Stock Picks Today: SBI Life, SBI Cards, Adani Energy, Tata Consumer, Shriram Finance, Lodha, And More On Brokerages' Radar

From life insurance and cement to steel, renewable energy, NBFC, FMCG brokerages have turned positive on a range of stocks, including  Sbi LIfe, SBI Cards, Adani Energy Solutions, Dalmia Bharat, Hindustan Zinc, Tata Consumer Products, SAIL, Avenue Supermarts, alongside a constructive stance on India equity strategy.

Morgan Stanley on SBI Life Insurance

• Maintained Overweight ,TP of Rs. 2,340.00
• VNB margin of 27.4%, a 17-19% beat vs. estimates.
• Group protection APE grew 310%+ as lumpy GTI business drove higher VNB
• 60bp lower VNB margin, partially offset by better individual business mix.
• F27 guidance unchanged – APE growth 14% and VNB margin 26-28%
• Expects margin to improve to the upper end as mix normalizes.
• Raise F27 VNB 2% as F27 margin increases to 27.3%
• F28e/F29e APE and VNB margin unchanged at 28.0% and 28.5%; F27-28e ROEV ~17%.
• Overhang of mandatory open architecture has abated, given comments by IRDAI and SBI Chairman.

Bernstein on SBI Life

• Maintains Outperform, TP of Rs. 2,440.00
• Q1FY27 new sales grew +36% YoY, led by group business (+2.8x YoY)
• Group business mix ~26% in Q1 vs ~10% average; led to downtick in margins
• Agency channel grew +20% YoY vs banca +10% YoY
• New business margins 26.2% in Q1, down from 27.4% YoY due to GST impact (~110 bps) and higher group mix
• Management expects margin improvement towards 26-28% as group mix normalizes and GST impact absorbed
• FY27 guidance 14% top-line growth, margins 26-28%.

Citi on SBI Life Insurance

• Maintains Buy, TP of Rs. 2,750 vs 2625
• VNB margin (ex-group term) rose ~0-200 bps YoY to 29-30% in 1QFY27 despite ~140 bps GST impact.
• Favourable mix shift to retail protection, non-par, annuity and higher rider attachment boosted margins.
• Non-SBI channel individual APE grew 21% YoY with ~80% non-ULIP mix in non-SBI banca.
• SBI volumes steady, in line with ~10% YoY guidance.
• EV estimates largely retained; rollover to Jun'28E.

ALSO READ: Stocks To Watch Today: SAIL, Bank Of Baroda, REC, NTPC, HDFC Bank, IDFC First Bank

Jefferies on SBI Life  

• Maintains BUY, TP of Rs. 2,600
• VNB 19%/13% ahead of JEFe/Consensus on 36% y-y APE growth
• Group protection APE up 4x y-y; agency APE up 24% y-y
• VNB margin down 125bps y-y due to input tax credit loss, GTI mix, operating assumption
• FY27‑29e VNB estimates raised 1‑3%; target price raised to Rs. 2,600
• Banca APE up 10% y-y, ahead of HDFC Life and IPRU
• Persistency improved across cohorts except 61st month
• SBI channel APE up 10% y-y, in line with 3‑year CAGR
• SBI Life remains top pick in life insurance; trades at 2.0x FY27e EV.

Bernstein on SBI Cards

• Maintains Underperform, TP of Rs. 610.00
• Moderating credit costs drove 20% EPS growth
• soft underlying performance (PPoP down 12% YoY, 4% QoQ)
• Sequential recovery in revolver and EMI balances after three quarters of decline was lone bright spot
• Path to higher RoA unclear as PPoP recovery drivers absent
• Headline asset quality improved although overlay drawdown indicates underlying improvement weaker
• Margins compressed ~30 bps QoQ due to lower loan yields and higher funding costs.

Kotak Institutional Equities on SBI Cards

• Maintains BUY, TP of Rs. 900 vs 975
• Credit cost emerging as a key driver of earnings growth
• 20% YoY earnings growth despite 12% YoY operating profit decline, led by 30% YoY provisions drop
• Revenue growth weak at 6% YoY; receivable growth sluggish at 3% YoY despite 27% YoY spend growth
• Lower credit costs primary earnings driver and ROE improvement
• Asset quality improving; early-stage delinquency near decadal low, Stage 2&3 loans ~6%
• Management targets medium-term RoA 4-4.5%; expects asset growth acceleration from 2HFY27.

Macquarie on CG Power

• Maintained Outperform, TP Rs. 1,090
• Power systems drives growth
• Power Systems EBIT margin expanded 210bps to 23.2%
• Order backlog up 45% YoY led by 60% growth in Power
• Motors business returned to double-digit margin after 5% price raise
• Semiconductor business commenced commercial production with Renesas off-take ~50%
• Strong backlog, robust demand pipeline, improving profitability support 31% earnings growth over FY26-29E.

MS on Adani Energy Solutions

• Maintains Outperform, TP 1943
• New order win worth Rs. 8,500 crore, one-third of MS F2027e base case order wins.
• Transmission orderbook rises to Rs. 80,300 crore.
• Adds 1,582 ckm lines and 10,500 MVA transformation capacity.
• Powers ~4.5GW of power load catering green hydrogen, green ammonia, datacenters in Vizag.
• Project includes 4x1500 MVA and 3x1500 MVA GIS substations at Pendurthi and Khammam-II.
• Takes total transmission network to 29,531 ckm and 1,33,675 MVA by F2030.

Morgan Stanley on Tata Consumer Products Ltd

• MAINTAINS Overweight, TP 1351
• Continued top-line growth momentum is a positive
• Top-line growth +12% YoY in 1Q (+18% in 4Q); India branded growth 13% maintained
• EBITDA margin 13.5% (+85bps YoY, -100bps QoQ) due to transitory inflation, higher A&P spends, forex loss
• Management guidance: double-digit revenue growth, 30% growth for growth businesses, 50-70bps EBITDA margin improvement in F27
• Tea inflation ~7-10%; management may take price hikes to maintain margins
• Growth portfolio target 30% in F27;
• Capital Foods & Organic India +35% YoY in 1Q; Sampann core segments 30%+ growth
• Near-term margin improvement from price hikes
• US business margin improvement, India cost savings; medium-term EBITDA margin aspiration 17-20%.

Macquarie on Dalmia Bharat

• maintains OP, TP of Rs. 2,237
• Capacity additions, regional footprint diversification, and cost focus are key strengths.
• DBL should gain from capacity-led volume growth ahead of peers despite seasonal weakness.
• 10%+ volume CAGR expected from 5.4mnt acquisition and 12mnt organic expansion FY26-28E.
• Net debt/EBITDA projected at 1.5x in FY28E, balance sheet deemed manageable.
• FY27E/FY28E EBITDA estimates cut 13%/11% due to higher energy costs and inorganic acquisition impact.
• TP implies 12.2x Mar-2028E EV/EBITDA multiple.
• Catalysts: market-share gains from expansion, robust demand driving cement price increases, stock rerating on strong earnings.
• Expect 12% EBITDA CAGR FY26-28E from capacity expansion, new regions, resilient cement prices.

Jefferies on Hindustan Zinc

• Maintained BUY, TP of Rs. 660 vs 700
• Zinc shining brighter than Silver
• EBITDA up 4% QoQ, 6% above JEFs estimates in Jun-Q
• Zinc prices 5% above Jun-Q average; silver 20% below Jun-Q average
• FY27-28E EPS raised 4-6% on higher zinc prices; estimates ~10% above Street
• Valuation reasonable FY27E EV/EBITDA 7.5x below long-term average 7.8x
• Cost of production under control, supported by by-product realizations and renewable power
• New capacity starts FY29: refined metal capacity +30% to ~1.5mtpa, silver capacity +4% to 830tpa
• Reduced FY28 EV/EBITDA target of 9x.

Jefferies on Shriram Finance

• Maintained Buy, TP of Rs. 1,210
• Jun Q PAT 60% YoY to Rs. 3,440 crore, 2% ahead of estimate on better NIM
• AUM growth steady at 15.3% YoY; guidance retained for 18% FY27 growth.
• NIM rose 91bps QoQ to 10% aided by MUFG Rs. 40,000 crore equity infusion gains.
• Credit cost steady at 1.9%, below 2% guidance; expected 1.85-1.8% FY27-28e.
• Expect 17% EPS CAGR and ROE to reach 14% by FY28e.
• Valuation at 2x FY27e BV deemed reasonable; PT Rs. 1,210 (2.1x Sept28e BV).

Jefferies on KFin Tech

• Maintains BUY,  TP of Rs. 1,125
• Jun'26 EBITDA 6% ahead of Jefferies estimates
• Driven by better-than-expected top-line in Issuer RTA and International segments
• MF RTA yield 3.19bps in-line with Jefferies, sequentially lower due to higher ETF AUM share
• Ascent revenue up 32% YoY, added 18 new funds in quarter
• Ascent EBITDA margin 6.3% in Jun'26 quarter
• PAT 2% above Jefferies estimates due to lower other income.

Jefferies on Lodha

• Maintained BUY, TP of Rs. 1,215
• 1QFY27 PAT beat 2x YoY driven by large datacenter land transaction
• Pre-sales up 4% YoY lagging 17% guidance; only one project launched in quarter
• Customer collections +46% YoY, net debt down 8% QoQ to Rs. 4,930 crore (0.2x gearing)
• Datacenter realisation doubled YoY to Rs. 425/m/acre, management sees Rs. 600/m/acre+ achievable
• Land bank for DC increased >50% to 660 acres; ~132 acres sold, 233 acres BTS, ~300 acres remaining
• Management targets Rs. 2,000 crore/annum lease income from DC by FY32
• FY27 likely to see spurt sales in Palava as infrastructure progresses.

Jefferies on India Equity Strategy

• Interaction with 50+ investors suggests positive sentiment change towards India
• AI trade reversal: MSCI Korea down ~30%, token prices down ~25% from peak
• FPI flows turned positive with net US$300 crore inflows over last 5 weeks reversing prior outflows
• India earnings outlook positive: FY27 earnings expected +4ppt YoY to 14%
• Nominal GDP growth projected 12%+ aiding domestic sectors like BFSI
• IT sector raised to neutral – add Infosys
• IT sector down 25% YTD; Top 4 IT majors trading at 13-17x Pes
• Low-to-mid single digit revenue growth FY26-28.

Citi on Hindustan Zinc  

• Maintains Sell, TP of Rs. 480 vs 520
• 1Q EBITDA up ~2.1x yoy to Rs. 7,990 crore driven by better zinc-silver prices, weaker rupee, lower costs, higher volumes.
• Spot zinc LME ~$3,600/t offers upside
• Citi commodities team expects CY27 price $3,300 as tightness eases.
• Silver (~50% of EBITDA) upside depends on easing macro headwinds.
• FY27 targets: 5% refined volume growth, 8% silver growth.

Citi on Dalmia Bharat Ltd

• Maintains Buy, TP of Rs. 2,150 vs 2450
• 1Q revenue 13% ahead; adj EBITDA down 9% YoY
• Volume up 9% offset by lower realizations -2% and higher costs +3%
• EBITDA/t rose to Rs1,060 QoQ from Rs1,025 in 4Q, driven by +6% realizations offset by higher costs
• Current EV/t at $62 offers entry point
• Focus on volume growth, premiumization, cost efficiencies
• JPA volumes to contribute meaningfully from 3Q
• EBITDA/t to align with existing ops in 7-8 quarters
• Industry capacity growth FY25-28: South/West ~4%, East/Centre ~7%, limiting medium-term pricing pressure
• West Asia crisis: petcoke prices peaked at $160/t, moderated to $135/t
• Better inventory management offset cost inflation ~Rs150/t
• Costs expected higher in 2Q
• Capacity expansion: 66.7mt by 3QFY28, 110mt by FY31 from ~55mt currently.

GS on Dalmia Bharat

• Maintain Buy; Cut TP to Rs 1980 from Rs 2020
• Q1 Review: Strong volumes and improved profitability despite regional headwinds
• On the right track to become a Pan-India player
• Better growth visibility over the next 2 years among its peers
• Stock trading at a significant discount to peers
• Believe the risk-reward looks favourable. 

Kotak Institutional Equities on Gland Pharma

• maintained ADD, TP of Rs. 2,625
• Poised for outsized growth led by robust tech-transfer CDMO segment (~23% CAGR FY26-29E)
• Tech-transfer CDMO to drive ~17% ex-Cenexi sales CAGR FY26-29E
• For Cenexi, expect EBITDA margins 4.5%/8%/11% FY27/28/29E, overall ~330 bps margin expansion
• Raised FY27-29E EPS by 1-8%; assigned 25X P/E to derive FV Rs2,625
• Tariffs on US generics pose a risk; B2B model offers partial safeguard.

Citi on Bank of Baroda

• Maintained Buy, TP of Rs. 310
• Core RoA 1.10% after excluding Rs5,680 crore NMC provision
• Reported NIMs down 12bps QoQ to 2.77%; core spreads sustained
• Potential ECL impact 110bps on CRAR (~Rs12,000 crore) covered by floating provisions Rs2,500 crore
• Earnings trimmed 28% for FY27E and 2% for FY28E; TP lowered to Rs310 (0.95x Sep'27 book).

Citi maintained Neutral ACC TP of Rs. 1,525.00

• 1Q EBITDA down 41% YoY due to lower volumes (-6%), realizations (-5%) and higher costs (2%)
• EBITDA/t fell to Rs460 vs Rs525 QoQ and Rs735 YoY
• Net cash fell to Rs380 crore from Rs920 crore as of Mar26;
• Loan of Rs3,900 crore to Ambuja at 8%
• Merger with Ambuja: ACC shareholders to receive 328 Ambuja shares per 100 ACC shares; completion expected FY27
• Capacity to rise to 43.7mt by 2QFY27; Salai Banwa grinding unit (2.4mt) trial started, Kalamboli (1mt) unit delayed to Sep27
• FY27 industry demand growth expected soft at ~5%.

Macquarie on Sapphire Foods India

• Maintains Outperform, TP of Rs. 200.00
• 1Q EBITDA 4% above estimates
• healthy SSS growth across KFC and Pizza Hut
• KFC margin 16.9% (+120bps YoY); SSS growth 5%
• Pizza Hut shows lower EBITDA losses QoQ and positive dine-in SSS in Tamil Nadu
• Sri Lanka SSS growth 9%
• Limited demand uptick; slower growth vs Zomato (20% order value)
• Sri Lanka margin pressure from wage/energy costs
• KFC growth driven by value push, dine-in/takeaway focus, advertising
• 2-3% price hike, lower discounts, better channel mix offset higher energy costs
• We like KFC SSS growth and improved Pizza Hut flexibility post Devyani merger.

JPMorgan on AU SFB

• Maintain Overweight with TP of Rs 1230
• Q1 review: Strong operating performance, lower provisions drive PAT beat
• Balance sheet growth continues to accelerate
• Asset quality trend remains healthy.

MS on AU SFB

• Maintain Overweight with TP of Rs 1205
• NII, fees, core PPOP and credit costs all beat estimates, driving an overall beat
• Stock is in a good compounding phase
• One of the few Indian private banks with a mid-high teens ROE profile
• Attractive for both long- and short-term investors. 

UBS on Shriram Finance

• Maintain Buy with TP of Rs 1230
• Stable quarter; watchful commentary
• PAT ahead on better margins
• See continued momentum in vehicles.

HSBC on Shriram Finance

• Maintain Hold; Cut TP to Rs 1140 from Rs 1200
• AUM growth differential remains an issue
• Q1 profit 14% ahead of estimates, led by stronger interest income and lower-than-estimated credit costs
• Increase FY27-29 EPS by 1-10% to factor in higher income, lower-than estimated credit costs
• Widening AUM growth gap to peers likely to weigh on multiples.

MS on SAIL

• Maintain Underweight with TP of Rs 160
• Strong results; EBITDA 17% ahead of estimates
• Awaiting management commentary for Q2. 

HSBC on Tata Consumer

• Maintain Buy; Hike TP to Rs 1390 from Rs 1380
• Margin miss; robust growth portfolio
• Q1FY27 results were strong on top-line; weak India business margins QoQ from cost inflation
• ‘Growth' businesses grew by 47% with Sampann and Capital Foods standing out
• Margin guidance maintained, adjust EPS lower by 2-3% factoring Q1 miss. 

Nomura on Tata Consumer

• Maintain Buy; Hike TP to Rs 1475 from Rs 1450
• Growth business outshines and changing the company's DNA
• Q1: In-line with consensus
• FY27 guidance of double-digit sales growth and OPM to expand 50-75 bps maintained
• Core (Tea & Salt) hold-up despite headwinds; guidance of 5-7% volume + 2-4% price growth.

CLSA on Avenue Supermarts

• Maintain High Conviction Outperform with TP of Rs 5273
• Hosting its Annual Investor Meet on July 28, the first for its new CEO.
• Top five questions
• (1) Can DMart maintain the pace of store additions seen in FY26? For how long?
• (2) Will DMart increasingly lease stores to accelerate store growth? Any view on long-term economics of these leases?
• (3) Why is growth decelerating in metros? Is this a function of store density or competition from newer formats? How do store economics in smaller towns differ?
• (4) We see a lot more private labels/exclusive brands in stores and online? Is this a concerted effort? Will this allow for differentiation?
• (5) Lastly, what are DMart's online plans as it appears to be scaling down its DMart Ready presence?

JPMorgan on Bank of Baroda

• Maintain Overweight; Cut TP to Rs 315 from Rs 335
• Q1: Core trends healthy beyond the provisioning one-offs
• Strong loan growth, deposits lag
• Asset quality is holding up
• Valuations underpin positive view. 

MS on Bank of Baroda

• Maintain Underweight with TP of Rs 225
• Core revenues and core PPOP were 5% below estimates owing to significantly weaker fee income
• Higher non-core income and lower credit costs drove a pre-exceptional PAT beat
• NIM outlook appears weak with core NIM closer to the lower end of guidance. 

JPMorgan on IDFC First

• Maintain Overweight; Hike TP to Rs 90 from Rs 84
• Q1: Strong core trends, AQ & growth improving, guidance upgrades are positive
• Loans up 20% driven by retail and SME, CASA drove 18% deposit growth
• Reduction in CoF drove NIM improvement
• Asset quality strengthened.

MS on IDFC First

• Maintain Equal-weight; Hike TP to Rs 75 from Rs 65
• Both NIM and credit costs beat estimates
• Company guided for improvement, and guided to FY27 ROA of 1.0%
• Rate of change is positive like at other mid-sized private banks
• Valuation at 1.3x FY28 P/B is well ahead of ROE.

MS on Bank of India

• Maintain Underweight with TP of Rs 115
• NII and core PPOP were a tad below estimates
• NIM declined 6 bps QoQ
• Management acknowledged that the current environment is challenging for NIM and lowered its guidance
• Higher other income and lower credit costs drove a PAT beat of 36%. 

MS on REC

• Maintain Overweight with TP of Rs 430
• Q1 – Muted quarter; awaiting FY27 outlook
• Asset quality was stable; provision reversals were driven by lower Stage 1 coverage
• Loan run-offs moderated sharply
• See potentially weak stock performance in near term. 

MS on Dr Lal Path

• Maintain Overweight; Hike TP to Rs 1960 from Rs 1819
• Q1 saw highest revenue growth in four years
• Volume growth was a key driver
• Management increased guidance to mid-teens FY27 revenue growth vs. lowto mid-teens previously
• A sustained revenue pickup could rerate the stock 

MS on Lodha

• Maintain Equal-weight with TP of Rs 1130
• Q1: Weak Pre-sales
• Strong Collection and Earnings on Land Sale. 

Citi on CG Power

• Maintain Buy with TP of Rs 1100
• Strong order book momentum
• Near term margin softness transient
• Demonstrated resilience in maintaining Power Systems margins
• Price hikes initiated in the Motors segment, expected to be margin accretive. 

Citi on Jindal Steel

• Maintain Sell; Cut TP to Rs 900 from Rs 980
• Q1 ahead on realisation, though spot prices weaker
• Valuations likely discount recovery.

Citi on AU SFB

• Maintain Buy with TP of Rs 1225
• Demonstrates resilience in seasonally weak quarter
• NIMs sequential dip seasonal and better than anticipated
• Credit costs contained in seasonally weak quarter
• AUM growth – broad based momentum, secured book leads.

MS on AU SFB

• Maintain Overweight with TP of Rs 1205
• NII, fees, core PPOP and credit costs all beat estimates, driving an overall beat
• Stock is in a good compounding phase
• One of the few Indian private banks with a mid-high teens ROE profile
• Attractive for both long- and short-term investors. 

Citi on Tata Consumer

• Maintain Buy; Cut TP to Rs 1400 from Rs 1450
• Strong growth momentum continues
• Positives - incremental pricing, strong execution in emerging channels, continued innovation and the scaling-up of growth businesses
• Margin key monitorable. 

Citi on Maruti Suzuki

Maintain Buy with TP of Rs 18500

New Brezza Launched - 1 L Turbo Engine Option Could Be a Big Customer Pull

Aggressively priced turbo engine variant could drive higher volumes

Key feature upgrades position it competitively. 

 
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.

(Disclaimer: New Delhi Television is a subsidiary of AMG Media Networks Limited, an Adani Group Company.)

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.