Stock market analysis and stories by Abdullah Shah

Abdullah Shah

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Abdullah is a research analyst at Trendlyne. He completed his MBA in finance from Narsee Monjee Institute of Management Studies, Mumbai in 2022. He also holds a graduate degree in mechanical engineering from Mukesh Patel School of Technology Management and Engineering. He likes to analyze economic and financial market trends. He also likes cricket, football, and Formula 1.

Articles by Abdullah Shah

The Baseline

31 Mar 2026

Five stocks to buy from analysts this week - March 31, 2026

By Abdullah Shah

1. Uno Minda:

Axis Direct upgrades this auto parts producer to a ‘Buy’ rating from ‘Hold’, with a target price of Rs 1,260 per share, a 22.1% upside. The impact of the US-Iran war is negative for the company in the short-to-medium term. The closure of the Strait of Hormuz and rising regional instability affect global logistics, raw material costs, and the European market, which is a key export destination for the company. Its stock price declined 13.2% over the past month.

Analyst Sanchit Kumar, however, sees strong long-term growth for the company, driven by new product launches, premiumisation, ongoing capacity expansion, and a robust EV order book. Uno Minda is also well-positioned to profit from stricter safety and acoustic regulations.

As India's top automotive horn maker and second globally, the company benefits from mandated Acoustic Vehicle Alerting Systems (AVAS) in EVs, recently securing orders in the electric passenger vehicle segment. Its airbag joint venture is building a new Rs 280 crore facility in Karnataka to meet the rising demand for vehicle safety features.

Through its 76% stake in the Minda Westport joint venture, the company also makes CNG and LPG kits, profiting directly from the surge in CNG vehicle sales. Kumar believes ongoing investments, a focus on making more parts locally, and strong demand at home will fuel its growth.

2. Power Grid Corp of India:

Prabhudas Lilladher maintains its ‘Buy’ call on this electric utilities provider, with a target price of Rs 324 per share, an upside of 17.5%. Analysts Vishal Periwal and Shubham Shelar believe Power Grid is perfectly placed to seize India’s massive Rs 15 lakh crore transmission opportunity. This translates to a potential annual order pipeline of Rs 60,000–70,000 crore.

The company is consolidating 19 special purpose vehicles (SPVs) into two, with more mergers planned. Analysts note that this move will streamline governance, improve capital allocation, and boost scalability as Power Grid's asset base grows. Management approved a capex of Rs 37,000 crore for FY27 and Rs 45,000 crore for FY28. They expect further upside from new project wins and strong execution.

Periwal and Shelar say that the company's right-of-way (ROW) challenges have eased. The government introduced a market-linked compensation framework to improve land acquisition. Clearer guidelines have also reduced disputes, and the company has strengthened execution with dedicated ROW teams and specialised expertise. They expect Power Grid to achieve a 9.8% revenue CAGR and a 5.9% net profit CAGR through FY28.

3. Sky Gold and Diamonds:

BOB Capital Markets initiates coverage on this small-cap jewellery manufacturer with a ‘Buy’ call and a target price of Rs 494 per share, an upside of 55.2%. The stock fell 11.9% last month. The Israel–Iran war poses a risk, as Middle East exports, about 10% of revenue, face potential shipping delays and higher costs. Analyst Lavita Lasrado still likes the company, pointing to strong growth in its B2B model where Sky Gold supplies gold jewellery to retail chains without owning its stores. This asset-light strategy keeps costs low and allows for efficient expansion.

Management reports that capacity has surged to over 1,000 kg per month, yet utilisation sits at a low 33–46%. This offers significant room for volume growth without major new spending. Sky Gold is also shifting its product mix towards higher-margin items like 18-carat studded and diamond jewellery, which now form about 25% of its offerings. Growth comes from deeper client relationships, new retailer tie-ups, export expansion, and selective acquisitions that strengthen manufacturing capabilities.

Analyst Lavita Lasrado expects revenue to grow at around 37% CAGR over FY26–28, driven by volume ramp-up and new clients. EBITDA margins should improve to around 6.5%, supported by a better product mix and operating leverage. However, the analyst identifies client concentration as a key risk, with a significant share of revenue coming from top customers.

4. Aurobindo Pharma:

Motilal Oswal retains its ‘Buy’ rating on this pharmaceutical manufacturer, with a target price of Rs 1,500 per share, an upside of 15%. Analysts Tushar Manudhane and Vipul Mehta believe several factors will boost future earnings: scaling up the Penicillin-G (Pen-G) plant, increased external sales of 6-Amino Penicillanic Acid (6-APA), higher demand in the EU, new US product launches, and integrating Lannett (US-based generics manufacturer).

Aurobindo makes 6-APA, which is a key ingredient in antibiotics like amoxicillin, ampicillin, and piperacillin. To support this, the company has set up a Penicillin-G (Pen-G) plant, which started operations in July 2025 and is now gradually increasing output. The 6-APA plant is also expected to reach full capacity in the next 3–4 months.

Manudhane and Mehta add that from the planned 15,000 metric tonnes (MT) of Pen-G, 3,000 MT goes to domestic sales. They use the remaining 12,000 MT of Pen-G to produce 6-APA. By producing these inputs in-house instead of buying them, Aurobindo reduces costs and improves control over its supply chain, giving it an advantage over competitors. They expect the company to achieve a 9% revenue CAGR and a 21% net profit CAGR from FY26-28.

5. Sagility:

ICICI Securities reiterates its ‘Buy’ rating on this business service provider, with a target price of Rs 66 per share, an upside of 65.2%. AI's growing use in healthcare outsourcing drives this positive outlook. Sagility operates in the US healthcare market, where low outsourcing offers a significant long-term opportunity. High client stickiness, with 97% retention and an 18-year average tenure, ensures steady growth.

Management states AI expands their work, rather than shrinking it. The company is moving from traditional employee-based models to outcome-based pricing, guaranteeing clients cost savings. Sagility uses AI across key areas like claims processing, payment integrity, revenue cycle management, and utilisation management to boost efficiency and cut costs. New growth opportunities exist in medical loss ratio management, appeals, and clinical services, representing a significant $20,000–32,000 crore market.

Analysts Ruchi Mukhija and Seema Nayak expect strong growth, supported by AI-led solutions and expansion into new service areas. EBITDA margins should remain stable at 24–25%. They add that US healthcare demand will keep growing, fueled by the popularity of GLP-1 drugs used for obesity and diabetes, higher healthcare activity and long-term outsourcing growth.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

20 Mar 2026

Five stocks to buy from analysts this week - March 20, 2026

By Abdullah Shah

1. Hindustan Copper:

Anand Rathi reiterates its ‘Buy’ call on this copper producer with a target price of Rs 650 per share, a 31.8% upside. The Israel-Iran conflict has a neutral to positive impact on operations. Hindustan Copper is India’s sole copper ore miner, holding over 80% of the country's reserves. Its vertically integrated business model serves the domestic market. Geopolitical instability could increase global copper prices, directly boosting the company’s realisations.

Analysts Parthiv Jhonsa and Prakhar Khajanchi remain positive on Hindustan Copper’s medium-term growth, driven by capacity expansion and rising copper prices. Management highlighted expansion plans to reach 4.4 million tonnes (MT) of capacity by the end of FY26, up from 3.5 MT. These estimates included volume from the Kendadih and Kolihan mines; however, regulatory approval delays pushed back operations by a few quarters.

Jhonsa and Khajanchi expect copper price volatility in the near term. However, strong demand from emerging sectors like energy transition, e-mobility, and renewable energy infrastructure should support long-term copper consumption. They expect the company to deliver a revenue CAGR of 58.3% and a net profit CAGR of 83.4% over FY26-28.

2. DOMS Industries:

ICICI Securities upgrades this stationery products manufacturer to a ‘Buy’ call, with a target price of Rs 2,500 per share, an upside of 15.9%. Analysts Aniruddha Joshi and Manan Goyal say the Middle East contributes less than 2% of revenue. So, any disruption has a limited impact, as losses can be offset by domestic sales or export markets.

The key risk is cost, not demand. Polymers and crude-linked inputs make up 40–50% of raw material costs. Rising crude prices could pressure margins in the short-term. However, the company plans price hikes to offset this impact over time, and holds 25–30 days of raw material inventory to manage immediate cost volatility.

Management anticipates 18–20% revenue growth in FY26 with EBITDA margins of 16.5–17.5%. Strong distribution and brand presence drive domestic demand, while the back-to-school season boosts volume. Joshi and Goyal highlight well-diversified exports (14–15% of revenue), which limit concentration risk. US exports (6–7% of exports) have stabilised after tariff issues, with orders coming back. They expect steady US market growth and maintain a positive view, supported by improving export trends.

3. Jupiter Life Line Hospitals (JLHL):

Prabhudas Lilladher maintains its ‘Buy’ rating on this healthcare facilities company, with a target price of Rs 1,600 per share, a 27% upside. Analysts Param Desai and Sanketa Kohale remain constructive, citing strong revenue and net profit growth. This growth comes from ramping up occupancy and expanding capacity.

Management confirmed the company will operationalise its South Pune greenfield hospital by 2028, followed by the Mira-Bhayandar project by 2029. Analysts believe these additions, along with scaling up existing facilities, will strengthen JLHL’s presence in Western India’s high-density markets. They add that limited large corporate hospitals in the Dombivli–Kalyan micro-market, combined with improving infrastructure and strong residential growth, position the unit to capture increasing demand.

Desai and Kohale highlight the Dombivali hospital’s target market: an 18-19 lakh population across the Dombivli–Kalyan–Ulhasnagar corridor in the Mumbai Metropolitan Region (MMR). This region remains underpenetrated with limited organised tertiary care. Upcoming infrastructure and proximity to Palava city will support strong medium-term demand growth. They expect the firm to deliver revenue and net profit CAGRs of 17.9% and 9.3%, respectively, through FY28.

4. JSW Steel:

Motilal Oswal retains its ‘Buy’ rating on this iron & steel products manufacturer, with a target price of Rs 1,400 per share, an upside of 20%. Analysts Alok Deora and Sonu Upadhyay believe new capacity additions, strong domestic demand, and a rising share of value-added products position the company for revenue growth.

Management outlined an ambitious expansion plan, aiming for an overall capacity of 56 million tonnes per annum (MTPA) by FY31, with India contributing about 50 MTPA. To achieve this, JSW Steel plans Rs 1 lakh crore in capex over the next 4-5 years. This investment will fund a new steel plant in Odisha, the Dolvi facility expansion, and value-added product portfolio diversification.

Due to Middle East disruptions, JSW Steel is diversifying its sources for coking coal. It acquired domestic blocks in Jharkhand, increased its stake to 30% in Australia’s Illawarra Metallurgical Coal, and will develop the Minas de Revuboè mine in Mozambique.

The company targets securing about 50% of its iron ore from captive sources and roughly 25% of coking coal through owned or long-term assets by FY31. Deora and Upadhyay emphasise that this raw material integration, alongside logistics infrastructure like slurry pipelines and port connectivity, will lower conversion costs and boost net profit. They expect the firm to deliver an 11.2% revenue CAGR and an 85.1% net profit CAGR through FY28.

5. Federal Bank:

Axis Direct recommends a ‘Buy’ rating on this bank with a target price of Rs 290, an upside of 9.6%. The Israel-Iran war poses a slightly negative risk. While the bank has no direct exposure, its 29% reliance on NRI deposits creates potential risk if disruptions affect remittance flows or deposit growth.

Analysts Dnyanada Vaidya and Abhishek Pandya note Q3 saw improved net interest margins (NIMs) from a better loan mix. The bank aims to boost current account and savings account (CASA) deposits. NIMs might face near-term pressure from delayed rate cuts, but should remain stable.

Management expects stable asset quality, projecting credit costs at 55–60 bps for FY26. The bank sees steady loan segment growth and plans to expand its loan book 1.2–1.5 times nominal GDP growth, suggesting roughly 16% growth in FY27. Vaidya and Pandya foresee gradual profitability gains, with return on assets rising to 1.3–1.4% by FY27–28, up from 1.1% in FY26. Better risk-adjusted loan growth, improved margins from a favourable mix, a stronger deposit franchise, and higher fee income will drive this.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

05 Mar 2026

Five stocks to buy from analysts this week - March 5, 2026

By Abdullah Shah

1. Larsen & Toubro:

Motilal Oswal retains its ‘Buy’ call on this construction & engineering major, but lowers target price to Rs 4,400 per share, a 9% upside. The Israel-Iran war will negatively impact L&T’s revenue, as the Middle East brings in about 22% of its total earnings. The conflict could cause project delays and raise freight costs, creating near-term pressure on revenue and profit.

Analysts Teena Virmani and Prerit Jain see short-term risks for its international business, as the Middle East accounts for 40% of its new orders. The IT subsidiary’s valuation also faces pressure from AI disruption. However, they remain positive on L&T’s long-term growth, thanks to its strong order book. While government capex spending has been weak across large projects, the company remains optimistic about gaining a larger share from thermal power projects, real estate and private sector industries will drive domestic orders.

L&T has a diverse project mix, including offshore & on shore hydrocarbon, gas-related, renewables and transmission across Saudi Arabia, Kuwait, and Qatar. Analysts believe supply chain issues will affect short-term project execution, but note the company has risk management plans for existing contracts. They expect L&T to deliver a revenue CAGR of 14.8% and a net profit CAGR of 18.9% over FY26-28.

2. ZF Commercial Vehicle Control Systems India:

ICICI Direct retains a ‘Buy’ call on this auto parts manufacturer, with a target price of Rs 19,000 per share, a 32.6% upside. The Israel-Iran war has a neutral impact on the company. The Middle East accounts for only 0.2% of revenue, so direct exposure is minimal. ZF Commercial posted strong results in Q3FY26. Revenue grew 12.9% YoY, while net profit rose 11.7%, driven by higher original equipment manufacturer (OEM) and aftermarket sales.

Analysts Shashank Kanodia and Bhavish Doshi remain confident in the stock, led by ZF Commercial’s market leadership in the commercial vehicles segment, supported by a diverse product portfolio, healthy OEM relationships, and increasing aftermarket penetration.

Management notes that the government’s infrastructure push and EV bus tenders will drive OEM recovery in the coming quarters. To meet this demand, they are planning a diversified portfolio expansion, with new products in safety, digital, and electrification, including electric compressors.

Analysts highlight that ZF Commercial combines high-margin technology products with a stable and growing aftermarket business, providing resilience across cycles. Aftermarket growth fueled by replacement demand from new emission standards, retrofits, and mining activity adds recurring revenue visibility and margin stability.

Kanodia and Doshi add that while exports faced short-term pressure due to tariffs, improving European demand from the trade deal, and expanding engineering exports provide medium-term revenue upside.

3. Shriram Pistons & Rings:

Emkay reiterates its ‘Buy’ rating on this auto parts company with a target price of Rs 4,650, an upside of 55.6%. Note that the Israel-Iran war is expected to have a negative impact on the company. The Middle East makes up 13% of its export revenue, exposing that business to geopolitical risk. Achieving its double-digit export growth target now depends on how the conflict unfolds.

Analysts Chirag Jain and Nandan Pradhan highlight strong growth from both existing and new, fast-expanding segments (Precision plastic injection molding and EV motors). Management expects to outperform the auto industry by 8–10%. Market-share gains and expansion across its diverse portfolio will drive this growth.

SPRL aims for more than double industry growth in its established segments. A diverse portfolio across powertrains and non-auto uses (marine, defence, railways, snowmobiles) supports this strategy. Limited peer capacity additions, strategic investments of Rs 600–700 crore over five years, and a strong aftermarket focus will help it capture additional market share.

Jain and Pradhan anticipate the company will become a multi-product, tech-focused auto parts firm. Non-ICE segments will account for 35% of revenue by FY27. They project revenue and EBITDA to achieve CAGRs of 26% and 22%, respectively, from FY26–28, driven by strong existing business and successful diversification.

4. Laurus Labs:

Motilal Oswal maintains its ‘Buy’ call on this pharma manufacturer, with a target price of Rs 1,280 per share, an upside of 22.4%. The Israel-Iran war has a slight negative impact on Laurus Labs, creating risks for its logistics and regional growth strategy. As a major exporter, instability in the Red Sea could lead to higher freight costs, squeezing the company's margins.

Analysts Tushar Manudhane and Vipul Mehta believe Laurus Labs’ investment of Rs 3,900 crore (FY22-26) positions it for strong growth in contract development and manufacturing (CDMO). This will help the company maintain its leadership in the next CDMO cycle.

Analysts observe Laurus outpaced competitors in revenue growth during 9MFY26. Scaling up CDMO and formulation segments supported this. Expanding capacity early allowed the company to seize new opportunities faster than its rivals. The company’s shift to expanding the CDMO segment, now contributing about 27% of revenue, boosted margins from 56% to around 60%.

Manudhane and Mehta emphasise that capability investments, a diverse pipeline, and growing commercial programs position Laurus to capture further market share. They project the firm to achieve a revenue CAGR of 16.7% and a net profit CAGR of 47.7% from FY26-28.

5. Apar Industries:

ICICI Securities initiates coverage on this cables manufacturer, with a target price of Rs 12,750 per share, a 21.4% upside. The Israel-Iran war has a neutral to slightly negative impact. While demand from the Middle East is strong, Red Sea disruptions could raise freight costs and create short-term logistics pressure for exports. Analysts Mohit Kumar and Mahesh Patil are positive on Apar, led by higher exposure of its portfolio to tailwinds in power transmission, generation and electrification segments.

They highlight continued strong demand for premium conductors, thanks to increased reconductoring, high-voltage transformer needs, and a shift to high-efficiency transmission conductors. Apar adjusted its portfolio to target niche segments and export markets (~11% share).

Kumar and Patil note that domestic demand for premium conductors will grow due to higher interstate and intrastate transmission traction. To meet this demand, Apar plans to invest Rs 300 crore to expand its premium conductor capacity by 10%. It will also invest Rs 800 crore to expand its cable capacity to capture a higher market share. Analysts expect the firm to deliver revenue and net profit CAGRs of 17.8% and 20.7% from FY26-28.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

17 Feb 2026

Five stocks to buy from analysts this week - February 17, 2026

By Abdullah Shah

1. Britannia Industries:

Axis Direct retains a ‘Buy’ call on this packaged foods manufacturer, with a higher target price of Rs 7,170 per share, an upside of 16.7%. Britannia Industries reported strong Q3FY26 results, with revenue rising 8% YoY and net profit climbing 16.9%. Healthy sales in biscuits and adjacent categories, stable input costs, and a richer product mix fueled growth.

Analyst Suhanee Shome believes the GST rate cut will boost household purchasing power, strengthen consumer sentiment and aid demand recovery in rural and semi-urban areas. She adds that consistent media investments and portfolio expansion through products like new veg cake variants and biscuits such as the 50-50 Dipped range & Doodh Marie Gold broadened consumer reach and improved category momentum.

Shome notes that Britannia focuses on premiumising its product portfolio, investing in brands, and creating region-specific innovations to strengthen its competitive position and drive profits. Stabilising raw material prices will also improve margins in the near term. She expects the company to deliver a revenue CAGR of 12% and a net profit CAGR of 19% over FY26-28.

2. Elgi Equipments:

ICICI Direct maintains a ‘Buy’ call on this compressor manufacturer, with a target price of Rs 620 per share, a 20% upside. Elgi Equipments reported strong results in Q3FY26. Revenue climbed 19.4% YoY, while net profit rose 18.1%. Growth in domestic, Middle East, Americas, and European markets boosted revenue, while a better product mix expanded net profit.

Analysts Chirag Shah and Dilip Pandey say future profitability will depend on improvements in Europe and the US. In Europe, the business is currently breakeven. Management is working on cost adjustments to achieve profitability by FY27. Analysts expect margins to improve from Q2FY27 in the US. This is likely as high-cost inventory gets cleared and tariff rates gradually ease, supporting better profitability.

Shah and Pandey note that Elgi’s planned launch of low-cost screw compressors (priced 30-40% lower) will counter Chinese imports. Its Demand Match technology, an airflow control system that delivers a 6–17% reduction in energy costs, further strengthens Elgi’s valuation. They expect the company to deliver annual revenue and net profit growth of 12.2% and 17.3% over FY26-28.

3. Navin Fluorine International:

IDBI Capital maintains its ‘Buy’ rating on this chemical manufacturer, with a target price of Rs 8,265, an upside of 32.4%. In Q3FY26, the company saw its net profit surge 121.8% YoY, with revenue climbing 47.2%. Improved performance in the specialty chemicals, high-performance products (HPP), and contract development and manufacturing organisation (CDMO) segments drove these results.

Management attributed this success to record revenues in the chemicals segment, supported by higher utilisation levels. The company is also growing its CDMO arm, aiming for $100 million in revenue by FY27. A major European partner is expected to contribute 35–40% of that total.

Analysts Jason Soans and Khubaib Abdullah add that the company wants a balanced portfolio with an equal mix of early- and late-stage molecules to improve margins. Navin Fluorine is also exploring opportunities in the semiconductor and electronics markets, especially in global liquid cooling used in data centres and EVs.

Soans and Abdullah expect Navin Fluorine to maintain strong profitability, driven by favourable conditions across its business units, better asset utilisation, and growth in its high-margin CDMO and specialty segments. They project a 23% revenue CAGR and a 21.6% net profit CAGR from FY26-28.

4. Amber Enterprises:

BOB Capital Markets upgrades this consumer electronics producer to ‘Buy’ from ‘Hold’, with a higher target price of Rs 8,700 per share, an 13.8% upside. Amber Enterprises showed mixed performance in Q3FY26. Revenue climbed 39.5% YoY, driven by growth across all business segments. However, the company posted a net loss of Rs 27.2 crore due to one-time payments related to new labour codes and a loan to its joint venture, Shivaliks Mercantile.

Analysts Vineet Shanker and Amey Tupe cite a sharp rebound in room air-conditioner (RAC) sales and improved margins in the electronics and railway segments as reasons for the upgrade. Management expects to outperform the consumer durables industry, maintaining a revenue growth guidance of 13-15% for FY26. Increasing business with existing customers, growing interest in non-AC components and commercial AC products, and a diverse product mix will support this guidance.

Shanker and Tupe highlight significant opportunities in the railway segment, fueled by increased railway capital expenditure and the announcement of seven high-speed rail corridors. They expect the company to deliver revenue and net profit CAGRs of 26.7% and 48.3%, respectively, through FY28.

5. Steel Authority of India (SAIL):

Geojit BNP Paribas recommends a ‘Buy’ call on this steel manufacturer, with a target price of Rs 199, an upside of 26.5%. SAIL's Q3FY26 net profit jumped 163.6% YoY to Rs 374 crore. Lower raw material and inventory costs drove this significant increase. Revenue rose 11.4%, thanks to strong sales volume and effective cost controls.

Management is pursuing ambitious long-term expansion. The company plans to increase its steel production capacity to 35 million tonnes (MT) from 20 MT by FY31. A key part of this strategy is the Rs 36,000 crore expansion at the IISCO steel plant in West Bengal, expected to start by FY30. This project should lift EBITDA per tonne above Rs 10,000.

Analyst Sheen G highlights that SAIL has also strengthened its financial position. Net debt decreased by roughly Rs 7,000 crore during the first nine months of FY26. Management has confirmed that reducing debt remains a top priority, even with substantial capital expenditure plans underway.

Sheen is optimistic about the company’s growth, supported by rising steel demand, a gradual price recovery, benefits from operating leverage, and clear prospects from the ongoing capacity expansion program.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

03 Feb 2026, 05:35PM

Five stocks to buy from analysts this week - February 3, 2026

By Abdullah Shah

1. Nippon Life India Asset Management:

ICICI Direct maintains its ‘Buy’ rating on this asset management company, with a target price of Rs 1,020, an upside of 9.8%. The company had a strong Q3FY26. Its mutual fund assets under management (AUM) grew 23% YoY to Rs 7 lakh crore. Its market share also rose to 8.7%, driven by its gold and silver exchange-traded funds (ETFs).

Management credits this growth to a diverse product lineup and more investors using SIPs. Equity funds represent 47% of its assets, with ETFs at 30%. Debt funds make up 15%, while the rest comes from liquid and arbitrage funds.

Analysts Jaymin Trivedi and Kirankumar Choudhary note that Nippon Life also handles over Rs 1 lakh crore in alternative investments and offshore products. They expect fees to remain steady at about 0.4% and add that distributors will likely absorb the costs of any new regulations.

Trivedi and Choudhary predict the company will continue to grow its market share, powered by its booming ETFs and reliable active equity funds. They also believe favourable industry trends, a wide sales network, and innovative products will fuel its long-term success.

2. Sharda Cropchem:

Anand Rathi retains a ‘Buy’ call on this agrochemicals manufacturer, with a higher target price of Rs 1,330 per share, an upside of 19.4%. Sharda Cropchem reported a strong Q3FY26. Revenue climbed 40.9% YoY, powered by growth in Europe and Latin America. Net profit soared 4.7 times, boosted by favourable currency exchange and sales of higher-margin products.

Analyst Himanshu Binani believes product prices have hit their lowest point. Management is confident it can soon raise prices, backed by growing sales volumes as the company enters new markets. Management expects growth to continue, driven by new product registrations, yearly spending of Rs 450-500 crore, and market share gains.

Binani notes that better demand, higher prices, and stable costs all helped boost profit margins. Management aims to achieve a gross margin of 34-35% for the next quarter and into FY27, supported by price hikes. The analyst expects annual revenue growth of 15% and net profit growth of 34% over FY26-28.

3. Acutaas Chemicals:

Geojit BNP Paribas reiterates a ‘Buy’ call on this pharmaceutical manufacturer, with a target price of Rs 2,350 per share, a 19.3% upside. Acutaas Chemicals delivered strong Q3FY26 results. Net profit surged 140.2% YoY, owing to sales of more profitable products. Revenue jumped 43.8%, driven by strong performance in its core active pharmaceutical intermediates business.

Analyst Mithun T Joseph is optimistic about the company’s medium-term prospects, citing a clear pipeline of contract development and manufacturing organisation (CDMO) projects and growing speciality chemical sales. Management raised its full-year revenue growth forecast to 30% from 25%, with profit margins around 35% for FY26. This confidence comes from an expanding CDMO business and high demand.

Joseph highlighted that the company has invested Rs 130 crore of its planned Rs 200 crore in its South Korean semiconductor joint venture, Indichem. The new facility should be running by the end of 2026. Analysts project the company to achieve 32.1% annual revenue growth and 62.2% annual net profit growth through FY27.

4. SBI Life Insurance Company:

Axis Direct maintains its ‘Buy’ rating on this insurance company, with a target price of Rs 2,450, an upside of 22.4%. The company posted solid Q3FY26 results, hitting its new business margin target of 26.6%, in line with full-year guidance. Analysts Dnyanada Vaidya and Abhishek Pandya say the company offset the impact of GST changes on its margin by selling more profitable products and improving its sales strategy.

Selling insurance through banks remains its main channel, accounting for 62% of premiums. Sales through SBI's network grew 16% YoY, while sales from other bank partners jumped 24%. The agent channel also grew 11%, driven by the addition of more agents and 66 new branches this year. Management expects annual premium growth of 13–14% for FY26.

Vaidya and Pandya project a 16% CAGR in new business premiums and a 12% CAGR in new business through FY28. They see stable margins, strong sales channels, and consistent premium growth as key drivers for steady future earnings.

5. Jindal Steel:

IDBI Capital upgrades this iron & steel products company to a ‘Buy’ rating from ‘Hold’ with a higher target price of Rs 1,301 per share, an 13.2% upside. Jindal Steel reported mixed Q3FY26 results. Revenue grew 10.7% YoY, thanks to strong sales of high-value products in the distribution and infrastructure segments. However, net profit fell 80% due to one-time startup costs for a new blast furnace and higher raw material prices.

Analysts Ajit Sahu and Mohd Sheikh Sahil expect sales volume and product mix to improve once the new furnace and pipeline start in Q4FY26. Management noted that net debt increased to Rs 15,400 crore to fund major expansion plans. The company has approved Rs 21,100 crore in spending over the next few years, which includes work to improve efficiency at its Utkal mine in Odisha.

Sahu and Sahil highlighted that the average selling price fell by 9% due to lower steel prices and a less profitable product mix. The company sold more lower-margin steel during its expansion and used more of its by-products internally. Looking ahead, they project revenue to grow at 11.6% annually and net profit at 19.3% through FY28.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

20 Jan 2026

Five stocks to buy from analysts this week - January 20, 2026

By Abdullah Shah

1. TBO Tek:

Anand Rathi retains a ‘Buy’ call on this travel platform with a higher target price of Rs 2,000 per share, an upside of 32%. TBO Tek’s stock price fell by 9.2% over the past year. Analysts Shobit Singhal and Sagarika Chetty believe the company is well-positioned for growth in the global travel distribution market after acquiring Classic Vacations.

Management expects EBITDA margins to improve from Q4FY26 onward as spending on account managers comes down, reducing administrative costs. Analysts believe the company’s expansion of its hotel portfolio and growing international presence will drive revenue growth. In addition, a stabilising Indian business and higher contributions from new sales partners are expected to support further growth.

Singhal and Chetty emphasise that the Classic Vacations acquisition gives TBO Tek a strong foothold in the North American luxury travel market, aligning with management’s focus on the higher-margin hotel business. They project that the company will achieve revenue CAGR of 24.7% and EPS CAGR of 43.2% between FY26-28, driven by the completion of hiring in Q3FY26 and improved margins from Classic Vacations.

2. HCL Technologies:

Axis Direct upgrades this software company to a ‘Buy’ rating, with a target price of Rs 1,880, an upside of 11.4%. The software company's Q3FY26 revenue grew by 5.9% QoQ, driven by strong demand in key markets and effective deal execution across all business segments.

Management reports stabilising demand, with India and other global markets recovering. Deal momentum remained strong, with new bookings totalling $3 billion for the quarter. They expect quarterly deal wins to normalise around $2.5 billion. Management sees Generative AI as a crucial growth driver for modernisation in sectors like financial services and healthcare over the next two to three years. HCL Technologies adjusted its FY26 revenue growth guidance to 4-4.5% and maintained an EBIT margin forecast of 17–18%.

Analysts Kuber Chauhan and Abhishek Bhalotia highlight improving earnings visibility due to better execution and consistent order inflows. Long-term contracts with international clients provide stable revenue, while a gradual increase in client spending has reduced uncertainty regarding new deal wins. They anticipate that AI-related projects, telecom engineering work from the HPE acquisition, and a diverse service portfolio will support steady growth and help protect margins in the medium term.

3. HDFC Life Insurance Co:

ICICI Direct maintains its ‘Buy’ call on this life insurance provider, with a target price of Rs 860 per share, a 17.5% upside. HDFC Life’s stock dropped 4.5% over the past month and 1.9% over the past quarter, and the company reported mixed Q3FY26 results. Revenue surged by 71.4% YoY, supported by GST-led improvements in protection and insurance demand.

However, net profit saw a marginal 0.7% decrease due to higher commissions and employee benefits expenses. The value of new business (VNB) margin fell by 10 basis points, impacted by the loss of input tax credit under GST and new labour codes.

Analysts Vishal Narnolia and Parth Chintkindi believe the GST-related margin challenge is temporary. Management actions like repricing, optimising the product mix, and negotiating with distributors have already reduced the margin impact to about 200 basis points. Management aims to reduce this impact by continuously improving the product mix and selecting higher-quality savings businesses.

Narnolia and Chintkindi note that strong momentum in protection, increasing demand for non-participating savings, and deeper penetration into Tier-2/3 markets offer medium-term visibility for net premium income growth. They expect HDFC Life to achieve a VNB CAGR of 14.4% from FY26-28, with margins reaching 26% by FY28.

4. Infosys:

Deven Choksey retains its ‘Buy’ call on this IT consulting & software stock, with a higher target price of Rs 1,852 per share, an 11.6% upside. Infosys’ stock price has fallen by 8.6% over the past year. The company reported mixed Q3FY26 results; revenue grew 2.5% QoQ, but net profit declined 9.6%. Improvements in the banking, financial services & insurance (BFSI) and energy & utilities segments drove revenue growth, while higher growth investments and new labour codes reduced profitability.

Analyst Yogesh Tiwari remains positive on the stock despite the market reaction, citing the ramp-up of the $1.6 billion NHS contract, strong conversion of large deals, and a recovery in client spending in BFSI and energy. He also notes that Europe drove revenue growth, supported by deal wins in banking and public sector projects.

Management says it is confident about medium-term growth, led by demand for AI-based solutions and sustained momentum in large deals. Tiwari adds that efficiency initiatives, AI-driven productivity, favourable currency movements, and better workforce utilisation should support margin expansion. He expects revenue and net profit to grow at about 8.5% annually between FY26 and FY28.

5. ICICI Prudential Life Insurance Company:

Motilal Oswal maintains its ‘Buy’ rating on this insurance company with a target price of Rs 800, an upside of 22.7%. The company delivered a solid Q3FY26, with net profit increasing by 19.2% YoY. The value of new business (VNB) rose by 19%, and margins expanded by 320 bps, thanks to an improved product mix.

Management attributes the margin improvement to a higher share of retail protection plans (term insurance) and non-investment policies, boosted by the GST exemption. Protection plans now contribute 18.4% of business, up from 16% last year, while retail business made up 83.8% of total new sales.

Though persistency (policy renewal rates) decreased by 460 basis points to 81% in Q3FY26, management expects it to rebound to over 85% next year. Assets managed for policyholders grew by 7%, showing steady growth in customer savings.

Analysts Prayesh Jain and Nitin Aggarwal expect strong profitability to continue, driven by increased sales of protection plans, tax benefits, and better cost control. Despite weaker sales of large group and one-time premium products and higher expenses during the quarter, analysts believe stable finances and consistent growth in protection sales will support future earnings.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

23 Dec 2025

Five stocks to buy from analysts this week - December 23, 2025

By Abdullah Shah

1. Vishal Mega Mart:

Motilal Oswal retains its ‘Buy’ call on this retail store chain with a higher target price of Rs 170 per share, an upside of 24.3%. Despite an 8.2% drop in the stock price last quarter, analysts Aditya Bansal and Avinash Karumanchi see strength in the stock. Vishal Mega Mart benefits from its diverse product mix, budget-friendly starting prices, major contribution from its own brands, and an efficient cost structure. These give it an edge over both offline and online value competitors.

Management remains confident in achieving double-digit same-store sales growth in FY26, driven by its unique offerings, with around 75% of revenue from its own brands, entry-level pricing, and a loyal customer base. Analysts add that the company's focus on offering premium products helps it capture a larger share of customer spending, particularly during festive seasons.

Bansal and Karumanchi point out that South India's profitability matches the national average, despite lower sales volume, thanks to strong demand for apparel. Encouraged by this performance, the company plans to open more stores in South India. They project Vishal Mega Mart will achieve a 20% revenue CAGR and a 30% net profit CAGR from FY26-28.

2. Waaree Energies:

Emkay reiterates its ‘Buy’ call on this solar module manufacturer, with a target price of Rs 4,260, an upside of 37.6%. Its share price has fallen 2.8% over the last month and 10.4% over the three months. Waaree's planned $30 million investment in United Solar Holding (USH) drives this recommendation. It grants Waaree access to a 1 lakh tonnes-per-year polysilicon plant in Oman. This supports partial backward integration in its solar supply chain.

The Oman plant offers cost benefits, lower energy expenses, and favourable trade terms with markets such as the US and India. This will help Waaree meet the 10-gigawatt wafer-ingot demand for its Nagpur facility. Management expects the plant to begin operations soon and reach full capacity within a year. This ensures long-term supply security and reduces reliance on Chinese polysilicon.

Waaree also added 5.1 gigawatts of module capacity in Gujarat during Q3, strengthening its domestic manufacturing. Analysts Sabri Hazarika and Arya Patel state that the USH investment will enhance scale, integrate the supply chain, and support global expansion. They expect this step to improve margins gradually. They also see Waaree well positioned to profit from rising global solar demand and clearer supply prospects.

3. Lumax Auto Technologies:

ICICI Direct reiterates its ‘Buy’ rating on this auto parts & equipment producer with a target price of Rs 1,800 per share, an upside of 14.3%. Analysts Shashank Kanodia and Bhavish Doshi see benefits from the company’s strong position in the passenger vehicle (PV) ancillary segment, gains from premium products, and a robust order book.

Management notes that the PV segment generated 55% of the company’s sales in H1FY26, boosted by the acquisition of PV interior supplier International Automotive Components (IAC) India. Analysts add that this acquisition gave Lumax Auto’s product range a boost, particularly in plastic interior modules. It has also expanded business with original equipment manufacturers (OEMs) such as Mahindra & Mahindra.

With a 40% share of EV platforms in its Rs 1,360 crore order book and increasing content per vehicle, the analysts believe the company is well positioned to profit from volume growth and premiumisation among leading OEMs. Kanodia and Doshi write that GST 2.0 reforms will drive two-wheeler segment growth, led by volume recovery. They expect the company to deliver an 18.1% revenue CAGR and a 30.6% net profit CAGR from FY26-28.

4. Aditya Infotech:

ICICI Securities maintains its ‘Buy’ call on this IT networking equipment manufacturer, with a target price of Rs 1,800 per share, a 15.9% upside. The stock has dropped 6.9% over the past month. Analysts Aniruddha Joshi and Manoj Menon believe Aditya Infotech will continue to gain market share, driven by stronger brand recognition and expanded manufacturing.

Management highlights increased brand-building investments. This includes expanding CP Plus Galaxy stores, which are their specialised outlets for advanced surveillance products, and more advertising. Analysts add that this brand push is crucial to attract consumers and support premium product offerings. The company's partnership with Qualcomm for AI-enabled video security solutions has differentiated its products and improved customer retention.

Joshi and Menon believe the company's planned capacity expansion in Kadapa and a new North India manufacturing unit will improve service speed, cut logistics costs, and enable faster market entry. Analysts add that successful partnerships with semiconductor players will boost product performance and long-term cost efficiencies. They expect the company to deliver revenue and net profit CAGRs of 24.3% and 65.2%, respectively, from FY26-28.

5. Shriram Finance:

Axis Direct reiterates its ‘Buy’ call on this NBFC, with a target price of Rs 1,125, an upside of 17.5%. Analysts Dnyanada Vaidya and Abhishek Pandya cite MUFG Bank's planned strategic investment as the main driver of this positive outlook. MUFG intends to buy a 20% stake for roughly Rs 841 per share via a preferential allotment.

This Rs 39,618 crore deal marks India's largest foreign direct investment in its financial services sector. The capital infusion will strengthen Shriram Finance's fundamentals. It is also expected to fuel faster growth in areas like new commercial vehicles and MSMEs. Management believes the partnership will boost capital reserves, simplify fundraising, and improve governance. MUFG-appointed directors will help guide the company's strategy.

Vaidya and Pandya expect lower funding costs, possibly due to a credit rating upgrade. If the deal closes in FY27, Shriram Finance's net worth could nearly double. They foresee a 17% CAGR in assets under management from FY26-28 and margins improving by 80-90 basis points in FY27-28. Although equity dilution might limit return on equity, analysts predict overall returns will rise due to better profitability.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

11 Dec 2025

Five stocks to buy from analysts this week - December 11, 2025

By Abdullah Shah

1. Coforge:

Motilal Oswal maintains its ‘Buy’ call on this digital services provider, with a target price of Rs 3,000 per share, an upside of 63.7%. Analysts Abhishek Pathak and Keval Bhagat view Coforge as a strong mid-tier player, well-positioned to benefit from vendor consolidation and rising demand for cost-optimisation deals.

Management highlighted increased client budgets for compliance and risk management due to tightening financial regulations, data protection & privacy laws, and AI governance & ethics. Analysts believe this offers Coforge a resilient, non-discretionary revenue stream. They add that AI-led legacy modernisation and cloud transformation are accelerating enterprise-wide automation. Analysts also note a pivot in the travel technology vertical (23% of revenue), with airlines expected to invest approximately $50 billion in modernisation over the next decade. Coforge’s Aeronova.AI platform enhances its competitive standing in this segment.

The company plans expansion into the West and Midwest of North America, focusing on hi-tech, retail, consumer packaged goods, and manufacturing verticals. Pathak and Bhagat see Coforge’s strong executable order book and resilient client spending driving long-term growth. They expect a revenue CAGR of 30.2% and a net profit CAGR of 38.7% over FY26-28.

2. Healthcare Global Enterprises:

Axis Direct retains its ‘Buy’ call on this healthcare services provider with a target price of Rs 850 per share, an upside of 20.1%. The company’s stock price has shown weakness recently, falling 7.7% over the past month. Analyst Aman Goyal is positive on the stock, owing to strong growth in oncology, management’s confidence in sustaining revenue and profitability, and Rs 290 crore in capex for FY27 expansion.

Management anticipates 9-10% growth in patient volume and a 4-5% increase in average revenue per patient (ARPP). They expect deeper clinical specialisations, scaling key programs like bone marrow transplant and robotic surgery, better patient journeys, and stronger sales efforts to drive this growth. Analyst notes the company will benefit from improved operating leverage, a better case mix, and a shift from lower-yield institutional business, supporting management’s EBITDA margin guidance of 21-22% over the next 4-5 years.

Goyal highlights that Healthcare Global’s Rs 600-700 crore capex over the next 2-3 years will fund brownfield expansions and greenfield acquisitions in key markets. He expects the company to deliver a revenue CAGR of 15.7% and a net profit CAGR of 80.5% over FY26-28.

3. Union Bank of India:

Geojit BNP Paribas reiterates its ‘Buy’ call on this public sector bank, with a target price of Rs 188 per share, an upside of 25.1%. The bank’s Q2FY26 net profit rose 3.3% sequentially to Rs 4,249.1 crore. Analyst Sheen G points to an 8.3% drop in gross slippages, along with improved credit underwriting and recovery, as key catalysts for net profit growth.

The analyst notes that the bank improved its asset quality, with net non-performing assets falling 43 bps YoY to 0.6%, supported by strong provisioning. However, net interest income (NII) declined 2.6% due to slower loan growth and higher deposit costs. Net interest margin also contracted 23 basis points to 2.7%, reflecting deposit repricing and cautious lending in lower-yield segments.

Management expects to achieve 9-10% loan growth going forward, driven by an improving loan mix. Sheen highlights that the bank’s 5% loan growth came from strong increases in the retail, agriculture, and MSME segments. The analyst projects a NII CAGR of 7.4% over FY26-27.

4. SRF:

ICICI Securities upgrades this chemical company to a ‘Buy’ rating, with a target price of Rs 3,450, an upside of 17.2%. Over the last six months, the stock has corrected by 4.8%. Analysts Sanjesh Jain and Mohit Mishra expect a broad recovery across SRF’s chemicals portfolio and see a 15–20% upside to current revenue forecasts for refrigerant gases, supported by stronger volumes and stable global prices.

Management reports strong demand for SRF’s main gas product, R32 (a hydrofluorocarbon), even as the world transitions from older gases. They expect long-term demand to grow as new US rules mandate air conditioners to use newer gases like R454B, which contains R32. Growing data centres in the US and China also add demand. For its R134a gas product, which is used mainly in automobile air-conditioning, analysts cite strong domestic car sales and India’s mandate for air-conditioned cabins in commercial vehicles as key demand drivers. Management also expects the speciality chemicals business to improve in the second half of FY26 with new product production.

Jain and Mishra believe SRF will benefit from steady demand, limited competition, and growth in the fluoropolymer market. They project stronger revenue and net profit led by refrigerant gases, and note that demand for hydrofluorocarbon gases remains favourable amid improving industry conditions.

5. Voltamp Transformers:

Emkay maintains its ‘Buy’ rating on this transformer manufacturer with a target price of Rs 10,000, an upside of 25.3%. Its share price has fallen 10.9% over the last six months and 29.4% over the past year. Analysts Ashwani Sharma and Abhishek Taparia note that the company holds about a 15% share in the industrial transformer market, supported by a strong presence among private-sector clients. With nearly 85% of its revenue coming from this segment, they view the company’s customer base as both stable and well diversified.

Management reports strong inquiries from industrial customers and power utilities as grid expansion accelerates. Order inflows have been robust, growing 37% in FY24, 12% in FY25, and another 37% in the first half of FY26. Demand comes from sectors like metals, mining, infrastructure, and renewable energy. Voltamp currently operates at full capacity of 14,000 megavolt ampere (MVA) and adds another 6,000 MVA in Vadodara by FY27 to support future growth.

Sharma and Taparia see good opportunities in solar, railways, EV charging, and data centres. While competition might soften margins, they maintain a positive long-term view, backed by strong demand, a Rs 1,400 crore order book, and planned expansion. They expect strong revenue growth but slightly reduced margin expectations due to new industry capacity and potential price pressure.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

26 Nov 2025

Five stocks to buy from analysts this week - November 26, 2025

By Abdullah Shah

1. Glenmark Pharmaceuticals:

Deven Choksey reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 2,300, an upside of 22.2%. In Q2FY26, net profit jumped 72.3% YoY and revenue climbed 79.9%. One-time income and strong global market performance fueled this growth. Analyst Yogesh Tiwari noted that distributor destocking, linked to a Goods and Services Tax change, temporarily impacted India sales.

Management confirms that India's sales dip came from stock reductions, and emphasised that core demand remains strong. North America delivered a robust quarter, generating Rs 44,656 crore in revenue, boosted by the blood cancer drug ISB-2001 and new injectable products. Europe continued its growth, thanks to the respiratory and dermatology portfolios. Emerging markets showed mixed results amid geopolitical challenges, though Russia stayed stable. Glenmark expects over Rs 8,000 crore in revenue for the second half of FY26, targeting an EBITDA margin of about 23%.

Tiwari anticipates that India sales will normalise from Q3. He foresees North America maintaining momentum with exclusive launches and expects Europe to deliver double-digit growth in the second half. Overall, he projects revenue will grow 15.4% annually and net profit 32% annually from FY26–27.

2. Reliance Industries (RIL):

Motilal Oswal reiterates a ‘Buy’ rating on this energy producer with a target price of Rs 1,765, an upside of 14.6%. Analysts Abhishek Nigam and Aditya Bansal believe the 40-gigawatt-hour (GWh) battery GIGA factory will increase valuations for RIL's new energy business.

Management is focused on delivering Lithium Iron Phosphate (LFP) solutions with industry-leading lifecycle costs. They are also fast-tracking the commercialisation of sodium-ion battery technology by acquiring UK-based Faradion for GBP 100 million (approx. Rs 1,171.9 crore) to boost production.

Analysts highlight that GIGA factory's output will serve RIL’s own needs, supporting its plan to install 100 GW of renewable power generation capacity. Government incentives like the Viability Gap Funding Scheme, production-linked incentives, and waived interstate transmission system charges for co-located battery energy storage systems (commissioned by June 2028) are expected to drive segment growth.

Nigam and Bansal note that the upcoming Approved List of Battery Manufacturers rules, which mandate in-house battery cell production, will give large players like RIL an advantage. The technical complexity and high cost of these projects could build a competitive advantage that smaller companies cannot cross. They expect RIL to deliver a CAGR of 4.6% in revenue, 11.4% in EBITDA, and 9.7% in net profit over FY26-28.

3. Bharat Heavy Electricals (BHEL):

Geojit BNP Paribas upgrades this power plant equipment manufacturer to a ‘Buy’ rating, with a higher target price of Rs 329, an upside of 16.3%. BHEL posted solid Q2FY26 results, with net profit surging 3.5 times and revenue jumping 14.8% YoY. Analyst Arun Kailasan highlighted the company’s strong project execution in thermal, hydro, and industrial systems, supported by diversification into renewables, rail transportation, and defence manufacturing.

The management has focused on expanding BHEL’s clean energy and nuclear portfolio, leveraging digital solutions to increase operational efficiency. BHEL plans to add 1630 MW across three projects to boost power generation: the 800 MW Yadadri thermal station (Unit-1), the 660 MW Khurja super-thermal project (Unit-2), and the 170 MW Punatsangchhu-II hydroelectric project (Unit-5).

Kailasan noted that initiatives in EV infrastructure, advanced train protection systems, and aerospace components will drive long-term growth. He added that consistent execution discipline and working capital optimisation will support near-term growth. The analyst expects BHEL to deliver a 29.7% annual revenue growth and a 145.2% annual net profit growth over FY26-27.

4. Ahluwalia Contracts (India):

Axis Direct maintains its ‘Buy’ rating on this civil construction company with a target price of Rs 1,085, an upside of 11.4%. The company posted strong Q2FY26 results, with net profit jumping 103.2% YoY and revenue growing 16.5%. Analysts Uttam Kumar Srimal and Shikha Doshi note that a strong order book and improved project execution drove the company's robust growth.

Management expects over Rs 8,000 crore in order inflows, with 50-60% from private-sector projects. Their focus is on private capital expenditure, which offers stronger visibility and scalable opportunities. Analysts believe Ahluwalia Contracts will sustain its current EBITDA margin of 10.9%, led by a large executable order book, including the Chhatrapati Shivaji Terminus project in Mumbai, and better operating conditions in H2FY26.

Srimal and Doshi note that the company is well-positioned for revenue and net profit growth. A strong, diversified order book, healthy bidding pipeline, steady order inflows, an asset-light operating model, and emerging construction opportunities all support this. They expect Ahluwalia Contracts to deliver 19% annual revenue growth and 34% annual net profit growth over FY26-27.

5. Sansera Engineering:

ICICI Direct retains its ‘Buy’ rating on this auto parts manufacturer, with a target price of Rs 1,930, an upside of 16.2%. Sansera’s net profit jumped 38% in Q2FY26, thanks to lower finance costs and increased other income. Revenue grew 8%, driven by strong performance in aerospace, off-road, and agriculture segments. Products outside internal combustion engines now make up 27% of its sales.

Management highlights steady order flow for tech-agnostic and electric-vehicle components, alongside growing opportunities in the Aerospace-Defence-Semiconductor (ADS) segment. Sansera’s current order book totals around Rs 2,150 crore, with over 60% from international clients. Management expects this order pipeline to drive revenue growth, and aims to scale the high-margin ADS vertical to Rs 300–320 crore in FY26.

Analysts Shashank Kanodia and Bhavish Doshi foresee a steady recovery in Europe and sustained momentum in North America, supported by new program ramp-ups. They also expect improved domestic growth from GST restructuring, which reduces taxes on vehicles and auto components. They project revenue will grow 14% annually from FY26-28, driven by increasing contributions from non-auto and high-margin segments, and expect margins to approach 20% in the medium term.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)

The Baseline

11 Nov 2025

Five stocks to buy from analysts this week - November 11, 2025

By Abdullah Shah

1. CCL Products India:

Axis Direct maintains its ‘Buy’ rating on this coffee producer, with a target price of Rs 1,140, an upside of 10.1%. The company delivered a strong Q2FY26 – its revenue surged 52.6% YoY to Rs 1,127 crore, driven by higher volumes across both business-to-business (B2B) and business-to-customer (B2C) segments. Analyst Suhanee Shome believes strong volume growth, strategic capacity expansion, and portfolio diversification into FMCG products will fuel long-term growth.

The company gained market share across channels and geographies, driving growth in its B2B and B2C segments. Management aims to diversify beyond coffee, leveraging its 1.3-1.4 lakh outlet distribution network to launch new FMCG categories like iced tea and snacks. The analyst notes CCL Products is consolidating its position as a leading player in modern trade and e-commerce, holding double-digit market share pan-India and ranking among the top players in Andhra Pradesh and Telangana.

Shome expects resilient EBITDA growth, despite cost headwinds, and debt moderation efforts to drive net profit growth. She projects CCL Products will achieve revenue and net profit CAGRs of 23% and 31.4%, respectively, from FY26-28.

2. Narayana Hrudayalaya (NARH):

Prabhudas Lilladher retains its ‘Buy’ rating on this hospital chain, with a target price of Rs 2,000, a 13.7% upside. Analysts Param Desai and Sanketa Kohale note the company trades at a discount to peers due to its greater international exposure and fewer planned Indian bed additions over the next two years.

NARH signed an agreement to acquire 100% of UK-based Practice Plus Group Hospitals (PPG Hospitals) for GBP 183 million (approximately Rs 2,100 crore). This marks its second major international expansion, following the Cayman Islands. The PPG Hospitals operation includes seven hospitals, three surgical centres and two urgent treatment centres, with a total capacity of around 330 beds. Analysts believe the company’s international business will achieve strong margin growth over the next three years as both Cayman's new unit and PPG Hospitals have the potential to scale up.

Desai and Kohale highlight the company's plan to drive growth in the Indian market through debottlenecking, refurbishment, improved pricing for government scheme patients, and optimising its bed mix over the next three years. They project NARH will achieve a 13.6% revenue CAGR, 17% EBITDA CAGR, and 19.6% net profit CAGR from FY26-28.

3. DLF:

ICICI Direct retains its ‘Buy’ rating on this realty company with a target price of Rs 1,000, an upside of 30.7%. DLF's Q2FY26 pre-sales jumped 6.3 times YoY to Rs 4,332 crore. A strong response to its first Mumbai project, The Westpark, and continued demand for its luxury project Camellias drove this surge. However, revenue declined 17% because of lower booking recognition. Analysts Ronald Siyoni and Dilip Pandey note DLF achieved Rs 15,750 crore in pre-sales during H1FY26, positioning the company well to meet its annual target.

Management maintains its FY26 pre-sales guidance of Rs 20,000–22,000 crore and expects collections to improve in H2. It plans Rs 5,000 crore in capital expenditure annually for FY26 and FY27 for rental asset additions and new project launches. DLF's 49 million square feet of commercial rental assets operate at 94% occupancy. The company expects to commission an additional 2.7 million square feet in FY26.

Siyoni and Pandey believe DLF is well-placed to sustain growth, given its strong launch pipeline worth Rs 60,200 crore. Upcoming launches include residential projects in Goa and Panchkula, along with new phases of Privana, Westpark, and Hamilton in Gurugram and Mumbai. They expect stable sales momentum, robust cash flows, and steady rental income to drive earnings.

4. UPL:

Anand Rathi upgrades this agrochemicals company to a ‘Buy’ call with a target price of Rs 820, an upside of 9%. UPL posted strong Q2FY26 results, with revenue growing 9.5% YoY, driven by improvements in the Latin American, Indian and North American markets. The company reported a net profit of Rs 553 crore, a turnaround from a Rs 443 crore net loss in Q2FY25, supported by a rich product mix and lower inventory costs. Analyst Himanshu Binani believes a focus on differentiated solutions and new product launches will drive growth and improve margins.

The analyst notes that robust sales volumes of key molecules like Metribuzin, Metolachlor, and Glufosinate in the US market supported North America's 63% YoY growth. Management maintains its 4-8% revenue growth guidance for FY26. It also increased its EBITDA guidance to 12-16% from 10-14%, focusing on introducing higher-margin products. UPL expects H2FY26 improvement from better weather visibility, higher Rabi planting, and strong demand recovery.

Binani adds that ongoing capacity expansion in sustainable solutions and biosciences, alongside management's focus on preventing overstocking, will support medium-term growth. He projects UPL will achieve a revenue CAGR of 7.3% and a net profit CAGR of 67.5% over FY26-28.

5. Sun Pharmaceutical Industries:

Motilal Oswal reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 1,960, an upside of 14.2%. Sun Pharma's net profit grew 2.6% YoY to Rs 3,118 crore in Q2FY26, boosted by lower material costs. Revenue increased 8.9%, as strong demand in India and emerging markets drove growth.

Management highlights strong global momentum in its innovative medicines business. Key products like Ilumya (for psoriasis) and Odomzo (for skin cancer) performed well. Sun Pharma plans to launch Unloxcyt (for certain cancers) in the US and file for a new psoriatic arthritis indication for Ilumya in H2FY26. The company spent Rs 780 crore on R&D (5.4% of sales), allocating 38% to innovative projects in Q2. It expects R&D costs to stay at the lower end of its 6-8% guidance for FY26.

Analysts Tushar Manudhane and Eshita Jain believe Sun Pharma is well-placed to expand its branded and specialty therapies globally. They expect steady growth in India, supported by new product launches and a stronger presence in chronic therapies. The specialty portfolio, including Ilumya, Cequa (for dry eye disease), and Odomzo, is seen as the main driver of long-term growth, with an estimated 11% CAGR.

Note: These recommendations are from various analysts and are not recommendations by Trendlyne.

(You can find all analyst picks here)