Stock Picks Today: TCS, M&M, L&T, Maruti Suzuki, IndiGo On Brokerages' Radar

Brokerages shared the latest views and insights on TCS, Mahindra & Mahindra, Larsen & Toubro, Maruti Suzuki, IndiGo and more on Friday.

They also offered their outlook on Mahindra & Mahindra Financial Services, on Urban Company as well as the steel sector.

Read on to know more:

• Maintain Buy with target price of Rs 4,500

• L&T sees clear opportunities in the Middle East across areas

• Sees potential in Europe as well and has recently announced a partnership for renewable projects integration

• Domestically, an improvement in private sector projects, now 30% of the domestic backlog, is aiding growth

• Execution should be seasonally strong in H2

• Announcement of the next five year strategy plan should keep sentiment positive

• Strategy plan to likely allay concerns on medium term growth prospects

• Maintain Buy with target price of Rs 345

• Unveiled a strategic pivot towards sustained profitable growth

• 18-20% AUM expansion, resilient 1.3-1.7% credit cost across cycles, and 2.2-2.5% RoA

• Aspires to expand its AUM to Rs 3 lakh crore by FY30 representing over 20% CAGR

• Maintain Buy with target price of Rs 1,625

• Firming up of datacenter development business is likely in early 2026

• Can provide a large recurring income/valuation upside over time

• Palava should see infra triggers in next few months, raising monetisation pace

• 20% Presales growth target for FY26 remains on track, as Mumbai launches revive

• Lodha set to capture the large residential opportunity

• Maintain Equal-weight with target price of Rs 450

• Sector could continue to see volume and revenue market share consolidation in favor of stronger players

• Pricing has remained largely stable, and yields have been steady on a like-for-like basis

• Expects to achieve 16–18% margins in express by Q4 and a similar range for PTL within the next two years

• Maintain Underweight with target price of Rs 119

• Reaffirmed adjusted EBITDA margin of 9–10% of Net Transaction Value for consumer service segment

• Expects sustainable growth in Native as it scales up along with continued product innovation

• InstaHelp scaled to 468K orders in October 2025 across select micro-markets

• Maintain Overweight with target price of Rs 2,842

• Growth will be partly supported by launch of the new Venue which has received a good initial feedback

• New plant ramp-up could drive an increase in staff costs, overheads, and depreciation, by 20-25%

• Maintain Overweight with target price of Rs 18,489

• Post-festive demand/booking trends is holding well

• Operating leverage and net pricing will be key drivers of margins in coming quarters

• Discounts peaked in Q2

• Continues to see a healthy growth rate in exportsMaintain Overweight with TP of Rs 811

  November trends appear strong

  Maintained double digit revenue growth target in the hotels segment in FY26

  Sees 12-15% YoY growth in RevPARs in these segments

• Maintain Overweight with target price of Rs 811

• November trends appear strong

• Maintained double digit revenue growth target in the hotels segment in FY26

• Sees 12-15% YoY growth in RevPARs in these segments

• Maintain Overweight with target price of Rs 562

• maintained its mid- to high-teens EBITDA growth target for FY26

• RevPAR outperformed luxury industry by 3x

• Guided for continued improvement in RevPARs

• Pure-play luxury positioning helps in maintaining price leadership

• Maintain Overweight with target price of Rs 6,698

• Reiterated high-teens growth in capacity for H2, driven by seasonally improving demand trends and visibility on market opportunities

• Expects ex fuel ex forex CASKs to grow in the low single digits

• Expects its passenger revenue per ASKM to remain flat YoY in Q3

• Maintain Overweight with target price of Rs 1,020

• Guided for 15-20% revenue CAGR over 3-5 years

• Guided for EBITDA margins of 28%-30% in the next three years

• Investing in new modalities including peptides, photo-flow chemistry, and bioconjugation

• Expects capex to be around Rs 700 crore for FY26, supporting future revenue growth

• Capacity expansion plans are on track to increase total installed capacity

• Aims to focus on asset productivity, margin expansion, and working capital optimisation

• Maintain Overweight with target price of Rs 8,813

• Four hospitals are expected to commission in FY26

• Expected EBITDA losses from new hospitals around Rs 150 crore in FY27

• For Apollo Healthco, the company expects 25–30% annual growth trajectory

• Acceleration in GMV expected from Q4 onwards, supported by diagnostics and insurance scaling

• Aims to achieve an annual revenue run-rate of Rs 25,000 crore for the combined pharmacy platform

• Confident of delivering a 7% EBITDA margin by FY27 for pharmacy platform

• Apollo is also working with Microsoft (for hospitals) and Google (for 24/7) to develop solutionsv

• Maintain Overweight with target price of Rs 1,900

• Five-year growth outlook of 18-20% CAGR

• EBITDA tripled over the past 7 years to FY25 and should replicate this over a shorter period now

• New projects generate 11-13% EBITDA yield in first three years and ROE can be even higher

Jefferies

• Maintain Hold; Hike target price to Rs 325 from Rs 310

• Targets broadly in line with goals indicated earlier

• See better sequential trends in H2, but still see ROA at 1.9-2% over FY26-28

Morgan Stanley

• Maintain Equal-weight with target price of Rs 300

• Gave its medium-term loan growth, credit cost and ROA targets

• Loan growth and ROA targets appear more like aspirations over the medium to long term

• Our FY26-28 estimates are significantly below this

• M&M Financial could be at the cusp of a turnaround

• ROA needs to improve materially, for which we see credit costs as the key vector

Jefferies

• Maintain Buy; Hike target price to Rs 4,500 from Rs 4,300

• Raised FY25-30 tractor industry growth outlook from 7% to 9% CAGR

• Also optimistic on a turnaround in LCV demand post the GST cut

• Reiterated its strong launch pipeline for SUVs across EVs and ICE, and is working towards expanding exports

• Efforts are also underway to unlock full potential in IT and financial services, and deliver high growth in new ventures

Morgan Stanley

• Maintain Overweight with target price of Rs 4,407

• 2025 investor day maintained focus on accelerating growth

• Ambitious organic growth targets of 15-40% across segments over FY26-30

• SUVs – 8x revenue growth target over FY20-30; implies 8-9% CAGR over FY26-30

• Sharp revenue growth could drive profit growth of 30x within the segment,  per mgmt.

• Farm business 3x revenue target over FY20-30; implies 8% FY26-30 CAGR

• Maintain Underperform with target price of Rs 1,270

• Gradual growth recovery; margin focus intact

• Highlighted focus areas for the next 18 months to drive growth and margins

• Reiterated its margin guidance of 15%

• Indicated that industry growth recovery is likely to be gradual in FY27

• Revenue targets a tad optimistic given demand outlook

Kotak Securities

• Maintain Neutral with target price of Rs 3,300

• TCS’s equity investment of $1 billion over the next few years for AI DC business

• Believe TCS’s ability to raise external funding for the data center business should allay investor concerns related to capital allocation policy

• Remain confident that the company can continue to return 80-100% of its free cash flow to shareholders

• Not overly concerned with dilution to return ratios

• The business can comfortably generate IRR above the cost of capital 

JPMorgan

• Maintain Overweight with target price of Rs 4,050

• TPG to invest up to $1 billion; Limits TCS’s equity outlay

• TCS sees synergies from global partnerships with Hyperscalers and AI firms

• Remain skeptical of synergies, but not limited direct investment

• Unlikely to materially impact its shareholder returns over the next 5-6 years

Morgan Stanley

• Maintain Overweight with target price of Rs 3,430

• Strategic equity investment of $1 billion by a private equity player should further validate the prospects of this business

• See potential for more announcements related to developments in this business, which should help to provide more clarity

• Investors would start warming up to the idea of looking at this business on a sum of the parts basis