1. Gujarat Fluorochemicals (GFL):
Thisspecialty chemicals company rose 3.2% last week after the International Finance Corp (IFC) invested about Rs 450 crore (~$50 million) in itssubsidiary, GFCL EV Products. GFL operates in chemicals and specialty materials used in sectors such as oil & gas, electronics, EVs, and green energy.
The IFC investment will help GFCL EV set up a fully integrated battery materials unit, covering battery chemicals, cathode materials, and binders. This strengthens GFL’s role in the global battery supply chain and expands its presence in India’s battery materials market.
Deven Chokseyraised GFL’s target price to Rs 3,798, indicating an upside of 9.6%, highlighting the firm’s battery materials business as a key driver. GFL is one of the few non-China integrated producers of LiPF6, a crucial battery ingredient. Plants for these materials have been commissioned, with commercial sales expected from Q4FY26.
GFL’s growth comes from high-margin fluoropolymers (63% of Q2FY26 revenue), fluorochemicals, and rising demand for R32 refrigerant. InQ2FY26, revenue rose 2% YoY, mainly due to fluoropolymers and higher chloromethane prices. EBITDA margin improved by 525 bps to 30% as the company sold more higher-value grades of fluoropolymers.
Some hurdles remain, including temporary volume impacts from US tariffs on certain fluoropolymers and the R125 refrigerant. Fluorochemical revenue slipped 15% due to lower R-22 sales, a widely used refrigerant being phased out globally. The battery chemicals business is still pre-revenue and posted an EBITDA loss of Rs 17 crore.
CEO Bir Kapoor expects the battery chemicals business to break even in FY27. He says, “FY28 should be a major scale-up year as new capacity comes online and customers approve the products”. Business Head Rajiv Rao added that the initial focus will be on exports outside China, leveraging India’s cost advantage in building lithium iron phosphate (LFP) plants.
2. Suzlon Energy:
Thiswind energy company jumped 5.7% in three trading sessions after unveiling on December 4plans for three AI-powered wind blade factories to meet surging domestic demand.
Co-Founder Girish Tantisaid the new units will be strategically placed near project sites to slash logistics costs. Two plants are planned for Gujarat and Karnataka; a third location is being scouted. The facilities will be funded internally, falling within the company’s annual capital expenditure of Rs 500–550 crore. These additions will expand the company’s network to 18 factories, creating India's largest smart wind manufacturing setup.
InQ2FY26, its net profit jumped 6.4x YoY to Rs 1,279.4 crore, boosted by a Rs 718.2 crore deferred tax credit. Excluding the tax credit, net profit still soared 179%. Record wind turbine deliveries drove revenue 83.7% higher to Rs 3,897.3 crore.
The company entered the second half with a massive 6.2-gigawatt (GW) order book, securing two years of revenue visibility. It aims for a 50:50 split between engineering, procurement and construction (EPC) contracts and equipment-supply (non-EPC) deals by FY28.
Group CEO JP Chalasanisaid, "You will start seeing us announcing more and more EPC contracts starting from maybe the Q4." Management projects India will add 6 GW of new wind capacity in FY26 and is confident Suzlon can capture 25% of that market, or 1,500 MW.
Despite a positive long-term outlook, Suzlon’s stock hasfallen by 21.6% over the past six months. The decline followed the promoter group’s Junesale of around a 1.5% stake, whichadded selling pressure and prompted profit-booking after a 1,277% rally over the past five years. Investors also grewcautious as a large deferred tax credit boosted recent profit growth, while project execution fell short of market expectations.
Following the announcement, ICICI Securitiesreiterated its ‘Buy’ rating, projecting a 43.3% upside. It cited Suzlon’s strong pipeline, an expected surge in wind installations, and the new blade plants. The brokerage noted these factors provide multi-year execution visibility and justify its Rs 76 target price.
3. Kalpataru Projects International:
This construction and engineering company has risen by over 49% from its 52-week low of Rs 786.3. On December 10, it won new orders worth Rs 2,003 crore across its buildings & factories and transmission & distribution segments from clients both in India and overseas.
With these new orders, the company's YTD order intake stands at around Rs 17,000 crore. The company stated that this large backlog will provide good visibility for sales growth in the coming quarters.
Kalpataru Projects reported strong results during the second quarter. Profit surged 91% YoY to Rs 240 crore, driven by higher execution and its healthy order book. Revenue grew 32% to Rs 6,528.6 crore during the quarter, thanks to growth across its major business segments.
Over 40% of Kalpataru's order book is in its transmission & distribution business. Management notes they have a tender pipeline of over Rs 1.5 lakh crore over the next 12 to 18 months. However, its water infrastructure business, which accounts for about 14% of the order book, saw a 6% revenue decline in Q2 due to delayed payments from states such as Uttar Pradesh and Jharkhand.
Meanwhile, the management expects the buildings business to grow by around 20% in FY26, given the healthy outlook for residential and commercial construction, as well as other civil projects.
Commenting on the outlook, MD & CEO Manish Manod said, “We are on track to achieve revenue growth of over 25%, compared to our earlier guidance of 20% to 25%.” He also projects an order intake of more than Rs 25,000 crore for FY26, considering the strong opportunities in both India and international markets.
Axis Direct has a ‘Buy’ rating on Kalpataru with a higher target price of Rs 1,475. The brokerage believes the company is well positioned to benefit from its strong order book, favourable trends in the domestic and international transmission and buildings segments, improved performance from its overseas subsidiaries, and supportive government policies.
4. Whirlpool of India:
The stock of this consumer electronics company declined by more than 5% over the past week following reports that a major deal had fallen through. Global private equity firm Advent International was in talks to acquire a controlling stake in the company for up to $1 billion, but negotiations reportedly collapsed due to disagreements over valuation.
Advent had been the frontrunner to buy a 31% stake from the company's US parent, Whirlpool Corporation, a move that would have triggered a mandatory takeover offer. The parent company, looking to pay down debt by restructuring its global assets, planned to reduce its 51% holding to roughly 20% and raise between $550 million and $600 million. However, the deal stalled as Advent reportedly pushed for a lower price, citing headwinds in the Indian market, including stricter product standards and energy-efficiency rules.
The company's recent financial performance has also been under pressure. Second-quarter net profit dropped 35% YoY to Rs 27.1 crore, missing Trendlyne’s Forecaster estimates by 30.6% as sales of summer products like refrigerators and air conditioners slumped. Consequently, the stock appears on a screener highlighting companies where mutual funds have cut their stakes over the last quarter.
Highlighting financial pressures, Whirlpool Corporation CFO James W. Peters said, “We experienced incremental costs of tariffs of approximately 250 basis points. While marketing and technology was flat versus the prior year, we have continued to invest in our products and brands. Lastly, currency depreciation associated with the Argentinian peso and Indian rupee resulted in an unfavourable margin impact of 25 basis points.”
Brokerage firm Axis Capital remains bearish, assigning a ‘Sell’ rating with a target price of Rs 897. The brokerage points out that Whirlpool Corp carries a massive gross debt of Rs 57,000 crore. Even if the 31% stake sale goes through, it would cover less than 10% of this debt pile, which is equivalent to just 1.5 years of interest payments. Axis warns that the lingering uncertainty over future ownership could hurt Whirlpool India’s market share and business direction.
5. Lloyds Metals & Energy:
This coal & mining stock climbed 7.7% over the past week after its board approved the acquisition of a 50% stake in Nexus Holdco FZCO for $55 million (approximately Rs 495.7 crore). The company will carry out this acquisition through its subsidiary, Lloyds Global Resources FZCO.
Nexus holds significant stakes in Surya Mines SARL and eight other companies in the Democratic Republic of Congo. These companies collectively control various mining concessions, including copper, cobalt, lead, and zinc, as well as a copper processing plant in the country.
The company also signed a memorandum of understanding (MoU) with Tata Steel to collaborate on raw material mining, logistics, pellet, and steel-making. The partnership will focus on greenfield steel-making projects, iron ore mining, slurry pipeline infrastructure, pellet-making in iron ore-rich Indian states, and exporting low-carbon iron & steel products. Initially, they will operate mining concessions and associated infrastructure to boost iron ore production in Gadchiroli, Maharashtra.
In Q2FY26, Lloyds Metals’ revenue surged 152.2% YoY to Rs 3,706.8 crore, driven by higher iron-ore dispatches and the commencement of pellet sales. Revenue also beat Forecaster estimates by 27.9%. Net profit jumped 90%, driven by the commercialisation of the slurry pipeline and improved fixed-cost management. However, the company’s debt surged 75% to Rs 8,000 crore due to delays in capacity expansion in its arm, Thriveni Earthmovers.
Following the results, Riyaz Shaikh, CFO of Lloyds Metals, noted, “We have lowered our FY26 EBITDA guidance for Thriveni to ~Rs 2,100 crore from Rs 2,800 crore due to delayed capacity ramp-up, with confidence in catching up in H2.”
FundsIndia maintains its ‘Buy’ call on Lloyds Metals, setting a target price of Rs 1,468 per share, a 14% upside. The brokerage believes the company is poised for long-term growth as its capacity expansions commercialise over the next 2-3 years. It expects Lloyds Metals’ capex to rise to Rs 6,000-6,500 crore from FY27 onwards, supporting its shift from ore sales to an integrated pellet, direct-reduced iron, and steel model.
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