Brokerages remain upbeat on the pharma, FMCG, consumer electricals, and power sectors, recommending stocks such as Sun Pharma, Azad Engineering, Havells, and Orient Electric. Among these, Tata Consumer, NTPC, Adani Energy Solutions, JSW Energy, GE Vernova, Hitachi Energy and Marico stand out as their preferred picks, reflecting confidence in the consumer staples, fans, and power sectors, alongside a broader view on IT services.
Macquarie On Sun Pharma
- Maintain Outperform, TP Rs 2150/share
- On In-licencing of PCSK9 inhibitor
- The product received European Commission approval on 21 September 2026.
- Under the agreement, Co will make upfront, milestone, and royalty payments
- Moving into cardiovascular therapy to leverage Organon platform
- More cross-selling opportunities expected with this licensing deal.
360 One Capital On Sun Pharma
- Maintain Buy, TP Rs 2250
- Lerodarcil licensing deal to strengthen innovative medicines portfolio
- Product provides acces to $3.7bn market outside US and China-growing at 38% CAGR
- Will aid in scaling of Organon acquisition.
Goldman Sachs On Azad Engineering
- Maintain Buy, TP Rs 3315
- Inaugurates two dedicated facilities for GE Vernova
- Supports gas turbine ramp-up
- Gas-turbine expansion remains one of Azad’s key medium-term growth drivers
- From a component supplier toward a broader platform/integration partner
- Sizable order book provides multi-year revenue visibility
- Further product/customer qualifications offer incremental optionality beyond the existing base.
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JP Morgan On Power Equipment
- Order inflow pickup likely ahead
- Incremental pricing/ margins key to monitor
- Leading indicators of domestic order inflow are showing a pickup
- Transformer capacity constraints easing over the next 12-18 months
- Export opportunity (barring tariff concerns) remains strong and can provide offsets.
- Top picks- GE Vernova T&D and Hitachi Energy India at Overweight; and Siemens Energy India at Neutral.
CITI On IT
- Continued weakness in a seasonally strong Q2
- Indian IT is heading towards a fourth consecutive subdued growth year.
- Expect 2QFY27E cc organic services revenue at -0.7% to ~+1.5% qoq for leading 6 companies.
- Continue to see weakness near-term; margin trajectory is another focus as currency gains are limited in 2Q (compared to past few Qs).
- NSE IT now trades at 16x 1-year forward consensus EPS; below pre-pandemic 5year averages but well above global peers.
JP Morgan On Consumer Staples
- Management narrative is turning a bit more cautious at the margin as inflationary pressures are trending up
- Q2 volume trends stay steady and healthy in most pockets, risks are building up for 2H.
- Margin visibility, which appears to be weakening as companies prioritize volume/market share.
- See a risk of downward earnings revision if commodity inflation sustains at elevated levels
- Preferred picks include Tata Consumer and Marico.
Jefferies On Fan Industry
- In the otherwise mature India Fans market, Premiumization and Technology adoption are key catalysts
- Fans are est 48% of household electricity consumption in Rural and 16% in Urban.
- India Fans market is now ~90% penetrated, with est +10% CAGR over FY26-31e,
- Premium (18% CAGR) & BLDC Fans (30% CAGR) are higher-growth segments
- Crompton- Over FY26FY31e, company envisages +100bps rise in Fans market share; Premium Fans est at 30% of sales mix vs 25% in FY26
- Havells- FY26-BLDC fans were approx. ~40% of HAVL’s ceiling fan offerings
- Orient Electrics- Fans are part of Electronic Control Device segment which is 70% of their sales.
- Alert-BLDC- Brushless Direct Current.
Jefferies On Power
- Ministry of Power, under Section 11 emergency provisions
- Has ordered 112 captive thermal power plants to operate at maximum capacity from Oct 1st to Dec 31st 2026
- Ordee to meet an expected rise in power demand.
- Coal stocks at thermal plants have fallen to 7 days, with the ministry considering mandatory blending of imported coal to ease supply.
- Remain constructive on the sector.
- Top picks – Adani Energy Solutions, JSW Energy and NTPC.
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