Stock Picks Today: Wipro, HDFC Life, HDFC AMC, And Angel One On Brokerages' Radar

Brokerage firms have rolled out fresh views across insurance, asset management, broking and IT, with earnings trends, recovery outlook and valuation comfort driving calls. Financials remain in focus, while IT continues to face growth challenges.

Citi on HDFC Life

• Maintain Buy with TP of Rs 950
• FY27: Focus on re-gaining market dominance post FY26 challenges
• Margin expansion likely
• Business recovery crucial out
• Company in sweet spot to recoup business performance

MS on HDFC Life

• Maintain Overweight with TP of Rs 745
• Q4FY26: VNB miss; soft quarter
• VNB growth for Q4 was -8% YoY; this has weighed on the stock
• Valuations have de-rated sharply
• Modeling a gradual recovery in FY27
• Strong track record and attractive valuation drive Overweight rating

Macquarie on HDFC Life

• Maintain Outperform with TP of Rs 900
• A tough quarter and a tough year respectively
• VNB was affected by surrender charges and GST impact
• With most of regulatory changes done, VNB should expand at ~15% CAGR over next three years
• Capital raising to improve solvency margin by 900bps

Jefferies on HDFC AMC

• Maintain Buy; Hike TP to Rs 3090 from Rs 2960
• Q4 – Broadly In-line Operating Result; Steady Flows Support Valuations
• Higher other income led to a 5% beat to PAT estimates
• Company indicated investors bought the dip in Mar'26
• Mgmt. sees 3-4bps of gross impact from new TER norms, it will offset this through commissions/other efficiencies

Citi on HDFC AMC

• Maintain Neutral with TP of Rs 2800
• In-line quarter; steady execution in MF+expansion into non-MF
• Swift expansion of non-MF remains encouraging
• Sustaining performance trends crucial
• Strength of MF franchise and resilience of underlying retail/HNI customers are factored in current valuation

MS oN HDFC AMC

• Maintain Overweight; Hike TP to Rs 2975 from Rs 2915
• Q4: Good Operating Trends
• Operating profit was in line. SIP flows were strong
• Stock corrected on market perception that its revenue yields compressed much more QoQ than peer

Citi on Angel One

• Maintain Buy with TP of Rs 340
• Strong Q4 print; client trading activity levels remain robust
• Average realization per order were marginally up across most categories
• Retail activity levels remain robust and on-going market volatility has further fueled overall momentum

Investec on Angel One

• Maintain Buy with TP of Rs 340
• Better broking realisation and better NII drove PAT beat
• Digital business model driving operating leverage
• Wealth management continues to show traction in new initiatives
• Cash market share needs to be monitored
• Reasonable Valuations

Jefferies on Wipro

• Maintain Underperform with TP of Rs 180
• Q4 below estimates; limited growth visibility
• Harman acquisition supports growth
• Weak growth outlook; Margins to remain rangebound

Kotak Securities on Wipro

• Maintain Sell with TP of Rs 190
• Quite a few cracks visible
• Revenue miss driven by BFSI and healthcare verticals; in-line margins
• Organic growth guidance stands at (-)2.8 to (-)0.8%, below expectations
• Expect growth underperformance to continue in FY27 and FY28
• Valuations are inexpensive but justified due to underperformance

Citi on Wipro

• Maintain Sell with TP of Rs 175
• Q4 Below Expectations; Disappointing Q1FY27 guidance
• FY27E/28E EPS are revised slightly lower
• Organic growth outlook remains challenged

BofA on Wipro

• Maintain Underperform with TP of Rs 210
• Q4: Customer-specific issues drive revenue miss
• Organic guide for Q1 weaker than expected
• Buyback could provide support in the near-term

MS on Wipro

• Maintain Underweight; Cut TP to Rs 192 from Rs 242
• Volatile macro and company specific challenges could keep revenue growth below peers
• Q4 organic revenue growth and Q1FY27 guidance both appear below expectations
• Resilient margins and good capital allocation could keep downside protected in absolute terms
• See the relative P/E multiple remaining at a discount

Jefferies on Logistics

• Middle East Impact Visible; Transshipment Saves the Day
• Major Port container cargo rose 9% YoY in Mar 2026, despite weak merchandise EXIM trade growth
• Believe growth is driven by higher transshipment volumes
• Indian Railways container volumes declined 7% YoY
• Truck freight rates are largely stable
• Strong CV registrations indicate potential growth recovery in road logistics
• Though potential second-order impacts from Middle East tensions are a key monitorable
• Adani Ports and JSW Infra are our top picks

MS on Auto

• Conviction in Volume Up-cycle Keeps Us Positive
• Autos are facing multiple headwinds from cost pressures to risk of supply-chain disruptions to tightening regulations
• All that will hit Q1 gross margins – but the volume up-cycle will enable OEMs to gradually pass through cost pressures
• Maintain Attractive Industry View
• M&M, Maruti, TVS, and Hero remain preferred Overweight
• TVS Motor – Maintain Overweight; Hike TP to Rs 4327 from Rs 4280
• Hero Moto – Maintain Overweight; Hike TP to Rs 6537 from Rs 6471
• Ashok Leyland – Maintain Equal-weight; Cut TP to Rs 180 from Rs 227
• M&M – Maintain Overweight; Cut TP to Rs 3919 from Rs 4358
• Hyundai – Maintain Overweight; Cut TP to Rs 2114 from Rs 2565
• Eicher – Maintain Equal-weight; Hike TP to Rs 7763 from Rs 7578
• Bajaj Auto – Maintain Underweight; Hike TP to Rs 8920 from Rs 8782
• Maruti – Maintain Overweight; Hike TP to Rs 17895 from Rs 17804

Macquarie on United Spirits

• Maintain Underperform with TP of Rs 1350
• United Spirits growth likely behind Pernod India
• Pernod India saw 11% sales growth in the Mar'26 quarter
• Think United Spirits saw a marginal market share loss to Pernod in March 2026 quarter

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