Stock Picks Today: M&M Finance, TVS Motors, Bandhan Bank, Sagility, Bajaj Auto And More On Brokerages' Radar

Brokerages issued fresh views on M&M Finance, TVS Motors, Bajaj Auto, JSW Infra, Bandhan Bank, Sagility, IndiaMart, Cyient DLM, Lenskart alongside commentary on Indian hotels.

MS on M&M Finance

• Maintain Equal-weight; Hike TP to Rs 370 from Rs 335.
• Q1: Good Quarter.
• PAT was 7% ahead of estimates driven by lower operating and credit costs.
• Raise FY27-29 EPS by 8 each, assuming lower operating and credit costs and slightly higher NIM.
• Higher target reflects macro risks, historical volatility and cyclicality but scope to re-rate.

Macquarie on M&M Finance

• Maintain Underperform with TP of Rs 270.
• Strong start to the year; sustainability remains key.
• Q1: PAT beats estimates, aided by lower credit costs.
• Margins resilient; asset quality strengthens.
• Sustainability remains the key test.

Jefferies on M&M Finance

• Maintain Hold; Hike TP to Rs 365 from Rs 325.
• Profit Beat on Lower provision; Watch Out for Monsoon Risks.
• Asset quality was resilient.
• Expect gradual improvement in AUM growth and range bound NIMs.
• Tech and mgmt. initiatives are improving underwriting.
• Valuations seem reasonable, but near term risks to growth and asset quality from weak monsoon leads us to retain Hold.

Macquarie on TVS Motors

• Maintain Outperform with TP of Rs 4,25.
• Q1 - Solid delivery in tough quarter.
• Margins surprise positively.
• Capex to lend medium term growth visibility.
• Top pick in mobility.

MS on TVS Motors.

• Maintain Overweight with TP of Rs 4,327.
• Volume Gap vs. Peers Is Narrowing.
• Strong Q1 Brings Margin Expansion Back into Play.
• International operations remained strong.
• See Norton Ramp up in FY27.

Kotak Securities on TVS Motors

• Maintain Add; Hike TP to Rs 4150 from Rs 3925.
• Strong all-round performance.
• Q1 standalone EBITDA beats estimates by 7.1%.
• Building in 10-11% volume CAGR over FY2026-29.
• Raise FY2027-29 EBITDA estimates by 6-7%.
• Remains well placed to outperform the industry and continue gaining market share across key product segments.

Citi on TVS Motors

• Maintain Sell; Hike TP to Rs 3100 from Rs 3000.
• Q1 Results Above Estimates as Margin Surprises Positively.
• Demand outlook is positive.
• Rich valuations and escalating capital costs prevent us from being more constructive.

Jefferies on TVS Motors

• Maintain Buy; Hike TP to Rs 4900 from Rs 4500.
• Beat and Raise; Street Estimates too Low.
• 2W demand is growing strong in both India and export markets.
• Like TVS's improving franchise.
• Peak of margin concern also seems behind.
• Rich valuations justified, for rising franchise and strong 24% EPS CAGR over FY26-29.

Macquarie on Bandhan Bank

• Maintain Underperform with TP of Rs 130.
• Uncertain road to recovery.
• PAT misses estimates.
• Margin outlook cut; credit costs remain elevated.
• RoA guidance revised downward driven by cost pressures.

Jefferies on Bandhan Bank

• Maintain Buy; Hike TP to Rs 240 from Rs 215
• Steady Qtr, Stock to Consolidate Post Conservative Guidance
• Profit was ahead of est with better loan growth, fees & MFI asset quality
• Mgmt lowered exit FY27 ROA guidance to factor higher funding cost & opex
• Cut estimates by +10%. Valuations can cushion downsides.

BofA on Bandhan Bank

• Maintain Buy with TP of Rs 220
• Q1 – Credit cost improves but RoA aspirations pushed out
• PAT inline; RoA guidance lowered to 1.2-1.4% by exit FY27
• Hits & Misses –Credit cost moderated but elevated opex

MS on Bajaj Auto

• Maintain Underweight with TP of Rs 9259
• Another Strong Year of Exports
• Domestic Market Share Revival Key for Re-rating
• Exports and INR weakness support near-term earnings
• Domestic turnaround remains the key area to monitor for FY28
• EBITDA margin resilient aided by FX gains, premium mix, and operating leverage, despite raw material cost pressure
• Exports reached a record high driven by strong growth in LatAm, Africa, and commercial vehicles.

Jefferies on Bajaj Auto

• Maintain Hold; Hike TP to Rs 11500 from Rs 10500
• Strong Margins Despite Commodity Headwind
• EBITDA margin was up despite severe commodity cost headwinds
• India's 2W demand is holding up well, and exports are growing strong too
• Bajaj intends to launch two new bikes under the Pulsar brand by Sep, and two new brands within FY27
• Raise FY27-29E EPS by 6-8%.

Citi on Bajaj Auto

• Maintain Sell; Hike TP to Rs 10000 from Rs 9300
• Q1 Above Estimates; Demand Outlook positive, But Challenges Persist
• Company is planning a slew of new model launches and 25% capacity expansion to boost volumes
• Bajaj's continued decline in domestic wholesale market share (2Ws and 3Ws) is a concern.

MS on Indian Hotels

• Maintain Equal-weight with TP of Rs 783
• Q1 Growth Momentum to Continue in Q2
• FY27 Outlook Firm
• Standalone RevPAR was in line with expectations
• Company is executing well in a challenging environment
• Maintained its double-digit revenue growth guidance for FY27

Macquarie on Indian Hotels

• Maintain Outperform; Hike TP to Rs 840 from Rs 820
• Q1: Strong quarter despite International weakness
• Strong revenues and EBITDA as domestic strength offset International weakness due to renovations, opening delays and the West Asia conflict
• Domestic/International RevPAR +14%/-6% YoY with the latter expected to improve starting in H2.Jefferies on Indian Hotels
• Maintain Buy; Hike TP to Rs 875 from Rs 800
• Standout quarter; Raise Estimates
• Q1 partly tempered by weakness in air catering
• Business diversification has helped Co mitigate macro volatility
• Expect domestic tourism tailwinds to persist, aided by shift from International travel
• Raise FY27 RevPAR growth to 10%+ vs 7-8% earlier and EBITDA/PAT by 2-3%

Jefferies on JSW Infra

• Maintain Buy; Hike TP to Rs 400 from Rs 365
• Capacity Additions Largely on Schedule
• Received Environmental Clearance for its first container port at Murbhe, paving way for integrated logistics solutions
• Mgmt targets 60% capacity addition by Mar-27E where project progress is on track
• 2.2x capacity rise target over FY26-30E to 400 mnt remains, with potential upside from the government's port privatisation plans

Jefferies on Sagility

• Maintain Buy with TP of Rs 54
• Strong outlook | Steady execution
• Growth outlook remains strong given healthy order bookings
• Growth in existing accounts and cross-sell synergies with Broadpath and Careseed
• Raise FY27-29 EPS estimates by 1-4% and expect 19% EPS CAGR over FY27-29

Jefferies on IndiaMart

• Maintain Underperform; Cut TP to Rs 1650 from Rs 1810
• Growth pressure continues
• Decline in paid supplier base for third straight quarter was a key negative surprise
• Margin expansion was driven by lower customer acquisition costs, which should normalize once the gross addition picks up
• Continued weakness in sub adds can disrupt network effects historically enjoyed by the platform
• Cut FY28-29E EPS by ~1.5-4% to factor in lower supplier adds and maintain.

Kotak Securities on Cyient DLM

• Downgrade to Sell from Reduce; Hike TP to Rs 430 from Rs 350.
• Strong execution; delivery on newer segments remains key.
• In-line results: Strong execution offset by lower other income.
• Order book quality improves; pipeline indicates continued momentum.
• Long-term strategic pivot toward expanding industry coverage and offering.

BofA on Lenskart

• Maintain Buy with TP of Rs 575.
• Seeing beyond India – Understanding the overseas operations better.
• Overseas business - Not an adjacency, but core.
• Local execution is crucial for sustained performance.
• Different markets operate at different stages of maturity.

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