Godrej Properties Shines Among the Top Brokerage Picks in April 2026

Jefferies

• Godrej Properties - Maintain buy with a TP of Rs. 2420. The 5% promoter stake shows confidence, focusing on execution and cash flows. FY28 RoE target is 20%, expected pre-sales of about 20%, and will be FCF-positive by FY28.
• JSW Energy - Maintain buy with a TP of Rs. 660. Steadier EBITDA, expected FY25-28E EBITDA CAGR is 41%, and the 2030 target is 30 GW.
• Aegis Vopak - Maintain hold with a TP of Rs 255, and LPG pipeline projects will boost earnings beyond FY30.
• Jio Financial Services - Consolidated profit is Rs. 2.7 billion, -14%, and operational income is +198% YoY.
• Larsen & Toubro - Maintain buy with a TP of Rs. 4500. It is expanding, and prices below $90/BBL support it.
• ICICI Bank - Maintain buy with a TP of Rs. 1670, stable NIMs, and asset quality is strong.
• HDFC Bank - Maintain buy with a TP of Rs. 1050. Deposit growth is leading LDR and loan growth, and the asset quality is stable.

HSBC

• Biocon - Maintain buy with a TP of Rs. 425. The focus is on cash flows and biosimilars.

Kotak

• ICICI Bank - Maintain buy with a TP of Rs. 1800. Strong all-around performance, stable NIMs, and lower provisions that support earnings.

BofA

• HDFC Bank - Maintain buy with a TP of Rs. 950. Good loan growth, better NIMs, benign asset quality, and strong deposit growth.

Citi

• HDFC Bank - Maintain buy with a TP cut to Rs. 1020. NII miss with softer fees, slow retail loan growth, and earnings have been cut by 3-4%.
• ICICI Bank - Maintain buy with a TP of Rs. 1720. Growing loan growth, stable NIMs, and near-zero credit cost.
• Concord Biotech - Maintain neutral with a TP cut to Rs. 1190; EPS is cut to 20-23%.

Morgan Stanley

• HDFC Bank - Maintain overweight with a TP of Rs. 1025. Lower provisions and costs drive PAT beat; focuses on loan growth.
• ICICI Bank - Maintain overweight with a TP of Rs. 1705. Lower provisions drive PAT beat, with 16% accelerated loan growth.
• Yes Bank - Maintain overweight with a TP of Rs. 15. One-off provisions give an inline PAT miss, and the NIM QoQ has improved.

Macquarie

Suggests a pair trade with Tata Steel and Hindalco Industries. Tata is bullish, helped by good prices at home and improving EU cash flow. Hindalco is bearish as the aluminium rally is priced in and the hedge policy limits gains.