Stock Picks Today: Swiggy, Lodha, ITC, Dabur, NTPC On Brokerage Radar

Swiggy Ltd., Lodha Developers Ltd., ITC Ltd., Dabur India Ltd., and NTPC Ltd. are among companies that have drawn commentary from top brokerages on Friday.

Analysts have tweaked share price targets after these companies announced their September quarter results.

UBS

• Maintain 'Buy' with TP of Rs 580.

• Solid trends in both food delivery and quick commerce segments.

• QIP should alleviate balance sheet concerns.

• Management reiterated guidance.

Macquarie

• Maintain 'Underperform' with TP of Rs 285.

• Growth, margin improvement, and still high losses.

• Swiggy sustained its growth trajectory across segments.

• Reduction in quick commerce losses, albeit still high.

• Overall platform EBITDA losses remain more than $500 million (annualised), highlighting the economic challenges for the platform.

MOSL

• Maintain Buy with TP of Rs 551.

• Food delivery growth is in line, but QoQ growth indicates some market share loss.

• Preparing for battle, again.

• Capex moderation aids margins, but competitive risks loom ahead.

• Competition to pick up, but decent operating leverage as new dark stores ramp up.

Morgan Stanley

• Maintain 'Underweight' with TP of Rs 400.

• Growth weakness continues.

• Q3 will benefit from the shift in winter season loading for Chywanprash and expectations of a harsh, prolonged winter.

• H2 revenues to grow in mid to high single digits, led by low to mid single digit volume growth.

• FY26 EBITDA growth to be higher than revenue growth.

Citi

• Maintain 'Sell' and reduce TP to Rs 475 from Rs 485.

• In-line Q2 but growth challenges persist across key categories.

• Expect a slight acceleration in revenue growth in H2 off a low base.

• Will monitor potential recovery across categories that have been under pressure.

• Believe that sustained improvement in growth and/or profitability may be key to stock performance/valuation multiples.

Macquarie

• Maintain 'Neutral' with TP of Rs 490.

• In-line Q2; FY26 guidance toned down.

• Moderation of H2 sales growth guidance to a mid- to high-single digit range concerns us.

• Maintain 'Buy' with TP of Rs 1,625.

• Strong P&L and guidance maintained.

• P&L was a beat to our estimates with earnings of 86% YoY.

• Pre-sales were up 7% in Q2 and 8% in H1, compared to 20% annual guidance.

• Reiterated the guidance with Q3 sales estimated at Rs 6,000 crore, +33% YoY.

• Net debt higher QoQ is seasonality and project add driven.

Goldman Sachs

• Maintain 'Buy' and hike TP to Rs 490 from Rs 480.

• In-line quarter, poised for margin recovery in the second half.

• Cigarette growth was strong, margins likely to recover in H2.

• Strong FMCG performance despite GST transition headwinds.

• Paper business margins begin gradual recovery, likely to further improve in H2.

• Earnings acceleration likely in H2 across segments.

Citi

• Maintain 'Buy' with TP of Rs 500.

• Strategic interventions to counter cigarette competition.

• Margin recovery likely from FY27.

• Cigarette: Strong growth continues; await lower-cost leaf tobacco consumption.

• Other FMCG businesses are witnessing growth recovery.