Stock Picks Today: L&T Tech, Divi's Labs, Biocon, Dixon Tech, Nuvoco Vistas, Adani Ports, And More On Brokerages' Radar

Brokerages have identified opportunities across IT, pharma, cement, mattress and foam products, and ports, issuing fresh calls on Divi's Labs, Biocon, Dixon Technologies, Adani Ports, Adani Energy and Sheela Foam, while also highlighting the week's breakout picks, alongside a positive stance on financials. 

JPMorgan on L&T Tech

• Maintain Neutral; Cut TP to Rs 3300 from Rs 3400
• Q1 print was a beat on both revenues and margins
• Large deal TCV however was weak
• Provided an optimistic outlook on the rest of FY27
• Cut earnings by 2-7% mainly due to forex losses
• Wait to see positive proof points of the new strategy.

Kotak Securities on L&T Tech

• Maintain Reduce; Cut TP to Rs 3350 from Rs 3450
• Decent performance amid demand uncertainties
• Sequential growth and margin expansion through FY27
• Factor in higher forex losses due to long-term hedges.

JPMorgan on Tata Elxsi

• Maintain Neutral; Cut TP to Rs 3500 from Rs 3600
• Q1 print mixed; Beat on revenues but margins missed sharply
• Continues to aim for HSD growth in FY27
• Margin weak due to large deal transition, rampup costs, onsite delivery investments, talent investment, customer related costs, provisions, and one time annual costs
• Some of these costs will go away over next 1-2 quarters
• Cut earnings by 1-13% mainly driven by 7-330bps margin cuts over FY27-29.

Kotak Securities on Tata Elxsi

• Maintain Sell; Cut TP to Rs 3000 from Rs 3800
• Growth struggles; profitability resets
• Another muted quarter due to sustained weakness in automotive
• Retains high single-digit growth outlook for FY27E
• Recent large deals and investments weigh on profitability
• Margin reset drives 10-14% earnings cuts for FY27-29.

Citi on Divis Lab

• Maintain Buy with TP of Rs 9450
• Peptide Pipeline Nears Commercial Inflection
• Next 12–15 months could be critical for new product commercialization
• GLP-1 supplies could begin in FY27
• Enlicitide/Icotrokinra could start from CY27
• Entresto concerns as overdone
• Planned capacity expansion suggests Divi's aims to become a global leader in this API
• Strong growth visibility should support multiples
• Divi's still trades at a discount to several smaller Indian CDMOs despite superior visibility. 

Bernstein on Biocon

• Maintain Underperform with TP of Rs 326
• Biocon Still Has EPS Drag, Leverage Risk, Succession Doubts
• Innovation spend yet to convert into topline enough to support the billion dollar plus leverage
• Policy shifts are lowering competitive barriers
• Biocon will require a minimum four to five years to cross the $2 billion revenue threshold
• Succession still appears anchored around science-led bets rather than sharper commercial and capital-allocation leadership.

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Jefferies on Nuvoco Vistas

• Maintain Buy; Hike TP to Rs 430 from Rs 410
• Better pricing, strong execution led beat
• Navigated cost headwinds through sharp reduction in petcoke mix/better procurement
• Execution in a challenging macro exceeded expectations
• Q2 EBITDA is likely to see seasonal softness & some lagged impact of cost inflation
• Commisioning and ramp-up of acquired Vadraj asset is key monitorable.

HSBC on Nuvoco Vistas

• Maintain Buy; Hike TP to Rs 475 from Rs 420
• NUVOCO continued its strong performance with Q1 EBITDA beat driven by higher prices
• While Q2 seasonality is weak, see better demand, pricing and cost environment for cement sector in H2FY27.

Macquarie on Dixon Tech

• Maintain Outperform; Hike TP to Rs 16000 from Rs 15000
• Increasing estimates on strong growth trends
• Vivo JV driving significant acceleration and visibility
• This could triple EPS by FY29; forecast 28%/43% revenue/EPS CAGRs over FY26-29
• Optionality from PLI 2.0, industrial EMS, duty cuts, automotive traction, and IT hardware could provide upside.

CLSA Trading Advantage – Laurence Balanci

Week's breakout highlights: Delhivery, Titan, Shriram Finance and Max Healthcare

Delhivery

• Breakout zone presents an attractive risk-reward entry point
• Pattern supports an upside objective of Rs 655
• Maintain bullish bias while prices hold above the Rs484–490 breakout area.

Titan

• Development projects an upside target of Rs 5,250–5,260
• A close below Rs 4,306 as the initial stop-loss trigger
• Shriram Finance
• Current pullback towards the 50DMA provides an attractive entry opportunity
• Cited breakout pattern supports an upside target of Rs 1,230–1,240.

Max Health

• Recent retracement offers an attractive entry point
• Supports an upside objective of Rs 1,363
• Use a close below Rs1,011 as the initial stop-loss.

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Investec on Sheela Foam

• Downgrade to Sell from Hold; TP at Rs 700
• Comfortable mattresses, uncomfortable growth ask
• Recent run up owing to extrapolation of Q4 volumes into FY27, optimism around IPO of Rent-o-Mojo and consequent value unlocking for Furlenco, expected operating leverage/synergy gains
• But disagree on all of them reasons which led to run up
• Valuation still embeds a very demanding trajectory for revenue growth.

Jefferies on Financials

• PSU Banks: Upcoming Wage Hikes May be Risk for PSUs' Profit; Prefer Private Banks
• PSU banks' next wage reset is in Nov-27 & Govt has asked to complete on time
• Hike may be similar to the last 17%, as CPI is similar & PSUs are more profitable
• Over FY23-25, PSUs' staff costs rose 22%, while SBI's was lower at 12%
• Est for FY27-29 are at 19%
• See some earnings risk for PSUs (esp ex SBI), which, along with ECL transition in FY28, can be headwinds
• Private banks are insulated & may gain if PSUs correct loan pricing.

UBS on Financials

• May asset quality trend stable
• Some small-ticket LAP weakness
• Asset quality remained resilient in May 2026 amid volatile macro
• Banks: Broad-based improvement across products in May
• NBFCs: Largely stable; small-ticket LAP sharply deteriorated
• Top picks: AXIS and ICICI for banks; Shriram, Chola and PNB Housing for NBFCs.

HSBC on Pidilite

• Initiate Buy with TP of Rs 1890
• Stick with India's market leader in adhesives
• Pidilite's deep distribution network, broad portfolio, brand strength, innovation and execution set it apart from rivals
• Waterproofing & Tile Adhesives remain key growth drivers even as core Fevicol business grows at over 1x GDP levels
• Like the earnings visibility and long-term growth story.

Cantor on Adani Energy

• Maintain Overweight with TP of Rs 1819
• Transmission: recently commissioned assets support strong year-over-year growth
• The broader capitalization program remains back-end loaded
• Distribution: seasonal demand supports a strong sequential rebound
• Mundra should continue to benefit from expanding industrial demand.

HSBC on Adani Ports

• Maintain Buy; Hike TP to Rs 2200 from Rs 1950
• De-risked and re-accelerating
• Governance risks have eased
• Deleveraging, better disclosure and compounding operations support a further re-rating
• FY31 target is anchored by above-market organic domestic port growth, geared to containers and strong economics.

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