Top Stocks To Buy, Sell or Hold: Domestic and global brokerage firms have provided fresh buy, sell and hold recommendations following the latest earnings season and business updates.

Stocks such as Dabur India, Britannia Industries, Coal India, Lupin, Bharat Forge and Aditya Birla Lifestyle Brands are in focus as analysts reassess growth prospects, margins and valuations. While some companies continue to see strong earnings momentum and improving outlooks, others face near-term challenges from cost pressures, demand trends and execution risks, leading to a mixed set of calls across sectors.

Brokerages On Stocks

Elara Capital on Alkyl Amines

• Maintain Accumulate
• Target price: Rs 1,927
• Stock has outperformed recently on price pass-through and specialty product ramp-up driven earnings upgrades
• Q4FY26 remained broadly stable with revenue flat YoY and PAT marginally lower
• Recovery visible in acetonitrile segment with pricing improving and China imports easing
• Methylamines segment continues to face overcapacity pressure with increasing competition
• Ethylamines segment remains relatively better placed with stable market structure
• Raw material inflation largely passed through, limiting margin expansion upside
• FY27 expected to be a consolidation/capitalisation phase with limited fresh capex
• Brokerage sees gradual recovery with earnings visibility improving but no full cycle upturn yet

Morgan Stanley on Aptus Value Housing Finance

• Maintain Overweight
• Target price: Rs 385 (raised from Rs 375)
• 4Q NII beat estimates by 4% with strong quality of earnings and stable asset quality
• AUM growth outlook raised to 20% CAGR supported by branch expansion and higher ticket sizes
• Management guiding for 22-24% loan growth in FY27 driven by productivity and sourcing improvements
• NIM assumptions increased to 11.3% on better-than-expected spreads
• Credit costs expected to remain stable at 50-60bps range
• Company continues to deliver 20% ROE with strong return ratios among peers
• Valuations seen attractive at 2x P/B and 11x P/E relative to growth profile
• Brokerage highlights fully secured loan book as key defensive feature in uncertain macros

Elara Capital on One97 Communications (Paytm)

• Maintain Accumulate
• Target price: Rs 1,338
• Q4 revenue grew 18% YoY with strong traction in financial services segment
• Financial services revenue up 38% YoY driven by merchant lending and repeat borrowers
• EBITDA impacted due to PIDF discontinuation and higher promotional spends
• Payments margin improvement driven by growth in MDR-bearing instruments
• Subscription merchant base increased significantly supporting monetisation strategy
• Contribution margin declined QoQ due to incentives and cashback intensity
• Key monitorables include margin sustainability, cost discipline and execution of new initiatives
• Brokerage positive on long-term play across payments and MSME ecosystem

Emkay on One 97 Communications

• Maintain BUY with a TP of Rs 1,500 (Upside 25.3%)
• Beat on revenue led by financial services
• Iin-line EBITDA
• Payment services grew 16.1% YoY
• Marketing services declined at -10.5% YoY
• High operating leverage to drive strong improvement in profitability
• Higher promotional and cashback expenses driving consumer engagement, helping gain UPI market share
• Build in a 25.5% revenue CAGR for Paytm over FY26-28E
• EBITDA projected to increase to Rs21.1bn in FY28E
• EBITDA margin expected to increase to 15.9% by FY28E

Brokerages On Dabur India

Goldman Sachs on Dabur India

• Maintain Neutral
• Target price: Rs 515 (raised from Rs 490)
• Q4 performance aided by low base with revenue and EBITDA growth in high single digits
• India business led growth with improved standalone performance
• Management expects acceleration in growth supported by price hikes
• Input cost inflation remains elevated with 10% pressure on raw materials
• Company aims to offset inflation through pricing actions and cost efficiencies
• FY27 outlook guided for high single-digit to low double-digit growth
• Brokerage modestly raises EPS estimates factoring improved growth trajectory

Morgan Stanley on Dabur India

• Maintain Underweight
• Target price: Rs 412
• Q4 results in-line with expectations with steady demand trends
• Management guiding for double-digit growth in India business in FY27
• Price hikes implemented to offset inflationary pressures
• Margins expected to be protected despite cost pressures
• Rural demand continues to outperform urban trends
• Portfolio remains exposed to seasonality and weather-related risks
• Brokerage remains cautious despite near-term earnings support

MOFS on Dabur

• Maintain NEUTRAL with TP of Rs 475
• In-line EBITDA
• Witnessing muted sales growth over the past two years
• Home and Personal Care outperformance sustains
• Improved India growth
• Unseasonal rains in March impacted its summer portfolio
• Rural markets continued to outpace urban consumption by ~350bp
• Co. aspires to improve operating margin
• Co. taken ~4% price hike to offset cost inflation of ~10%
• High other income led to profitability beat
• Weak historical execution remains a concern
• Expects EBITDA margin to be ~19% for FY27/FY28E
• General macro inflation and monsoon to be key monitorable for its FY27 performance

Nuvama on Dabur India

• Maintain 'Buy' with a target price of Rs 620 vs Rs 605
• Q4FY26 revenue (up 7.3% YoY) and EBITDA (up 8.2% YoY) àIn-line with estimates
• Home and Personal Care outperformed with robust 17% YoY growth
• Oral care grew ~6-7% YoY, below management's expectations
• Glucose dipped ~20-25% YoY due to untimely rains in March
• International margins pressured by freight, alternative sourcing, and weak Middle East and North Africa region leverage.
• Company focused on protecting and improving margins
• Early Q1FY27 trends healthy

Morgan Stanley on Aditya Birla Lifestyle Brands

• Maintain Overweight
• Target price: Rs 176
• Second consecutive quarter of double-digit revenue growth indicating improving demand
• Revenue grew 12% YoY with sequential improvement in retail and emerging businesses
• Emerging segments like Reebok and innerwear showed strong traction
• EBITDA margins improved YoY supported by operating leverage
• Net debt reduced sequentially indicating balance sheet improvement
• E-commerce channel growth remained strong with continued store expansion
• Brokerage sees steady consumption trends and improving execution supporting outlook

Brokerages On Britannia Industries

Morgan Stanley on Britannia Industries

• Maintain Equal-weight
• Target price: Rs 6,019
• Q4 results missed expectations on both revenue growth and margins
• Revenue growth at 7% lagged estimates due to international disruption
• EBITDA margins declined sequentially due to cost pressures
• March performance impacted by supply chain disruptions amid geopolitical issues
• Gross margins improved YoY but weakened QoQ
• E-commerce and premium portfolio continue to see traction
• Brokerage highlights near-term execution challenges despite stable long-term positioning

Nuvama on Britannia Industries

• Maintain Buy with a target price of Rs 7,530
• Weak March drags Q4 overall performance
• Revenue growth 6.5% YoY, in line with our expectations
• Growth lowered in March due to supply disruptions following the West Asia conflict
• EBITDA grew 6% YoY, missing estimates
• Company to focus innovation pipeline, agile execution, and investments in advertising and brand building

Morgan Stanley on Coal India

• Maintain Equal-weight
• Target price: Rs 420
• Potential government stake sale via OFS remains a key overhang
• Government may divest 3-4% stake to raise ~INR 100bn
• Past OFS history suggests potential pricing discount risk
• Brokerage sees near-term stock pressure due to supply overhang
• No major change in core business outlook highlighted

Brokerages On Bharat Forge

Morgan Stanley on Bharat Forge

• Maintain Overweight
• Target price: Rs 1,978
• Q4 revenue, EBITDA and PAT showed strong YoY growth
• Standalone performance ahead of estimates while consolidated slightly below
• Defence order book remains strong though mix declined sequentially
• FY27 guidance indicates ~25% revenue growth with EBITDA expansion
• Restructuring of loss-making subsidiaries expected by CY27
• Brokerage remains constructive on medium-term growth drivers

Emkay on Bharat Forge

• Maintain Buy with a target price of Rs 2,100 vs Rs 2,000
• Strong topline performance
• Consol EBITDAM hit by subsidiary consolidation
• Demand outlook for Co. is robust
• Co. expects 25% revenue growth in FY27 for India
• Build in 22%/26%/33% revenue/EBITDA/PAT CAGR over FY26-28E
• Raised FY28E EPS by 5%

Goldman Sachs on Pidilite Industries

• Maintain Buy
• Target price: Rs 1,625
• Q4 performance ahead of expectations with strong revenue and EBITDA growth
• Consumer segment led growth with robust volume expansion
• Gross margins expanded due to lower input costs
• Cost efficiencies supported EBITDA margin expansion
• B2B segment growth mixed with strong domestic but weak exports
• Brokerage positive on sustained volume growth and margin trajectory

Morgan Stanley on Lupin

• Maintain Equal-weight
• Target price: Rs 2,386
• 4QFY26 was a strong beat with revenue, EBITDA and PAT significantly ahead of estimates
• US business was the key driver with 57% YoY growth and highest-ever quarterly sales
• India business remained resilient with double-digit growth, outperforming IPM
• Emerging markets also delivered strong growth momentum at 49% YoY
• Gross margins expanded sharply to 75% led by high-value product mix
• EBITDA margin improved meaningfully to 33% vs ~23% last year
• FY26 performance saw strong growth across revenue, EBITDA and PAT
• Growth driven by key products like gMyrbetriq, gSpiriva and gJynarque
• Generic pricing pressure persists despite strong product pipeline
• Brokerage maintains Equal-weight, awaiting clarity on medium-term drivers

Elara Capital on Brigade Enterprises

• Maintain Accumulate
• Target price: Rs 900 (cut from Rs 1,200)
• Q4 presales grew strongly QoQ but remained flat YoY, missing expectations
• FY26 presales declined 5% YoY impacted by delayed launches and approvals
• Residential cashflows remained weak with sharp decline in operating cash flow
• FY27 outlook supported by strong launch pipeline of ~11.6mn sqft
• Guidance implies ~20% YoY presales growth driven by Bengaluru, Chennai and Hyderabad
• New launches expected to be key driver of sales momentum going forward
• Annuity and hospitality segments remained stable but not growth drivers
• Expansion into newer regions seen as critical for sustained outperformance
• Capex plans remain elevated with focus on annuity portfolio build-out
• Brokerage remains cautious on cash flow visibility and execution, despite growth pipeline

Brokerages On Karur Vysya Bank

Elara Capital on Karur Vysya Bank

• Maintain Accumulate
• Target price: Rs 345 (raised from Rs 300)
• Q4 performance strong with PAT growth of over 40% YoY ahead of estimates
• NII growth driven by margin expansion despite calibrated loan growth
• Bank delivered robust profitability with ROA above 2% and ROE above 20%
• Loan growth remained modest as bank focused on balance sheet prudence
• NIM improved QoQ but moderation expected due to rising deposit costs
• Asset quality remains controlled with prudent provisioning buffers maintained
• Credit costs elevated due to conservative provisioning for macro risks
• Bank continues to demonstrate superior asset quality vs peers
• Medium-term outlook remains stable with 1.7%+ ROA and 15%+ ROE expectations
• Brokerage sees KVB as a steady compounder with strong execution track record
• Rerating potential exists but likely to be gradual and earnings-dependent

Emkay on Karur Vysya Bank

• Maintain BUY with unchanged target price of Rs 390
• Valued the bank at 2x FY28E ABV/13x EPS
• Growth moderates a bit
• Margin surprises positively
• NNPA remains the peer-best at 0.2% of loans
• High RoA ~2.1% in Q4, mainly led by sharp jump in margin and lower staff cost
• Healthy asset quality, but builds in prudent provision buffers
• Raised FY27E earnings by 7%
• Expect Co. to deliver superior RoA of ~1.6-1.8% over FY27-29E

Elara Capital on Radico Khaitan

• Maintain Accumulate
• Target price: Rs 3,700
• Strong premium portfolio growth drove earnings with P&A volumes up 28% YoY
• Key brands like Magic Moments, After Dark and Royal Ranthambore led momentum
• Regular segment declined due to high base and state-level policy disruptions
• Premiumization continues to drive structural shift in revenue mix
• P&A portfolio expected to deliver ~16% revenue CAGR over FY26-29
• Luxury segment growth remains strong at ~25-30% with geographic expansion
• Margins expanded sharply by 531bps YoY to 18.9% driven by mix and operating leverage
• ENA cost tailwinds and backward integration to support margins despite glass inflation
• Brokerage expects ~180bps margin expansion over next two years
• Valuations remain elevated but supported by strong earnings CAGR of ~30%
• Upside seen moderate post rerating; Bihar reopening remains key trigger