Stock Picks Today: Lenskart, Groww, BSE, CDSL, United Spirits And More On Brokerages' Radar

A host of global and domestic brokerages have released fresh views on Lenskart, Groww, BSE, CDSL, United Spirits, and more ahead of Friday's session.

They have also shared their outlook on asset management companies' stocks.

• Initiate Outperform with target price of Rs 530

• Eye-conic growth

• Lenskart enjoys competitive edge in cost, design, and efficiency vs. peers.

• Proven history of industry leading growth enhances outlook on market share gains from current 5% closer to over 40% seen in other countries

• Improved supply chain utilisation should move EBITDA margin near 33% store-level margin and triple ROIC to 20%+ over FY26-28

• Proven ability to exploit Indian market; Room for sustained growth

• Maintain Add with target price of Rs 975

• Moving steadily in the right direction

• Asset quality trend is showing steady improvement

• Loan growth likely to be slow; focus on maintaining its share of spends

• Focus likely to shift toward revenue growth

• India Gross FDI remains healthy even if the net figure remains dramatically lower as a result of continuing private equity exits

• As reflected in so-called “repatriation flows”, and rising outbound direct investment by Indians

• There has also been record foreign net selling of Indian equities this calendar year

• One risk to the currency is if India continues to face 50% tariffs from the US

• For this is likely to lead to a further increase in the trade deficit

• Meanwhile if the decline in the rupee has make India more competitive, the reality is that the currency is still not that cheap on a long-term real effective exchange rate basis

• While the real effective exchange rate has declined by about 11% from the peak reached in November 2024 and is now at a 11-year low

• It is still 12% above the low reached in September 2013, based on BIS data

• Another potential explanation for the renewed rupee weakness is that the RBI has turned unambiguously doveish

• Maintain Buy with target price of Rs 1673

• A clear growth mindset

• Double digit P&A growth ambition maintained

• Raw material stable; productivity and supply chain benefits to accrue

• Multiple options for RCB review remain on the table

• Maintain Equal-weight with target price of Rs 1680

• Announced another acquisition of assets carved out by HPE in telecoms services

• Believe the financial impact may not be significant for the company

• Over the last few years, HCL has largely focused on organic growth with a tuck-in M&A strategy

• Benefit of the same will reflect in a higher revenue scale in the TMT vertical and ER&D business unit

• Believe the overall impact of this acquisition on net Income/EPS may not be material

Citi

• Financial services grew 12% YoY cc – Indian IT companies have a sizeable exposure in these areas

• Headcount up 0.6% QoQ and down 2% YoY - trends for large cap Indian IT continue to be similar.

• Bookings +1.7% YoY for Accenture; trends for Indian IT need to be monitored

• Expect FY26E to be the third consecutive low growth year for the industry

• See gradual & limited recovery in FY27

• Relative preference for Infosys, HCLT (both Neutral) among large caps over other large caps in Indian IT

Jefferies

• Steady Growth Guidance Set to Weigh on Indian IT

• Limited appetite for discretionary spending, despite a pickup in GenAI projects

• This suggest that these projects are not driving a rise in IT services budgets

• See downside risk to consensus expectations of growth acceleration in FY27 for Indian IT firms

• This will limit PE expansion; maintain selective stance

Investec

• No deterioration or improvement in demand

• Accenture commentary suggests an ‘unchanged’ environment

• Also not currently seeing any catalyst that suggests a revival in discretionary spending

• The narrative for Indian IT is about reducing revenue leakages

• Consequently increasing accretion from deals leading to potentially better growth

• Don’t see this changing unless there is any new material uncertainty

• Maintain Buy with target price of Rs 1635

• Bidding Adieu to CY25 with Optimism

• Expect Better Times Ahead

• See market leadership in RAC, better margins in EPC, and improved volume traction in Voltas-Beko

• At current valuations, risk/reward appears better

• Initiate Buy with target price of Rs 2275

• Expect to clock a 26% presales CAGR % over FY25-28

• Leveraging brand legacy to drive 26% presales CAGR

• Strong cash flow visibility backed by robust collections

• Financials upcycle ahead with 69% CAGR revenues and margin expansion

• Citi on Voltas

• Maintain Buy with TP of Rs 1775

• Market Share Gain Likely To Continue

• Expect Q3 to remain weak although relatively better than Q2

• Sustained market share gain bundled with margin improvement can drive re-rating

• CAMS – Initiate Buy with target price of Rs 870

• CDSL – Initiate Hold with target price of Rs 1450

• BSE – Maintain Hold; Cut target price to Rs 2850 from Rs 2930

• KFIN Tech – Maintain Buy; Cut target price to Rs 1300 from Rs 1460

• Capital market infrastructure is a Rs 70,000 crore market comprising brokers, exchanges, depositories, and & Registry & Transfer Agents (RTAs)

• See Groww and BSE outgrowing peers, at 28% in FY26-28

• Groww and KFIN are well-placed to diversify, led by new products and adjacent markets

• While regulatory risks are omnipresent, RTAs are at lower risk

• Groww and CDSL could be beneficiaries of any action to deepen cash markets

• Initiate Buy with target price of Rs 180

• Groww-ing Up to Be Robinhood

• Groww has become the largest broker in India

• Product velocity a key driver of growth similar to Robinhood

• Think Groww has several levers to drive 35% EPS CAGR over FY26-28

• See 19% growth in broking business led by client vintage & mkt share gains

• See 5x growth in new initiatives like margin trading facility & wealth mgmt.

• See 700bps margin expansion