Stock Picks Today: Tata Motors CV, Voltas, Swiggy, Vedanta And More On Brokerages' Radar

A host of global brokerages have shared fresh views on Tata Motors CV, Voltas, ITC, Swiggy, Vedanta, Dabur, Paytm and Colgate ahead of the upcoming session.

They have also offered broader commentary on the economic survey before Budget 2026, the hotel industry, oil prices, the energy sector and more.

Jefferies on Economic Survey

• FY26 survey highlights India's medium‑term GDP growth outlook to be 7-8%
• In the context of rising global uncertainties, it calls for prioritising indigenisation & strengthening mfg as a key for currency stability
• The survey hints at a support for India's debt markets including taxation measures & lowering Govt. ownership in the PSUs 

Citi on ITC

• Maintain Sell with target price of Rs 320
• Strong Q3 But Regulatory Challenges Remain A Concern
• Positive Read-Through For Britannia And Nestle India
• Cigarette: Strong growth trends; all eyes on eventual impact post tax increase
• Reported strong growth in other FMCG segment, particularly in categories benefiting from the GST rate rationalization

 Citi on Vedanta

• Maintain Buy; Hike target price to Rs 900 from Rs 585
• Q3 Slightly Ahead
• Sequential EBITDA increase is largely attributed to better commodity prices, volumes, and forex
• Demerger and listing expected by Q1

 Citi on Swiggy

• Maintain Buy; Cut target price to Rs 450 from Rs 485
• Going to march to its own tune now
• Quick Commerce contribution margin breakeven guidance reaffirmed
• Underlying quick commerce economics are improving

 Citi on Voltas

• Maintain Buy; Hike target price to Rs 1900 from Rs 1775
• Beat On UCP Growth And Margin
• Market Share To Recoup Near Term
• Expect FY27 demand trend to remain strong
• Jefferies on Syrma SGS
• Maintain Buy with TP of Rs 960
• Dec 25 Q: All-Round Beat; Key Pick in India
• Sales growth was broad-based
• Margin was healthy yet again
• Product mix transitioned from high-volume & low-margin Consumer to the higher margin Auto and Industrial segments

 Jefferies on Manappuram

• Maintain Hold with target price of Rs 285
• Dec Q Results: Profit Disappoints on Lower NIM, Higher Provision
• NIMs fell sharply again as it continues to drop yields to align it with peers
• Provision disappointed due to elevated stress in non-gold loan book
• New CEO is implementing several initiatives to strengthen the franchise
• Profit should stay under pressure near term despite gold price tailwind on lower NIMs, elevated credit costs

 Jefferies Greed & Fear – Chris Wood

• Weightings in Korea and Taiwan will be increased by two percentage points and one percentage point
• Weightings in India and China will be reduced by two percentage points and one percentage point
• What is really required for India to perform again in a relative sense is an unwind of the AI picks and shovels trade

 Jefferies on Dixon

• Maintain Hold; Cut target price to Rs 11350 from Rs 13070
• Operational Miss; Sales Growth Sharply Decelerates
• PAT was boosted by Rs 130 cr other income: MTM gain from an investment
• Regulatory approvals for JVs with Vivo and HKC (PN3) are awaited
• There is a sharp rise in DRAM contract prices for smartphones and PCs, which can impact mobile order book

 Jefferies on ITC

• Maintain Hold with target price of Rs 400
• All Eyes on Pricing Action
• Cigarette vol. growth continued to see strong momentum with 7% growth, better than many FMCG peers
• EBIT margins were down due to high cost tobacco
• FMCG performed well, with strong growth and EBIT
• ITC's pricing response a key watch, with an unprecedented required hike to offset the impact
• A staggered price hike is not ruled out, but expect ITC to play the portfolio

 Jefferies on Dabur

• Maintain Buy with target price of Rs 610
• Broadly inline Q3 results
• GST transition issues continued in Oct & Nov; however, Dec saw normalisation
• Mgmt highlighted early signs of demand recovery in 3Q, with expectations of gradual improvement through FY27
• Mgmt guided for high single digit to low double digit revenue growth in FY27
• BUY stays but lower in our preference

Citi on Colgate

• Maintain Sell; Cut target price to Rs 2000 from Rs 2100
• Potential Volume Recovery But Margins Under Pressure
• Operating environment remained competitive with no respite in terms of the high trade promotions across industry players
• Going ahead though, we expect volume trajectory to gradually improve
• Believe the key challenge now is in terms of the margin impact from the inverted duty structure 

Morgan Stanley on Paytm

• Maintain Equal-weight with target price of Rs 1175
• Q3 – Mixed Quarter
• Showed moderation in revenue growth and lower sequential contribution margins
• EBITDA, however, was strong thanks to cost control
• Contribution margin would be mid-50s in Q3 if no PIDF incentive 

Morgan Stanley on REC

• Maintain Overweight with target price of Rs 515
• Q3: Sharp moderation in loan growth; PAT in line
• NII miss of 7% was offset by lower operating costs and provisions
• AUM growth below estimate owing to decline in disbursements and sustained higher repayments

 Morgan Stanley on Swiggy

• Maintain Equal-weight; Cut target price to Rs 375 from Rs 414
• Focus on Quality and Unit Economics in Quick Commerce to Cloud Growth Outlook
• Steady execution in food delivery on growth and margins
• Making tough choice on trading off growth while maintaining guidance on CM break even
• Limited visibility on when competitive environment would ease keeps re-rating under check 

Morgan Stanley on Niva Bupa

• Maintain Equal-weight with target price of Rs 81
• Q3: Largely In Line
• IFRS PAT missed estimate by 2%
• Loss ratio in 9MFY26 rose YoY owing to change in mix
• It looks set to achieve EOM limit for FY26 by Q4
• The Q3 demand upturn, following exemption of GST rates, has been sustained in January 2026 

Morgan Stanley on ITC

• Maintain Equal-weight with target price of Rs 366
• Q3: Overall Beat
• Cigarette and FMCG showed sequential improvement in revenue and EBIT growth
• FMCG revenue growth improved to 11.1% vs. 6.9% in Q2

Morgan Stanley on Syrma SGS

• Maintain Equal-weight with target price of Rs 712
• Q3: Strong Margin Leads Beat
• Stronger growth in consumer and non-consumer revenue
• EBITDA margin led partly by better mix, higher exports 

Jefferies on Paytm

• Maintain Buy with target price of Rs 1450
• Q3: Healthy Growth & Earnings Tad Ahead of Estimates
• Revenue growth led by higher growth in financial services
• Lower indirect costs aided EBITDA and profit
• Clarity on plans to compensate for lower PIDF incentive will be key 

Jefferies on Swiggy

• Maintain Buy; Cut target price to Rs 440 from Rs 500
• Value or Value Trap?
• Food delivery was strong, but the rise in quick commerce loss disappointed
• Q/C subsidies failed to deliver, and mgmt accepts OPD is a 'vanity metric' and not worth chasing
• This pivot comes even as competition stays intense, implying a risk to market share
• Still like that mgmt has shown pragmatism, despite the cash pile post-QIP
• Unsure about the Q/C EBITDA breakeven timeline
• Sole reason for our Buy is the valuation discount vs our conviction pick, Eternal 

Jefferies on Voltas

• Maintain Buy with target price of Rs 1680
• Q3: Cooling Product Sales +9%YoY; But PAT Misses estimates
• Encouraging Corporate Commentary
• Sales Growth in UCP Segment
• Margin Expansion in EMP Segment

Macquarie on Dixon

• Maintain Outperform; Cut target price to Rs 15000 from Rs 18000
• Q3: Resetting estimates assuming VIVO delay
• Q3 results missed as increased memory prices caused lower mobile volumes, while the consumer durables segment was weak
• Expect FY27E to mark the trough, with revenue growth and margin expansion in FY28
• See higher-margin non-mobile and component sales scale in FY28
• Believe valuation already takes headwinds into account 

Morgan Stanley on Voltas

• Maintain Equal-weight with target price of Rs 1409
• Q3: Weaker UCP Margins Drive Miss
• EBITDA and adjusted PAT were a beat vs. consensus
• UCP margin at 3.8% affected by continued channel support and high competitive intensity

Kotak Securities on Tata Motors CV

• Maintain Add; Hike target price to Rs 485 from Rs 450
• Healthy near-term demand momentum
• Domestic CV's profitability was in line with expectations
• CV business momentum to sustain in the near term

JPMorgan on Tata Motors CV

• Maintain Overweight; Cut target price to Rs 510 from Rs 475
• Slight miss in 3Q, but volume momentum drives earnings upgrade
• Management expects growth momentum to persist; taking price hikes to offset commodity pressures
• Expect a modest India CV recovery after three years of no growth

Nomura on Tata Motors CV

• Maintain Buy; Cut target price to Rs 547 from Rs 552
• CV cycle turning up as fleet utilizations rise
• Q3 ASPs miss on adverse mix; price hikes should cover costs
• Strong growth outlook

HSBC on Oil Prices

• Brent nears $70/b; what the oil price is telling us
• US-Iran tensions push prices higher on fears of renewed confrontation
• Beyond geopolitical risk, physical outages affect the scale of oil market oversupply
• USD weakness also supports prices
• Brent forecast remains unchanged and above consensus at USD65/b for 2026 and beyond 

Morgan Stanley on India Energy

• Energy equities, their earnings and dividends have outperformed oil prices since Covid, including more recently
• Think higher gas average selling prices, better cost control, efficiency focus and improved capital allocation are key to outperformance
• Move Oil India and ONGC up our order of preference 

HSBC on Hotel Sector

• Check in and enjoy the view
• The industry is in a sweet spot
• Demand is strong, broad-based, and sustainable, while capacity is struggling to keep up
• Valuations remain undemanding despite intact fundamentals, strong balance sheets, and healthy margins
• Initiate coverage with Buy ratings on Chalet, ITC Hotels, Lemon Tree, Leela, and Samhi
• Maintain Buy on Indian Hotels
• Downgrade Ventive to Hold from Buy
• Chalet Hotels - Initiate Buy with target price of Rs 1144
• Indian Hotels – Maintain Buy; Cut target price to Rs 874 from Rs 964
• ITC Hotels - Initiate Buy with target price of Rs 226
• Leela - Initiate Buy with target price of Rs 568
• Lemon Tree - Initiate Buy with target price of Rs 179
• Samhi - Initiate Buy with target price of Rs 244
• Ventive – Downgrade to Hold from Buy; Cut target price to Rs 838 from Rs 854

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