Stock market analysis and stories by Ruchir Sankhla

Articles by Ruchir Sankhla

16 Dec 2025, 06:03PM

Five stocks to buy from analysts this week - December 16, 2025

1. Maruti Suzuki India:

Axis Direct maintains its ‘Buy’ call on this passenger vehicle manufacturer, with a target price of Rs 18,170 per share, an upside of 11.1%. Analyst Sanchit Karekar expects Maruti Suzuki to grow revenue and profitability, driven by its strong leadership, expanding utility vehicle (UV) portfolio, and improving product mix.

Management is aiming to expand its domestic market share to 50% from 41% currently, supported by the Victorius SUV launch. They expect to exceed their FY26 export guidance of 4 lakh units, having already exported 2.1 lakh in H1FY26. Exports jumped 42% YoY in Q2FY26, offsetting weaker domestic growth and securing Maruti a 45.4% share in India’s passenger vehicle exports.

Karekar adds that reduced GST for small passenger vehicles (PV) – dropping to 18% from 28% – will boost demand in this segment. Growth in the small PV and UV segments, plus presence across all powertrains (internal combustion, hybrid, CNG, and electric vehicles), will drive Maruti’s market share growth. He expects Maruti to deliver a 10% revenue CAGR and an 11% net profit CAGR over FY26-28.

2. Netweb Technologies India:

ICICI Securities initiates a ‘Buy’ rating on this software company with a target price of Rs 4,110, an upside of 25.3%. This is an AI play – analysts Seema Nayak and Ruchi Mukhija highlight that Netweb is directly benefiting from India’s rising demand for high-end computing in AI, data centres, and advanced research.

Netweb offers an end-to-end stack in India: system design, manufacturing, installation, and software support. Its fastest-growing segments, high-performance computing (HPC), AI systems, and hyper-converged infrastructure, achieved a strong 77% CAGR from FY22-25, now contributing nearly 90% of quarterly revenue.

Demand remains strong, driven by increasing AI infrastructure investments and major government projects. Partnerships with global chip leaders like NVIDIA, AMD, and Intel have given the company early access to next-gen processors. Government demand drives growth, making up about 43% of revenue, including the IndiaAI Mission and National Supercomputing Mission.

Nayak and Mukhija estimate a Rs 2,180 crore revenue opportunity from IndiaAI projects. They expect revenue and net profit to grow almost 60% annually from FY26-FY28, with stable margins.

3. Berger Paints (India):

Geojit BNP Paribas upgrades this paint company to a ‘Buy’ rating, with a target price of Rs 628, an upside of 16.3%. Analyst Antu Eapan Thomas notes Berger Paints shows early signs of demand recovery after a weak first half, where it was impacted by a long monsoon and stiff competition.

Q2FY26 revenue rose 1.9% YoY to Rs 2,827.5 crore. Volumes grew 8.8%, indicating steady ground-level demand, despite weak value growth. Profitability declined as EBITDA fell 18.9% YoY to Rs 352 crore, and margins dropped to 12.5%, mainly due to higher costs. Management expects margins to improve in the coming quarters, driven by soft raw material prices and an improving product mix.

Thomas anticipates a stronger second half, boosted by better weather, festive demand, and the release of postponed re-painting projects. Berger continues expanding its retail reach, opening over 1,600 stores and installing more than 5,500 tinting machines in the first half, targeting 10,000 by year-end. He forecasts an 8.4% revenue CAGR and a 6.3% net profit CAGR over FY26-27.

4. Sandhar Technologies:

Emkay initiates a ‘Buy’ rating on this small-cap auto parts manufacturer with a target price of Rs 825, an upside of 49.5%. Analysts Chirag Jain and Nandan Pradhan see the company entering a growth phase after completing a multi-year capacity expansion. Peak capital spending is over; capex will drop to 4.5-5% of revenue from FY26-28, down from 9% during FY21-25.

Management expects the long capex cycle to conclude by March 2026, with only three projects remaining: Sandhar Components integration, Pune aluminium die-casting, and Pune cabins. The company also rules out aggressive overseas expansion, planning new capacity only as utilisation improves. Its overseas business should break even by Q4. From FY26 onward, profitability is expected to improve, supported by lower capital spending, regular debt repayments, and disciplined working capital management.

Jain and Pradhan believe smart locks, which generate higher revenue than traditional mechanical locks, will support margin improvement. Sandhar’s EV-related products have already started contributing to revenue in H1FY26 and are expected to grow further. They forecast a 14% revenue CAGR and 20% EBITDA CAGR over FY26-28.

5. Vedanta:

ICICI Direct retains its ‘Buy’ call on this aluminium products manufacturer with a higher target price of Rs 650 per share, an upside of 14.1%. Analysts Shashank Kanodia and Manisha Kesari remain positive on Vedanta, citing surging non-ferrous metal prices and expansion in India’s aluminium and zinc segments.

Management aims for 3.1 million tonnes per annum (MTPA) smelting capacity by FY28, supported by debottlenecking the Jharsuguda plant. It also plans to expand alumina capacity to 6 MTPA, driven by commissioning the 1.5 MTPA Lanjigarh plant and developing captive bauxite and coal mines. Analysts believe the company will benefit from rising non-ferrous metal prices, with aluminium and zinc prices increasing 7% and 13% QoQ, respectively.

Kanodia and Kesari add that its subsidiary, Hindustan Zinc, will benefit from surging silver prices (up 32% QoQ). Hindustan Zinc is India’s largest silver producer, with a refining capacity of 800 MT. Higher silver prices will drive profitability, as silver is a low-cost by-product. Analysts expect Vedanta to deliver a 13.7% revenue CAGR and a 30.7% net profit CAGR over FY26-27.

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

(You can find all analyst picks here)

IPO

TREND | 15 Dec 2025, 04:55PM

Riding the IPO wave: 10 companies to debut after 16 recent listings

By Ruchir Sankhla

The Nifty 50 ended flat on Monday after it dropped about 0.6% last week. Sentiment improved after the US Federal Reserve cut rates by 25 basis points, easing liquidity concerns. However, persistent foreign investor selling and a weaker rupee have weighed on the market.

In the week ahead, markets are likely to remain volatile as investors track global central bank cues, especially from Japan. The Bank of Japan may deliver its first rate hike in 11 months amid a weaker yen and rising inflation.

Kaynat Chainwala of Kotak Securities said, “Markets are likely to remain jittery, as a potential rate hike would push Japan’s benchmark rate above 0.5% for the first time in three decades, which could prompt a reversal of the yen carry trade and trigger capital shifts out of global equities.”

The primary market will be busy this week with five new issues, including three from the SME segment. Ten companies are also set to list on the exchanges, following sixteen debuts last week.

Sixteen new debuts over the past week, five from the mainboard

Wakefit Innovations, a D2C home and sleep solutions company, opened its IPO on December 8 at an issue price of Rs 195. It witnessed a flat listing at Rs 195 today (December 15) after its IPO was subscribed 2.5X the shares on offer.

Corona Remedies, a pharmaceutical company focused on chronic therapies, saw strong demand with an overall subscription of 137X. The Rs 655.4 crore IPO debuted at Rs 1,470 on December 15, a premium of about 38.4%.

Vidya Wires, a manufacturer of winding and conductivity products for the power and electrical sector, had a muted debut on December 10. Its shares made a flat debut at Rs 52 and are currently trading 5.2% lower.

Aequs, a manufacturer of aerospace and consumer products, posted a strong debut at Rs 140, a 12.9% premium to its issue price. It currently trades about 13.5% above its issue price.

Meesho, an e-commerce platform, delivered one of the year’s strongest listings, debuting at a 46.4% premium to its issue price of Rs 111. It now trades around 53.8% above its issue price.

Meesho and Corona Remedies lead in listing gains

The week’s SME listings delivered mixed outcomes, with sharp gains in a few names. Encompass Design, a home and lifestyle products maker, listed with nearly 90% gains, while Luxury Time, a retailer of luxury watches, also surged about 90% on debut, after its IPO received subscriptions for 404.2X the shares offered.

K V Toys, a manufacturer of toys, listed at a strong 33.9% premium after being subscribed 158.8X. Neochem Bio Solutions and Prodocs Solutions also debuted in the green, with gains of 10.2% and 4.3%, respectively. Helloji Holidays, despite a healthy 28.1X subscription, witnessed flat listing.

On the downside, Riddhi Display Equipments, a commercial display equipment maker, and Methodhub Software, an IT services firm, both debuted at nearly a 20% discount despite strong subscriptions of 8.1X and 27X, respectively. Shri Kanha Stainless, Flywings Simulator Training, and Western Overseas Study Abroad also saw muted demand, highlighting selective investor appetite across offerings.

Listings continue as IPO market thrives

Nephrocare Health Services, India's largest dialysis services provider operating under the NephroPlus brand, closed its Rs 871 crore IPO for subscription on December 12. The issue was subscribed 14X overall, driven by strong interest from the qualified institutional buyers (QIB) segment at 27.5X. The company will list on December 17.

Hospital chain operator Park Medi World’s Rs 920 crore IPO received subscription for 8.1X the shares on offer. The company is also set to list on December 17.

ICICI Prudential Asset Management Company, a mutual fund house, launched its Rs 10,602.7 crore IPO on December 12. The issue, which is an offer for sale (OFS) by the promoter, is open until December 16. The company is set to list on December 19. As of the second day, it had been subscribed 1.6X.

High bids for Nephrocare and Park Medi, lower for ICICI Prudential AMC

Seven companies from the SME segment will enter the stock market this week.

Unisem Agritech, a hybrid seeds developer, and Shipwaves Online, a digital logistics platform, both closed their IPOs on December 12 with subscriptions of 2X and 1.6X, respectively, and are set to list on December 17.

HRS Aluglaze, an aluminium architectural systems company, received a strong 39.8X subscription for its IPO and will list on December 18. Pajson Agro, a cashew processing company, saw its IPO subscribed 5.9X and is also scheduled to list on the same day.

Stanbik Agro, Exim Routes and Ashwini Container Movers, a surface logistics provider, have IPOs open until December 16 and will list on December 19. All three are currently undersubscribed.

Nine new offerings to hit the market this week

KSH International, an exporter of magnet winding wires in India, plans to raise Rs 710 crore at a price band of Rs 365-384 per share. The IPO opens on December 16, closes on December 18, and will list on December 23. It consists of a fresh issue of Rs 420 crore and an OFS of Rs 290 crore.

Gujarat Kidney & Super Speciality, a regional healthcare provider, is set to open its IPO on December 22. The issue is a fresh issue of up to 2.2 crore equity shares. The IPO is scheduled to close on December 24 and will list on December 30.

Gujarat Kidney & Super Speciality’s net profit grows 456% in FY25

Five SME offerings open their subscription windows this week.

Neptune Logitek, an integrated logistics solution provider, opened for subscription on December 15. The fixed-price IPO of Rs 46.6 crore will close on December 17 and list on December 22.

Global Ocean Logistics, a logistics company, is scheduled to open for subscription on December 17. The Rs 30.4 crore IPO, with a price band of Rs 74-78 per share, will close on December 19 and list on December 24.

MARC Technocrats is set to open for subscription on December 17. The Rs 42.6 crore issue has a price band of Rs 88-93 per share and will close on December 19. It is scheduled to list on December 24.

Phytochem Remedies, a cardboard box manufacturer, is scheduled to open for subscription on December 18. The fixed-price IPO of Rs 38.2 crore will close on December 22 and is expected to list on December 26.

Shyam Dhani Industries, a manufacturer of spices, is set to open for subscription on December 22. The issue size is approximately Rs 38.5 crore, with a price band of Rs 65-70 per share. It will close on December 24 and is expected to list on December 30.

Ventura released a IPO Note report for IPO on 15 Dec, 2025.

IPO

TREND | 08 Dec 2025

IPO rush continues: ICICI Prudential and Wakefit launch major offerings in a busy market

By Ruchir Sankhla

The market fell on Monday, with Nifty 50 down about 0.9%, hit by a weaker rupee and foreign fund outflows. This comes after a strong rally on December 5, when the Reserve Bank of India cut interest rates by 25 basis points, lifting stocks and pushing the Nifty above 26,100.

Analysts expect markets to stay range-bound as investors track key global cues, including US economic data and commentary from Federal Reserve officials. Domestically, steady oil prices and resilient inflows from local investors should provide support, even as foreign investor activity remains uneven.

"This week, markets will closely track India's Consumer Price Index (CPI) print on December 12. Globally, the spotlight will be on the US Federal Reserve's interest rate decision, which could drive risk sentiment across emerging markets," said Ajit Mishra, Senior VP, Religare Broking.

The primary market will be busy this week with 14 new issues, including nine from the SME segment. Eleven companies are also set to list on the exchanges, following eleven debuts last week.

SME market buzzes with eleven debuts

The IPO market was quiet on the mainline front last week, but the SME segment saw a flurry of activity with eleven companies making their debut.

Exato Technologies, which provides AI-driven customer experience solutions, marked the sharpest debut of the week, listing with a significant 90% premium to its Rs 140 issue price following a remarkable 881X subscription, helped by the AI theme, a magnet for investors. In contrast, SSMD Agrotech India, a supplier of agricultural commodities, delivered the weakest performance, listing 39.7% below its Rs 121 issue price after its IPO saw limited investor interest.

Ravelcare, a beauty and personal care brand, debuted at a 54.6% premium after its Rs 24.1 crore IPO was subscribed 406.7X. Meanwhile, Invicta Diagnostic, a diagnostics chain in Mumbai, listed at a 17.6% premium to its Rs 85 issue price, following strong demand for its Rs 28.1 crore IPO.

Some companies faced a challenging start. Astron Multigrain, an instant noodles manufacturer, and Logiciel Solutions, a software development firm, both listed 20% below their issue price. K K Silk Mills, a textile and garment manufacturer, opened 15.8% below its Rs 38 issue price, even as its Rs 28.5 crore IPO drew a 5.4X subscription.

Exato and Ravelcare lead the pack in post-debut performance

The week's other listings saw mixed results. Speb Adhesives, a synthetic rubber adhesives maker, listed with a 7.1% premium after its Rs 33.7 crore IPO was subscribed 2.2X. Purple Wave Infocom, engaged in entertainment and event management, posted a modest 4.8% premium to its Rs 126 issue price.

Mother Nutri Foods, a B2B peanut butter manufacturer, opened at a mild 1.2% premium; however, it has since jumped and is now trading 21.4% above its issue price of Rs 117. Clear Secured Services, which provides facility management services, recorded a softer debut at 9.8% below its Rs 132 issue price, despite an 8.3X subscription for its Rs 85.6 crore IPO.

Mother Nutri surges post-debut, Purple Wave slips into the red

IPO momentum remains strong with multiple listings ahead

Meesho, India's largest e-commerce marketplace by orders and users, is set to list on December 10. Its massive Rs 5,421.2 crore IPO was subscribed 79X overall, with the Qualified Institutional Buyer (QIB) category showing robust demand at 120.2X.

Aequs makes aircraft components, consumer electronics, and household durable products. Its Rs 921.8 crore IPO was subscribed 101.6X, with all categories witnessing strong demand, especially the QIB portion at 120.9X and the HNI segment at 80.6X. It is scheduled to list on December 10.

Vidya Wires manufactures insulated copper and aluminium conductors and winding products. The company's Rs 300 crore IPO received bids for 26.6X the shares on offer, with substantial interest from the HNI category at 52X. The listing is scheduled for December 10.

Strong demand for Meesho and Aequs, modest bids for Vidya Wires

Eight SME companies will also make their stock market debut this week.

Helloji Holidays: The travel services provider’s IPO was subscribed 28.1X and is set to list on December 9.
Neochem Bio Solutions: The specialty chemical company’s IPO was subscribed 14.5X and is set to list on December 9.
Shri Kanha Stainless: The IPO of this steel strip maker received bids for 2.7X, with listing scheduled for December 10.
Western Overseas Study Abroad: The study abroad consultancy’s IPO was subscribed 1.4X, with listing scheduled for December 11.
Luxury Time: The luxury watch retailer's IPO was subscribed 400.3X, with listing scheduled for December 11.
Flywings Simulator Training: This training centre's IPO is open until December 9 and remains undersubscribed at 0.8X.
Encompass Design: The home product and e-commerce services IPO is open until December 9 and is currently undersubscribed at 0.3X.
Methodhub Software: The IT services IPO is open until December 9 and has been subscribed 2.8X, driven by QIB and HNI interest.

Mainline IPOs return, SME momentum continues

ICICI Prudential Asset Management, one of India’s oldest asset management firms, plans to raise Rs 10,602.7 crore at a price band of Rs 2,061-2,165. The IPO opens on December 12, closes on December 16, and will list on December 19. The issue is entirely an offer for sale

Wakefit Innovations is a direct-to-consumer home and furnishings company offering mattresses, furniture, and home products. The company plans to raise Rs 1,288.9 crore at a price band of Rs 185–195. The IPO will be open for subscription from December 8 to December 10, with the listing scheduled for December 15. The issue includes a fresh issue of Rs 377.2 crore and an offer for sale of Rs 911.7 crore.

Corona Remedies is a pharma company focused on women’s health, cardio-diabetes, pain management, and urology. The company aims to raise Rs 655.4 crore through an offer for sale at a price band of Rs 1,008–1,062. The IPO opens on December 8, closes on December 10, and will list on December 15.

Park Medi World is one of the largest private hospital chains in North India and the largest in Haryana by bed capacity. The company plans to raise Rs 920 crore at a price band of Rs 154–162. The IPO will be open between December 10 and 12, and will list on December 17. The offering includes a fresh issue of Rs 770 crore and an offer for sale of Rs 150 crore.

Nephrocare Health Services provides dialysis and kidney-care services across India and parts of Asia. The company plans to raise Rs 871.1 crore at a price band of Rs 438–460. The IPO opens on December 10, closes on December 12, and will list on December 17. The offer includes a fresh issue of Rs 353.4 crore and an offer for sale of Rs 517.6 crore.

Nephrocare Health leads FY25 profit growth; Wakefit posts loss

Nine SME IPOs are set to open for subscription.

K V Toys, a contract manufacturer and seller of plastic-moulded and metal-based toys, will open its Rs 40.2 crore IPO on December 8. The issue will close on December 10 and will list on December 15.
Riddhi Display Equipments, a maker of display counters, commercial kitchen gear, and refrigeration units, will open for subscription on December 8. The Rs 24.7 crore IPO will close on December 10, with its listing scheduled for December 15.
Prodocs Solutions, an IT-enabled services firm providing title, e-publishing, and indexing services, will also open for subscription on December 8. The IPO aggregating up to Rs 27.6 crore will close on December 10 and list on December 15.
Unisem Agritech, a company engaged in the development, processing, and sale of seeds for vegetables, flowers, and field crops, is expected to open its ~Rs 21.5 crore IPO on December 10, close on December 12, and will list on December 17.
Pajson Agro, which processes raw cashew nuts into kernels, will open its Rs 74.5 crore IPO on December 11, close on December 15, and will list on December 18.
Neptune Logitek, a logistics solution provider, will open for subscription on December 15, close on December 17, and will list on December 22. The issue size is Rs 46.6 crore.
Shipwaves Online, a digital freight forwarding and enterprise software company, will open its Rs 56.4 crore IPO on December 10, and will list on December 17.
HRS Aluglaze, which builds aluminium and glass structures for commercial buildings, will open for subscription on December 11, close on December 15, and will list on December 18.
Ashwini Container Movers, a commercial transporter for container cargo, will open for subscription on December 12, close on December 16, and will list on December 19. The issue size is approximately Rs 71 crore.

Ventura released a IPO Note report for IPO on 15 Dec, 2025.

The Baseline

02 Dec 2025

Five stocks to buy from analysts this week - December 2, 2025

By Ruchir Sankhla

1. KPIT Technologies:

ICICI Direct maintains its ‘Buy’ rating on this software firm with a target price of Rs 1,400, an upside of 11.7%. The company reported strong Q2FY26 results, with revenue up 5.8% YoY to Rs 1,611.3 crore, driven by improvements across US, European, and Asian markets. Analysts Bhupendra Tiwary and Anjini Sharma remain positive, citing growth from the Caresoft and N-Dream acquisitions and rising deal wins.

Management attributes revenue growth to improved client sentiment and renewed traction in autonomous, cybersecurity, after-sales diagnostics, and commercial vehicle programs. However, net profit fell 17% to Rs 169.1 crore due to elevated one-time expenses and finance costs from the Caresoft acquisition. Analysts note KPIT's shift from services to end-to-end solutions and greater use of fixed-price contracts will enhance delivery efficiency and profitability.

Tiwary and Sharma foresee strengthening demand from Europe, India, and China, along with a robust deal pipeline, driving medium-term revenue growth. A 3-year, $100 million deal with a European original equipment manufacturer will ramp up from Q3FY26, supporting near-term revenue. Analysts expect KPIT to deliver revenue and net profit CAGR of 12.3% and 15.9% respectively, over FY26-28.

2. Radico Khaitan:

Emkay retains its ‘Buy’ call on this alcohol manufacturer with a target price of Rs 3,700 per share, an upside of 15.2%. Analysts Nitin Gupta and Mohit Dodeja believe the company's strong execution in driving volumes and easing raw material prices will support both top-line and earnings growth.

Management expects to sustain double-digit volume growth, with its prestige and above (P&A) segment growing 15-20%. It sees good execution as crucial for boosting international market volumes, helped by the D'Yavol Spirits BV acquisition, which adds tequila and scotch to Radico’s portfolio. Analysts note that Radico’s market share in Andhra Pradesh jumped to 30% from 10%.

Gupta and Dodeja emphasise that lower grain prices and vertical integration from its extra-neutral alcohol facility will benefit the company's margins. They add that increasing consumer demand, Radico’s diverse product portfolio, and the potential opening of the Bihar market will boost revenue growth. Analysts expect Radico to deliver a revenue CAGR of 17.2% and a net profit CAGR of 38.3% over FY26-28.

3. PB Fintech:

Geojit BNP Paribas upgrades this software company to a ‘Buy’ rating, with a target price of Rs 2,031, an upside of 8.8%. The company posted strong Q2FY26 results: net profit surged 165% YoY, and revenue grew 38%. Total insurance premiums improved 40% and online new protection business jumped 44%, driving revenue growth.

Management has focused on profitable expansion, aiming for Rs 1 lakh crore in premiums by FY30. It expects higher renewal income to boost profitability. Diversification of the Point-of-Sale Person (PoSP) business across motor and non-motor products has helped expand market share. CEO Yashish Dahiya highlights steady profitability in the United Arab Emirates (UAE), supported by cross-border health insurance demand and improved claims management.

Analyst Antu Eapan Thomas notes that lending disbursals almost doubled, though core lending faced some pressure. He anticipates PB Fintech will sustain strong long-term growth that will come from rising renewal income, increasing online protection penetration, a more balanced PoSP business, and continued UAE strength. Thomas also expects the company's expanding market share to support revenue and profit growth through FY30.

4. Privi Speciality Chemicals:

Motilal Oswal initiates a ‘Buy’ rating on this chemical manufacturer, with a target price of Rs 3,960, an upside of 25%. Analysts Sumant Kumar and Yash Darak see strong potential, citing the company's solid market position and its ability to meet global demand for aroma chemicals. Privi plans to boost its core production capacity to 66,000 metric tonnes from 48,000 by March 2028.

Management expects the proposed merger with Privi Fine Sciences to enhance its green chemistry portfolio. This merger will add bio-based ingredients like furfural, cyclopentanone, and maltol, used to manufacture fragrances and pharmaceuticals, among other products. The company also anticipates growth from its joint venture with Swiss leader Givaudan, which is building a new plant in Mahad, Maharashtra. This plant will produce complex, high-value molecules under long-term agreements.

Kumar and Darak predict robust growth for Privi, forecasting a 27% revenue CAGR, 34% EBITDA CAGR, and 46% net profit CAGR between FY26-28. They believe expanding capacity and increasing green chemistry product sales will drive profitability. Analysts highlight Privi's move towards high-margin, value-added, green chemistry products, which consistently offer gross margins above 40%.

5. Carysil:

Anand Rathi maintains its ‘Buy’ rating on this small-cap household products manufacturer with a target price of Rs 1,265, an upside of 27%. Its Q2FY26 results were strong: revenue grew 16% YoY to Rs 2,400 crore, and net profit soared 62% to Rs 272 crore. Robust demand for quartz sinks, stainless steel sinks, and kitchen appliances boosted this, with key segments maintaining high capacity utilisation.

Carysil's management projects about 15% revenue growth for FY26 and expects an 18-20% EBITDA margin. Strong European orders, consistent global brand demand, and ongoing China +1 sourcing benefits drive this outlook. To meet demand, Carysil is expanding, adding 1 lakh quartz sinks by December 2025, increasing stainless steel sink capacity, and boosting faucet production to 1.5 lakh units by Q2FY27. New partnerships with IKEA and Lowe’s should also drive sales volumes.

Analysts Rishab Bothra and Tania Lalla foresee a 17% revenue CAGR and 25% net profit CAGR for FY26-28, driven by rising demand, scale benefits, premiumisation in India, and online sales. Bothra and Lalla noted Carysil has improved its EBITDA margin to 19.2% through better operating efficiency, lower costs, and higher other income.

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

(You can find all analyst picks here)

The Baseline

18 Nov 2025

Five stocks to buy from analysts this week - November 18, 2025

By Ruchir Sankhla

1. Apollo Tyres:

ICICI Direct maintains its ‘Buy’ rating on this tyre manufacturer, with a target price of Rs 605, an upside of 15.7%. The company delivered strong Q2FY26 results, with revenue growing 6.2% YoY to Rs 6,860.8 crore. Analysts Shashank Kanodia and Bhavish Doshi believe that GST 2.0 reforms and expansion in Hungary will boost auto segment volumes, driving revenue growth in the near to medium-term.

Management expresses confidence in navigating industry challenges, focusing on margin expansion and growth plans. The company saw strong performance in the replacement and original equipment manufacturing (OEM) segments, and exports recovered. Analysts believe reducing GST on new tyres (28% to 18%) and tractor tyres (5%) will improve cost competitiveness and boost demand across OEM and aftermarket channels.

Kanodia and Doshi note that passenger car radial (PCR) capacity expansion will finish in FY27. They expect management to ramp up the plant's capacity to meet growing demand, adding that favourable raw material prices and robust replacement market demand will sustain its growth. They project Apollo Tyres to deliver an 8.2% revenue CAGR and a 37.3% net profit CAGR over FY26-27.

2. Tata Steel:

Axis Direct upgrades this steel manufacturer to a ‘Buy’ rating, with a target price of Rs 195, an upside of 13.1%. In Q2FY26, net profit surged 3.7 times YoY to Rs 3,101.8 crore, thanks to lower raw material and finance costs. Revenue increased 8.3%, driven by growth across all regions. Analyst Aditya Welekar highlights that India volumes rose to 5.6 million tonnes (MT) as the Kalinganagar Phase II plant in Odisha continued its ramp-up.

Management expects volume growth to improve as Kalinganagar reaches its full 5 MT capacity by the end of FY26. Additional capacity from the Ludhiana electric arc furnace in FY27 and from the Jamshedpur combi mill will support medium-term growth. The next major expansion involves scaling up Neelachal Ispat Nigam to 5 MT from 1.1 MT.

Welekar notes the company’s cost-cutting program has worked effectively, achieving savings of Rs 5,450 crore in the first half of FY26. He expects volume growth to continue as new capacity comes online, though overall volumes may moderate after FY26 until large expansion projects begin. Sustained cost optimisation and a better product mix will remain key drivers of strong earnings.

3. Biocon:

Motilal Oswal reiterates its ‘Buy’ rating on this biotech company with a target price of Rs 480, an upside of 13.9%. In Q2FY26, the company reported 19.6% YoY revenue growth to Rs 4,295.5 crore, driven by the biosimilars segment, which now accounts for over 60% of total sales. EBITDA rose 22% to Rs 840 crore, due to better operating leverage after adding three new facilities last year.

Analysts Tushar Manudhane and Vipul Mehta note that biosimilars remain the key growth driver, showing strong performance across North America, Europe, and emerging markets, boosted by new launches and market share gains. The generics segment also rebounded with 24% growth, helped by new US and European launches and contributions from facilities capitalised in FY25.

Biocon continues to reduce debt. Management confirms full repayment of the remaining structured debt by January 2026, with lower interest costs starting in H2FY26.

Manudhane and Mehta expect the company to enter a clear scale-up phase. They project 16% revenue growth and 77% net profit growth over FY26–28, supported by stronger biosimilar traction, a broader generics pipeline, and ongoing deleveraging efforts.

4. Welspun Corp:

Geojit BNP Paribas maintains its ‘Buy’ rating on this iron & steel producer, with a target price of Rs 1,150, an upside of 27.3%. In Q2FY26, the company reported 32.5% YoY revenue growth to Rs 4,373.6 crore. EBITDA rose 48%, and margins improved 140 basis points. Net profit jumped 53.2%, thanks to tighter cost control and improved operational efficiency.

The company’s US subsidiary secured $715 million (over Rs 6,300 crore) in line-pipe orders for natural gas and natural gas liquids projects. These orders offer revenue visibility through FY28 and strengthen the company’s position in the US energy infrastructure chain. Demand in this sector is rising due to new gas projects and growing data centre requirements.

The order book stands at Rs 23,500 crore, providing a multi-year pipeline across domestic and international markets. Analyst Mithun T Joseph states this visibility comes from rising demand for energy transportation systems and steady demand from industrial and water pipeline projects.

Joseph believes Welspun Corp is well-positioned to benefit from global spending in energy infrastructure, its large order book, margin improvement, and a disciplined cost structure. Despite recent investments, the company maintains a healthy balance sheet and improving returns.

5. DOMS Industries:

Prabhudas Lilladher retains its ‘Buy’ rating on this stationary manufacturer, with a target price of Rs 3,085, an upside of 20.8%. The company delivered robust Q2FY26 results, with revenue jumping 23.8% and net profit growing 13.5% YoY. Analysts Jinesh Joshi and Stuti Beria note that healthy volume growth in the stationery segment (91.7% of revenue) amid new product launches across scholastic stationery, kits & combos, and office supplies supported revenue growth.

Management maintains its capex guidance at Rs 2,100-2,250 crore for FY26. This capex funds a 44-acre expansion project, enabling in-house tip production, in a bid to reduce procurement costs and boost margins. Extended monsoons delayed the expansion, but management expects production to start by Q1FY27.

Joshi and Beria add that the company’s focus on capacity expansion in the core stationery business, widening the product basket, and strengthening the distribution network will drive top-line and profitability. They expect DOMS Industries to deliver a 22% revenue CAGR and a 24% net profit CAGR over FY26-28.

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

(You can find all analyst picks here)

The Baseline

04 Nov 2025

Five stocks to buy from analysts this week - November 4, 2025

By Ruchir Sankhla

1. Brigade Enterprises:

ICICI Securities maintains its ‘Buy’ rating on this real estate developer with a target price of Rs 1,233, an upside of 21.1%. The company delivered strong Q2FY26 results, with revenue jumping 25.6% and net profit soaring 36.6% YoY. Residential sales bookings climbed 15% YoY to Rs 1,460 crore. Analysts Adhidev Chattopadhyay and Saishwar Ravekar highlight that the company achieved record leasing volumes in its office portfolio, driving revenue growth.

Management aims for its FY26 sales guidance of Rs 9,000 crore, supported by a robust pipeline of new launches for H2FY26 totalling 7.5 million square feet, with a gross development value exceeding Rs 8,000 crore. A strong deal pipeline offers opportunities across both residential and commercial segments, as the company plans to expand in Bengaluru, Hyderabad, and Chennai. Over the next 12 months, Brigade holds a pipeline of 11 million square feet of projects across South India.

Chattopadhyay and Ravekar are positive on the company’s hospitality portfolio, which saw 16% YoY revenue growth and is expected to benefit from expansion plans. The company plans to develop nine new hotels with 1,700 rooms across South India, investing Rs 3,600 crore in capex over FY26-30. They project Brigade to deliver a revenue CAGR of 20.6% and a net profit CAGR of 31.2% over FY26-28.

2. Transport Corporation of India:

Motilal Oswal reiterates its ‘Buy’ call on this transportation company with a target price of Rs 1,500, an upside of 26.9%. In Q2FY26, revenue grew 7.5% YoY and net profit increased 5.8%, driven by demand from the automobile, fast-moving consumer goods, and consumer durables sectors. Analysts Alok Deora and Shivam Agarwal highlight that the company’s cargo shipping division, Seaways, remains the largest profit contributor.

Management expects 10-12% revenue and profit growth in FY26 and sees freight division margins recovering from FY27. The company plans a capex of Rs 450 crore for the financial year for new trucks, cold chain expansion, and two additional rail rakes for sport utility vehicle transport. Freight segment margins is expected to bottom out by the end of FY26 and recover by almost 100 basis points in FY27. The supply chain business has benefited from new contracts and higher multimodal movement.

Deora and Agarwal expect growth momentum to improve as the company scales its cold chain and supply chain network, increases higher-margin less-than-truckload freight, and adds new rail capacity. Analysts point to long-term policy tailwinds like the Sagarmala programme and the government’s plan to double the waterways' share in logistics by 2030 as key structural positives.

3. Federal Bank:

ICICI Direct upgrades its rating to ‘Buy’ on this bank, with a target price of Rs 275, an upside of 15.6%. Analysts Vishal Narnolia and Parth Chintkindi highlight the board’s approval of a Rs 6,197 crore preferential issue of 27.3 crore warrants to Blackstone at Rs 227 per warrant, as the key trigger for the upgrade. On full conversion, Blackstone will own 10% and secure a board seat.

Management states that fresh capital offers flexibility to accelerate loan growth, invest in new businesses, and explore inorganic opportunities. The bank continues to guide for loan growth at 1.5–2 times the industry average, led by commercial banking, vehicle finance, and property loans. Margins have recovered, with net interest margin improving 12 bps sequentially to 3.1% in Q2FY26, supported by lower deposit cost and a shift toward mid-yield segments.

Narnolia and Chintkindi believe the capital infusion strengthens the balance sheet and provides ample headroom for growth and margin expansion. They project margins will trend higher as term deposits reprice and loan growth accelerates. New wealth products and the bank’s non-banking finance subsidiary, FedFina, add upside to revenue by FY27.

4. Indus Towers:

Emkay upgrades this telecom infrastructure company to a ‘Buy’ call, with a target price of Rs 460, an upside of 17.2%. The company posted strong Q2FY26 results, with revenue growing 10.3% QoQ to Rs 8,357.7 crore, driven by improvements in tenancy and revenue per tenancy. The company added 4,301 towers during the quarter, bringing its total to 2.6 lakh. Analysts Pranav Kshatriya and Aryan Tripathi note that the company achieved growth from record tower additions and improved collections from Vodafone Idea.

Management plans to leverage Bharti Airtel's market presence to expand its operations in Africa, with roll-out expected within 3-6 months. Analysts believe this expansion in Africa will limit capital misallocation risk and create long-term value. However, consistent currency depreciation and challenges in upstreaming dividends from Africa pose major challenges.

Kshatriya and Tripathi believe the Supreme Court decision, allowing the government to reconsider Vodafone Idea’s AGR dues reassessment, boosts confidence in Indus Towers' long-term revenue visibility. They project Indus Towers will deliver a revenue CAGR of 7.2% over FY25-27.

5. NLC India:

Axis Direct maintains its ‘Buy’ rating on this power generation company, with a target price of Rs 310, an upside of 18.3%. In Q2FY26, both power generation and thermal output rose 2% YoY, with total generation at 6,767 megawatts. The plant load factor of the TPS-II expansion rose to 43% from 26% over the past year after modifications. Revenue grew 14%, helped by higher sales from the mining segment. However, net profit declined 26% due to lower other income.

Management notes that operational performance has stabilised, supported by higher plant load factors and stronger coal output. The company aims to double its mining capacity by 2030 and significantly increase both thermal and renewable power capacity, with renewables projected to grow more than seven times. The company highlights upcoming projects, such as Ghatampur thermal units and battery-storage-linked renewable plants, as key earnings drivers.

Analysts Aditya Welekar and Darsh Solanki believe this expansion pipeline strengthens long-term earnings visibility. They estimate total capital expenditure of Rs 1.2 lakh crore, which will almost double the company’s equity to Rs 18,320 crore by 2030. Welekar and Solanki believe the commissioning of new thermal, renewable, and mining assets will support sustained growth in both volumes and profitability.

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

(You can find all analyst picks here)

The Baseline

23 Oct 2025

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

By Ruchir Sankhla

1. Thyrocare Technologies:

ICICI Securities maintains its ‘Buy’ rating on this healthcare company with a target price of Rs 1,560, an upside of 24.6%. The company’s Q2FY26 net profit surged 79.9% YoY to Rs 48 crore, thanks to lower inventory and finance costs. Revenue climbed 22% to Rs 219.6 crore, led by its diagnostic testing services.

Analysts Abdulkader and Nisha highlight the pathology business as the primary growth engine, with its franchise and partnership segments expanding by 20% and 35%, respectively. The company also strengthened its radiology segment by closing loss-making centres, which stabilised revenue and boosted its EBITDA margin to 19.7%.

Thyrocare plans to add 100–150 new franchise outlets each month to meet rising demand. Its overseas operations in Tanzania also grew 30%, with management aiming to double revenue and achieve breakeven within two years. The analysts forecast that earnings will grow at a 41% CAGR through FY28, driven by higher volumes, stronger margins, and rapid network expansion.

2. LTIMindtree:

IDBI Capital maintains its ‘Buy’ rating on this IT company with a target price of Rs 6,470, an upside of 15.2%. The company posted solid Q2FY26 results, with net profit rising 11.7% and revenue growing 4.5% over the previous quarter. Analyst Saptarshi Mukherjee noted that the company achieved balanced growth across all business verticals and regions.

Management expresses confidence in reaching near double-digit growth in the second half of FY26. The company secured a massive $1.6 billion in new orders, driven by large deals in media, finance, and manufacturing. Its deal pipeline is rich with AI-driven digital transformation and cloud migration projects, accelerating its market traction. The company’s focus on its proprietary BlueVerse AI platform is strengthening its competitive edge.

Mukherjee also praised the company’s successful efforts to reduce its reliance on its top-five clients, which improves revenue stability. Strong demand for AI-led deals and healthy client spending are expected to sustain its growth momentum. He expects revenue to grow at a CAGR of 9.4% and net profit at 17.2% over FY26–FY27.

3. Indian Bank:

Emkay retains its ‘Buy’ rating on this bank with a target price of Rs 900, an upside of 8.9%. The bank’s Q2FY26 net profit climbed 11.5% YoY to Rs 3,018.2 crore, fueled by lower provisions. Revenue grew 7.4% to Rs 19,076.6 crore, driven by strong performance in treasury operations and retail banking.

Management projects robust growth for FY26, targeting 10–12% in loans and 8–10% in deposits, while aiming for a 40% current and savings account (CASA) ratio. The bank anticipates limited margin pressure and expects recoveries of Rs 5,500–6,500 crore. Asset quality improved significantly, with the gross non-performing assets (GNPA) ratio falling to 2.6%. The bank plans to push its GNPA below 2% in FY26.

Analysts Anand and Nikhil note that the bank’s high 94% provision coverage ratio buffers the bank against new credit loss norms. They foresee steady growth, superior asset quality, and impressive return ratios of 1.2-1.3% for RoA and 16-18% for RoE through FY28.

4. Nuvoco Vistas Corporation:

ICICI Direct maintains its ‘Buy’ rating on this cement producer, with a target price of Rs 590, an upside of 39.7%. Nuvoco Vistas swung to a net profit of Rs 36.4 crore in Q2FY26 from a Rs 85.2 crore loss a year ago. Revenue rose 8.6%, powered by a 2.4% rise in sales volume and a 5.8% increase in prices.

While the extended monsoon moderated volume growth, the company expects demand from housing and infrastructure to rebound in the second half of the year. Nuvoco is also expanding aggressively, adding 10 million tonnes of capacity to reach 35 million tonnes by FY27. This expansion is likely to enhance its market share in new and existing regions.

Analysts Vijay and Deep project revenue and volumes will grow at a CAGR of ~12% and ~9%, respectively, through FY28. They highlight that despite a planned Rs 4,100 crore capital expenditure, the company expects its net debt to EBITDA ratio to fall to a manageable ~2x by FY27.

5. HCL Technologies:

Motilal Oswal reiterates its ‘Buy’ rating on this IT company, with a target price of Rs 1,800, an upside of 18.1%. HCL Tech delivered a strong Q2FY26, with net profit growing 10.2% and revenue jumping 5% over the previous quarter. Growth was broad-based across all its major business segments.

The company’s total contract value climbed an impressive 15.8% YoY, prompting it to raise its services revenue growth guidance to 4-5%. Management sees steady demand in banking and technology, with legacy modernisation and AI-led transformations as growth drivers. Analysts Abhishek and Keval note that the advanced AI solutions now contribute 3% of total revenue, powered by its AI Force platform. The company aims to deploy the platform across 100 clients by year-end, supported by partnerships with NVIDIA.

Abhishek and Keval consider HCL Tech the fastest-growing large-cap IT services firm. With a large deal secured from a major European retailer and a robust pipeline, the company is well-positioned for strong performance ahead.

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

(You can find all analyst picks here)

The Baseline

30 Sep 2025

Five stocks to buy from analysts this week - September 30, 2025

By Ruchir Sankhla

1. Hindustan Aeronautics (HAL):

Motilal Oswal reiterates its ‘Buy’ rating on this defence company with a target price of Rs 5,800, an upside of 22.2%. Analysts Teena Virmani and Prerit Jain note that the company has secured a follow-on order worth Rs 62,400 crore from the Ministry of Defence for 97 Light Combat Aircraft (LCA) Mk1A.This new contract builds upon a previous order for 83 jets.

Production is now back on track. Management confirms that engine supply hurdles with General Electric (GE) are resolved, and deliveries of F404 engines have resumed. This clears the path for HAL to deliver the first two Tejas Mk1A aircraft by October 2025.

Analysts foresee strong long-term growth, fueled by a swelling order book and new homegrown systems, including advanced radar and electronic warfare tech. Key near-term catalysts include a technology transfer pact with GE for F414 engines, a potential collaboration on the Advanced Medium Combat Aircraft, and the expected government green light for a Rs 60,000 crore Sukhoi Su-30 aircraft upgrade.

Virmani and Jain project the company’s revenue will surge at a 24% compound annual growth rate (CAGR) through FY28 as manufacturing scales up. They also forecast net profit will climb at a 17% CAGR, supported by impressive margins of 27-30%.

2. Hindalco Industries:

Emkay upgrades its rating to ‘Buy’ on this aluminium products manufacturer with a target price of Rs 900, an upside of 18.1%. Analysts Amit Lahoti and Akhilesh Kumar believe the company’s US subsidiary, Novelis, has turned a corner on profitability. Operating margins are set to climb from $430 per tonne to over $500 by FY29 as the new Bay Minette project ramps up.

Hindalco boasts a major cost advantage, producing aluminium at just $1,700 per tonne compared to China’s $2,300 average. This efficiency generates immense cash flow, projected to hit Rs 30,000 crore annually from FY26-28. These funds will comfortably cover all planned capital investments.

Lahoti and Kumar see a compelling risk-reward scenario for aluminium. Tight supply and a weaker US dollar make the metal more attractive to global buyers. They have raised their near-term aluminium price target to $2,850 per tonne and expect prices to average $2,650–2,750, a trend that will lift earnings for producers.

3. City Union Bank:

ICICI Securities maintains its ‘Buy’ rating on this bank, with a target price of Rs 250, an upside of 17%. Analysts Jai Prakash Mundhra and Hardik Shah note the bank’s risk from the US textile export segment is minimal, with only Rs 220 crore in exposure, which management deems easily manageable. The bank’s total textile exposure is a modest Rs 1,500 crore.

Management is targeting an impressive 15-16% loan growth in FY26. This growth will be driven by gold loans, a rebound in its core small and medium enterprises (MSMEs) segment, and secure retail lending. The bank aims for a balanced portfolio of 50% MSME and 30% gold loans and expects to maintain a stable net interest margin of 3.5-3.6%.

With controlled risks, stable margins, and steady growth, analysts see City Union Bank as set for a strong run. Mundhra and Shah project compound annual growth of 16.5% in net interest income and 11.8% in net profit through FY27. The primary risk on the horizon is leadership succession, as the current CEO is set to step down in April 2026.

4. Cochin Shipyard:

ICICI Direct reiterates its ‘Buy’ rating on this shipbuilding company with a target price of Rs 2,240, an upside of 25.2%. Analysts Vijay Goel and Kush Bhandari believe its expertise in shipbuilding and repair skills, combined with a hefty order backlog, will power its long-term growth. They also predict healthy revenue growth as the company accelerates project execution.

The company recently supercharged its capabilities by commissioning a new dry dock and an international ship repair facility. This expansion dramatically increases its capacity, allowing it to handle larger and more complex projects and bringing its total capacity to 2.4 lakh deadweight tonnage (DWT).

Further expanding its footprint, Cochin Shipyard has partnered with Tamil Nadu's Guidance Agency on a Rs 15,000 crore plan to develop new shipbuilding clusters. The company is set to capture a wave of new orders in passenger and commercial shipbuilding, thanks to a strong pipeline and the government's push to upgrade maritime infrastructure.

Management confidently guides for 14-15% revenue growth in FY26, signaling steady execution ahead. Following this, Goel and Bhandari forecast the company will achieve a CAGR of 16.4% in revenue and 16.6% in net profit between FY26 and FY28.

5. KEC International:

Axis Direct maintains its ‘Buy’ rating on this infrastructure major, with a target price of Rs 1,030, an upside of 18%. Analysts Uttam Kumar Srimal and Shikha Doshi are bullish, citing the company's diverse, robust order book. Favourable trends in its core transmission and distribution (T&D) business are set to drive long-term growth.

The company's order book stands at Rs 33,398 crore, ensuring clear revenue streams for the next two years. Analysts note its core T&D business is firing on all cylinders, winning significant new orders from both domestic and international clients.

Expansion in the civil, railways, and cables segments is adding to the momentum. Government programs like the Jal Jeevan Mission and increased infrastructure spending are fueling demand in these areas. KEC is positioned to capitalise on these opportunities with its execution skills and global supply chain.

Management's focus on expanding its product range while cutting costs with AI could boost the bottom line. Srimal and Doshi project strong growth through FY27, forecasting a 15% CAGR in revenue, 32.2% in EBITDA, and 55% in net profit.

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

(You can find all analyst picks here)

The Baseline

09 Sep 2025

Five stocks to buy from analysts this week - September 9, 2025

By Ruchir Sankhla

1. Britannia Industries:

Axis Direct upgrades its rating to ‘Buy’ on this packaged foods company with a target price of Rs 6,750, an upside of 9.9%. Analyst Suhanee Shome cites the recent Goods and Services Tax (GST) reduction as the primary reason for the upgrade.

The GST on biscuits, packaged foods, chocolates, dairy products, and beverages has been lowered to 5%. Shome notes this will make products cheaper, boost demand, and narrow the price gap with unorganised competitors who previously benefited from tax evasion. This change should help Britannia compete more effectively on price and increase its market share. Additionally, she expects this could encourage premiumisation, where consumers shift to higher-value products within Britannia’s portfolio at more affordable prices.

In Q1FY26, the company reported revenue growth of 8.8% YoY, supported by higher sales volume and price hikes. Rural markets delivered double-digit growth, while urban growth was supported by e-commerce. Market share gains were seen in most regions, although East India was impacted by distribution restructuring.

2. ICICI Bank:

Emkay retains its 'Buy' rating on this bank, with a target price of Rs 1,700, an upside of 21.1%. In Q1FY26, ICICI Bank’s credit growth slowed to 12% YoY due to weaker demand in retail and corporate loans. However, growth in the small and medium enterprise (SME) segment remained strong at 30% and now constitutes about a fifth of the loan book. Management noted that home loan growth was affected by higher interest rates, but the recent rate cut could help improve demand.

Analysts Anand Dama and Nikhil Vaishnav highlight that ICICI Bank is strengthening its position through digital banking and cross-selling products. Its SME loans are mostly large-ticket, which reduces risk. Investments in technology and better banking processes are helping the bank to manage costs, improve efficiency and maintain a strong portfolio.

Despite near-term challenges, Dama and Vaishnav expect ICICI Bank to deliver a return on assets of 2.1-2.3% over FY26-28, supported by cost control and stable asset quality. They also mention that the upcoming listing of ICICI Prudential Asset Management Company could unlock more value for shareholders.

3. Zydus Lifesciences:

Geojit BNP Paribas reiterates its 'Buy' rating on this pharma company, with a target price of Rs 1,121, an upside of 8.3%. In Q1FY26, the company’s revenue grew 5.9% YoY to Rs 6,574 crore, led by pharmaceuticals and consumer products. Domestic formulation sales rose 8%, driven by chronic therapies in oncology (cancer treatment) and cardiology (heart treatment).

Management noted that the impact of US pharmaceutical tariffs remains uncertain, but they will continue to supply generics, which constitute about 90% of the US market. They also guided growth in the high-teen to mid-20% range in international markets. The company plans to invest Rs 300 crore in medical devices and healthcare technology (MedTech) over the next 12-18 months.

Analyst Gopika Gopan expects key priorities to include the launch of the blockbuster drug Semaglutide, a treatment for type 2 diabetes and obesity. Other priorities are likely to be the commercialisation of Desidustat (an anaemia treatment) in China and the rollout of robotic surgery systems in Europe. She adds that Zydus is well placed to sustain growth across India, the US, and emerging markets, driven by specialty launches and MedTech expansion.

4. Premier Explosives:

ICICI Direct initiates a 'Buy' rating on this small-cap explosives manufacturer, with a target price of Rs 680, an upside of 26.9%. Analysts Vijay Goel and Kush Bhandari note that the company’s order book stood at Rs 989 crore in Q1FY26, which is 2.1 times its annual revenue, providing clear visibility for the next 2-3 years.

The company is undergoing a capacity expansion at its Katepally facility to integrate advanced explosives and rockets. At the same time, a new greenfield plant in Odisha is set to add ammunition and raw material production in phases. The company also plans to raise Rs 300 crore to fund expansion and repay debt. Management expects revenue to grow around 44% to Rs 600 crore in FY26.

Goel and Bhandari highlight that the company is benefiting from strong industry tailwinds, including higher defence spending and increased government procurement. Order inflows for FY26 year-to-date have already exceeded Rs 700 crore, more than the total for FY20-23 combined. They project revenue to grow at 27% CAGR over FY26-28, with EBITDA and net profit growing 40% and 54% respectively, supported by a shift towards higher-margin defence products.

5. SRF:

Sharekhan maintains its 'Buy' rating on this chemicals company, with a target price of Rs 3,540, an upside of 20.7%. Management anticipates a 20% growth in the chemical business in FY26. The specialty chemicals segment is likely to perform strongly, supported by new product launches and active ingredients.

Analysts note that India is now implementing the Kigali agreement, which requires countries to reduce their use of hydrofluorocarbons (HFCs). As India’s reliance on HFCs decreases, demand is shifting toward newer, cleaner alternatives like hydrofluoroolefins (HFOs). The company is well-positioned to benefit from this transition and is also expanding its production capacity for HFO refrigerant gas.

The brokerage highlights that Asia, including India, will remain the largest market for refrigerant gases. SRF’s backward integration, brand strength, and strong distribution network provide a competitive edge. Sharekhan expects the business to grow at a 20% CAGR, with EBITDA and net profit rising 32% and 51% over FY26-27.

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

(You can find all analyst picks here)

The Baseline

28 Aug 2025

Five stocks to buy from analysts this week - August 28, 2025

By Ruchir Sankhla

1. Pidilite Industries:

Geojit BNP Paribas reiterates its ‘Buy’ rating on this adhesives company with a target price of Rs 3,447, an upside of 11.2%. Analyst Anil R highlights that the tile adhesive market is growing at nearly twice the pace of India’s GDP. Pidilite is also expanding approximately 1.5 times faster than the market, with rural demand consistently outpacing urban growth in recent quarters.

Pidilite Industries’ Q1FY26 revenue rose 10.5% YoY to Rs 3,753 crore, supported by higher sales across its consumer and business-to-business (B2B) segments. The consumer and bazaar segment, which contributes the majority of revenue, grew 10% YoY, while B2B revenue increased 11%. Management noted that the domestic business benefited from favourable monsoon conditions, steady demand, and lower input costs, while international subsidiaries recorded 6.5% growth.

The analyst expects Pidilite to continue delivering strong volume-led growth, supported by ongoing investments in its brands and supply chain. However, the company remains cautious about potential headwinds from geopolitical developments and uncertainty around global tariffs.

2. Dabur India:

Sharekhan retains its ‘Buy’ rating on this FMCG company with a target price of Rs 623, an upside of 19.3%. Analysts note that the company’s Q1FY26 performance was muted, as unseasonal rains during the peak summer months impacted its beverages and glucose sales. Revenue grew only 1.7% YoY to Rs 3,405 crore; but excluding its seasonal products, revenue rose 7%.

The home and personal care segment grew 5%, led by oral care, home care, and skincare. Healthcare revenue declined 4.4% but rose 2.7% when excluding glucose, thanks to growth in its power brands such as honey, chyawanprash, and Honitus (cough syrup) . Dabur reported market share gains across 95% of its portfolio.

The management stated that rural growth outpaced urban for the fifth straight quarter, with a 390 bps lead in Q1. For Q2, the company expects double-digit revenue growth, supported by premiumisation, new launches, and a focus on its power brands. As part of its Vision FY28 strategy, Dabur has exited several margin-dilutive categories, including tea, adult diapers, sanitiser, and breakfast cereals. These businesses collectively contributed only Rs 8 crore in sales in FY25.

3. NTPC:

ICICI Securities reiterates its ‘Buy’ rating on this power company with a target price of Rs 439, an upside of 31.8%. NTPC is transforming from a thermal power giant into a diversified power player. It has raised its target capacity to 149 gigawatt (GW) by FY32 (from 130 GW) with a planned capex of Rs 7 lakh crore.

While the company plans 26-27 GW of coal-based capacity expansion, it is targeting 60 GW of renewable capacity, led by its listed green subsidiary, NTPC Green Energy. The company is also investing in green hydrogen, energy storage, and nuclear energy, with a long-term nuclear energy target of 30 GW by FY47.

Analysts Mohit Kumar and Mahesh Patil expect the company to benefit from India’s 6% annual power demand growth. They note that thermal capacity will remain critical in the medium term to meet peak demand, which supports NTPC’s expansion plans. They also highlight that execution has improved in FY26, with 3 GW already commissioned so far, compared to 4 GW commissioned during the entire FY25.

4. Godrej Consumer Products:

Emkay maintains a ‘Buy’ rating on this FMCG major, with a target price of Rs 1,400, an upside of 11.3%. Analyst Nitin Gupta notes that GCPL is focused on volume-led growth in India and international markets while improving margins. At Emkay Confluence 2025, Vishal Kedia, Head of Global Strategy, shared that the company is investing early in a few categories ahead of the demand curve to capture growth opportunities.

In India, Gupta sees high-growth potential in household insecticides (HI), soaps, and personal wash. HI, contributing one-third of India’s revenue, could deliver high single-digit to low double-digit growth. Soaps, also a third of revenue, are under margin pressure due to palm oil inflation, with price hikes expected from Q3FY26. New initiatives like body wash, air fresheners, and deodorants are being tested and priced to boost adoption.

Internationally, the company faces margin pressure in Indonesia due to competition, with margins expected to recover to 22-24% in the medium term. Africa is expected to achieve low double-digit growth and margins of 17-18% over the next 4-5 years.

5. Sharda Cropchem:

Khambatta Securities upgrades its rating to ‘Buy’ on this agrochemicals producer with a higher target price of Rs 1,162, an upside of 20.1%. In Q1FY26, the company's revenue increased 26.5% YoY to Rs 984.8 crore, beating Forecaster estimates by 11%. The non-agricultural and agrochemical segments grew, boosting revenue growth. The company’s EBITDA margin expanded 356 bps to 14.4%.

Management's outlook for FY26 is to grow the topline by approximately 15% and maintain healthy EBITDA margins in the range of 15%-18%. They plan a capex of Rs 400-450 crore for the year to support new product registrations. The global agrochemical market is showing signs of recovery, with inventories returning to normal levels.

Analysts at Khambatta Securities expect revenue, EBITDA, and net profit to grow at a CAGR of 15.9%, 17.3%, and 38.4%, respectively, driven by the company’s plans to add new product registrations.

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

(You can find all analyst picks here)