Brokerages remain constructive on select large-cap stocks across insurance, auto, and IT services, citing improving growth visibility, margin recovery, and strong execution. ICICI Prudential Life Insurance, HDFC Life Insurance, and TVS Motor Company received BUY recommendations, while Infosys was maintained at HOLD amid valuation comfort and gradual demand recovery.
ICICI Prudential Life Insurance: BUY | Target Raised to ₹800
ICICI Securities has upgraded its target price on ICICI Prudential Life Insurance Company Ltd to ₹800 from ₹720, implying an upside of nearly 17%, while maintaining a BUY rating.
The brokerage highlighted a sharp recovery in APE and VNB growth during Q3FY26, aided by GST-related tailwinds, a low base, and better execution. APE grew 3.6% YoY, while VNB surged 19% YoY, reversing the weak trend seen in H1FY26.
VNB margins expanded by 315 basis points YoY to 24.4%, driven by a higher protection mix, increased sum assured multiples, and tight cost controls, despite the absence of input tax credits. ICICI Securities also flagged ICICI Prudential’s diversified distribution mix as a structural advantage, which could cushion the impact of any regulatory changes to commissions.
HDFC Life Insurance: BUY | Target Revised to ₹930
Motilal Oswal reiterated its BUY rating on HDFC Life Insurance, revising the target price upward to ₹930, indicating a potential 25% upside.
In Q3FY26, the company reported 11% YoY growth in APE to ₹39.7 billion, while VNB rose 2.5% YoY to ₹9.5 billion. VNB margins stood at a healthy 24%. Shareholders’ PAT increased marginally by 1% YoY to ₹4.2 billion, while AUM grew 15% YoY to ₹3.8 trillion.
Growth was led by ULIPs and protection products, supported by strong equity markets and post-GST adjustments. Management expects to neutralize the GST impact on margins over the next 3–6 months, while continued investments in agency expansion and distribution partnerships are expected to support medium-term growth.
TVS Motor Company: BUY | Target at ₹4,500
Motilal Oswal maintained its BUY call on TVS Motor Company with a target price of ₹4,500, citing sustained market share gains and a robust product pipeline.
The brokerage expects revenue, EBITDA, and PAT CAGR of 21%, 26%, and 29%, respectively, over FY25–28E. TVS continues to gain share in domestic two-wheelers and scooters, retains leadership in EV scooters, and is expanding its export footprint.
Upcoming launches across ICE and EV platforms, margin expansion of 150 bps to 13.8% by FY28E, and strategic investments in premium motorcycles, three-wheeler EVs, and the Norton brand underpin the positive outlook.
Infosys: HOLD | Target at ₹1,630
ICICI Securities maintained a HOLD rating on Infosys with a target price of ₹1,630 following Q3FY26 results.
Infosys reported a marginal revenue beat but slightly weaker margins. The company raised its FY26 revenue guidance to 3–3.5%, reflecting improved visibility. Strong deal wins pushed total contract value (TCV) to USD 4.85 billion, up sharply QoQ and YoY, supported by rising AI-led demand.
While growth momentum is expected to improve in FY27, the brokerage believes current valuations already factor in near-term positives. Risks include prolonged macro weakness and cuts in discretionary IT spending, while faster AI adoption remains a key upside trigger.
📊 Brokerage Calls Snapshot
| Company | Brokerage | Rating | Target Price (₹) | Key Rationale |
|---|---|---|---|---|
| ICICI Prudential Life | ICICI Securities | BUY | 800 | APE & VNB recovery, margin expansion, diversified distribution |
| HDFC Life Insurance | Motilal Oswal | BUY | 930 | ULIP & protection-led growth, stable margins, strong AUM growth |
| TVS Motor Company | Motilal Oswal | BUY | 4,500 | Market share gains, EV leadership, strong earnings CAGR |
| Infosys | ICICI Securities | HOLD | 1,630 | Improved growth visibility, strong deal wins, valuation comfort |
