Stock Picks Today: Tata Motors CV, Zomato, WeWork, Max Health, JSW Steel On Brokerages' Radar

Brokerages shared the latest views and insights on Tata Motors CV, Zomato-parent Eternal, WeWork India, Max Healthcare, JSW Steel and more on Tuesday.

They also offered their outlook on India strategy, on the chemical space as well as the steel sector.

Read on to know more:

• Maintain Buy; Hike target price to Rs 650 from Rs 580

Hosted Anand Shankar Roy, MD & CEO. Key takeaways:

• Strong uptick in new business in Oct 2025 (60%+ YoY) post GST cuts

• Remains confident of delivering 25-30% YoY in fresh retail health on steady-state basis

• Upbeat on sustained improvement in net incurred claims ratio

• Channel diversification strategies to be accentuated by forging new tie-ups and scaling up agency

• Long term retail health policies remain a key focus area, due to economic viability, even as it drags IGAAP profitability

• Product innovation to gain pace with OPD based products becoming a crucial focal point post GST rate cuts

• FY27 likely to see emergence of a new ‘digital SBU’ withing the company

• Retained guidance of delivering Rs 2,500 crore PAT by FY28E even as unwind of the group business can pose marginal headwinds

• Maintain Overweight; Hike target price to Rs 427 from Rs 420

• Like Eternal's strategy of doubling down on customer market share as wallet share expansion can follow later

• Assume stress case of higher aggression could mean push out of profitability but this is not a game changer

• Assuming stress case scenario, we see the stock bottoming at Rs280-285

• Across coverage believe Eternal has the best risk reward

• Would use current weakness to accumulate the stock

• Maintain Buy; Cut target price to Rs 1,400 from Rs 1,500

• CGHS revision to add Rs 200 crore, insurance impasse resolved

• New asset addition and expansion spree continues

• FY26 bed addition largely on-track

• Newly acquired units performing well

• Max Health stays Top Pick

• Maintain sell with target price of Rs 315

• Q2 below estimates due to channel inventory correction and under-recovery of fixed costs

• In the lead acid business, the company continues to lose share, which remains a concern

• Company is well-positioned to benefit from growing demand for LiB

• Expect the profitability and return ratios to be under pressure

• Safeguard duty: Policy shift or policy delay?

• Temporary safeguard duty expiry caps near-term upside

• Recent firming of coking coal prices, implies that there is margin risk in the near term, which could also cap stock performance

• Believe this is policy delay, not policy shift

• Structurally, believe domestic prices will be at a premium to import parity given robust demand and high capacity utilisation

• Steel stocks could remain range-bound in the near term given Q3FY26 margin weakness

• Believe this will be an opportunity to add - JSW Steel remains top pick

• Remain bullish on the sector

• Tata Steel – Maintain Outperform with target price of Rs 207

• JSW Steel – Maintain Outperform with target price of Rs 1355

• Jindal Steel – Maintain Outperform with target price of Rs 1206

• Agro-chem innovators are projecting flat revenues in CY25

• Crop prices are firming up and inventory destocking is behind pointing to a healthier CY26

• Chinese agro-chem exports remain elevated

• India’s HFC exports surged in the first half of the financial year with volume and price rising

• Navin Fluorine’s long term contracts provide strong visibility on 44% EPS CAGR over FY25-28

• SRF's valuation is extended with limited visibility on specialty chemical growth

• PI's growth recovery is delayed to the final quarter of the fiscal

• Q2 Earnings Dissector - Materials, Energy and Mid-Caps lead the charge

• Witnessed better-than-expected quarter

• High single-digit earnings growth amid global headwinds and improving domestic macro-economic conditions

• Anticipate accelerated double digit growth in H2FY26 and FY27

• See a confluence of factors like benign inflation boosting household purchasing power, another strong monsoon, direct tax cuts in the Budget, GST cuts, and monetary and regulatory easing

• Reiterate preference for domestics over exporters

• Like Materials, Financials, Consumer, Hospitals, Real Estate, Defense and Power

• Tata Motors CV – Initiate Buy with target price of Rs 380

• Ashok Leyland – Maintain Hold; Hike target price to Rs 160 from Rs 145

• Steady profitability due to stable demand environment

• Discounting discipline provides earnings visibility

• CV industry’s growth, margin profile and ROCE are similar to those of the PV industry now

• Tata Motors CV commands premium pricing with pricing discipline in the MHCV industry

• With greater management focus post the demerger, operating efficiencies should improveCiti India Strategy - Surendra Goyal

• Q2 slightly ahead and revisions trajectory stabilising; sustenance key

• Consensus forward EPS estimates are flattish since the start of Q2 – better than recent trends

• Financials, healthcare did better while utilities and industrials were a bit worse than expectations

• Festive season demand saw an uptick but remains to be seen if the momentum sustains

• Update on US-India trade deal and confidence on return to double digit earnings trajectory in FY27 remain key

• Relative valuations look reasonable, September 2026 Nifty target is 27,600

• September quarter earnings showed a sequential uptick in growth after four quarters of decline

• Early festive season driving revenue growth to a 10-quarter high

• Sequential improvements in growth were seen in most sectors

• Lending financials also recovering from two quarters of earnings decline

• Sustainability of the GST-driven consumption uptick is key for stronger earnings trajectory

• MSCI India earnings growth for FY26 at 10% now

• See Indian equities regaining their mojo in 2026

• Long-term story is gaining strength with government policy action – cyclical recovery is backed by policy pivot

• Most risks to our views come from outside India

• 2026 is likely to be a macro trade in stocks, a transition from the stock-picking environment of 2025

• Expect a strong bounce in Indian stocks in the next 12 months

• 13% upside in BSE Sensex through December 2026

• Domestic cyclicals > defensives and external-facing sectors

• Overweight Financials, Consumer Discretionary, and Industrials

• Underweight Energy, Materials, Utilities, and Healthcare

• Initiate Buy with target price of Rs 790

• Leading the flex space revolution

• At 17% CAGR, flexible workspace stock is growing at 2x the pace of office stock

• See room for further penetration

• WeWork's premium positioning helps command higher avg. revenue per member & margins

• Well funded for expansion