Stock Picks Today: Titan, SBI, Swiggy, Hyundai, Lupin And More On Brokerages' Radar

Brokerages rolled out fresh calls on Titan Company, State Bank of India, Swiggy, Hyundai Motor India, and Lupin, while also flagging trends across FMCG, autos, banking, diagnostics and quick commerce.

HSBC on Titan

• Retain Buy; Hike TP to Rs 4,930 from Rs 4,510
• Strong Q4 led by jewellery business despite rising gold prices
• Headline revenue beat aided by higher bullion sales
• FY27-28 EPS estimates raised by 3-5%
• Company expects H1FY27 growth above 30%
• H2FY27 growth may moderate due to high base and gold price uncertainty

JPMorgan on Titan

• Upgrade to Overweight from Neutral; Hike TP to Rs 5,400 from Rs 4,700
• Strong FY26 exit with broad-based Q4 growth
• Jewellery business continues benefiting from structural tailwinds
• Buyer growth recovery and wedding demand remain strong
• Management targeting 15-20% medium-term growth
• Domestic jewellery margins expected to sustain around 11%
• Valuation seen attractive versus DMart, Trent and Nykaa

JPMorgan on Dabur

• Retain Neutral; Hike TP to Rs 525 from Rs 470
• Q4 revenue slightly above estimates; EBITDA in line
• Management guides low double-digit revenue growth for FY27
• Margins expected to remain stable to improving
• EPS estimates raised for FY27-28
• Valuations now seen supportive

Macquarie on Avalon Technologies

• Maintain Outperform; Hike TP to Rs 1,350 from Rs 1,130
• Q4 revenue and PAT beat estimates
• EBITDA margin at 11.8%, below estimates
• Growth led by clean energy, industrials and mobility
• FY27 guidance of 24-27% growth seen conservative
• Earlier FY26 guidance of 20% translated into 46% growth

Macquarie on Bank of Baroda

• Maintain Neutral with TP of Rs 280
• PAT beat estimates due to lower operating costs
• NIM supported by tax refund benefit
• Non-interest income missed due to MTM losses
• FY27 NIM guidance at 2.75-2.95%
• Deposit cost pressures remain a concern

UBS on Bank of Baroda

• Maintain Buy with TP of Rs 350
• PAT beat driven by non-core items
• Loan growth strong at 16.2% YoY
• FY27 loan growth guidance at 12-14%
• No impact from Middle East tensions seen on asset quality

Macquarie on Escorts Kubota

• Maintain Outperform with TP of Rs 3,777
• Q1FY27 demand expected to remain strong on low base
• Q4 EBITDA missed estimates by 3%
• Farm segment margins remained flat YoY
• Input cost inflation remains a margin risk
• Expansion plans remain on track

Macquarie on Hyundai Motor India

• Maintain Outperform with TP of Rs 2,235
• Muted quarter; new launches expected to drive growth
• EBITDA margin at 10.4%
• FY27 margin guidance at 11-14%
• Management guiding 8-10% domestic growth
• Two launches planned in FY27 including EV SUV and ICE SUV

Nomura on Hyundai Motor India

• Maintain Buy; Cut TP to Rs 2,407
• Revenue and EBITDA missed estimates
• Weakness due to labour code and material costs
• Domestic and export growth both guided at 8-10%
• Margins likely bottomed out
• 26 launches planned till FY30

Macquarie on Lupin

• Maintain Outperform with TP of Rs 2,450
• Q4 results beat estimates
• Pipeline includes 52 FTF opportunities with 22 exclusives
• Targeting over five biosimilar launches by FY31
• More than 15 ANDA filings planned for FY27

Nomura on Lupin

• Maintain Buy with TP of Rs 2,580
• Sales, EBITDA and PAT beat estimates
• India formulations expected to grow 1.2-1.3x industry
• US revenues may decline in FY27
• Specialty and India remain key capital allocation focus

Macquarie on SBI

• Maintain Outperform with TP of Rs 1,150
• PAT missed estimates due to weak margins and trading losses
• NIM impacted by higher floating-rate loan mix
• FY27 loan growth guidance maintained at 13-15%
• Asset quality remains strong

Macquarie on Swiggy

• Upgrade to Neutral
• Stock corrected nearly 30% from IPO levels
• Food delivery momentum improved
• Instamart growth moderated sequentially
• Dark store additions remained muted
• Quick commerce losses likely to stay elevated

Nomura on Swiggy

• Maintain Buy; Cut TP to Rs 473 from Rs 546
• Food delivery business remained strong
• Quick commerce margins improving gradually
• Company remains well funded
• Medium-term target of Rs 1 trillion GOV maintained
• Execution on profitability remains key

UBS on Swiggy

• Maintain Buy with TP of Rs 390
• Strong food delivery performance offset weaker quick commerce
• Food delivery GOV growth beat estimates
• Contribution margin breakeven expected in Q1FY27
• Capex expected to decline in FY27

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