Stock Picks Today: SBFC Finance, Tata Commmunications, PB Fintech And More On Brokerages' Radar

A host of global and domestic brokerages have released fresh views on SBFC Finance, Tata Commmunications, DOMS Industries, PB Fintech ahead of Wednesday's session. Analysts have also tweaked share price targets for some of these companies.

Jefferies on Pharma Sector

• Key Pipeline Projects Indian CDMOs Are Working On, Some Can Be Game-Changers

• Revise project pipeline for Indian CDMOs and find most companies are working on sizable new projects

• Among the new wins, believe Sai has added the most meaningful projects, followed by Piramal and Divi's

• Sai and Divi's have the 100% revenue visibility on FY28 estimates and thus are also our top picks

JPMorgan on AC Industry

• Overall demand trends have lagged expectations amidst challenging weather conditions

• Festive uptick was not very encouraging either

• All eyes are now on pre-season purchases starting end Q3 and during Q4

• Channel inventory levels are still high driving working capital pressures at the dealer end

• Build-up for the season will be a key monitorable

• Price hikes in high single digit due to new energy rating norms will likely be offset by GST benefits

• Competitive landscape remains firm with significant capacity build-out which may weigh on margin/return profiles

• Regulatory changes like QCO norms for compressors and new BEE ratings will be key watch outs

• Amidst volatile AC industry growth outlook, believe LG India is relatively better placed with a diversified portfolio mix

Investec on SBFC Finance

• Maintain Buy with target price of Rs 150

• SBFC has built a niche in secured MSME finance

• Geographically diversified network helps smooth out state-level volatility

• Remains focused on cost efficiency, targeting a reduction in its cost-to-income ratio to below 30% over the next 3-4 years

• Aspires to grow AUM at 5%-7% QoQ with improving cost ratios and RoE expansion

• Well capitalised to double its AUM over the next 3-4 years

• Valuation is expensive, but believe is justified given quality management team and strong earnings growth

JPMorgan on Hotel Sector

• Oct 2025 – Seasonality showing up, strong Q3 in sight

• Industry trends for Oct reflect seasonality benefits kicking in

• Key business and leisure destinations have reported healthy rate growth

• Industry's signed inventory is 4.2 times of new additions in FY26

• Domestic trends offsetting international softness

Macquarie on Tata Communications

• Maintain Outperform with target price of Rs 2,210

• Deepening its CX suite

• This acquisition to strengthen its CIS portfolio by integrating Commotion's products with Kaleyra's existing capabilities

• Understand CIS is currently the main drag on overall segment profitability

BofA on Consumer

• Premiumisation, wallet shift - themes to watch for future

• Jewellery continues to shine

• Resilience of premium alcobevs is noteworthy

• Luxury / premium hospitality segment is a key beneficiary

• Staples cos sharpening focus on premium segments

• Rising incomes and shift in wallet share key themes to watch for future

Jefferies on Cement Prices

• Cement: Muted Month on Pricing

• Cement price was lower by 0.5% MoM in Nov

• QTD avg is soft at 1.5-2% QoQ decline, given cap on near term pricing due to new GST rollout

• Checks suggest pricing may improve in Q4 with better demand

• Do build in price recovery in Q4 amid demand recovery

• Remain constructive on the space on a 12-basis; like Ambuja, UltraTech and JK Cement

Jefferies on Chalet Hotels

• Maintain Buy with target price of Rs 1,070

• Reaffirmed metro dominance at its analyst meet, citing institutional partnerships, mixed-use expertise & industry-leading execution

• Chalet is focused on “Big Box” city assets and leisure properties, complemented by selective commercial real estate

• Will balance brand tie-ups with a selective rollout of ATHIVA

• New upper-upscale brand tailored to each property's potential

BofA on PB Fintech

• Maintain Neutral with target price of Rs 1,980

• See no GST-led negative impact on health & term insurance, but some impact on savings biz

• Company is working towards addressing this impact over 3-6 months

• Negotiating with insurers as take rate on savings at 10-13% are already low

Emkay on IPCA Labs

• Initiate Buy with target price of Rs 1,700

• Likely to defy skeptics yet again

• Domestic outperformance an outcome of portfolio construct + a playbook perfected over the years

• Europe, branded generics, and US re-entry to fuel export momentum

• Ky elements of the Unichem reset yet to play out

• Estimate 17% EPS CAGR for IPCA over FY25-28

• Expect the company to exit FY26 with a net-cash position

Antique on DOMS Industries

• Initiate Buy with target price of Rs 3,250

• Positioned for the next leg of growth

• Capacity bottleneck addressed through greenfield capex

• Huge scope for distribution expansion

• EBITDA and return ratios likely to remain in the guided range

BofA on GMR Airports

• Initiate Buy with target price of Rs 128

• Rising tide of Indian travel spending

• Supercharged earnings growth ahead

• Attractive valuations given growth, property & regulation