Stock Picks Today: JSW Steel, Shriram Finance, TCS, Delhivery, Tata Steel And More On Brokerages' Radar

Brokerages shared fresh calls on JSW Steel, Shriram Finance, TCS, Delhivery and broader market strategy, with views diverging across IT, metals and financials amid macro uncertainty and evolving earnings expectations.

Jefferies Greed & Fear – Chris Wood
India may benefit if AI capex peaks this year
Viewed as a “reverse AI trade” after foreign selling
Downside risks remain from renewed Iran conflict
Another risk is slowdown in domestic mutual fund inflows

JPMorgan on Paints
Demand holding up but moderating post mid-March
Price hikes led to dealer pre-buying
Raw material inflation to pressure near-term profitability
Competitive intensity remains elevated

JPMorgan India Strategy – Rajiv Batra
Q4 earnings growth expected at ~4% YoY for Nifty 50
JPM coverage universe earnings seen up ~10% YoY
Margins expected to expand modestly
Growth driven by materials, retail, hospitals and autos
Dragged by oil & gas, insurance and EMS
Revenue growth tracking ~8% YoY
Margins may weaken into Q1FY27 due to cost pressures
Cut FY27 GDP forecast by 50 bps
Trimmed FY27 earnings estimates by 2–10%
New Nifty targets: Bull 30,000 | Base 27,000 | Bear 20,500
Prefer high-growth domestic cyclicals

HSBC on Delhivery
Maintain Hold; Hike TP to Rs 500 from Rs 470
Stock resilient despite fuel inflation concerns
Pump prices yet to rise in India
Company has historically mitigated fuel cost spikes
Near-term demand remains robust
FY28 EBITDA raised by 2%

GS on Honasa Consumer
Maintain Neutral; Hike TP to Rs 365
Strong Q4 growth and margin performance
Mamaearth and younger brands driving momentum

CLSA India Strategy
Turn constructive after 18 months of bearish stance
Markets may have crossed “maximum pain” point
Valuations below 10-year averages improving risk-reward
Raise overweight on financials; cut IT to underweight
Portfolio changes:
Add L&T vs NTPC
Replace ITC with Varun Beverages
Switch Bajaj Auto to M&M
Prefer Bajaj Finance over IndusInd Bank
Add HDFC Bank; remove Tech Mahindra

MS on Wipro
Maintain Underweight; TP Rs 242
Potential $2 billion buyback anticipated
Historically stock outperformed post buyback announcements
Expect short-term positive reaction
Long-term focus likely to return to fundamentals

Jefferies on TCS
Maintain Underperform; Cut TP to Rs 2,275
Weak BFSI growth and flat deal bookings
AI-led revenue deflation risk
Margins expected to remain range-bound
EPS CAGR seen at ~5.5% over FY26–29

Citi on TCS

Maintain Sell; TP Rs 2,250
Low single-digit revenue growth expected
High competitive intensity and AI productivity pressures
Prefer Infosys and HCL among large caps

Investec on TCS
Maintain Buy; Cut TP to Rs 3,020
Inline quarter with strong deal wins
Lower long-term growth assumptions
Risk-reward seen favourable

Macquarie India Strategy
India underperformed EMs by ~50% since 2025
Guarded stance amid global energy disruption
Need earnings growth premium to return
Near-term reversal catalysts lacking

MS on Shriram Finance
Maintain Overweight; TP Rs 1,325
AAA rating upgrade lowers funding costs
Funding gap vs peers narrowing
ROA expected to improve structurally
Preferred pick among NBFCs

MS on JSW Steel
Maintain Overweight; TP Rs 1,330
Vijayanagar blast furnace shutdown impacted production
Inventory destocking to support sales volumes
Operational normalization ahead
Macquarie on Metals
Tata Steel – Outperform; TP Rs 241
JSW Steel – Outperform; TP Rs 1,353
Jindal Steel – Outperform; TP Rs 1,321
Hindalco – Neutral; TP Rs 1,080
Coal India – Neutral; TP Rs 445
Firm domestic steel prices expected to boost EBITDA
Prefer ferrous metals
Hindalco supported by aluminium prices but valuations cap upside
Coal India neutral after recent outperformance

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