By Ruchir SankhlaGeojit BNP Paribas upgrades this electrical appliance manufacturer to a ‘Buy’ call, with a target price of Rs 392 per share, an upside of 20.7%. The Israel–Iran war negatively impacts input costs and logistics. V-Guard relies on copper, polymers, and oil derivatives, so rising commodity and freight costs could pressure margins. However, minimal direct sales to the conflict zone protect its revenues and assets.
V-Guard’s Q3FY26 revenue grew 11% YoY. The electricals division led the charge, thanks to higher sales volumes and copper prices. Management predicts a strong Q4, banking on an early summer to boost seasonal demand.
The company plans to grow six key categories to over Rs 1,000 crore each in sales. These include its popular Stabilizers, Fans, and Inverters, along with newer areas like Solar Rooftops, Kitchen Appliances, and the Sunflame brand.
Analyst Anil R expects V-Guard to achieve 24% earnings growth from FY26–28. This growth stems from its strong brand, a robust 40–45% market share in stabilizers, increasing adoption of smart fans (now ~25% of fan sales), and new product category expansions. Infrastructure demand and deeper penetration into tier-2/3 markets also support its medium- to long-term prospects.
Motilal Oswal maintains its ‘Buy’ rating on this software company, with a target price of Rs 1,880 per share, an upside of 69.4%. The stock has fallen in the past month over worries about its exposure to the travel industry and the Middle East. Analysts Abhishek Pathak and Keval Bhagat believe the stock has already priced in these risks, creating a good buying opportunity backed by a strong order book.
Management reports stable demand across all key verticals, with consistent client spending and a strong deal pipeline. Coforge is capitalising on cross-selling opportunities from recent acquisitions, which support long-term growth. While AI concerns suggest traditional IT outsourcing might see reduced demand, potentially impacting revenue, the $2.4 billion Encora acquisition boosts Coforge’s AI capabilities and North American presence. This positions the company to deliver AI-driven solutions and counter potential disruptions.
Pathak and Bhagat expect Coforge to remain one of the faster-growing mid-cap IT companies, driven by strong deal wins and growth from integrations. They anticipate margins to improve to around 14% over the next two years.
BOB Capital Markets initiates coverage on this aluminium producer with a ‘Buy’ call and a target price of Rs 1,050 per share, an upside of 22.9%. In the short term, the Israel-Iran war will likely hit Hindalco with higher energy and shipping costs, as well as potential raw material shortages. Long-term, strong local demand, efficient Indian plants, and expansion plans will power its earnings growth.
Hindalco is riding a wave of aluminium demand from the infrastructure, auto, and construction industries. Its subsidiary, Novelis, continues to perform well, with steady demand from beverage cans and auto parts. The company targets 3.5–4% long-term demand growth and plans $300 million in cost savings by FY28. It also aims for EBITDA above $600 per tonne, driven by efficiency and US capacity expansion. In copper, Hindalco plans to boost capacity from 521 KTPA to 821 KTPA, supported by strong domestic demand.
Analyst Sukhwinder Singh expects capital expenditure-led expansion in aluminium, alumina, and copper to drive volume growth from FY27. Cost efficiency efforts, including captive coal mines and improved energy sourcing, should reduce power costs over time. Despite higher debt from ongoing investments, leverage remains comfortable. He anticipates that strong demand, capacity expansion, and cost control will support long-term earnings growth. However, investors should keep in mind that the length of the closure of the Hormuz Strait could cause revisions in guidance and capex.
Axis Direct recommends a ‘Buy’ rating on this steel tube producer with a target price of Rs 2,170, an upside of 9.9%. The Iran-Israel war negatively impacts the company’s Gulf operations. Its Dubai facility faces potential shipping delays and higher logistics costs, which could slightly hurt margins.
APL Apollo Tubes aims for a total production capacity of 10 million tonnes (MT) by FY30. It plans to achieve this through greenfield projects, de-bottlenecking, and speciality tube expansions, funding these with Rs 1,500 crore in capital expenditure. The company also intends to scale capacity to 8 MT by FY28.
The company delivered a strong Q3FY26 performance, with EBITDA increasing 37% YoY. For 9MFY26, EBITDA per tonne improved to Rs 5,145, thanks to premium product launches and strong Apollo brand positioning. Management expects 20% volume growth in Q4FY26 and FY27. They project EBITDA per tonne will reach Rs 5,500 in FY27–28, driven by cost control, product mix optimization, and a growing share of value-added products.
Analysts Aditya Welekar and Keval Barot highlight that strong brand acceptance, premium positioning, and operational efficiencies prepare APL Apollo for sustained margin expansion and steady volume growth. They note that the company became net-debt-free two years ago and now targets becoming liability-free by maintaining enough cash to match current liabilities.
ICICI Direct maintains its ‘Buy’ rating on this pump manufacturer, with a target price of Rs 1,000 per share, an upside of 25.1%. The Israel–Iran war negatively affects KSB, with around 17% of orders exported, mainly to the Middle East. Instability in the region and Strait of Hormuz disruptions could push up freight and energy costs and delay deliveries. However, a strong domestic order book, especially from India's nuclear and solar projects, helps offset these risks.
KSB Pumps had a strong Q3FY26, with revenue climbing 8.7% YoY, thanks to increased pump and valve sales. Management reports a robust Rs 2,585 crore order book, including Rs 1,281 crore from nuclear power projects. The company has begun recognising nuclear project revenue, expecting Rs 100–200 crore in FY26, with more to come as Kaiga and Gorakhpur projects advance. High-margin standard products, aftermarket services, and increasing exports boost profit margins.
Analysts Chirag Shah and Dilip Pandey foresee KSB maintaining steady revenue growth, driven by strong new orders and improving margins. A diverse product range and aftermarket services enhance profitability. They project revenue and net profit will grow at a 13.8% and 14.4% CAGR, respectively, from FY26-27.
Note: These recommendations are from various analysts and are not recommendations by Trendlyne.
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