Stock Picks Today: L&T Tech, Trent, SBI Life, Tech Mahindra And More On Brokerages' Radar

A host of global and domestic brokerages have rolled out fresh views on SBI Life, L&T Tech, Tech Mahindra, Havells India and several other companies, particularly on the back of fourth quarter earnings reports.

ICICI Sec on L&T Tech

• Maintain Hold; Cut TP to Rs 3380 from Rs 3550
• Robust post-clean-up outlook; automotive segment sees stability
• Portfolio rationalisation dims performance
• Cut FY27–28E EPS by 5-6% to factor in weaker estimated growth in the hi-tech vertical
• FY27 revenue growth will likely be in mid-single-digits amid the strategic pivot, leadership changes and macro uncertainty

JPMorgan on L&T Tech

• Maintain Neutral; Hike TP to Rs 3600 from Rs 3500
• Starting on a clean slate
• Expects Sustainability to continue its growth momentum while Auto should see growth returning
• Exit from low-margin businesses should accelerate margin expansion
• Wait to see positive proof points of the new strategy

Nomura on L&T Tech

• Maintain Neutral; Hike TP to Rs 3510 from Rs 3300
• Starting on a clean slate in FY27; Restructuring of business is complete
• Deal wins strong and pipeline is robust
• Project Lakshya - aspires to deliver a revenue CAGR of 13-15%, with EBIT margins around the mid-16% level
• This aspiration may include some tuck-in acquisitions, which could dilute margins

Morgan Stanley on Trent

• Maintain Overweight with TP of Rs 4835
• Q4: Margin Beat
• Consumer sentiment was stable, although discretionary spending moderated owing to macro uncertainties
• Management saw early raw material inflation and supplier labour tightness, which was mitigated through calibrated sourcing
• Strategy remains intact to drive the share of revenues in proximate markets

MS on SBI Life

• Maintain Overweight; Cut TP to Rs 2340 from Rs 2375
• FY26 EV operating profit beat estimates by 6% due to a materially positive operating variance
• FY26 EV beat estimates by 0.2%
• VNB missed estimates by 5% due to lower group protection APE and consequently lower VNB margin
• F27 guidance - APE growth 14% and VNB margin 27-28%
• With solid ROEV, relatively better internals such as persistency and better positioning on topics such as commission payouts, risk/reward looks strong

Citi on Trent

• Maintain Sell; Hike TP to Rs 4100 from Rs 3800
• Overall Strong Execution; Margin Sustainability At Risk
• Believe gross margin likely benefited from inventory provisioning reversal
• Continue to like Trent's business model and execution track record but await better valuation

Citi on Tech Mahindra

• Maintain Sell with TP of Rs 1275
• Q4FY26 Largely Inline
• Has been executing reasonably well in a tough industry environment
• Valuations price in the positives

Citi on Havells

• Maintain Neutral; Cut TP to Rs 1500 from Rs 1600
• More Misses Than Hits
• Revenue growth disappointed across all segments
• Rising competitive intensity from new entrants in Cables & Wires is likely to keep margins under pressure
• Growth and Margin Improvement Key for Re-Rating

Jefferies on Tech Mahindra

• Maintain Underperform; Hike TP to Rs 1225 from Rs 1180
• In-line Revenues; Profit Miss estimates due to forex losses
• Raise EPS by 2-3% on INR depreciation
• Strong deal wins, improving outlook for comms vertical and improving margins will support 3.6%/13% CAGRs in cc revenues and EPS over FY26-29
• TechM's 16% premium to Infosys limits upsides

Jefferies on Trent

• Maintain Hold; Hike TP to Rs 4675 from Rs 4575
• A Strong Beat
• Reported strong growth in 4Q helped by store expansion and an improving LFL
• Op leverage benefits along with self-help measures drove 40% YoY growth in Op EBITDA
• Commentary seemed cautious on near-term demand due to geopolitical uncertainty which may also feed into higher costs
• Trent continues to stay focused on densifying key markets and expanding further into smaller cities

Jefferies on Havells

• Maintain Hold with TP of Rs 1290
• Cables, the Bright Spot; Higher Other Income
• Sales traction in Cables offset a consumer products decline
• Cable & Wires was a bright spot
• But Lloyd posted an EBIT loss for a 4th quarter
• Est FY26-28e EPS at 20% CAGR; valuations 5% above 10-year average

Macquarie on Havells

• Maintain Outperform with TP of Rs 1588
• Good quarter; macro outlook lends demand risk
• Margin surprises, macro uncertainty poses growth headwind
• Cables continue to lead growth
• Like diversified product mix, strong brand and premium positioning
• In the near term, we see growth/margin risk led by macro-driven uncertainty due to the Middle East conflict

Macquarie on Tata Communications

• Maintain Outperform with TP of Rs 2210
• Mar-Q: Better growth, margins mixed
• Q4 earnings were below driven by lower data services profitability and higher tax expenses
• Tata Comm is a Marquee Buy Idea
• See a path for the shares to double over three years in bull case

Macquarie on SBI Life

• Maintain Outperform with TP of Rs 2360
• Steady performance with core fundamentals intact
• VNB in line; APE growth moderate but outpaces large peers
• VNB margin hit minimized by favorable product mix; APE guidance intact

MS on IndiGo

• Maintain Overweight; Cut TP to Rs 5913 from Rs 6498
• Near-term Turbulence, Intact Structural Resilience
• India airlines faces intense headwinds from a sharp oil price rise, weaker demand and currency depreciation
• Building a weak H1FY27 followed by gradual recovery in H2FY27
• FY28 EV/EBITDA is seen at ~8x, vs. the 10Y median of ~9x
• Strong cost moats and balance sheet keep us overweight

BofA India Strategy

• Reiterating cautiousness on a valuation-led rally
• Capital goods stocks are now trading close to upcycle valuations, despite mid-cycle earnings growth
• Believe these stocks could correct meaningfully on any potential sell-off in the broader market
• Reiterate non-consensus cautious view on capital goods sectors
• Estimate +10% capex CAGR over FY26-28 vs. consensus estimate of +15% CAGR
• Believe the Street is underestimating the indirect fallout from the Iran conflict across private sector, central government, and state government capex
• Slowing capex cycle – see multiple downside risks ahead
• Given stretched valuations and risks to earnings growth, remain cautious with 5 of 6 Industrials stocks rated Underperform
• Continue to see select opportunities in pockets like Power (Transformers, Wires and Cables), Data Centers (Gensets), Shipbuilding and Defence

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