Brokerage radar today, March 25: United Spirits, Coforge, Torrent Pharma, Bharat Forge, LG India among top stocks to watch today

Brokerage firms have released multiple updates across sectors, including autos, IT services, power, pharma, and consumer. Here’s list of stocks in focus today based on brokerage commentary.

United Spirits (USL): Stake Sale in RCB Under Spotlight

CLSA has maintained a Hold rating on United Spirits with a target price of ₹1300.

The company has announced the sale of its entire stake in Royal Challengers Sports Pvt Ltd (RCSPL) for ₹166.6 billion (approximately $1.8 billion). RCSPL owns the Royal Challengers Bengaluru (RCB) franchise across IPL and WPL.

CLSA values RCB at around $1.2 billion, based on a blended valuation approach.

Auto Sector: Further Downside Still Possible

CLSA’s sector view suggests that more than half of the correction in Indian auto OEMs is already priced in. However, an additional downside of 10%–15% remains possible in a bear-case scenario.

Margin pressure is expected to continue, with EBITDA margins potentially declining by 150–300 basis points by FY27. Even after factoring in 3%–4% price hikes, demand could remain weak, with flat volume growth projected in a downside scenario.

Among key players, Mahindra & Mahindra (M&M), Tata Motors Passenger Vehicles (TMPV), and Tata Motors Commercial Vehicles (TMCV) are already trading below implied bear-case valuations.

Coforge: Strong AI Positioning Drives Bullish View

CLSA has reiterated a High Conviction Outperform rating on Coforge with a target price of ₹2278.

Management commentary highlighted that AI is expected to create opportunities rather than reduce demand for IT services, especially for companies with strong domain expertise.

Growth visibility is expected to be reflected in order book expansion, improved revenue per employee, and stable EBITDA margins. The stock is currently trading at around 20x one-year forward PE, near a PEG ratio of 1x.

Power Sector: Structural Opportunity Emerging

Bernstein has initiated coverage on multiple power companies with a positive outlook:

• Adani Power – Outperform, TP ₹177
• JSW Energy – Outperform, TP ₹575
• Tata Power – Outperform, TP ₹443
• NTPC Green – Underperform, TP ₹80

The brokerage highlights that India’s energy security challenges—first from disruptions in Russian oil and now geopolitical tensions involving Iran—are reinforcing the need for electrification.

Thermal, nuclear, storage, and grid infrastructure segments are expected to offer stronger opportunities compared to pure renewable plays.

EClerx & Firstsource: Valuations Attractive Despite Cuts

Nomura has maintained a Buy rating on both companies, though target prices have been reduced:

• EClerx – TP cut to ₹2200
• Firstsource – TP cut to ₹330

For EClerx, deal wins and pipeline strength remain intact, while margins are being reinvested.

Firstsource is expected to sustain double-digit revenue growth, with EBIT margins projected at 11.7%–12.6% over FY26–FY28. Both stocks are currently trading at relatively lower valuation multiples.

Torrent Pharma: Strong Growth Outlook

HSBC has upgraded its target price on Torrent Pharmaceuticals to ₹5100 while maintaining a Buy rating.

The brokerage expects consistent revenue growth and EBITDA margins of 32%–33%, supported by potential synergies from the JB Pharma acquisition.

Quick Commerce: Competitive Pressure Persists

HSBC highlights near-term concerns in the quick commerce segment:

• Blinkit prices are 6%–8% higher than competitors
• Market share risks remain due to pricing and competition

Ratings:

• Eternal – Buy, TP ₹300 (cut from ₹350)
• Swiggy – Hold, TP ₹300 (cut from ₹380)

Despite near-term headwinds, valuations are seen as reasonable.

Sagility India: New Coverage with Growth Outlook

Nomura has initiated coverage with a Buy rating and a target price of ₹55.

The company is positioned as a healthcare-focused technology player, expected to benefit from outsourcing demand and AI-led efficiencies.

Earnings are projected to grow at a CAGR of 20% between FY26–FY28.

GAIL: Weak Volumes but Attractive Valuation

Nomura has maintained a Buy rating on GAIL with a target price of ₹185.

Gas transmission volumes remain below 100 mmscmd, impacted by supply disruptions. However, recovery is expected once Qatar-related issues ease.

The stock trades at 9.9x FY27 estimated earnings and 1.0x price-to-book.

LG India: Summer Demand Supports Growth

Jefferies has maintained a Buy rating with a target price of ₹1910.

Strong summer demand trends are visible, with AC prices already increased by 7%–9% and further hikes of 5%–10% expected in April due to currency weakness and higher input costs.

Bharat Forge: Defence Expansion Key Trigger

Jefferies remains positive with a Buy rating and a target price of ₹2150.

The company is expanding its defence portfolio across land, naval, and aerospace systems. Rising geopolitical tensions and government focus on domestic procurement are expected to support long-term growth.

Additionally, a rebound in US truck orders could boost exports.

Credit Card Industry: Growth Moderation Continues

HSBC notes that credit card spending growth has slowed to 6.0% year-on-year in February 2026, down from 8.1% in January.

The slowdown is attributed to increasing UPI adoption, declining high-value transactions, and card devaluation trends.