Stock Picks Today: TBO Tek, Eternal, Swiggy, Varun Beverages, Reliance, On Brokerages' Radar

Samvardhana Motherson International Ltd., TBO Tek Ltd., Eternal Ltd., Swiggy Ltd., Affle Ltd., Varun Beverages Ltd., Ceat Ltd., Reliance Industries Ltd., and Angel One Ltd. are among the companies garnering brokerage commentary today.

Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms. Here are the key analyst calls to watch out for today:

Jefferies

• Maintain Buy with target price of Rs 110.

• More than the absolute number, its huge growth appetite stands out.

• Strategic pivot from autos to broader manufacturing ambition spanning sectors like electronics and aerospace.

• Likes Samvardhana Motherson's strong manufacturing capabilities and its expanding addressable market.

• Expanding in autos in Japan.

Investec

• Maintain Hold with target price of Rs 95.

• Optimism is evident in its intention to scale up the consumer electronics business.

• Also hinted at the possibility of value unlocking through a separate listing of the new business as it scales.

• Execution track record, expanding competencies, and strengthening ties to OEMs remain notable positives.

• Retains recommendation given concerns on global macro, moderate ROCE of ~10%, and valuation of ~18x FY27E EPS.

Morgan Stanley

• Maintain Overweight with target price of Rs 118.

• Gradatim Ferociter: Step by step.

• Reputation for on-time and quality delivery is now bringing in customers from non-auto sectors.

• Likes the approach of building customer trust, expanding step by step, and keeping a sharp focus on ROCE.

• Maintain Buy; Hike target price to Rs 1,800 from Rs 1,625.

• A 'Classic' opportunity for strong roll up.

• Announced acquisition of Classic Vacations, a premium US-based luxury travel wholesaler.

• First material acquisition after Jumbonline (in Europe) in 2023.

• In line with roll-up strategy of incubating new source markets.

• Deal strengthens TBO's presence in the premium outbound market, especially in North America.

• Raise EPS by ~2-6% for FY25-28.

• Maintain Buy; Hike target price to Rs 370 from Rs 300.

• Food Delivery on a steady growth path and improving profitability.

• Quick commerce contribution margin bottoming out.

• QC inventory-led model to aid margin expansion.

• Maintaining growth leadership in FD & QC.

• Initiate Buy with target price of Rs 550.

• Cash balances are enough to weather competition in the near term.

• Food Delivery business is on a steady profitability path and is a key cash generator.

• Quick commerce challenger position remains but profitability is likely to improve.

• Well-funded for scaling QC further; the risk of dilution is low.

• Expect 20% CAGR in GOV for Swiggy’s FD business for FY25-27.

• See 120 bps improvement in adjusted Ebitda margin over FY25-27.

• Initiate Buy with target price of Rs 2,280.

• A key beneficiary of ad spend digitalisation.

• Full stack adtech platform with structural moats.

• Believes Affle could sustain 20% revenue CAGR, supported by rising CPCU realisations, international expansion, and scaling of new verticals such as CTV.

• Estimates Ebitda margins to be resilient in the 22–24% range.

• Conversely, downside is limited by its strong operating cash flows, providing a balanced risk-reward profile.

• Maintain High Conviction Outperform with target price of Rs 774.

• GST: Limited gain but no loss.

• Indirect tax incidence on carbonated beverages remains the same.

• Maintain Buy with target price of Rs 4,037.

• Camso benefits to be visible by FY27-28.

• Focus on integration challenges in the near term; long-term potential intact.

• Integration challenges likely to keep the near-term outlook subdued.

• Full benefits to be visible from FY27-28.

• Maintain Overweight with target price of Rs 1,701.

• RIL remains highly debated across verticals.

• Near-term risks keep bears worried, while the longer-term story keeps bulls in play.

• Recent bullish views got pushback from bears and bulls alike.

• Initiate Buy with target price of Rs 2,700.

• Over 32 million client base makes it a value play on India’s aspiring middle class.

• Willingness and ability to capitalize on adjacencies.

• Strong operating leverage of the platform business.

• Agile business machinery with a strong promoter provides comfort.

• Regulatory oversight has made the markets attractive for retail investors.