Stock Recommendations Today: Defence, NBFCs, Aviation, Dr. Reddy's Labs, Yes Bank Are On Brokerages' Radar

Defence, aviation, and non-banking financial services are in focus for brokerages. They also gave view on Dr. Reddy's Laboratories Ltd., Reliance Industries Ltd., Bharat Electronics Ltd., and United Breweries Ltd.

The GIFT Nifty was trading 0.52% or 129.50 points higher at 25,179.50 as of 7:04 a.m., which implied a higher open for the Nifty 50 index. The Nifty 50 ended 140.50 points or 0.56% down at 24,971.90 on Monday on weak global cues amid rising geopolitical tension.

The other benchmark index BSE Sensex ended 511.38 points or 0.62% down at 81,896.79 on Monday.

Take a look at what views brokerages have given on defence, aviation, NBFCs, and consumer durables, and other stocks.

Jefferies On Defence 

• India's defence spend rose 25% year-on-year in March, 2025 to achieve the FY25 revised estimate of 3% growth

• FY26 defence capex started on a strong note with 122% YoY rise in April

• Post 'Operation Sindoor' in May 2025, government focused on putting India-made defence equipment on the global stage for higher export opportunity

• Year-to-date defence exports is 10% of the Rs 30,000 crore FY26 target

• PSUs to remain dominant in defence, though private share is rising

• Hindustan Aeronautics Ltd., Data Patterns are our top picks followed by Bharat Electronics Ltd.

Morgan Stanley On NBFCs

• HDFC AMC – Maintain Equal-weight; hiked target price to Rs 4,470 from Rs 3,740

• Aditya Birla Capital – Maintain Overweight; hike target price to Rs 295 from Rs 250

• SBI Life AMC – Maintain Overweight; hike target price to Rs 2,115 from Rs 2,050

• ICICI Prudential Life – Maintain Equal-weight; hike target price to Rs 625 from Rs 600

• L&T Finance – Maintain Underweight; hike target price to Rs 132 from Rs 115

• Manappuram Finance – Maintain Equal-weight; hike target price to Rs 270 from Rs 220

• HDFC Life – Maintain Overweight; hike target price to Rs 840 from Rs 815

• Multi Commodity Exchange of India – Maintain Underweight; Hike target price to Rs 5,750 from Rs 3,400

• Home First – Maintain Overweight; hike target price to Rs 1,540 from Rs 1,400

• PB Fintech – Maintain Underweight; Hike target price to Rs 1,370 from Rs 1,130

• Shriram Finance – Maintain Overweight; hike target price to Rs 775 from Rs 750

• Muthoot Finance – Maintain Equal-weight; hike target price to Rs 2,880 from Rs 2,400

• Chola Finance – Maintain Equal-weight; hike target price to Rs 1,475 from Rs 1,430

• LIC Housing – Maintain Underweight; hike target price to Rs 480 from Rs 435

• Factor in front loaded rate cuts by RBI and equity market moves into EPS estimates and cost of equity assumptions

• Ratings and preferred picks are unchanged

• See limited upside and more dispersion in stock returns over the next 12 months

Jefferies On Aviation

• Recent Air India Boeing 787 crash comes at a critical juncture in the Co's 5-year turnaround journey

• Believe IndiGo is well-positioned to consolidate leadership especially in the high-frequency domestic and the emerging regional int'l routes

• Notably, technical snags/glitches are reported for few IndiGo flights also

• IndiGo's stronger on-time perf, op efficiency, and low-cost service continue to be winner versus peers

• Believe near-term market share gains, especially in premium short-haul and metro-heavy corporate travel, could accrue to IndiGo

Macquarie On Consumer Durables

• Crompton Consumer – Maintain Outperform; Cut target price to Rs 398 from Rs 426

• Havells – Maintain Outperform; Cut target price to Rs 1,836 from Rs 1,899

• Polycab – Maintain Outperform; Cut target price to Rs 7,266 from Rs 7,448

• Voltas – Maintain Outperform; Cut target price to Rs 1,417 from Rs 1,446

• Cables and wires will likely lead segmental demand in FY26

• Expect a gradual untick in B2C demand in H2FY26

• Margins should improve, helped by a benign commodity and demand uptick

• Havells' consistent delivery vs peers on growth drives our preference; top pick in India Consumer Durables

Investec On United Breweries

• Maintain Hold with a target price of Rs 2,248

• Driving growth despite inherent challenges

• Company is focusing on navigating state-level challenges while reaffirming double-digit revenue growth ambition

• Unseasonal weather, sharp MRP increase and valuations keep us cautious from a medium-term perspective

JPMorgan On BEL

• Maintain Overweight; Hike target price to Rs 490 from Rs 445          

• Steady stream of orders & elevated geopolitical risk to lead to outperformance

• Emergency procurement orders on the anvil

• In the fray for large orders over medium

• Margins may not go down anytime soon

• Diversified business should lead to consistent performance

• Civilian and export opportunities provide optionality

BofA On Reliance Industries

• Maintain Buy with target price of Rs 1,590

• RIL's strategy on Campa: Focus high on investing & scaling

• Doubling down: Attractive price points, leverage strengths

• Strategy: Invest in SKUs, densification & manufacturing

• In investment mode: Focus on growth & not profitability

Goldman Sachs On Yes Bank

• Maintain Sell with a target price of Rs 15

• ROA growth to pick up in H2; 1% ROA journey continues

• Expect the bank to deliver 14% loan growth over FY25-27

• SMBC's stake purchase, potential synergies may play out especially in the mid-sized corporate segment