk.

Goldman Sachs on ITC

Maintain Neutral; TP unchanged at Rs 290
Cigarette business remains under pressure from higher taxation despite staggered price hikes
Expects full cigarette tax pass-through by FY27-end; double-digit EBIT decline likely to persist in H2
FMCG and paperboard businesses provide growth support, aided by improving demand and pricing actions.

Jefferies on ITC

Maintain Buy; TP at Rs 350
Cigarette business faces pressure from steep taxation and illicit trade; calibrated price hikes expected to aid recovery
FMCG portfolio gains traction across core categories, while digital-first brands and premiumisation support growth
Paperboards benefit from improving demand and value-added products; cuts FY27–29 EPS estimates by 2–3%.

UBS on ITC

Maintain Buy; cut TP to Rs 345 from Rs 350
Further cigarette price hikes expected to restore EBIT per stick by Q4FY27, setting up FY28 recovery
Upcoming price hike in the 69mm cigarette segment could emerge as a major stock catalyst
FMCG premiumisation, digital-first brands and paperboard recovery support growth diversification

UBS on Marico

Maintain Neutral; TP at Rs 930
Management hikes FY27 revenue growth guidance to teens and EBITDA growth to mid-20s
Targets Rs 20,000 crore revenue by FY29, supported by premiumisation and portfolio expansion
Strong earnings outlook largely priced in; potential reversal in copra cost cycle limits valuation upside

Jefferies on Marico

Maintain Buy; hike TP to Rs 1,035 from Rs 1,000
Hikes FY27 guidance; targets double-digit India volume growth and mid-20s EBITDA growth
Parachute shampoo and almond oils emerge as growth engines, with medium-term revenue potential of Rs 400–500 crore
Project SETU 2.0 and premium portfolio expansion support growth; Rs 20,000 crore revenue target advanced to FY29

Goldman Sachs on Marico

Maintain Buy; TP Rs 950
Management hikes FY27 EBITDA growth guidance to around 25%; targets Rs 20,000 crore revenue by FY29
Parachute volume growth and premium portfolio expansion strengthen medium-term growth visibility
Lower copra costs, improving digital and foods profitability and operating efficiencies support margins

JPMorgan on Marico

Maintain Overweight; hike TP to Rs 940 from Rs 915
Hikes FY27 EBITDA growth guidance to 24–25%; targets Rs 20,000 crore revenue by FY29
Parachute volume momentum and Project SETU distribution expansion underpin growth outlook
Lower copra costs, premiumisation and scaling digital brands support profitability.

Citi on Marico

Maintain Buy; TP at Rs 1,000
Hikes FY27 EBITDA growth guidance to mid-20s; expects double-digit India volume growth
Project SETU 2.0 to focus on AI-led distribution, premium portfolios and digital-first brands
Targets Rs 20,000 crore revenue by FY29, a year ahead of plan; lower copra prices support profitability.

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JPMorgan on Devyani International

Maintain Overweight; TP Rs 127
KFC targets sustained mid-single-digit same-store sales growth, supported by value offerings and network expansion
Pizza Hut turnaround remains challenging; brand revival hinges on innovation and promotion optimisation
Sapphire merger targeted for completion by FY27-end; integration and margin recovery remain key catalysts.

Goldman Sachs on Devyani International

Maintain Buy; TP Rs 140
KFC same-store sales growth expected to improve to around 6% in Q3FY27, aided by festive calendar shifts
Selective price hikes and lower promotions expected to protect margins against input inflation
Owned brands show improving profitability; Sapphire merger approval strengthens integration prospects.

Citi on Devyani International

Maintain Buy; cut TP to Rs 174 from Rs 186
KFC same-store sales momentum improves; value offerings at Rs 99 and Rs 149 support customer acquisition
Pizza Hut remains under pressure; calibrated price hikes planned to offset rising input and wage costs
Sapphire merger remains on track for March 2027; sustained demand recovery could drive re-rating.

Bernstein on Devyani International

Maintain Outperform; TP Rs 160
Steady quarter, bigger triggers ahead
KFC India: A relatively softer quarter with some calendar impact.
Pizza Hut: Losses continue while any broader reset awaits the merger
Other brands continue to improve

Jefferies on Devyani International

Maintain Buy; cut TP to Rs 150 from Rs 160
KFC India momentum strengthens; management expects mid-single-digit same-store sales growth
Pizza Hut turnaround remains challenging; value offerings and menu innovation are key priorities
Sapphire merger targeted for March 2027; near-term discretionary demand and cost pressures warrant caution.

Nomura on Petronet LNG

Maintain Buy; TP at Rs 345
Strong gas demand from fertiliser, power, refinery and city gas distribution segments supports volumes
Surging spot LNG prices above $30/mmBtu could weaken industrial demand and pressure Q3 volumes
Qatar Gas contract renewal, new Dahej capacity tie-ups and Kochi utilisation remain key catalysts

HSBC on Escorts Kubota

Maintain Hold; cut TP to Rs 2,700 from Rs 3,300
Management cuts FY27 tractor volume guidance to single-digit decline; expects double-digit contraction in H2
Commodity inflation remains a major concern; post-festive price hike expected to support margin recovery from Q4
El Niño-related demand risks persist, while construction equipment business offers relative resilience

JPMorgan on Escorts Kubota

Maintain Neutral; cut TP to Rs 2,770 from Rs 3,400
Management cuts FY27 tractor industry outlook from mid-single-digit growth to low-single-digit decline
El Niño concerns and high base imply double-digit tractor demand contraction in H2FY27
Commodity inflation pressures margins; construction equipment demand remains supported by infrastructure spending

JPMorgan on Amara Raja

Maintain Neutral; cut TP to Rs 825 from Rs 880
BESS plant commissioning approaches; Rs 2,320 crore capex approved for battery capacity expansion
Plans to expand battery-pack capacity to 9 GWh and establish 5 GWh LFP cell manufacturing facility
Customer contract delays, rising competition and elevated strategic spending remain key concerns

JPMorgan on Yes Bank

Maintain Underweight; cut TP to Rs 13.10 from Rs 21
Supreme Court ruling on AT1 bonds threatens capital buffers and future earnings trajectory
Potential revival of AT1 coupon payments poses additional downside risk; capital requirements could increase
Loan growth outlook faces constraints from weaker capital buffers; further SMBC investment offers potential support

Kotak on UPL

Maintain Add; hike TP to Rs 580 from Rs 570
Retains FY27 revenue growth guidance of 7–11% and EBITDA growth of 10–14% despite agrochemical industry headwinds
Expects volume recovery across key markets in H2FY27; cost savings from workforce offshoring support profitability
Proposed corporate reorganisation remains a key overhang; elevated working capital, debt and El Niño risks warrant caution.

Jefferies on UPL

Maintain Buy; cut TP to Rs 610 from Rs 715
Maintains FY27 guidance, implying mid-teen revenue and EBITDA growth in H2FY27
New product launches expected to contribute $150 mn revenue; Advanta and UPL SAS remain growth drivers
Elevated working capital and net debt remain concerns; management targets net debt/EBITDA below 1.5x over medium term.

HSBC on UPL

Maintain Buy; cut TP to Rs 660 from Rs 670
Retains FY27 revenue growth guidance of 7–11% and EBITDA growth of 10–14%; H2 execution remains critical
Advanta and specialty chemicals provide growth support, while crop protection faces volume and pricing pressures
Corporate reorganisation remains uncertain; elevated debt, El Niño risks and working capital pressures warrant monitoring

Citi on Affle

Maintain Buy; cut TP to Rs 2,130 from Rs 2,160
Proposed Perion acquisition strengthens Affle's presence in developed markets and full-funnel advertising
Perion's CTV, digital out-of-home and retail media assets offer significant cross-selling opportunities
Management expects 30% EPS accretion by end of year one; revenue retention and integration margins remain key monitorables

Kotak on Narayana Hrudayalaya

Maintain Buy; hike TP to Rs 2,320 from Rs 2,155
India hospitals expected to deliver 17% revenue and EBITDA CAGR over FY26–29, supported by better case and payor mix
Plans to add approximately 1,955 beds over four years; Cayman insurance losses expected to moderate further
UK hospital margins targeted to improve through operational efficiencies; Kotak projects 23% consolidated EBITDA CAGR.

HSBC on Narayana Hrudayalaya

Maintain Hold; hike TP to Rs 1,865 from Rs 1,835
Core India hospitals business retains healthy growth outlook, supported by operating efficiencies
Insurance business expected to take time to achieve scale and financial sustainability
UK operations require cost restructuring and technology-led efficiencies; meaningful recovery could take 3–5 years

Kotak on Juniper Green Energy

Maintain Buy; TP at Rs 320
Targets operational capacity of 3.9 GWp by March 2027, supported by continued renewable project commissioning
Battery storage capacity targeted at 4.5 GWh by June 2027 and 10 GWh by March 2028
Signed PPAs provide earnings visibility through FY28; fresh agreements for 2.6 GW awarded capacity remain a key catalyst

Kotak on Escorts Kubota

Upgrade to Buy from Add; cut TP to Rs 3,100 from Rs 3,450
Expects tractor market-share gains through new launches, channel expansion and favourable North-Central India exposure
Construction equipment recovery and diversification into spares, engines and agri-solutions support medium-term growth
Cuts FY27–29 EBITDA estimates by 4–18%; expects gradual margin recovery from CY2027 despite near-term industry weakness.

Kotak on Aarti Industries

Upgrade to Add from Reduce; TP at Rs 480
Retains FY28 EBITDA guidance of Rs 1,800–2,200 crore, with expectations near the lower end
Zone IV expansion to drive growth over 18–24 months; potential Rs 1,500 crore long-term supply contract strengthens visibility
Plans equity fundraising of up to Rs 1,000 crore to reduce debt; delayed capacity ramp-up and pricing pressures remain risks..

Kotak on Corona Remedies

Maintain Add; Hike TP to Rs 2,345 from Rs 2,175
Retains FY27 guidance of 15%+ sales growth and 20%+ PAT growth; targets 1.5x Indian pharma market growth
Expects Wokadine to deliver 25% CAGR over the next 3–4 years; new therapies and field-force productivity support expansion
Forecasts 28% EBITDA and 29% EPS CAGR over FY26–29, aided by chronic therapies and backward integration

JPMorgan on Container Corporation

Maintain Neutral; TP Rs 500
FY27 handling volume growth guidance stands at 18%, but weak H1 momentum raises concerns over achieving the target
Expects downward revisions to FY27 earnings estimates, with consensus implying 27% PAT growth in H2
Western Dedicated Freight Corridor connectivity to JNPT offers growth potential; pricing pressure and market share losses remain key risks.

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UBS on Eureka Forbes

Maintain Buy; TP Rs 640
Expects meaningful acceleration in FY27 growth, supported by water purifiers, air purifiers and robotic vacuums
Filters and AMC services offer medium-term revenue and margin opportunities; distribution network remains a competitive advantage
Stock trades at 22x FY28 EPS after a 47% correction; commodity inflation and pricing competition remain key risks

Morgan Stanley on India Equity Strategy

Earnings trends remain encouraging, with more than half of reporting companies beating analyst estimates
Energy, utilities and PSU banks lead positive earnings surprises; healthcare remains the weakest sector
Financials show relatively strong earnings momentum, while consumer staples and transportation face greater pressure
Only 50% of stocks outperform the Sensex around results despite earnings beats, indicating selective market reactions.

Nomura India Strategy - Saion Mukherjee

Earnings deliver, flows should follow in near term
FII selling peaks just as earnings deliver and valuations sit below post-pandemic averages
Robust Q2 earnings so far; a strong cyclical upswing
Low expectations and easing headwinds should revive foreign flows
Demand environment has held up well, reflected in strong revenue growth across segments
Some compression in EBITDA margin on higher commodity prices.

HSBC on Private Banks

Prefers ICICI Bank, Axis Bank and Kotak Mahindra Bank; maintains Buy on all three
Large private banks see 1.4% FY28 consensus EPS upgrades over six months versus a 2.1% cut for Nifty 50
Expects every 25 bps repo rate hike to lift NIM by around 10 bps and EPS by 3–5%; forecasts another 50 bps hike by FY27-end
ICICI Bank and Kotak lead earnings upgrades; operating leverage and attractive valuations support further rerating

Nomura on Adani Ports

Maintain Buy; TP Rs 2,150
October cargo traffic grows 27% YoY to 51 MT; YTD FY27 volumes reach 331 MT, supporting 578 MT full-year forecast
Containers grow 21% YoY and dry cargo 36% in October; logistics rail volumes improve 4% YoY
Expects 19% EBITDA CAGR over FY26–29, led by ports, logistics and marine businesses; FY27 logistics guidance remains intact

HSBC on Juniper Green Energy

Maintain Buy; hike TP to Rs 340 from Rs 330
Capacity additions remain on track; renewable energy expansion progressing as planned
New PPA signings emerge as the next major stock catalyst, with 1.3 GW awaiting conversion
Surplus grid connectivity and land availability support execution; PPA delays remain a concern

Goldman Sachs on Gabriel India

Maintain Neutral; cut TP to Rs 1,530 from Rs 1,590
Forvia seating JV targets 10% market share in India over five years
Sunroof business turnaround gains traction, supported by domestic demand and exports
Passenger vehicle suspension market share and JV margins remain under pressure

Goldman Sachs on Garden Reach Shipbuilders

Maintain Sell; hike TP to Rs 1,640 from Rs 1,515
Secures five Next Generation Corvettes under Indian Navy's major shipbuilding programme
New contract supports upgrades to FY28–29 earnings estimates and strengthens order visibility
Remains cautious on future margins, earnings trajectory and elevated valuations

Jefferies on Shyam Metalics

Maintain Buy; hike TP to Rs 1,425 from Rs 1,250
Major capacity expansions and improving product mix underpin medium-term growth
Stainless steel expansion could position the company among India's top three producers
Management targets nearly tripling EBITDA by FY31; stronger commodity prices support outlook.

Jefferies on Finolex Industries

Maintain Buy; cut TP to Rs 180 from Rs 210
Weak monsoon and channel restocking support agri-pipe demand; October traction improves
Retains FY27 operating margin guidance of 14–15%; plumbing mix expansion and new capacity support growth
Cuts FY27–29 EPS estimates by 5–6% amid PVC price volatility and supply risks from Middle East conflict.

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