Stock Picks Today: SBI, BEL, NSE, Tata Motors PV, Paytm, And More On Brokerages' Radar

Check out the top stock calls, initiations, upgrades, downgrades, and target price revisions from leading brokerages ahead of today's trade.

Author: Usha Kunji
Markets
Nov 04, 2026 07:08 IST

Read Time: 10 mins

Check out top stocks under brokerages' radar heading into trade today.

(Photo: NDTV Profit/ AI generated image)

Brokerages have highlighted opportunities across banks, aerospace and defence, automobiles, pharma, exchanges, power and transmission sector issuing fresh calls on BEL, TVS Motor, Tata Motors PV, NSE, Paytm, Solar Industries, Emcure Pharma, Neuland Labs, Dhoot Transmission, Nalco, Petronet LNG, Amara Raja, Bata India, Power Grid, Aegis Vopak. TBO Tek, Endurance Technologies, Bajaj Finserv, Multi Commodity Exchange of India, Carborundum, KEC international and Eureka Forbes.

Citi on SBI

Maintain Buy; TP at Rs 1,300
Retains FY27 loan growth guidance of 14–15%; Citi expects growth above 16%
Rising interest rates and a high share of floating-rate loans support margin expansion; management maintains 3%+ domestic NIM guidance
Healthy asset quality and low credit costs underpin outlook; expected credit loss transition remains manageable.

Bernstein on SBI

Maintain Market-Perform; TP at Rs 1,300
Headline earnings growth masks weaker underlying profitability, supported by one-off stake-sale gains
Broad-based loan growth led by corporate, SME and agriculture; deposit growth continues to lag advances
Margin recovery offers limited relief as rising operating expenses and weaker other income remain concerns.

Jefferies on SBI

Maintain Buy; TP at Rs 1,320
Rising interest rates and surplus liquidity deployment support domestic NIM above 3%
Broad-based lending growth and healthy deposits underpin outlook; expects 12% NII CAGR over FY27–29
Hikes FY27–29 profit estimates by 1–2%; strong asset quality keeps SBI among Jefferies' top banking picks.

Kotak on SBI

Maintain Buy; TP at Rs 1,250
Rising interest rates expected to support lending margins and earnings growth through FY27
Healthy retail, SME and corporate loan demand, alongside low credit costs, strengthens profitability outlook
Strong capitalisation, resilient asset quality and attractive valuations underpin Kotak's positive stance.

Goldman Sachs on Solar Industries

Maintain Buy; TP at Rs 26,550
Management confident of surpassing FY27 revenue guidance of Rs 14,000 crore, led by defence and exports
Defence order backlog of nearly Rs 17,600 crore provides visibility; planned Rs 12,000 crore capex supports expansion
International business and commercial explosives offer additional growth; ammonium nitrate price volatility remains a risk

Jefferies on Bharat Electronics

Maintain Buy; TP at Rs 490
Retains FY27 revenue growth guidance of 15%+ and order inflow guidance of Rs 55,000 crore
Expects Rs 30,000 crore QRSAM order by March 2027; naval electronics and electronic warfare strengthen pipeline
Missiles and drones offer major long-term opportunities; cuts FY27 EPS estimate by 3%.

UBS on Bharat Electronics

Maintain Buy; TP at Rs 500
Retains FY27 revenue growth guidance of 15%+, with potential upside from strong execution
QRSAM orders of nearly Rs 30,000 crore and Next Generation Corvette orders exceeding Rs 20,000 crore are key catalysts
Expansion into missiles, drones, counter-drone systems and airborne electronics broadens long-term opportunities.

Citi on Bharat Electronics

Maintain Buy; TP Rs 515
Retains FY27 revenue growth guidance of 15%+ and order inflow target above Rs 25,000 crore, excluding QRSAM
Next Generation Corvette electronics opportunity of nearly Rs 20,000 crore moves closer to order conversion
QRSAM approval remains the key catalyst; Shatrughat, Samaghat and HAMMER orders strengthen the near-term pipeline.

Kotak on Bharat Electronics

Maintain Add; hike TP to Rs 420
Retains FY27 revenue growth guidance of 15%+, EBITDA margin above 28% and core order target of Rs 25,000 crore
QRSAM and AMCA order awards remain key catalysts; timely conversion of defence pipeline critical
Cuts FY27–29 estimates by 1–2%; strong execution supports outlook despite order timing uncertainty.

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Bernstein on Paytm

Maintain Outperform; TP at Rs 2,200
Potential UPI MDR implementation could add nearly Rs 1,000 crore to FY28 profit before tax
Merchant lending growth and operating leverage expected to drive non-linear earnings expansion through FY30
BNPL scale-up and consumer credit cross-selling offer further upside; regulatory timing remains a key uncertainty

Jefferies on Emcure Pharma

Maintain Buy; hike TP to Rs 2,500 from Rs 2,320
Hikes FY27 revenue growth guidance to over 20% from mid-teens; targets 100 bps margin improvement
Amphotericin B expansion across 20 European countries and upcoming Treprostinil launch support international growth
Domestic recovery and new product approvals strengthen outlook; hikes FY27–29 EPS estimates by 3–4%.

Kotak on Emcure Pharmaceuticals

Maintain Buy; TP at Rs 2,450
Hikes FY27 sales growth guidance to over 20% from mid-teens; targets upper end of 75–100 bps margin expansion guidance
Zuventus recovery, new launches and deeper molecule penetration expected to accelerate domestic growth
International business remains a key growth engine; Kotak expects 19% EPS CAGR over FY26–29

UBS on TVS Motor

Maintain Buy; TP at Rs 5,630
Norton unveils new 450cc roadster, with global launch including India planned for 2027
Expected pricing around Rs 5 lakh, with India manufacturing aimed at expanding Norton's addressable market
New model complements premium Manx and Atlas motorcycles; UBS believes Norton growth potential remains underappreciated

Goldman Sachs on Neuland Labs

Maintain Buy; hike TP to Rs 25,275 from Rs 24,675
Retains medium-term growth aspiration of around 20%, despite uneven commercial CMS ordering
Late-stage projects, including peptides, strengthen development pipeline and future commercialisation opportunities
Gland Pharma collaboration and complex API capacity expansion support growth; hikes FY27–29 EPS estimates by 4–6%

Jefferies on Power Grid

Maintain Buy; cut TP to Rs 300 from Rs 315
Hikes FY27 capex guidance to Rs 37,000–40,000 crore; cuts capitalisation guidance to Rs 25,000–30,000 crore
Projects worth Rs 2.2 lakh crore under execution support visibility; transmission bidding pipeline remains healthy
Right-of-way delays pose execution risks; sustained capex and 16–17% ROE support medium-term outlook.

Citi on Power Grid

Maintain Buy; cut TP to Rs 335 from Rs 360
Hikes FY27 capex guidance to Rs 37,000–40,000 crore; cuts capitalisation guidance to Rs 25,000–30,000 crore
Transmission projects worth Rs 2.2 lakh crore under execution and Rs 67,200 crore bidding pipeline support visibility
Right-of-way delays remain a near-term concern; project commissioning and order conversion are key catalysts

Citi on Tata Motors PV

Maintain Sell; cut TP to Rs 270 from Rs 305
Healthy domestic passenger vehicle demand and market-share gains offset by escalating cost pressures
Cuts India PV margin estimates and valuation multiple to 13x EV/EBITDA from 17x
JLR's new model launches expected to increase marketing expenses; margin uncertainty keeps Citi cautious

HSBC on NALCO

Maintain Buy; cut TP to Rs 465 from Rs 480
Alumina prices rebound around 30%, potentially offsetting subdued global aluminium prices
New 1 MT alumina refinery expected to commence production in January 2027; smelter expansion targeted for December 2030
Low-cost operations and net cash position support outlook; cuts FY27–29 EBITDA estimates by 1–5%.

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Jefferies on Dhoot Transmission

Maintain Buy; hike TP to Rs 1,750 from Rs 1,730
Strong two-wheeler demand and rising EV adoption underpin 29% EPS CAGR over FY26–29
Expanding into battery packs, sensors and controllers; hikes FY27 capex guidance to Rs 750 crore
Copper cost pass-through, improving Multilink profitability and normalising ESOP costs expected to drive margin recovery.

Kotak on Dhoot Transmission

Maintain Sell; TP at Rs 1,420
Electric two-wheeler adoption and higher component content support 26% revenue CAGR over FY26–29
Battery packs and EV components offer diversification; Multilink acquisition expands product capabilities
Expects margins around 15–15.5% over FY28–29; expensive valuations and manufacturing costs warrant caution

Citi on Bata India

Maintain Sell; cut TP to Rs 550 from Rs 675
Weak demand in value-priced footwear and sluggish same-store sales growth remain key concerns
Apparel, exports and strategic partnerships have yet to emerge as meaningful growth engines
Cuts FY27–28 EPS estimates by 17%; weak profitability and expensive valuations leave scope for further de-rating

Citi on Endurance Technologies

Maintain Buy; TP Rs 3,550
Strong domestic two-wheeler demand and expanding order wins support India's growth outlook
Standalone order pipeline strengthens across FY27–29; capacity expansion in India and Europe supports execution
European business performance and commodity inflation remain key monitorables; higher capital costs pressure profitability.

Jefferies on Aegis Vopak

Maintain Hold; cut TP to Rs 265 from Rs 280
Retains $5 bn capex plan through FY31; JNPA, Kandla and Kochi expansions remain on track
Kandla–Gorakhpur pipeline completion could improve LPG terminal utilisation; Jefferies expects 36% EBITDA CAGR over FY26–30
Ambitious capacity and market-share assumptions, alongside demanding valuations, limit near-term conviction

Jefferies on NSE

Maintain Buy; hike TP to Rs 2,125 from Rs 2,085
Strong cash equities, commodity options and non-transaction revenues support diversification
Potential securities lending and borrowing reforms offer further growth opportunities; mutual fund order market share improves
Higher technology spending and transaction tax pressures remain concerns; Jefferies believes valuations understate NSE's competitive.
advantages.

B&K on NSE

Maintain Buy; TP at Rs 2,100
Upcoming CAS regulatory changes and recovering options volumes expected to support trading activity
Strong IPO pipeline, improving colocation demand and growing mutual fund platform offer additional catalysts
Options market share stabilises around 70–72%; disciplined costs support profitability outlook

Emkay Global on NSE

Maintain Buy; TP at Rs 2,050
CAS amendments effective December 2026 expected to boost cash market participation and trading volumes
Easing EPI margins and potential securities lending reforms could further support market expansion
Planned corporate bond index futures launch awaits RBI approval; technology costs expected to grow in mid-teens.

Jefferies on TBO Tek

Maintain Buy; TP at Rs 1,905
Europe and Asia-Pacific remain key growth engines; Middle East recovery supports geographic diversification
Classic Vacations integration and operating leverage support long-term profitability; expects 41% PAT CAGR over FY26–29
Geopolitical disruptions could pressure near-term travel demand, although normalisation offers recovery potential

Jefferies on Bajaj Finserv

Maintain Buy; cut TP to Rs 2,300 from Rs 2,550
Bajaj Finance and life insurance remain key growth drivers; general insurance faces underwriting pressure
Life insurance product mix shifts towards term and annuities, supporting margins; mutual fund business continues scaling
Regulatory clarity on insurance commissions and expenses remains critical; cuts core profit estimates by 1–2%.

Kotak on KEC International

Maintain Add; cut TP to Rs 360 from Rs 400
Cuts FY27 revenue growth guidance to 8–10% from 12–15% amid Middle East disruptions and execution delays
Record order book of nearly Rs 40,000 crore supports visibility; India transmission and distribution and cables remain growth drivers
Cuts FY27–29 estimates by 3–5%; right-of-way challenges, high debt and weak civil project margins remain concerns

Kotak on Max Healthcare

Maintain Reduce; TP at Rs 935
Plans to nearly double bed capacity by FY30; brownfield expansion expected to support faster utilisation
Capacity commissioning delays and intensifying competition across Delhi-NCR remain key concerns
Supreme Court proceedings on hospital trade margins pose regulatory risks; valuations limit upside despite growth visibility.

Kotak on Eureka Forbes

Maintain Buy; TP at Rs 600
Retains FY27 guidance for accelerating revenue growth while maintaining EBITDA margins
Water purifier market-share gains, premiumisation and new launches in air purifiers and water softeners support growth
Expanding retail presence and marketing investments strengthen distribution; commodity inflation remains a margin risk

Kotak on Petronet LNG

Maintain Sell; TP at Rs 265
Dahej terminal market share weakens to an estimated 54–56%, reflecting intensifying competition
India's LNG demand outlook improves following West Asia disruptions, but Dahej's competitive positioning remains challenged
Reliance on trading and efficiency gains raises earnings sustainability concerns; muted volume growth limits conviction

Kotak on Carborundum Universal

Maintain Sell; hike TP to Rs 1,090 from Rs 1,080
Ceramics business remains resilient, while abrasives face Chinese competition and higher input costs
Semiconductor business expected to contribute a mid-to-high single-digit share of revenue and profit by FY31
Foskor closure and overseas business normalisation offer recovery potential; expensive valuations remain a concern

Kotak on Amara Raja Energy & Mobility

Upgrade to Reduce from Sell; TP at Rs 700
Lead-acid battery business expected to remain steady, supported by automotive and aftermarket demand
Gotion partnership termination creates technology, capex and execution risks for planned LFP cell manufacturing
Raw material inflation pressures near-term margins; lithium-ion expansion remains capital-intensive and uncertain.

Jefferies on MCX

Maintain Buy; TP at Rs 4,000
Options trading remains the key growth driver, accounting for 76% of transaction revenues
Jefferies forecasts 25% earnings CAGR over three years, supported by strong revenue growth and margin expansion
MCX's dominant commodity exchange position supports growth outlook; competition and regulatory changes remain key risks.

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