In Wednesday’s session, several leading brokerages — including Jefferies, CLSA, Nomura, HSBC, and Goldman Sachs — issued fresh ratings and target price updates on major Indian companies following their Q2 FY26 results. Here are the key brokerage calls and top stock recommendations to watch today:
CLSA on Tata Power: Hold call, target price at Rs 369 per share. The brokerage noted Q2 was impacted by the Mundra IPP shutdown, weaker Indonesian mine output, and losses in Tata Projects. Core profitability fell 53% YoY despite a 14% capacity increase due to lower solar/wind utilisation and higher interest rates. However, treasury income rose 56% YoY, supporting reported PAT.
Jefferies on PI Industries: Buy call, target price at Rs 4,315 per share. Revenues declined 16% YoY, but were 8% above estimates as CSM exports fell 18% YoY. Jefferies said pharma growth surprised positively and management maintained its single-digit FY26 revenue guidance.
Jefferies on Max Financial: Buy call, target price at Rs 1,900 per share. The firm reported 25% YoY VNB growth driven by margin expansion and product mix improvement. EV grew 15% YoY, and RoEV stood at 16%.
Jefferies on Jindal Stainless: Buy call, target price at Rs 925 per share. The brokerage said Q2 EBITDA rose 17% YoY and remained above estimates. Margins are expected to stay supported as China’s conversion spread is 25% below its long-term average.
Nomura on ONGC: Buy call, target price cut to Rs 270 per share. Q2 missed estimates due to higher opex, but Nomura expects a 4% volume CAGR over FY25–28 with guidance for higher oil output in FY26–27 and plans to cut opex by Rs 5,000 crore.
Jefferies on ONGC: Buy call, target price at Rs 310 per share. The brokerage sees potential upside from production growth starting Q4FY26 and calls the stock the cheapest among global peers.
Nomura on Ather: Buy call, target price at Rs 790 per share. The brokerage expects strong volume growth of 57%, 40%, and 33% in FY26–28 led by network expansion and new model launches.
Nomura on EPL: Buy call, target price at Rs 350 per share. Q2 performance was strong and above estimates, supported by growth in the beauty and cosmetics segment. The company maintained its double-digit sales and profit growth guidance.
Jefferies on BSE: Buy call, target price at Rs 2,930 per share. The exchange reported 61% YoY profit growth with strong derivative revenue offsetting the cash segment decline.
Top brokerage picks for the day:
- ONGC (Jefferies, Nomura, CLSA)
- PI Industries (Jefferies)
- Max Financial (Jefferies)
- Jindal Stainless (Jefferies)
- EPL (Nomura)
These stocks are among the top brokerage-backed buys to watch on November 12, 2025, based on recent earnings performance and forward growth potential.
