Stock Picks Today: Titan, HAL, ICICI Bank, Aegis Logistics, APL Apollo Tubes On Brokerages' Radar
Titan Company Ltd., Hindustan Aeronautical Ltd., ICICI Bank Ltd., Aegis Logistics Ltd., and APL Apollo Tubes 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:
On Titan
Nomura
Initiate buy with target price of Rs 4,275
Demand to remain steady; staple in the discretionary category
Organised players to continue to grow 1.5x faster than industry at mid-teens+
Headwinds largely behind; sales growth and margins reset to new normal levels
Q2 likely to be weak but provides good entry point; we expect a recovery from H2
Strong structural story intact; better placed vs domestic peers on a risk-weighted basis
On ICICI Bank
Citi
Maintain buy with target price of Rs 1,700
Profitable growth focus aligns advances growth to industry average
HL/PL disbursements reviving a tad; SME to sustain traction, though will moderate from 30% levels
Yield repricing is partially offset by SA/TD rate cuts, LDR expansion, bulk/wholesale deposit run-downs, and the absence of seasonal KCC slippage drag
Estimate core NIM contraction in mid-single digit
Asset quality remains stable across secured/unsecured retail and business banking
Opex growth will be influenced by festive spending and PSLCs
Disciplined deposit strategy focuses on retiring bulk deposits and enhancing average CASA mix
India Strategy
HSBC's Prerna Garg
Lower valuations, a slow recovery in earnings, and low foreign fund positioning make us positive on the market
After an absence of 12 months, we think conditions are right for foreign funds to start to return
Recent demand-side measures are positive for the consumer sector
Auto sales are also set to benefit and consumer staples should see a margin recovery next year
In financials, prefer large banks, diversified financials and multi-line non-life insurers
Outlook for tech services has improved after a material re-rating; expect demand to pick-up next year
US tariffs are an overhang for pharma, but risks are low given US dependency on Indian generics
Telecoms and hospitals are structural demand plays
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On HAL
Nomura
Maintain Buy with target price of Rs 6,100
Robust order book bolstered even further
Estimate order book to amount to Rs 2.45 lakh crore by the end of Q2
Commencement of the supply of engines by GE is a significant positive
Delivery of LCA Mk1A aircraft should start getting streamlined going forward
On APL Apollo
UBS
Maintain buy with target price of Rs 2,000
APL's strategy of launching 'SG Premium', a brand to take competition head on, is a step in the right direction
Narrowing price gap versus peers while leveraging its deep connects with the dealer network can impact peers offtake
This strategy can help to keep not only competitive intensity in check but also impact expansion plans of peers
For Q2, build in 12% YoY growth in volume; on profitability, can positively surprise with a 8-10% beat
On Aegis Logistics
JPMorgan
Maintain overweight with target price of Rs 895
LPG imports rising swiftly
GAIL’s pipeline capacity expansion news is a positive
Oil/gas logistics story is underappreciated
On Godrej Consumer
JPMorgan
Maintain overweight with target price of Rs 1,365
GST-led trade disruption may weigh on Q2, full-year revenue outlook maintained
Rising palm oil prices pose a risk to the pace of margin recovery in H2
Indonesia - macro headwinds cause near-term uncertainty
Capital allocation will remain a priority for India
On Jubilant Food
JP Morgan
Maintain neutral with target price of Rs 745
Revenue growth stays prioritised
But balancing it with improving margin ahead
Doubling down on technology/digital capabilities
Popeyes – Ready for a faster scale-up
On Accenture Results Impact On Indian IT
Macquarie
Accenture's best performing vertical was Financial Services which grew12% YoY in Q4FY25 in constant currency (CC) terms
India IT Services firms have a higher exposure to Financial Services with TCS having the highest among large caps
Bookings for Accenture showing Managed Services doing better than Consulting
Think it indicates that clients are still focused on cost takeout projects
TCS is a Macquarie Marquee Buy Idea
Expect significant margin expansion and a growth pickup over FY27E to help drive a rerating
Citi
Financial services grew 12% YoY cc – Indian IT companies have the bulk of their exposure in these areas
Gen AI pricing likely to be accretive to overall Accenture’s average – commentary from Indian IT to be watched out for
Despite underperformance, remain cautious on IT sector given AI disruption, GCC trend, increased competitive intensity & now the US regulatory backdrop
Expect FY26E to be the third consecutive low growth year for the industry
Jefferies
Muted growth guidance to weigh on Indian IT
Accenture’s organic revenue growth guidance in FY26 suggests steady to moderating revenue growth outlook for the next FY
Muted growth guidance despite pick up in GenAI projects suggest that these projects are not driving an increase in IT services budgets
This poses downside risks to consensus expectations of acceleration in growth in FY27 for Indian IT firms and may limit PE expansion
Maintain selective stance
Nomura
Accenture FY26 revenue growth guidance includes negative 1-1.5% impact from US federal business
Unlike Accenture, Indian IT companies do not have any exposure to US federal government contracts
Revenue growth momentum continues to be strong in Financial Services
There has been no noticeable change in the macroeconomic environment
Gen AI opportunities continue to mature gradually
GenAI bookings for India IT companies rose from $3bn in FY24 to $5.9bn in FY25
A sharp growth revival hinges on macroeconomic improvement particularly in the US
Investec
Accenture print suggests nothing negative for Indian IT
Results and commentary only highlight an acceleration in demand versus the prior year
Lower end of the guidance assumes a deterioration in discretionary spends while the upper end assumes no change
Goldman Sachs
Accenture’s results indicate discretionary demand environment unchanged expectation
For India IT, revenue growth expectation for 12m ending Sep ‘26 at 3.6% is not meaningfully different vs Accenture’s FY26 guidance
FY27 full year revenue growth estimate of 6.1% YoY could be at risk if there is no discretionary demand improvement
Accenture’s top end of its FY26 guidance assumes no change in discretionary demand environment
Improved momentum in bookings; Generative AI not deflationary
Decelerating growth in Americas but financial services vertical strong
