Stocks to watch on brokerages today, July 8: L&T, Kotak Mahindra Bank, Info Edge, Swiggy, Thermax and more

Brokerages have released fresh views on several Indian companies ahead of the June 2026 quarter earnings season, with updates covering engineering, technology, internet, banking, and consumer businesses.

Goldman Sachs on L&T

Goldman Sachs maintained its Buy rating on Larsen & Toubro (L&T) with a target price of ₹4,500.

The brokerage said the company has significant exposure to the Middle East, which has become a key growth driver for its international business. As of the end of FY26, the Middle East accounted for 40% of L&T’s total order book and 36% of order inflows during FY26.

Goldman Sachs also highlighted opportunities from renewable energy, clean hydrogen projects, resilience-led infrastructure spending, and physical infrastructure investments, which could provide multi-year earnings visibility.

JPMorgan and Nomura on Info Edge

JPMorgan maintained an Overweight rating on Info Edge with a target price of ₹1,350.

According to the brokerage, billings growth accelerated, supported by premiumisation across businesses. It noted stronger growth in IT Services, Global Capability Centres (GCCs), and Naukri Gulf, while adding that sustaining Naukri’s billing growth remains a key factor for future performance.

Nomura also reiterated its Buy rating on Info Edge with a target price of ₹1,320.

The brokerage said Naukri’s billings exceeded expectations, while the real estate segment also delivered strong billing growth. However, it noted that Shiksha recorded a decline as its search function was impacted by AI.

Goldman Sachs on KPIT Technologies

Goldman Sachs maintained a Neutral rating on KPIT Technologies and reduced its target price to ₹637 from ₹740.

The brokerage expects revenue to decline 5.2% quarter-on-quarter in Q1 and lowered its FY26-FY28 earnings per share estimates by 15%, 12%, and 12%respectively, citing a slower outlook for the first half of FY27.

CLSA, Investec and JM Financial on Swiggy

CLSA said that foreign shareholding falling below 50% alone does not automatically make Swiggy an Indian Owned and Controlled Company (IOCC). It noted that an earlier proposal failed to secure the required 75% shareholder approval.

The brokerage believes that if Swiggy eventually receives IOCC status, its quick commerce business could shift from a marketplace model to an inventory-led model similar to Blinkit. CLSA said this may improve supply chain control and adjusted EBITDA margins, although working capital requirements could increase.

Investec maintained a Hold rating on Swiggy with a target price of ₹314. It observed that domestic ownership has crossed 50%, but governance and control-related changes are still pending. The brokerage added that IOCC classification could strengthen Swiggy’s assortment strategy and support profitability over time.

JM Financial maintained a Reduce rating with a target price of ₹250. It said shareholder approvals and governance changes are still required before IOCC classification can be achieved and expects the transition is unlikely before the end of March 2027.

CLSA on Persistent Systems

CLSA maintained its High Conviction Outperform rating on Persistent Systems with a target price of ₹5,659.

The brokerage said the proposed Nagarro acquisition is strategically well aligned and expects the combined entity to target mid-teens organic revenue growth. CLSA also expects EBIT margins of 16-17% over the next six to eight quarters and estimates around 4% EPS accretion by FY28 on a pro forma basis.

Jefferies on Kotak Mahindra Bank

Jefferies maintained a Buy rating on Kotak Mahindra Bank with a target price of ₹450.

The brokerage said Deutsche Bank is streamlining its India operations rather than exiting the market. It believes the transaction valuation is attractive for Kotak Mahindra Bank and could be earnings accretive, while adding that leadership clarity will remain an important catalyst.

Kotak Securities on Thermax

Kotak Securities maintained its Sell rating on Thermax while increasing the target price to ₹4,250 from ₹4,000.

The brokerage highlighted the company’s strategy of international expansion, product diversification, alliances, and policy engagement. It also noted that previously underperforming businesses are showing signs of margin improvement and scale-up.