Top Stock Picks For November 2025 — Tech Mahindra, DCX Systems Among DRChoksey's List For An Upside Upto 27%

Investment period for stock picks is six months from the date of the recommendations provided; and return calculated on six months highest price..NDTV Profit’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer NDTV Profit’s subscribers an opportunity to expand their understanding of companies, sectors and the economy..DRChoksey Report.DCX Systems - Strong revenue growth, subdued margins, offset mix improving - (Potential Upside: 27.1%)DCX Systems Ltd.’s Q1 FY26 performance stood mixed, with revenue above our estimates, driven by rapid order execution and healthy inflows from both domestic and international customers, while Ebitda stood largely inline wit our estimate and net profit stood below our estimates, led by higher effective tax rate. While revenue improved, overall profitability remained subdued owing to the Rs 110.2 million loss from its wholly owned subsidiary Niart, majorly driven on account of forex loss of Rs 96.91 million. As of June 30th, 2025, DCX's consolidated order book stood at a robust Rs 26,970 million, attributed to steady order inflow. The company received a Defence Industrial License from the Government of India to manufacture Radar, EW Systems, Avionics, and Defence Electronics. With it receiving the license and, its JV agreement with ELTA Systems, we expect the company to significantly ramp-up its revenue over the medium to long term. We expect the Revenue/Ebitda/Net Profit to grow at 22.8%/302.2%/54.3% CAGR over FY25-27E. We have revised our FY26E/FY27E EPS estimates by -5.9%/-6.6% respectively, to factor in higher effective tax rate during FY26 and slower revenue growth and more gradual improvement in Ebitda margins during FY27. We believe re-rating of the stock depends on improvement of the margin profile driven by high-margin order execution..Tech Mahindra - Broad-based growth, strong deal momentum, and margin expansion (Potential Upside: 23.2%)Disciplined execution under Project 40s drove Ebit margin expansion to 12.1%, marking the eighth straight quarter of improvement through fixed-price productivity, selling, general and administrative savings, and value-based pricing. Strong deal wins ($816 million) and focused investments in Data, AI, Cloud, and Engineering are set to sustain momentum, while TechMarion, the new agentic-AI platform, positions the company for future growth. Looking ahead, Tech Mahindra targets higher FY27 growth, emphasizing operational rigor and scaling AI-led transformation despite lingering macro and discretionary-spend headwinds. We have rolled forward our valuation to Sep’27 estimates and revised our target multiple to 23.0x (vs. 24.0x earlier) to reflect our cautious stance amid near-term growth uncertainties. We value Tech Mahindra at 23.0x Sep’27 EPS, arriving at a target price of Rs 1,754 and upgrade our rating from “Accumulate” to “Buy” on the stock..Click on the attachment to read the full report:.Groww IPO: 10 Key Things To Know Before You Bid — Read Anand Rathi's Report.DISCLAIMERThis report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit..Users have no license to copy, modify, or distribute the content without permission of the Original Owner.

Top Stock Picks For November 2025 — Tech Mahindra, DCX Systems Among DRChoksey's List For An Upside Upto 27%

DRChoksey recommends top six stocks to 'Add', 'Buy' this November 2025, check full list.

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