Stock Picks Today: Swiggy, SRF, Colgate, Cyient, And More On Brokerages' Radar

Brokerages have highlighted opportunities across quick commerce, chemicals, auto ancillary, oil and gas, consumer electricals, renewable energy, steel, and FMCG sector issuing fresh calls on Swiggy, SRF, Colgate-Palmolive, Cyient, HPCL, Adani Green, Sagility, Havells India, Balkrishna Industries, Jindal Stainless, KEI Industries, and JSW Infra.

Citi on Swiggy

• Maintain Buy; Cut TP to Rs 330 from Rs 390
• Decent core Food Delivery; Toing Remains Early Yet
• Quick Commerce Mixed Bag
• Swiggy continues to explore avenues to sustainably
• See improve user retention & take-rates in Instamart via differentiated assortment.

Jefferies on Swiggy

• Maintain Buy; Cut TP to Rs 330 from Rs 435
• Quick Commerce Loss Reduction Key to Value Unlock
• EBITDA losses swelled to a three-quarter high - this remains a key issue
• Current price not even factoring in the value of Food Delivery & current cash
• Performance also appears lackluster compared with the market leader, Eternal
• Believe a reduction in Quick Commerce losses is essential for true value discovery.

UBS on Swiggy

• Maintain Buy with TP of Rs 375
• Q2FY27: quick commerce losses continue to expand, but early signs of growth recovery
• Overall results were weaker than expected
• Food Delivery in line and quick commerce losses higher than expectation.

Macquarie on Swiggy

• Maintain Underperform with TP of Rs 230
• Q2FY27: Growth improves, losses widen
• Believe negative cash flow and high competition in quick commerce highlight Swiggy's economic challenges
• Believe growth continues to require pricing and network investment
• Intense competition constrains monetisation, extending the path to break-even

BofA on Swiggy

• Maintain Neutral; Cut TP to Rs 245 from Rs 275
• Weak Q2 print; losses expand; cutting numbers
• Soft quarter: quick commerce growth disappoints as losses widen
• Quick Commerce: Growth without accelerating store expansion
• Food Delivery: Core steady; Toing still an experiment.

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Citi on SRF

• Maintain Sell; Cut TP to Rs 2225 from Rs 2575
• Weaker Chemicals Margins
• Refrigerant Gas Pricing Tailwinds to Fade
• Domestic and China R32 prices have been broadly stable since Q1
• Near term pricing upside is unlikely
• Continued volatility in input costs should also keep agchem offtake/margins under pressure.

Jefferies on SRF

• Maintain Hold; Hike TP to Rs 2640 from Rs 2540
• Q2 Review: Agchem Challenge Continues; Interesting Strategic Pivot
• Guided for 20% revenue growth in Chemicals
• Margin pressures are likely to drag EBITDA due to weather-related events
• Announced a strategic pivot to high-growth industries like semiconductors, energy storage, etc.

Jefferies on Sagility

• Maintain Buy; Hike TP to Rs 59 from Rs 54
• Consistent earnings delivery | Attractive valuations
• Growth outlook remains strong, given healthy order bookings
• See growth in existing accounts and cross-sell synergies with Broadpath, Careseed, and Chirok
• Hike FY27-29 EPS estimates by 4-5% and expect 19% EPS CAGR over FY27-29

Kotak Securities on Cyient

• Maintain Add; Hike TP to Rs 1350 from Rs 1100
• Strong quarter lends credibility to turnaround
• Material beat on growth and margin estimates
• Strong 21% growth in order intake; EUR50 mn framework deal not part of intake
• Modest organic growth likely in FY2027E.

Jefferies on Havells India

• Maintain Hold; Cut TP to Rs 1220 from Rs 1240
• In-line, Yet Cost Headwinds Linger
• Revenue Led by Switchgears, Cables & Wires
• Evaluating +5-7% price hike in Q3
• Capex outlook retained - focus on R&D and C&W
• Est +15% PAT CAGR in FY27-29.

GS on Havells

• Maintain Buy; Cut TP to Rs 1225 from Rs 1400
• Strong revenue growth, but margin pressures continue
• Revenue growth driven by switchgear and cables & wires acceleration
• Lower earnings as margin recovery will be slower than earlier expected

Jefferies on HPCL

• Maintain Underperform; Cut TP to Rs 310 from Rs 345
• Q2 - Refining Led Beat; Sharp Losses in Q3
• Performance was better than expected for the second successive quarter
• With the Indian crude basket currently at US$117/bbl, marketing margins are deep in the red
• Lower FY27 PAT to factor in marketing losses and leave FY28 broadly unchanged
• HPCL trades at a premium to BPCL despite a lower full-cycle RoCE

Citi on Balkrishna Tyres

• Maintain Sell with TP of Rs 2150
• Pirelli deal is a testament to Balkrishna's quality and frugal manufacturing
• There is little advantage to the company beyond the off-take revenue
• Design and tech transfer are not included in the deal, at least in the first phase
• Uncertain about this new segment matching Balkrishna's existing high margins
• Higher capacity utilization should result in operating leverage benefits

Nomura on Balkrishna Tyres

• Maintain Neutral with TP of Rs 2410
• See limited financial benefits from this offtake near term
• See Rs 350 cr of revenue at full utilization (3% of FY29E revenues) and even lesser contribution at the EBITDA level due to the contract manufacturing arrangement
• Execution toward market share gain in the PC radial segment with BKT branded tyres will remain a key monitorable.

BofA on KEI Industries

• Maintain Buy with TP of Rs 6300
• Q2: Strong growth; margins towards lower end of guidance
• Growth intact; volumes to accelerate as copper stabilizes
• Margins: Sanand ramp-up key, but we remain conservative
• Multiple headwinds, but compounding story intact.

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GS on Jindal Stainless

• Maintain Buy with TP of Rs 1000
• Inline EBITDA; sales volume picks up QoQ
• Sales volume recovered sequentially following the operational disruptions in Q1FY27
• EBITDA/t declined QoQ, possibly due to a change in product series mix

GS on Colgate

• Maintain Sell; Cut TP to Rs 1800 from Rs 2050
• Q2FY27: EBITDA Margin below estimates
• Q2 growth in double digits, on a very weak base
• EBITDA margins decline, due to increased ad spends

Jefferies on Colgate

• Maintain Buy; Cut TP to Rs 2000 from Rs 2650
• Lacklustre Performance
• Reported double digit topline growth, partly due to GST transition base
• Brand investments continued to rise, with ad spends rising to 19% of revenue, a multi-qtr high
• While this reflects continued growth interventions, it weighed on EBITDA margins
• New CEO expects strong growth ahead, aided by a science-backed portfolio & continued investments.

Citi on Colgate

• Maintain Sell; Cut TP to Rs 1575 from Rs 2000
• Underlying Growth Remains Modest
• Reinvestment Weighs on Margins
• Continue to monitor whether increased investments translate into a sustained improvement in volume growth and category development

Jefferies on Adani Green

• Maintain Buy with TP of Rs 1695
• Q2 EBITDA rose 46% YoY driven by 33% YoY generation growth
• 620 MW was added in Sept Qtr and 1.5 GW in H1FY27 taking overall capacity to 20.8 GW
• See strong power demand and better utilisation triggers having potential to largely offset interest rate concerns
• Management maintained its 4.5-5 GW FY27E capacity addition guidance and also 50 GW 2030 overall capacity target

Jefferies on JSW Infra

• Maintain Buy; Hike TP to Rs 400 from Rs 395
• Decade of Double-Digit Growth Ahead
• JSW Infra targets 2.2x rise in its port capacity and 14x rise in Logistics EBITDA by FY30
• See 30%+ FY26-30E EBITDA CAGR
• Beyond FY30E too, expect 15%+ EBITDA CAGR to sustain
• JSW Steel's 46% domestic capacity rise target over FY30-32E
• See rise in capacity utilisation at new ports /terminals and government's port privatisation plans
• See logistics scale up, lending a multi-year earnings growth visibility

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