Check out the top stock calls, initiations, upgrades, downgrades, and target price revisions from leading brokerages ahead of today's trade.
(Photo: NDTV Profit/ AI generated image)
Brokerages remain upbeat on the pharma, FMCG, consumer electricals, IT, aviation, and power sectors, recommending stocks such as Sun Pharma, Azad Engineering, Havells, Coforge, Interglobe Aviation, Eternal, Schaeffler and Orient Electric. Among these, Tata Consumer, NTPC, Adani Energy Solutions, JSW Energy, GE Vernova, Hitachi Energy and Marico stand out as their preferred picks, reflecting confidence in the consumer staples, fans, and power sectors, alongside a broader view on IT services.
Macquarie On Sun Pharma
- Maintain Outperform, TP Rs 2150/share
- On In-licencing of PCSK9 inhibitor
- The product received European Commission approval on 21 September 2026.
- Under the agreement, Co will make upfront, milestone, and royalty payments
- Moving into cardiovascular therapy to leverage Organon platform
- More cross-selling opportunities expected with this licensing deal.
360 One Capital On Sun Pharma
- Maintain Buy, TP Rs 2250
- Lerodarcil licensing deal to strengthen innovative medicines portfolio
- Product provides acces to $3.7bn market outside US and China-growing at 38% CAGR
- Will aid in scaling of Organon acquisition.
Goldman Sachs On Azad Engineering
- Maintain Buy, TP Rs 3315
- Inaugurates two dedicated facilities for GE Vernova
- Supports gas turbine ramp-up
- Gas-turbine expansion remains one of Azad's key medium-term growth drivers
- From a component supplier toward a broader platform/integration partner
- Sizable order book provides multi-year revenue visibility
- Further product/customer qualifications offer incremental optionality beyond the existing base.
ALSO READ: Stock Market Today: All You Need To Know Before Going Into Trade On September 29
Morgan Stanley On IIP Growth (August Data)
- Within manufacturing, 18 out of 23 groups recorded positive growth, led by electrical equipment, motor vehicles, trailers and other transport equipment.
- The trend in industrial activity improved in August, reversing the monsoon-related softness in July
- In addition, other high-frequency indicators, including industry credit growth, capital goods and infrastructure-related activity, continue to hold up
- Expect private capex to gather pace in the coming quarters, supported by resilient domestic demand, improving capacity utilization and continued policy support
GS On InterGlobe Aviation
- Reiterate Buy, TP Rs 5900/share
- Indigo's consistent market share gains (from ~50% in FY20 to ~65% in August 2026) are sustainable
- Industry fleet additions over the medium term are likely to be modest, which will support yields
- Indigo's cost leadership will likely drive improvement in profitability
- International business has a long runway for growth.
- Expect significant improvement in profitability in FY28.
GS On Eternal
- Maintain Buy, TP hiked to Rs 385/share (from Rs 345/share)
- Despite recent rally, Zomato (Eternal) remains one of top picks within India internet
- Greater visibility with each subsequent quarter into the company's US$1 bn FY29 EBITDA guidance
- Early signs of share gains in food delivery after multiple quarters of stable market shares,
- Sustained strength in Blinkit's growth, with significant upside risks if the company were to deliver on its 60% 3Y NOV CAGR (GSe at 45%)
- Optionality from new businesses including Going Out.
JP Morgan On Coforge
- Coforge has announced the appointment of Akhil Gupta as Additional Director (Non-Executive Independent Director) and Chairperson
- Akhil is the former Vice Chairman of Bharti Enterprises, Chairman of 360 One WAM and Bharti Life Insurance
- He is member of the boards of Lodha Developers, Eutelsat Communications, Zepto and Snapdeal.
- Played a key role in Bharti's growth since its inception, holding several key roles over 30 years.
- Coforge's board has been able to backfill the chair position earlier than thought
- Board could likely appoint another board member well within its guided three-month time frame
- Focus should shift back to core performance, AI traction, Encora integration and the company's 5 year goals.
Kotak Institutional Equities On Equitas Small Finance Bank (Management Meet)
- Maintain Buy, FV unchanged at Rs 95/share
- Business momentum has picked up across segments
- Trends in asset quality are encouraging
- Operating profitability is expected to improve, led by favorable mix changes and operating leverage
- Valuations offer headroom
UBS On Kalyan Jewellers (Management Call)
- Maintain Buy, TP Rs 900/share
- Stronger H2 growth outlook despite high base
- Gold price on demand and ticket size impact varied across segments
- Aggressive network rollout to continue
- Management has characterised 10% SSG as a manageable target for Q2-Q4
- Gold exchange to remain high, but margins will be managed.
KOTAK ON SCHAEFFLER (Management Meet)
- Domestic auto segment continues to outpace the industrial segment, where demand remains mixed
- Export growth of 15-20% is driven by capacity availability rather than a defined geographical strategy
- Localization, now at 80%, remains the anchor of the export and cost strategy
- Order pipeline remains healthy, with capacity additions
- Vitesco integration progressing according to plan.
JP Morgan On Specialty Finance
- Influx of liquidity from FCNR flows is neither driving banks to raise competitive intensity in mortgages, nor translating into lower CoF for NBFCs
- PNB Housing Finance's NIM could benefit by ~10bps/3-5%, EPS for every 25bps policy rate hike
- IIFL Finance has limited ability to pass higher rates on to gold loan borrowers
- NBFCs continue to gain market share across both the housing and gold loan segments
- Asset quality remains pristine, with modest risks confined to the micro-LAP segment.
- PNB Housing Finance is top pick among housing finance companies
- IIFL Finance top pick among gold lenders.
NOMURA-SEPTEMBER COMMODITY PRICE TRACKER
- Most raw material prices, except for Brent and HDPE, have either remained range-bound or softened MoM in September
- Least impacted: Marico
- Most impacted: Godrej Consumer Product, Colgate Palmolive India, HUL, and Paints
- However, prices are still up q-q/y-y at levels materially above the product price hikes taken by consumer companies in 1QFY27.
Kotak On Electronic Manufacturing Services
- Cyient DLM-Increase FV to Rs1,740 (from Rs1,050)-Maintain Sell
- Avalon Tech-Increase FV to Rs770 (from Rs430)-Maintain Sell
- Semiconductor equipment opportunity emerges
- See strong growth for Cyient and Avalon
- With revenues quadrupling in the next six years (25%+ CAGR)
- Semiconductor and other new ventures will only start contributing to numbers from FY2029 in a meaningful way
- India EMS: Components offer an opportunity beyond fabs/OSAT.
JP Morgan On Power Equipment
- Order inflow pickup likely ahead
- Incremental pricing/ margins key to monitor
- Leading indicators of domestic order inflow are showing a pickup
- Transformer capacity constraints easing over the next 12-18 months
- Export opportunity (barring tariff concerns) remains strong and can provide offsets.
- Top picks- GE Vernova T&D and Hitachi Energy India at Overweight; and Siemens Energy India at Neutral.
CITI On IT
- Continued weakness in a seasonally strong Q2
- Indian IT is heading towards a fourth consecutive subdued growth year.
- Expect 2QFY27E cc organic services revenue at -0.7% to ~+1.5% qoq for leading 6 companies.
- Continue to see weakness near-term; margin trajectory is another focus as currency gains are limited in 2Q (compared to past few Qs).
- NSE IT now trades at 16x 1-year forward consensus EPS; below pre-pandemic 5year averages but well above global peers.
KOTAK ON OIL AND GAS
- Raise FY2027E crude price assumption to US$90/bbl (from US$85/bbl)
- Upstream policy environment has never been better
- Continue to prefer ONGC over Oil India
- Maintain BUY on ONGC-FV Rs355/share
JP Morgan On Consumer Staples
- Management narrative is turning a bit more cautious at the margin as inflationary pressures are trending up
- Q2 volume trends stay steady and healthy in most pockets, risks are building up for 2H.
- Margin visibility, which appears to be weakening as companies prioritize volume/market share.
- See a risk of downward earnings revision if commodity inflation sustains at elevated levels
- Preferred picks include Tata Consumer and Marico.
Jefferies On Fan Industry
- In the otherwise mature India Fans market, Premiumization and Technology adoption are key catalysts
- Fans are est 48% of household electricity consumption in Rural and 16% in Urban.
- India Fans market is now ~90% penetrated, with est +10% CAGR over FY26-31e,
- Premium (18% CAGR) & BLDC Fans (30% CAGR) are higher-growth segments
- Crompton- Over FY26FY31e, company envisages +100bps rise in Fans market share; Premium Fans est at 30% of sales mix vs 25% in FY26
- Havells- FY26-BLDC fans were approx. ~40% of HAVL's ceiling fan offerings
- Orient Electrics- Fans are part of Electronic Control Device segment which is 70% of their sales.
- Alert-BLDC- Brushless Direct Current.
Jefferies On Power
- Ministry of Power, under Section 11 emergency provisions
- Has ordered 112 captive thermal power plants to operate at maximum capacity from Oct 1st to Dec 31st 2026
- Ordee to meet an expected rise in power demand.
- Coal stocks at thermal plants have fallen to 7 days, with the ministry considering mandatory blending of imported coal to ease supply.
- Remain constructive on the sector.
- Top picks – Adani Energy Solutions, JSW Energy and NTPC.
ALSO READ: Dalal Street's New Chemistry: How India's Chip Push Is Fueling A Specialty Chemical Rally
Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.
Advertisement
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.