Stock Picks Today: L&T, Blue Star, Polycab, Kotak Mahindra Bank, JSW Cement, And More On Brokerages' Radar

Brokerages have highlighted opportunities across capital goods, banks, hospitality, cement, renewable energy, ports infra, consumer electronics, and cables and wire sector, issuing fresh calls on L&T, Blue Star, Polycab, Kotak Mahindra Bank, JSW Cement, Leela Hotels, Sansera Engineering, GMR Airports, NTPC Green, TBO Tek, Adani Enterprises, Indo-MIM, LG India while also sharing their outlook on consumer and cement sector. 

JPMorgan on L&T

• Maintain Overweight with TP of Rs 5060
• Gearing For Growth
• Execution in the Middle East continues without any major disruptions
• Customers are by and large accommodating cost increases due to the impact of the conflict
• L&T continues to focus on deepening its strong relationships with customers through this turbulent period
• In India, public capex should pick up after a period of consolidation
• Private corporate capex has achieved traction, led by large order wins in thermal power
• Plans to enter into new areas of data centers, green energy and electronic manufacturing and aims to double defense revenue by 2031
• L&T is being positioned for mid-teens growth with healthy RoE in traditional and emerging areas
• Valuation at <25x P/E is attractive and L&T remains preferred pick

Jefferies on Leela Hotels

• Maintain Buy with TP of Rs 675
• Mgmt remains constructive on India's luxury hospitality
• This is driven by domestic tourism more than offsetting FTAs & demand exceeding supply growth
• Leela's 1,100-key announced pipeline is skewed to owned assets, with multiple attractive markets still untapped
• Non-room revenues, club & wellness are emerging growth drivers
• Mgmt reiterated confidence in its Rs 2000 cr FY30 EBITDA ambition (implies 25%+ CAGR over FY26-FY30)

GS on Sansera Engineering

• Maintain Buy; Hike TP to Rs 4990 from Rs 4500
• Prospective customers (Applied Materials and LAM Research) announce plans to expand India semiconductor component sourcing
• View both entities as potential longer term growth contributors.

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Macquarie on GMR Airports

• Maintain Outperform with TP of Rs 120
• See ruling as a material positive for DIAL and, by extension, GMR Airports
• It significantly improves the recovery of actual financing and operating costs while reducing several key regulatory overhangs
• Think AERA is likely to challenge the ruling before the Supreme Court
• Overall, view the ruling as reducing downside regulatory risk and strengthening the medium-term outlook for Delhi Airport

Bernstein on NTPC Green

• Upgrade to Market-perform from Underperform; TP at Rs 85
• Execution misses priced-in
• See low cost of debt & grid connectivity a strength
• Big aspirations backed by parent capital

MS on India Consumer

• Staples: YoY revenue growth momentum will likely remain strong across most players
• Believe the market will focus on 2-year CAGR volume growth trends, and EBITDA growth given inflationary pressures
• Prefer names with better medium-term growth visibility, such as Marico and Tata Consumer
• With growth momentum likely to continue, see potential for near-term outperformance from Nestle
• Discretionary & Retail: Most players could see some impact from a shift in the festive calendar
• Expect demand momentum to remain broadly stable
• Topline growth momentum will remain the key driver for stock performance
• Titan remains preferred pick
• In the near term, a recovery in topline growth should drive stock outperformance for Page
• Paints: Believe the higher near-term topline growth trend is already in the price, but commodity volatility will add to headwinds
• Prefer to avoid Paint stocks

Jefferies on TBO Tek

• Maintain Buy with TP of Rs 1905
• Growth outlook remains robust despite near term disruption
• Navigating Middle East disruption well
• Oplev to drive faster earnings growth
• Classic acquisition opens up a larger luxury travel opportunity
• AI to augment, not replace, the travel-agent model
• Wholesale business provides a stable growth foundation

Jefferies on Blue Star

• Maintain Hold with TP of Rs 1635
• Rising input costs continue to exert margin pressure in Q2 as well
• But margin is estimated to recover in H2, led by potential price hikes and cost-cutting
• Data Center business to contribute 20% of sales by FY29 vs 10% in FY27
• Festive demand will be key

Jefferies on Polycab

• Maintain Buy with TP of Rs 11100
• Power is est. 40-45% of its C&W demand
• Power generation, renewable energy, T&D network are key drivers
• Demand is healthy, Q2-Q3FY26 volume base of last year is high
• At 5-7% industry net profit margin, competition lowering prices may not be sustainable in medium term
• Cables require certifications for usage, durability (longer gestation). 

Citi on Kotak Mahindra Bank

• Maintain Buy with TP of Rs 465
• Kotak's Group CFO struck a constructive tone, citing business resilience and policy tailwinds as catalysts for growth
• KMIL merger and FCNR-B deposit mobilization will expand the balance sheet
• FCNR-B utilization - repayment of high-cost wholesale deposits/borrowings
• Near-term surplus parked in treasury investments and short-term lending
• Over coming quarters to be efficiently deployed into higher-yielding, risk-adjusted assets
• Asset quality remains reassuring, with no stress evident in retail or SME portfolios
• Personal loan stress has normalized; only transient residual stress left in retail CV/CE
• Growth engines remain resilient, with SME expanding over 20%
• MFI on track, and credit cards returning to positive growth

CLSA on LG India

• Maintain Outperform with TP of Rs 1865
• Broad based growth guidance reiterated
• Premiumisation continues; strong guidance maintained
• Higher export profitability could emerge as a meaningful driver of both earnings and margin accretion

Jefferies on Adani Enterprises

• Maintain Buy with TP of Rs 3830
• Mgmt highlighted Adani Enterprises' incubation-to-value-unlocking model
• Airports and Data Centers emerging as key growth pillars
• Airports are nearing an earnings inflection
• See Navi Mumbai ramp-up, higher non-aero monetisation and city-side development
• AI is expanding the opportunity for Adani ConneX
• Recent capital raises leave Adani Enterprises well positioned to fund its next growth phase

Jefferies on JSW Cement

• Maintain Buy wit TP of Rs 150
• Mgmt reiterated ambitious capacity expansion plan from 24MTPA to 68MTPA
• This is supported by ample limestone reserves & balance sheet discipline
• Ground Granulated Blast Furnace Slag (40% of volumes) continues to provide earnings stability
• North ops are scaling up rapidly and targeting EBITDA breakeven by Sep-26
• Margin improvement is expected to be driven by cost optimisation
• Mgmt also reflected on strong UAE market trends.

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Kotak Securities on Indo MIM

• Maintain Reduce with TP of Rs 1110
• Executing across multiple growth vectors
• Leadership position and diversified offering to drive growth
• Expect 29% PAT CAGR over FY26-31
• Inability to win share in consumer electronics and slowing growth are key risks

MS on Cement

• Cement – renewed risks of cost inflation
• With Middle East conflict ongoing, we see renewed risk of a higher for longer cost cycle
• Compounding the concerns is below normal monsoon which could weigh on rural demand
• Companies might see Rs 150-200/tonne increase in cost and will require Rs 10-15/bag price hike.

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