Stock Picks Today: Swiggy, Info Edge, Shriram Finance, AB Capital, HDB Financial On Brokerages' Radar

Retain High Conviction Outperform with target price of $270 

Results and guidance suggest AI doomerism needs a pause 

Revenue say 3.5% beat on top end of its guidance-best beat in 4 quarters 

Q4FY26 revenue guidance at $66.3bn (ahead of $64bn est) 

Co has a steady momentum  

Token consumption running ahead of estimates  

Usage is exploding when chips are in short supply 

Initiate Reduce with target price of Rs 210

Stiffening competitive pressure

Leadership in enterprise POS business seeing increased competition

Gift-card business monetization driven by interest income on consumer funds

Premium valuations amid rising competition

Govt capex: lower than reported, front-ended, on low base

Defense, Ports & Shipping saw surge in capex

Capex on Roads, Railways, Housing seems to have peaked

Expect selective capex focus ahead

Prefer rate cyclicals & defensives over capex plays

Retain constructive stance on rate-sensitive domestic cyclicals, particularly Financials, Real Estate, REITs & Autos

On the defensive front, we prefer exposure to Hospitals, Telecom & regulated Power Utilities

Stay underweight on capex-linked sectors Industrials, Cement and Steel-and globally exposed themes like Metals, Energy and IT

Maintain Buy with target price of Rs 2,940

Adani Wins Jaypee Bid

May involve carving out Jaypee's assets across Adani group entities, in our view

JAL’s portfolio spans cement (9.4 MTPA), power (2000+ MW), RE, hotels, and E&C projects, offering synergies with group

Initiate Overweight with target price of Rs 1,920

A formidable franchise

Multiple growth drivers in place; Healthy margin and return profile

Forecast revenue/EPS CAGR of 12%/21% over FY26-28E with robust ROCE of 36%

Initiate Buy with TP of Rs 1,840

Plugged for Growth

Structural yet volatile growth story

Industry leading profitability; Capital efficient business

Estimate 12% revenue CAGR over FY25-28

See LG as better value vs Havells followed by Voltas

Maintain Equal-weight with target price of Rs 455

Quick commerce unit economics improving

Contribution Margin breakeven reiterated in 3 quarters

Differentiated store/assortment strategy driving better retention, AOVs, and organic user gains

Positioned its potential fund-raise to act as a defensive buffer against any irrational competition

Disciplined store rollout and calibrated marketing to improve overall burn rates over the next few quarters

Maintain Overweight with target price of Rs 2600

Secured retail loan growth has been broad-based and continues to remain strong

NIMs should improve from Q3 helped by lower funding costs and CRR cut benefits

Unsecured consumer slippages continue to move lower

On the Retail CV segment, the bank expects stress to remain elevated and moderate after a few quarters

Maintain Overweight with target price of Rs 1800

Management expects gradual acceleration in loan growth

Expects NIM to remain range-bound subject to limited rate cuts

Delinquency remains benign even in the business banking/SME segment

Maintain Equal-weight with target price of Rs 1,025

Reiterated its raised loan growth guidance of 12-14% for FY26

Management expects fee income momentum to stay strong

Bank reiterated its FY26 exit margin guidance of 3%

Asset quality remains robust

Maintain Overweight with target price of Rs 1450

Reiterated guidance of gradual acceleration in loan growth to above system levels in FY26, and ~2-3% higher over the medium term

Expects continued strong traction in SME/mid-corporate banking and acceleration in gold loans

Expect NIMs to trough in Q3, subject to no more rate cuts

Bank expects NIM to recover to 3.8% during FY27

Maintain Overweight with target price of Rs 1,225

Loan growth will broadly be in line with system

Bank expects NIMs to stabilise and improve starting H2

Collection efficiency and delinquency levels remain benign across segments

Maintain Overweight with target price of Rs 2,310

Guided for FY26 individual APE growth at 13-14%

Expects growth in H2 to be better vs H1 across channels

Product mix tailwinds should ensure margins remain range bound at 27-28% for FY26

Aspires to moderate the ULIP contribution to 55% of the mix

Seeing a strong pickup in term products helped by both internal focus and GST changes

Maintain Equal-weight with target price of Rs 805

Disbursements growth should improve from Q3

Over the medium term, HDB aims for a 18-20% CAGR AUM growth

Unsecured business - seeing improvement after four challenging quarters.

Commercial vehicle finance asset quality should see improvement in H2

Overall credit costs should move lower in H2 vs H1

Maintain Overweight with target price of Rs 375

Reiterated guidance of RoA expansion to 2.4-2.5% by Q4 aided by NIM expansion as share of unsecured personal loans increases

In HFC, it expects ROA of 2.1-2.2% over next 6-8 quarters driven by operating leverage

Reiterated 20-25% VNB CAGR, 18%+ VNB margin for life insurance

Maintain Overweight with target price of Rs 925

Guided for 100-150 bps higher AUM growth in Q3 to 16.5-17% YoY due to festive demand

Expects CV loan growth to remain range bound at 12-13% YoY for four more quarters

Aims to reduce its borrowing cost spreads vs. peers by 15-20 bps over a period of time

Expects operating costs to reduce in FY28 as non-cash expense goes away

Guides for 28% cost-to-income ratio by FY28

Maintain Underweight with target price of Rs 1,370

Expects some impact on the take rate in the life insurance savings segment

Sees relatively less impact in term life and retail health

A positive it cited was a pickup in demand in the ongoing quarter