Stock Picks Today: Swiggy, Godrej Consumer, Vodafone Idea, Bajaj Housing Finance, And More On Brokerages' Radar

From online food delivery and FMCG to housing finance, renewable energy, telecom, and hospitality, brokerages have highlighted fresh investment ideas in Swiggy, Godrej Consumer, Vodafone Idea, Bajaj Housing Finance, Schloss Bangalore (The Leela), and Emmvee Photovoltaic Power.

Separately, analysts have shared insights on the RBI policy trajectory, India strategy and economic outlook, consumer demand trends, and channel checks across the cement and auto sectors.

Jefferies on Swiggy

• Maintain Buy with TP of Rs 435
• Swiggy's IOCC transition moves a step closer with shareholder approval of the 49.5% foreign ownership cap
• Move supports mgmt's plan for a 1P (inventory-led) model at Instamart (Q/C)
• This could drive 80 bps margin upside
• Cap may help mitigate potential regulatory risks despite current Q/C models being compliant
• Passive outflows are likely once the new foreign ownership framework is implemented
• And it could take a few weeks for this to unfold.

GS on Godrej Consumer

• Maintain Buy with TP of Rs 1175
• Strategic direction intact, focus to dial up execution
• Initiatives on portfolio transformation to continue
• HI — incense sticks will be rapidly scaled up, but LV will also be a priority
• Focus on improving execution in India business, plans to bring in an India CEO. 

Macquarie on Godrej Consumer

• Maintain Outperform with TP of Rs 1150
• Expects execution push to aid growth
• Focus on improving execution; direction unchanged
• India CEO appointment to aid execution
• Balance between core and emerging categories
• Focus on innovations to sustain.

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Citi on Vodafone Idea

• Maintain Buy with TP of Rs 17
• Mgm't Roadshow Takeaways – Focus Shifts to Execution, Recovery Gaining Traction
• Network investments driving improving subscriber metrics
• Funding visibility has improved
• Mgm't continues to see substantial ARPU headroom within the existing subscriber base.

Jefferies on Bajaj Housing Finance

• Initiate Hold with TP of Rs 92
• Quality Housing Finance Franchise at Premium Valuations
• India's 2nd-largest HFC should deliver a peer leading 23% AUM CAGR over FY26-29
• Spreads should moderate & bottom out in FY27
• Operating leverage & lower credit costs should cushion earnings
• Asset quality is best in class with lowest GS3 among peers
• Expect 20% EPS CAGR over FY26-29 & ROA/ ROE of 2%/13.6% by FY29
• Premium valuations cap upside.

MS on Leela Palace

• Maintain Overweight with TP of Rs 600
• Believe the share price will rise over the next 60 days
• July STR data was strong and should support outperformance for Leela stock
• On a YoY basis, India's ARR and RevPAR grew ~12.4% and 17.6%, respectively
• Delhi market (key for Leela): RevPAR growth of 26.6% YoY (two-year CAGR: 12.8%) vs. +20.1% YoY growth in June 2026. 

Macquarie India Consumer

• Risk to rural demand from weakening monsoon
• Latest forecast points to weakening monsoon in Aug/ Sep
• Rural consumption could be at risk from such weakness
• Skymet suggests weaker monsoons in Aug/Sep
• See lower risk of sharp food inflation
• Rural sentiment may be hit
• Longer pre-festive painting period could help
• Prefer Titan, Lenskart, Marico in the consumer space
• Remain concerned about rural-focused names such as Britannia and Dabur, given the potential risk of weakening monsoon. 

Jefferies on Emmvee Photo

• Maintain Buy; Hike TP to Rs 440 from Rs 400
• Quality Available Cheap
• Bullish on early entry into TOPCon cells, strong order book, focus on the solar PV chain
• Net-debt-free balance sheet position it well to backward integrate to ingot/wafer
• To sustain industry-leading profitability over the medium-term
• Raise FY27/28 Ebitda 2%/7% and forecast 33% Ebitda Cagr over FY26-29
• After the ~15% correction recently, stock trades at 6.8x fwd EV/Ebitda—at ~30% discount to peers. 

MS India Strategy – Ridham Desai

• In Q1, robust revenue growth translated into stronger earnings growth
• Margins held up better than expected despite input cost pressures
• This is consistent with our view that India remains in an improving earnings phase
• Close to two-thirds of our coverage stocks reported earnings growth
• Relative stock performance improved across about half the universe.
• Broad market earnings growth continued to outpace the narrow market indices
• Medium-term earnings outlook continues to improve, supported by cyclical recovery led by policy action
• Best bottom-up ideas after earnings -
• Overweight on Adani Ports, Divi's Lab, Eternal, Grasim, Hyundai, ICICI Bank, Leela and Titan
• Underweight on Bajaj Auto, Cipla, Dabur, Dalmia, Havells, SBI Cards and Wipro. 

Jefferies on Auto Sector

• Upward Inflection in 2W Earnings
• 2W OEMs demonstrated superior ability to translate top-line growth to EBIT, while PVs lagged
• Street earnings for 2Ws inflected up in Q3CY26 after a mild cut in Q2CY26, but 4Ws continue to see downgrades
• CYTD stock returns are highest in auto-comps, followed by 2Ws, while 4Ws have lagged
• Prefer 2Ws with TVS & Eicher as top Buys; Underperform on Tata Motors PV & HYUNDAI. 

Macquarie on Capital Goods

• Q1 saw strong revenue growth and robust backlog accretion, though margin pressure persisted with mixed order intake
• Public capex remains supportive, albeit slowing, as broad-based private capex momentum is strengthening
• Exports adding another dimension
• Given long visibility, grid equipment & defence stand out as key areas to invest in
• Prefer CG Power, Bharat Electronics, Cummins, and L&T

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GS on RBI

• A Hawkish Shift From the Governor's Statement
• Members acknowledged that the rise in food and fuel-driven inflation could trigger second-round effects
• But indicated that broader and more persistent price pressures would be needed to warrant policy action
• Core-goods inflation pressure appears to be firming, while pass-through to core services remains limited
• Continue to expect 50 bps of cumulative policy rate hikes by the RBI, with 25 bps each in the December 2026 and February 2027 policy meetings. 

BofA on RBI

• RBI delivered a dovish hold, minutes indicated caution
• Minutes indicated a relatively cautious tone from members highlighting likely possibility of tightening while being data dependent
• Given the revised inflation projections, the real rate would turn negative in Q3FY27 and remain so until Q1FY28
• Coupled with robust growth outlook, we retain our call for 50 bps of hikes in FY27.

CLSA on India Economics

• PLI outcomes till FY26: Mixed bag
• Low disbursal and weak job creation amid good capex/sales boost
• As of March 2026, all PLI schemes have resulted in actual investments of over Rs 2.4 lakh cr, production/sales boost of about Rs 22.7 lakh cr and job creation of almost 1.4 million
• This has been achieved with cumulative incentive disbursement of Rs 35400 cr, only 18% of announced outlays
• Overall, though a good portion of capex and production expectations have been achieved till FY26, job creation was lower-than-expected
• It means that the employment intensity of investments under PLI schemes has been weaker than earlier hoped. 

BofA on Cement

• Demand trends tracking well
• All eyes on cost normalization in H2
• Demand holding up in Q1 with better pricing aided cost inflation
• Believe conflict resolution will be key catalyst for cement sector.

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