Vedanta, BEL & more: Top stocks to buy on November 4 — Check list

CLSA has an outperform rating on Vedanta with the target price at Rs 580. Analysts said that the company’s July-Sept quarter (Q2FY26) earnings before interest, taxes, depreciation and amortisation (EBIDTA) of Rs 11,400 crore was in line with consensus.

It guided for higher FY26 EBIDTA, driven by higher commodity prices and operational improvement. Over the next couple of years ramp-up of expansion projects and backward integration (largely aluminium, power and zinc) are likely to be the key drivers. Debt at parent Vedanta Resources (VRL) is now well funded, while demerger is guided to be complete by end-FY26. The outcome of the $2 billion bid for Jai Prakash Associates is a key monitorable given it is a diversified asset.Nomura has a neutral rating on BEL with the target price at Rs 427. Analysts said the company reported strong Q2FY26 numbers but rich valuations limit any upside for the stock. They raised BEL’s FY26 EBITDA and profit after tax (PAT) estimates by 2% and 1%. They also estimated that its PAT would show a compounded annual growth rate of 13% between FY25 and FY28. Analysts also said BEL’s order book was robust but warned that large orders have larger execution timelines.

HSBC has a buy rating on Bank of Baroda with the target price raised to Rs 340. Analysts said during Q2FY26, the lender showed a broad-based sequential loan growth, net interest margin (NIM) expansion and asset quality performance were key positives. Incrementally, its operating performance will likely remain healthy with an upside risk from better asset quality. They also raised FY26-FY28 earnings per share (EPS) estimates by 5-7%.Jefferies has a buy rating on BPCL with the target price at Rs 430. Analysts said that during Q2FY26 the company reported strong EBITDA because of strong refining & marketing inventory gains. They also said that the govt's compensation for LPG losses will boost earnings over the next few quarters. However, they said marketing profitability has weakened somewhat in Q3, and inventory losses are likely. Also that large capex in refining and petchem would drag return on capital employed (RoCE).

Analysts said BPCL’s earnings outlook was strong on range bound crude given OPEC supply.Citigroup has a buy rating on GAIL with the target price at Rs 215. Analysts said GAIL’s Q2FY26 EBITDA at Rs 3,200 crore was ahead of estimate, aided by strong gas trading performance, with gas transmission volumes also showing modest recovery. Petchem performance, however, remained subdued, they said. The management reiterated its guidance for gas trading profitability, lowered its guidance for gas transmission volumes and remains confident on their tariff hike expectations.

Analysts were encouraged by the granularity provided on gas trading, which should boost investor comfort, and also from upcoming commissioning of new pipelines, which should aid volume growth even if all else stayed equal.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)