Stock Picks Today: Tech Mahindra, L&T, Indian Hotels, Bharti Hexacom And More On Brokerages' Radar

A host of global brokerages have rolled out fresh views on Tech Mahindra, Max Healthcare, Larsen & Toubro, Indian Hotels, Bharti Hexacom and several other companies, as analysts factor in macro uncertainty, sector-specific demand trends and the impact of geopolitical disruptions.

Citi on Tech Mahindra

• Maintain Sell with TP of Rs 1,260
• Management focused on delivering better-than-industry growth and 15% EBIT margin by FY27
• Macro uncertainty and AI-led trends remain key near- to medium-term monitorables
• Execution has improved in recent quarters
• Valuations at ~18x FY27E EPS seen at a premium to most large-cap peers
• Sustained outperformance hinges on delivering stronger-than-industry growth

Jefferies on Max Healthcare

• Maintain Buy with TP of Rs 1,320
• One-off issues impacting December quarter now resolved
• Expansion plans largely on track
• Not concerned about capacity addition in Delhi-NCR, citing significant under-penetration
• Open to acquisitions to expand footprint in existing and new markets

Nuvama on PG Electroplast

• Maintain Buy; Cut TP to Rs 780 from Rs 800
• LPG supply disruption at Supa facility likely to impact Q4 performance
• Q1 could partially offset the weakness
• Company planning to shift to oxy-acetylene as LPG substitute, subject to customer approval
• Demand environment remains healthy
• Capex plans and new product pipeline on track

Goldman Sachs on L&T

• Maintain Buy; Cut TP to Rs 4,420 from Rs 4,950
• Near-term uncertainty factored into estimates
• Expect some revenue and margin impact in the short term
• Medium-term growth thesis remains intact
• Project execution may see delays for a few quarters due to ongoing geopolitical situation

Nomura on Indian Hotels

• Maintain Buy; Cut TP to Rs 800 from Rs 830
• Limited impact expected on Q4 performance due to geopolitical tensions
• Forecast 13–14% EBITDA CAGR over FY26–FY28
• Valuations remain attractive

Jefferies on HDB Financial

• Maintain Buy; Cut TP to Rs 900 from Rs 920
• Growth expected to improve gradually
• Strong demand trends in Q4; AUM growth seen at 16–18% in FY27E
• NIMs likely to remain stable despite marginal rise in cost of funds
• Collections improving; credit cost expected to fall to ~2.4% in near term
• Management expects RoA to improve to 2.5% by FY28
• Valuations attractive after recent correction
• Growth acceleration and lower credit costs key triggers for re-rating

Jefferies on Bharti Hexacom

• Maintain Buy; Cut TP to Rs 1,880 from Rs 2,110
• Attractive risk-reward profile
• Stock corrected on concerns around delay in tariff hikes
• Cut revenue and EBITDA estimates by 7–11%
• Now factoring a single tariff hike of ~15% in December 2026 over FY26–FY28
• Inflationary pressures may delay tariff increases
• Sees ~60% upside in best-case scenario and ~15% downside in worst case

JPMorgan on Oil & Gas

• Sharp volatility in crude and commodity shortages could drive near-term earnings swings
• Difficult to take strong directional calls in the short term
• Oil prices for FY27 likely to be higher than earlier estimates across most geopolitical scenarios
• OMC stocks may rebound on ceasefire announcements
• Higher oil prices could lead to positive earnings revisions for ONGC, GAIL and Reliance over the medium term
• GAIL has underperformed since the start of the conflict, while ONGC and Reliance have outperformed

Jefferies on Chemicals

• India's dependence on Middle East feedstock disrupting supply chains
• Fertiliser segment most impacted, followed by paints and adhesives
• Crop protection companies could face impact from delayed kharif sowing
• Export margins may be protected through cost pass-through
• March quarter may see inventory gains, but operating rate cuts and margin pressures likely from April onward

Goldman Sachs on Dr Lal PathLabs

• Maintain Sell with TP of Rs 1,325
• Management confident of sustaining 11–12% organic revenue growth
• Margins to remain capped at 27–28% as incremental profitability is reinvested into growth
• Bundled diagnostic packages could contribute up to 50% of revenue over time

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