Stock Picks Today: Marico, Voltas, Torrent Power, Brainbees Solutions, MRF On Brokerages' Radar

Brokerages shared the latest views and insights on Marico Ltd., Voltas Ltd., Torrent Power Ltd., Brainbees Solutions Ltd., MRF Ltd., and Vishal Mega Mart Ltd. on Monday.

They also offered their outlook on strategy going ahead, the NDA's landslide victory in the Bihar Assembly elections, and overall September quarter financials.

Read on to know more:

Jefferies

• Maintain Buy; Hike target price to Rs 865 from Rs 850

• Marico's pricing power was evident

• Reported only a marginal volume decline despite a sharp 60% price increase in its flagship brand, Parachute

• India volume growth of 7% stands out in comparison to peers

• Digital-first portfolio continues to gain traction

• Remains on-track to deliver robust growth with rising profitability

• Management sounded optimistic on both demand and margins

Goldman Sachs

• Maintain Buy; Hike target price to Rs 830 from Rs 820

• Consistent per former posed for acceleration in H2

• Strong broad based volume growth significantly ahead of sector average

• Moderation in foods growth is likely transient, should recover by Q4

• Acceleration in Ebitda growth likely in H2, which should further improve in FY27

Citi

• Maintain Buy; Cut target price to Rs 1775 from Rs 1800

• Started to recoup market share

• Non-perishable nature of demand can boost FY27 growth

• Channel inventory inching towards normalised level

• Positives include pent-up demand from last summer season and GST transitory period and likely uptick in real estate completion

Goldman Sachs

• Maintain Sell with target price of Rs 1100

• EMP segment seems to be returning to normalcy as execution was stable

• Positive surprise on AC margins is unlikely even though AC is on a structural growth path

Jefferies

• Bihar win to provide political stability

• BJP has erased the 2024 setback

• Populist promises remained center to State Politics

• Sentimental booster for consumption stocks

• Preferred stocks to play that theme include Bharti, Vishal Megamart, TVS, Crompton Consumer, GCPL, Marico & Jubilant

• BJP led NDA has won the election in the third largest state in India by population, with a much bigger margin

• This is the fifth (out of six) state election win each with a much higher margin since June 2024

• Generous cash transfer schemes at the states and back-to-back tax cuts at the centre clearly tilts the preference towards consumption

Motilal Oswal

• NDA’s landslide victory in Bihar – a watershed moment

• Another star aligns to boost equity market sentiment

• A verdict for policy continuity and positive market sentiment

• Earnings environment improving

• Stay constructive on Indian equities

• Positives - improving earnings momentum, reasonable valuations, the whatever-it-takes approach of policymakers, and likely bottoming of FII selling

Kotak Securities

• Maintain Sell; Hike target price to Rs 1,27,500 from Rs 1,22,000

• A relatively weak quarter

• Revenue growth moderates; decline in RM basket to support margins

• Expect the company to continue to outperform the peers, albeit at a slower pace

• Recent correction in crude oil and natural rubber will drive margin sustenance

• Valuations remain expensive

CLSA

• Maintain Outperform; Hike target price to Rs 1,78,536 from Rs 1,63,431

• Scope for gross margin to rise

• Falling RM basket prices to drive up margin further ahead

• Industry leadership and superior capital efficiency drive steady cash flows

• Upgrade to Buy from Neutral; Hike target price to Rs 735 from Rs 700

• Worst may be behind

• Expect demand and margins to trend up

• Improvement in concrete demand, market share recovery, acceptance and eventually better pricing should augur well

• Initiate Buy with target price of Rs 1,485

• Niche power distribution and generation play

• Unique listed Indian power utilities with its steady growth, high ROE and relatively low debt levels

• Approximately 60% of Ebitda is distribution and rising at a steady 8% CAGR

• 40% is generation, which is rising 1.6 times over FY26E-30, primarily through renewable energy projects

JPMorgan

• Maintain Neutral with target price of Rs 385

• Q2 - a weaker than expected quarter at JLR

• Guidance cut seems realistic

• Margin delivery in the India PV business was better than expected

• Extent of margin decline in JLR was a negative

CLSA

• Maintain Outperform with target price of Rs 526.7

• Cyberattack led to negative FCF outlook of £2 billion in FY26

• JLR Ebit margin came in at -8.6%, below estimate

• Expects GST cut to drive growth for small-to-mid SUVs

Jefferies

• Maintain Underperform with target price of Rs 300

• Cyberattack-related disruptions continue in this quarter and should normalise by the next

• See multiple headwinds for JLR including increased competition and consumption tax in China, high discounts, and BEV transition

• India PV is better placed but is unlikely to offset JLR drag

• From a long-term perspective, roadmap for Nifty still supports an ultimate upside target of 37,375-37,400

• Since the 2001 lows, the Nifty has traced out two completed bull market cycles with the third unfolding off the 2020 lows

• Expect that this cycle still has a few years in it as well as over 59% upside

• Close below the 50DMA would put the Nifty back into the June-October trading range - 24,337–24,432 and 25,448–25,666

• We have yet to see an impulsive breakout in the Nifty into 2026, we see a major breakout setup in the Nifty Midcap Index

• Since peaking in September 2024, the index has traced out a well defined cup-and-handle that has taken shape below the 59,967-60,925 resistance zone

• This is a consolidation pattern similar to the one that formed in 2021-2023 and provided the platform for the sector’s more than 70% advance

• A break above 59,967-60,925 resistance would support an ultimate upside target of 77,300-77,400

• Maintain Hold; Hike target price to Rs 149 from Rs 139

• Another quarter of double digit same store sales growth

• Gross margins flat but operating leverage benefits continue; continuation of the CEO & MD’s tenure is a positive

• Highest growing name in apparel but valuation is full

• Maintain High Conviction Outperform; Hike target price to Rs 650 from Rs 586

• Margin improvement continues

• Management remains optimistic on 2H growth and profitability

• India gross margin improved; EU margin faltered on adverse operating leverage

• Maintain Overweight with target price of Rs 811

• Atmantan posted a revenue CAGR of 25% over FY19-25, with an Ebitda margin of 50%

• To pay Rs 240 crore in the transaction, implying an EV of Rs 420 crore for the deal

• Should see synergies from cross-selling opportunities with J Wellness Circle, loyalty program integration, and expanding presence in Maharashtra

• Overall, although this is a small transaction, view it as an interesting foray into the holistic wellness space

• Maintain Overweight; Cut target price to Rs 417 from Rs 574

• Q2 earnings were ahead of estimates in terms of margins across businesses

• A miss on top line largely led by Globalbees business

• Management expect sequential growth recovery in the second half

• Growth disappointments have continued for the last four quarters

• Any recovery of growth to high teens in both India and multi channel business could support the stock price performance going forward

• NMDC increases iron ore lump prices by Rs 50 per tonne

• Believe this step is in anticipation of improved iron ore demand outlook post monsoons

• Uncertainty around the future of steel safeguard duty – if extended, should provide some support to domestic iron ore prices

• Should be downside risks to seaborne iron ore prices amid back-ended steel production cuts expected in December in China

• Continued Goldilocks environment

• Broadening domestic demand should support growth, notwithstanding lingering global uncertainty

• Macro stability indicators remain in the comfort zone, giving policymakers enhanced flexibility

• Cyclically, policy should remain supportive of growth; structural reforms should enhance productivity

• Earnings beat led by Financials, Heath Care and Metals

• Nifty earnings at over 7.1% annually; Ex-Fin & Energy at 5.9% YoY

• NSE200 at 8.3% growth, 3% beat

• Earnings cuts to moderate; growth to accelerate

• Stay Overweight on rate-sensitives, Underweight on capex

• Prefer large caps over small and midcaps as their earnings growth premium vs large caps has shrunk by 30%, while valuation premium has expanded

• Between a ‘high’ floor and a ‘low’ ceiling

• Positives of a stable macro, stabilizing earnings and a likely strong recovery in earnings in FY27

• Negatives of rich valuations and an uncertain global outlook

• Market may be stuck between the positives and negatives

• Retail sentiment continues to be optimistic but would need watching given dwindling trailing returns

• Q2 results were a mixed bag and distorted by GST rate cuts

• Stable macro, stabilizing earnings, likely strong earnings recovery in FY27