Stock Picks Today: UltraTech Cement, Hindustan Zinc, Bajaj Finance, And More On Brokerages' Radar

Brokerages have highlighted opportunities across cement, IT, pharma, metals, automobiles, real estate and NBFC sector issuing fresh calls on  UltraTech Cement, Hindustan Zinc, Bajaj Finance, Tata Steel, Cohance, Oberoi Realty, L&T Technology Services, ABB India while also sharing their outlook on Indian auto, IT, consumer and renewable energy sector,  alongside a broader view on India strategy.

Jefferies On Ultratech Cement  

• Maintain Buy, TP at Rs 14380/share (from Rs 14065) 
• Delivered another strong qtr with Vols/EBITDA/PAT up 13-21% YoY.   
• Management:improving pricing momentum since mid-Sep 
• Co focus on protecting EBITDA/t despite higher costs.  
• Mgmt also raised expectations for C&W biz. (C&W is cable and wire)  
• A sustained recovery in cement pricing remains the key catalyst for the stock.

BOFA Securities On Ultratech Cement  

• Reiterate Buy, TP at Rs 13900/share (From Rs 13400) 
• Inline 2Q; Positive commentary on demand & price 
• Strong industry demand outlook after the 8% growth in 1H (~10% in 2Q) as well  
• Elevated costs due to the uncertainty on West Asia conflict should support improvement in pricing environment.  
• Commentary on recent price increases along with confidence on further improvement does indicate a bottom on EBITDA/MT. 

 CITI On Ultratech Cement 

• Maintain Buy-TP Rs 13200/share (From Rs 14750) 
• 2Q In-Line, Cost Pressures Visible 
• Costs and Pricing to Improve in 3Q, Price Hikes in Sep and Oct 
• Mgmt expects strong industry growth going forward, co to grow faster 
• Co focus on pricing, premiumization, costs.

HSBC On Ultratech Cement  

• Maintain Buy, TP Rs 13200 
• Market share gains offset by higher costs 
• Spot cement prices +5% v/s 2Q average 
• 1-year forward EV/EBITDA below its 5-year average of 19.8x 
• Expect cement price increases to offset cost inflation

CLSA on Ultratech

• Maintain High Conviction Outperform; Cut TP to Rs 13000 from Rs 14000
• All eyes on pricing
• Q2 in line; improving pricing to offset persistent cost pressures
• Pricing improves; cost pressures remain
• Strong growth pipeline with ambitious cable and wire foray.

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 CITI On Indian Autos 

• 2W demand more resilient than expected 
• Now build in 9% YoY industry volume growth in FY27, vs 7% earlier.  
• Raise  earnings estimates across 2W OEMs - Hero MotoCorp, TVS Motor, Bajaj Auto and Eicher Motors.  
• Upgrade estimates for Varroc and Endurance Technologies (India business) 
• Reflecting healthy retail demand, new product launches and improving rural trends. While volume trends remain supportive 
• Continue to remain cautious on margins due to elevated commodity costs and competitive intensity.  
• Among 2W OEMs, Eicher Motors remains our preferred pick, In parts, prefer Endurance. 

 
 JP Morgan On India EMS  

• Continue to prefer stocks with high ROCE and earnings growth  
• Trading at a relatively lower PE multiple over stocks with lower ROCE but similar earnings growth and trading at a higher PE.  
• Oder of preference is Dixon (OW) > Amber (OW) > Kaynes (N) > Syrma (UW) > Avalon (UW) > CyientDLM (UW). 
• Revisiting the growth vs PE vs ROCE argument (post Cyient DLM stock correction). 

Jefferies On Oberoi Realty 

• Maintain Hold-TP Rs 1890/share (from Rs 1970/share) 
• Strong Gurgaon project launch and good sustenance sales in Mumbai drove a record pre-sales and OCF generation (Alert- OCF is operating cash flow) 
• Balance sheet is net cash and business remains high margin at 60%.  
• Mumbai project portfolio has built-up well over last 3 years 
• Launch momentum is likely to accelerate from FY28 onwards 

 
Investec On Cohance Lifesciences

• Initiate Buy, TP Rs 560/share 
• Positioned for an execution-led recovery 2HFY27 onwards.  
• Recent management changes/restructuring should sharpen execution.  
• Improving reload visibility, new commercial projects and a deep pipeline should drive a sustained recovery  
• Forecast 13% rev CAGR and doubling of EBITDA over FY26-29E.  
• 30% discount to India CDMO peers . 

JP Morgan On LTTS 

• Maintain Neutral, TP Rs 3700/share (from Rs 3300/share) 
• 2Q print was a beat on both revenues and margins, for the second quarter in a row 
• Guidance is even stronger for 2H 
• Increase FY27E29E revenues/earnings by 1-3%. 

Nomura On LTTS 

• Maintain Neutral, TP Rs 3500/share (From Rs 3290) 
• 2QFY27 – strong beat on EBIT margins 
• Growth was driven by data centers, energy transition, robotics and plant engineering. 
• Tweak  FY27-28F EPS by ~3-4%. 

CITI On LTTS 

• Maintain Sell, TP Rs 3115/share 
• Decent 2Q; Sustaining growth/margin trends key monitorable 
• Sustainability will be key in a furlough-impacted Q3 with wage hikes. 
• Co targeting 13-15% rev CAGR in next 5 years, 16-17% EBIT margins 
• Continue to be cautious on the sector  
• Sluggish growth & high competitive intensity, continued impact of AI, and GCC shift.  

HSBC On Tata Steel 

• Maintain Buy, TP Rs 260/share  
• Steep increase in valuation discount vs peers unwarranted 
• Investor concerns centre around post 2030 India profitability, Netherlands issues, potential loss of market share in India 
• India business should remain strong driving debt lower.

CITI On Hindustan Zinc 

• Maintain Sell, TP Rs 495/share (from Rs 480) 
• 2Q ahead; Spot Zinc-Silver limit upside 
• Possible moderation of Zinc prices 
• Citi LME est: CY28 $3,700 (spot $3,700). Silver (~50% of EBITDA) upsides are likely predicated on easing macro 
• See physical zinc market as relatively balanced into 2027 

 
Jefferies On Hindustan Zinc 

• Maintain Buy-TP Rs 650/share (from Rs 750) 
• Sep-Q EBITDA rose 15% QoQ, 8% above estimares. 
• Xinc price is benefitting from supply disruptions, silver has been volatile since Jun-26 
• Raise FY27E EPS by 5% but cut FY28-29E EPS by 4% on lower silver prices. 
• Trades below long-term average EV/EBITDA 
• Prefer JSW Steel, Welspun Corp in Indian metals  

JP Morgan On Bajaj Finance 

• Maintain Overweight, TP at Rs 1260/share (From Rs 1310) 
• 2QFY27: Strong operating performance  
• Growth guidance upgrade better than expected 
• Preferred pick in the NBFC space. 
• Management- focus on RoA preservation despite the rising risk to NIM from higher funding costs. 

 Bernstein On Bajaj Finance  

• Maintain Underperform, TP Rs 840/share  
• Earnings momentum remains intact 
• Credit costs remain benign despite marginal increase in delinquencies 
• Broad-based AUM growth continues 
• Lower credit costs offset softer NIM and NOI trends (NOI-Net Operating Income). 

CITI On Bajaj Finance 

• Maintain Buy, TP Rs 1300/share 
• Raises AUM guidance as core metrics stay resilient 
• GS2/3 ticked up flowing from gold loans, day-count affect 
• MSME lending has stabilized—downward pressure has eased 
• Margin dips 10-12 bps QoQ and further compression likely.

CLSA on Bajaj Finance

• Maintain Outperform with TP of Rs 1300
• Stellar performance
• Strong quarter on all parameters; remains top pick in NBFC space
• Healthy asset quality trends across products
• Hike FY27-29 PAT estimates 2-3% on better growth partly offset by lower insurance distribution fee income
• Strongest compounder in the large-cap India financials space.

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Bernstein India Strategy – Venugopal Garre

• Positive returns ahead, led by mean reversion, but a tough road from here
• India looks cheaper, but it is still expensive
• Remains the third-costliest market globally and is more expensive than several Asian markets that offer much stronger medium-term growth
• Earnings are not seeing upward revisions for FY27
• Support to PE usually emerges as the earnings burden is shifted to FY28
• Hopes of LTCG cut and an AI unwind are narratives, not catalysts
• Cut year-end Nifty target to 25,000 from 26,000

HSBC on Consumer

• FMCG stocks corrected despite growth pick-up post GST cut on relatively high valuation, commodity spike potential reasons
• With no visible trigger, expect growth to normalise
• Order of preference: Marico, Tata Consumer, Honasa, HUL, Britannia, Nestle India, Dabur, ITC, and Colgate
• Honasa – Upgrade to Buy from Neutral; Hike TP to Rs 554 from Rs 423
• Britannia – Maintain Buy; Cut TP to Rs 5480 from Rs 6670
• HUL – Maintain Buy; Cut TP to Rs 2210 from Rs 2440
• Marico – Maintain Buy; Hike TP to Rs 1050 from Rs 1020
• Tata Consumer – Maintain Buy; Cut TP to Rs 1180 from Rs 1390
• Colgate – Maintain Hold; Cut TP to Rs 1860 from Rs 2140
• Dabur – Maintain Hold; Cut TP to Rs 426 from Rs 456
• Godrej Consumer – Maintain Hold; Cut TP to Rs 960 from Rs 990
• Nestle – Maintain Hold; Cut TP to Rs 1390 from Rs 1480

Nomura on Renewable Energy

• Acme Solar – Initiate Buy with TP of Rs 505
• Acme Solar is transitioning from a conventional IPP to a firm
• Shift delivers superior returns driven by higher utilisation rates, tariffs, and equity IRRs
• Acme plans to install ~25GWh of BESS capacities and pre-commissioned 5GWh+ of BESS, further enhancing project returns
• Expect Acme to deliver an EBITDA CAGR of 65% over FY26-FY29F, led by FDRE-led portfolio
• NTPC Green – Initiate Neutral with TP of Rs 100
• Growth is underpinned by 60GW of its target by FY32, supported by the MoUs signed with state entities and other PSUs
• To strengthen its green power, the company plans to add ~34GWh of BESS by FY32
• Expect NTPC Green to record 72% EBITDA growth over FY26-FY29 led by strong additions and contracted storage capacities

Citi on ABB India

• Maintain Sell with TP of Rs 6075
• ABB parent's Q3CY26 results flag “very strong” India orders - a positive signal
• The read-through to the ABB India listed entity may not necessarily be one-for-one
• In Q2CY26, parent-reported India orders grew 81% versus 50% for ABB India
• This was because some Indian orders were booked by overseas ABB entities
• Q3CY26 also benefits from a favourable base and price hike impact
• Believe the valuation requires sustained delivery across orders, conversion and margins

Jefferies on IT Sector

• Infosys – Maintain Hold; Hike TP to Rs 1160 from Rs 1020
• TCS – Maintain Underperform; Hike TP to Rs 2125 from Rs 1800
• Selective rerating ahead
• While the growth outlook for IT remains uncertain
• Any lack of disappointment in growth expectations and worsening sentiment on global AI capex could drive PE rerating
• Valuation upside capped beyond 17-18x PE
• Infosys/TCS are the only large IT firms with rerating potential
• Sagility offers rerating potential among midcaps

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