Stock Picks Today: TCS, HAL, Airtel, Trent, Grasim, Lenskart, And More On Brokerages' Radar

Brokerages have highlighted investment opportunities across a wide range of sectors, including IT, telecom, defence, retail, cables and wires, eyewear solutions, cement, healthcare, and airport infrastructure. Their latest recommendations cover stocks such as TCS, HAL, Bharti Airtel, Trent, Grasim, Lenskart, Polycab, Apollo Hospitals, PI Industries, Astral, Bosch and GMR Airports, alongside sector-specific views on paints, banks, and financial services and outlook on CPI.

BofA on TCS

• Maintain Neutral with TP of Rs 2365
• Assessing implication of change to Tata Sons' Chair
• Involved on strategic oversight but we view organization restructuring unlikely till ‘28
• Chandra's familiarity with the company meant an involvement in company's strategic and leadership planning
• This included the company's planned pivot to AI-services announced last year
• There was also assistance with handling relations with key customers as well as business partners
• Risks could emanate in case of any organizational re-structuring
• The probability of which we see to be low for the next 12months, especially given the CEO's tenure is in effect till May 2028.

Kotak on Hindustan Aeronautics

• Maintain Add; Hike TP to Rs 5305 from Rs 4810
• Steady quarter; Tejas MK1A resolution remains key catalyst
• Q1FY27: Steady execution aided by better-than-expected margins
• Tejas MK1A approval and deliveries remain critical milestones
• Order pipeline remains robust with Rs 90000 cr near-term prospect pipeline. 

Citi on HAL

• Maintain Buy with TP of Rs 5550
• Margin expansion aided by operating leverage
• Growth outperformance has come even in the absence of Tejas LCA
• See clear scope for re-rating once LCA deliveries commence, which could lift a long standing overhang
• Next 2 years' order pipeline being led by platforms where execution can be faster.

JPMorgan on HAL

• Maintain Overweight; Hike TP to Rs 5733 from Rs 5145
• Healthy P&L in Q1 increases confidence in FY27E guidance
• LCA Mk1A – Delivery is key to watch
• FY27 Guidance: Double-digit growth targeted, manufacturing to lead
• HAL's valuation is cheap especially in the context of the large order book and high RoCEs/RoEs.

Nomura on HAL

• Maintain Buy; Hike TP to Rs 6314 from Rs 6040
• Beats estimates on all fronts in Q1FY27
• Visibility remains healthy, led by manufacturing book/bill of 25x
• Estimate FY26-29F EPS CAGR of 19%
• Execution visibility remains healthy.

MS on Airtel

• Maintain Overweight with TP of Rs 2442
• Focus on Monetization: Removal of Entry-level Plan Among Other Tweaks
• Nudging subscribers toward higher-value or higher data packs
• These changes could potentially drive improvement of Rs 8-12 in ARPU (on a gross basis). 

Citi on Airtel

• Maintain Buy with TP of Rs 2230
• Premiumisation continues through plan rationalisation
• Latest action is consistent with mgmt's stated strategy of driving ARPU growth through premiumisation
• Estimate this could potentially benefit ARPU by Rs 4/mth (EPS benefit of 2%)

HSBC on Airtel

• Maintain Buy with TP of Rs 2500
• Initiatives to increase mobile ARPU
• Think the strategic move is in line with company's effort to drive premiumisation, conduct tariff repair, and strengthen mobile ARPU.

Macquarie on Trent

• Maintain Outperform with TP of Rs 3600
• In our recent meeting, management shared that
• 1) like-for-like growth will face pressure until the share of smaller-town store additions stabilises;
• 2) slower like-for-like growth may not materially impact the margin profile as costs are lower in small towns;
• 3) reiterating its target of 200-250 annual store additions; and
• 4) multiple margin levers make it confident of managing near-term input cost pressures
• Like management's focus on balancing profitability and growth and the healthy demand outlook. 

GS on Trent

• Maintain Neutral; Cut TP to Rs 2960 from Rs 3000
• LFL growth may remain muted, by design
• 80% of new stores being added in tier 2/3 cities, which typically have lower sales throughput
• Believe sales growth could miss consensus estimates in FY27
• RM inflation pressure expected in Q2/Q3, company will try to mitigate through mix.

Citi on Astral

• Maintain Buy with TP of Rs 1900
• Outperformance on Volumes in a Challenging Quarter
• Plumbing volumes were impacted by volatility in PVC prices in Q1
• They have sharply recovered in July
• See double-digit volume growth in the first 4.5 months of FY27
• Mgmt remains confident of achieving their guidance for 10-15% volume growth
• An additional 10% value growth from the plumbing segment in FY27
• CPVC backward integration project remains on track for Q4FY27
• This should support margin expansion and market share gains in FY28.

UBS on Astral

• Maintain Buy with TP of Rs 1950
• Continues to gain market share
• Outperforms peers despite flat volumes; Q2 trends encouraging
• Believe Astral's decentralized manufacturing strategy and favourable PVC prices to aid in market share gain and superior profitability. 

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Jefferies on Lenskart

• Maintain Buy; Hike TP to Rs 680 from Rs 600
• Authenticity Matters More Than Legacy
• Q1 continues to build the story, with strong growth & sharp margin expansion
• Market creation remains a top priority, with supply, rather than demand, being a key constraint in India
• Company now plays at the bottom end with a fully loaded Rs 500 product, while a clear premiumization trend is visible
• Margin improvement in international should put a key investor concern to rest
• Meller could be the Ray-Ban of future!

Macquarie on Lenskart

• Maintain Outperform; Hike TP to Rs 675 from Rs 625
• Q1: India in line, international beat
• In-line India performance supplemented by stronger international margin expansion
• Like strong volume growth, ongoing premiumisation (lenses/frames), attractive Rs 500 entry-level offering, and potential for 10k+ stores in India
• Stronger international margins drive a 4% EPS upgrade and 8% TP increase.

MS on Lenskart

• Maintain Overweight with TP of Rs 666
• Q1 beat: another quarter of strong performance
• Beat driven more by international business
• Management positive on the growth opportunity and business model strengths in India and the International markets
• Strong performance, optimistic management commentary, and rise in earnings estimates augur well for continued stock outperformance.

Citi on Lenskart

• Maintain Neutral; Hike TP to Rs 650 from Rs 600
• Execution Strong, Expectations Stronger
• Expect growth momentum to remain strong
• Lenskart continues to straddle across price points to accelerate store expansion, customer acquisition and conversion
• Will watch for growth momentum in H2 given the high base
• Lenskart execution remains strong on all parameters
• Believe current valuations are already pricing in the growth and margin improvement trajectory,

GS on Lenskart

• Maintain Buy; Hike TP to Rs 715 from Rs 625
• Q1FY27: Growth and margin flywheel continues to deliver;
• International — large margin expansion as SSSG stays elevated
• India business — volume led revenue growth, operating leverage led margin expansion
• Premiumisation a new growth vector.

Jefferies on PI Industries

• Maintain Buy; Cut TP to Rs 2910 from Rs 3575
• Weakness continues
• CSM volume declines, domestic volume rises:
• Biologicals register strong growth
• No visible recovery in pharma fortunes
• Working capital contracts, net cash increases

MS on Polycab

• Maintain Overweight; Hike TP to Rs 10545 from Rs 8707
• Good earnings growth
• Domestic cable & wires (C&W) volume to improve over FY27-28
• Polycab has the strongest C&W franchise in India
• Expect an improving trend in C&W domestic volumes and exports
• FMEG business has started to fire on all cylinders and will need monitoring
• Overall, forecast 20% earnings CAGR in FY26-29.

MS on Paint Sector

• Increased competitive intensity across players continues
• Opus clearly highlighting the focus on Rs 10000 cr revenue target by FY28 and 50%+ growth for FY27
• Birla Opus posted revenue at Rs 1660 cr a 64% YoY, 17% QoQ revenue growth vs 16% QoQ standalone revenue growth for Asian Paints
• Opus gained 30 bps market share sequentially and including putty, their market share is nearing early-teens
• Dulux too re-emphasized the ambition of gaining the no.3 spot and no.1 spot in terms of market share in the decorative and industrial space respectively.

Macquarie on Paints

• Read-through from Grasim's Q1 call
• Part of price hike benefits to flow into Q2 sales
• Share of premium and luxury products steady at 65%
• Prefer Asian Paints in the sector.

Citi on Grasim

• Maintain Buy; Hike TP to Rs 3850 from Rs 3600
• Q1 Ahead; Q2 Likely to Weaken
• Paints Market Share Focus
• Limited Funding for AB Renewables
• Chemicals: Middle East crisis - uncertainty around profitability.

MS on Grasim

• Maintain Overweight; Hike TP to Rs 4000 from Rs 3900
• Strong Quarter
• EBITDA beat was led by chemicals and paints
• Birla Pivot and paints continue to ramp up quickly
• With continued execution, see a case for re-rating over the next 12 months and compounding over the medium term
• Grasim remains Top Pick.

Jefferies on Grasim

• Maintain Buy; Hike TP to Rs 3910 from Rs 3600
• Standalone Business Momentum Accelerates
• Sharp Q1 beat, with all segments outperforming.
• VSF & Chemicals rebounded on pricing tailwinds, while new biz continue to scale
• Paints guiding for 50% YoY growth in FY27 & FY28 targets intact
• B2B e-commerce is set to turn profitable by FY27-end
• Believe a stronger standalone profile will narrow Grasim's holdco discount
• Reiterate Top Pick. 

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BofA on CPI

• July headline CPI steady at 4.5% yoy
• CPI details: Food holding up CPI inf.; core sticky at 3.9%
• Rainfall momentum holds into H2 of SW monsoon season
• RBI delivered a dovish hold; Growth-Inflation est. Revised

MS on Apollo Hospital

• Maintain Overweight with TP of Rs 9397
• Strong Hospital Growth, Digital Nears Breakeven
• Strong Q1 execution across hospitals, pharmacy and diagnostics
• Apollo continues to balance growth and profitability, with strong hospital performance and improving digital economics

Macquarie on Apollo Hospital

• Maintain Underperform with TP of Rs 6230
• Q1 – all round beat
• Operational beat driven by revenue.

Citi on Apollo Hospital

• Maintain Buy with TP of Rs 10770
• Q1: Strong Execution Across Businesses, Hospitals EBITDA up 25% like for like
• Despite the expansions, ROCE continues to remain strong at 28.5%
• Company announced four new hospitals and now targets >5,800 beds addition over the next five years
• Provides strong visibility on medium-term earnings growth
• Apollo remains top India hospitals pick

MS on Financial

• RBI's draft guidelines on interest rates on loans and advances
• Think that PSU banks have a much higher proportion of MCLR based loans, relative to private banks
• PSU Banks would need to rejig their pricing models
• Given the significant transition time, see the impact on financials as contained and gradual, if any

Macquarie on GMR Airports

• Maintain Outperform with TP of Rs 125
• Temporary traffic headwinds, structural story intact
• Continue to see value creation shifting beyond traffic growth
• Toward higher aero yields, non-aero monetisation and airport adjacencies
• Near term focus remains on Hyderabad traffic recovery, Bhogapuram ramp-up, Nagpur integration and progress on real estate monetization. 

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Jefferies on Banks

• RBI Proposes Draft Norms to Harmonize Interest Rate Policy Across Lenders
• Requires lending rates to be set per transparent structure linked to benchmark & a positive spread
• PLR and spread components can be set per internal policies
• Benchmark reset frequency cap at 3 months for floating rate loans can improve transmission
• Restricting repricing of spread components may reduce pricing flexibility
• NBFCs are not required to move to EBLR framework like banks.

Citi on Banks

• New Interest Rate Directions Aimed At Transparency, Standardization, Borrower Protection
• Impact Manageable
• APR ceiling will cap yields for lenders reliant on high-yield small-ticket lending.
• Complexity and near-term compliance costs will be non-trivial
• Transition deadline of Apr'29 provides adequate runway. 

UBS on Bosch

• Maintain Buy; Hike TP to Rs 54050 from Rs 45530
• Q1FY27: Legacy business fuels beat-and-raise outcome
• Strong quarter; legacy business steps up on growth and margins
• Strong revenue growth; other expenses and staff costs aid margins.

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