Stocks to buy today: Brokerages start coverage on AFCONs Infrastructure and Piramal Pharma

Several brokerage firms have initiated positive coverage on major companies in various sectors, highlighting strong growth prospects, robust financial performance and attractive long-term valuations.

Investec, Equirus, and JM Financial have shared their outlook on Afcons Infrastructure, Delhivery, and Piramal Pharma, respectively, representing significant upside for investors.

We have collected a list of recommendations of top brokerage firms from ETNow and other sources:

Investec on Afcons Infrastructure: Buy | Target Rs. 630 | LTP Rs 540 | up 16%

Investec has given Afcons Infrastructure a “Buy” rating and Rs. 630 has initiated coverage with a target price of Rs. 540 indicating a potential upside of 16% from the current market price.

Afcons is recognized as one of the most diversified mid-sized EPC (Engineering, Procurement and Construction) companies in India.

The company has shown remarkably stable financial performance over the years, maintaining consistent margins and a strong balance sheet.

Notably, with the easing of bank guarantee constraints, Afcons has seen a significant increase in order inflows in the first eight months of FY25, further strengthening its growth prospects.

Equirus on Delhivery: Long | Target Rs 459 | LTP Rs 392 | 17% up
Equirus has issued a “Long” rating on Delhiveri with a target price of Rs 459, compared to the current market price of Rs. 392 to represent a potential upside of 17%.

Delhivery is revolutionizing India’s logistics landscape and is well positioned to benefit from strong industry tailwinds in the e-commerce market.

Equirus projects a 14% revenue CAGR over FY24-FY27, with EBITDA margin expected to expand to 8.6% by FY27, driven by operating leverage and improved margins in the B2B partial-truckload (PTL) segment.

Delhivery’s unique ability to integrate both B2B and B2C operations under a single network sets it apart, enabling efficiency and scale.

Additionally, the company’s PTL segment is booming, outperforming established peers and is expected to sustain its premium valuations over traditional logistics players over the long term.

JM Financial on Piramal Pharma: Initiate Buy | Target Rs. 340 | LTP Rs 251 | 35% up
JM Financial has a “Buy” rating and Rs. 340 has initiated coverage on Piramal Pharma with a target price of Rs. 251 represents a growth of 35% from the current market price.

With margin expansion of around 360 basis points, the company’s topline is expected to grow at a robust ~15% CAGR in FY24-27.

JM Financial forecasts 23%+ EBITDA CAGR, which is expected to improve stable cash generation and Piramal Pharma’s net debt position—addressing key investor concerns.

At the current market price, the stock is trading at 21x/17x FY26/27 EV/EBITDA, representing a ~38% discount to the average valuation of its listed peers, highlighting its attractive valuation.

(Disclaimer: Recommendations, suggestions, opinions and views given by experts are their own. These do not represent the views of Economic Times)