Buy, Sell or Hold: Antique maintains Hold on Infosys; Nuvama maintains Buy on Dr Reddy’s Laboratories

Brokerages have shared their latest views on key Indian stocks, highlighting a mix of steady performance, emerging growth drivers, and sector-specific tailwinds.

While Antique has maintained a cautious stance on Infosys, citing margin pressures and limited changes in organic growth guidance, Nuvama remains optimistic about Dr. Reddy’s Laboratories, driven by pipeline progress and a strong outlook for its CDMO business.

Meanwhile, Motilal Oswal has reiterated its bullish view on Tata Consumer Products, expecting margin expansion and synergies from recent acquisitions to support earnings growth.


Here’s a summary of their recommendations and insights for the next 12 months.

We have compiled key brokerage recommendations from ET Now and other sources:

Antique on Infosys: Hold | Target price: Rs 1,750

Antique has maintained a ‘Hold’ rating on Infosys with a target price of Rs 1,750. While the company delivered a strong quarterly performance, its organic growth guidance remains largely unchanged.

Infosys reported a robust total contract value (TCV) of $3.8 billion, reflecting solid deal bookings. However, discretionary spending remains weak, and the company continues to face margin headwinds. As a result, EPS estimates for FY26 and FY27 remain unchanged.

Nuvama on Dr. Reddy’s Laboratories: Buy | Target: Rs 1,486 | LTP: Rs 1,247 | Upside: 19%

Nuvama has maintained a ‘Buy’ rating on Dr. Reddy’s Laboratories with a target price of Rs 1,486, implying a 19% upside from the last traded price of Rs 1,247.

Though the company’s Q1 performance was below expectations, new growth drivers are emerging. Semaglutide's progress in Canada remains on track, and a US filing for Abatacept is expected—both positive developments.

The CDMO business is expected to contribute $100 million in FY26, with a target of reaching $300 million by FY30—a significant upside surprise.

Additionally, the company has reaffirmed its 25% margin guidance, backed by ongoing cost optimisation efforts.

Motilal Oswal on Tata Consumer Products: Buy | Target: Rs 1,270 (earlier Rs 1,300) | LTP: Rs 1,062 | Upside: 19%

Motilal Oswal has reiterated its ‘Buy’ rating on Tata Consumer Products, revising the target price slightly to Rs 1,270 from Rs 1,300, indicating a 19% upside from the current price of Rs 1,062.

The brokerage expects moderating tea prices to support margin expansion starting Q2FY26. Consolidated margins are likely to improve, led by the tea business, while the international segment is expected to sustain its growth.

Synergies from the integration of Capital Foods and Organic India are also expected to boost the domestic food segment. The company has guided for ~16% EBITDA margin by Q3FY26.

Motilal has accordingly raised its EBITDA estimates for FY26 and FY27 by 7% and 3%, respectively.

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