1.Delhivery:
This transport and logistics company rose by over 15.5% in the past week after announcing the acquisition of Ecom Express for over Rs 1,400 crore. Ecom is the second-largest player in the business-to-consumer (B2C) third-party logistics space after Delhivery. Together, the two companies would hold around 55–60% of the market share.
The acquisition was a fire sale by Ecom Express. Major clients like Meesho, Reliance, and Flipkart had reportedly cut back or stopped using Ecom’s services. This loss of big customers made it harder for Ecom to keep up with its costs. The company sold its business at nearly half the valuation it was looking at during its now-shelved IPO.
Analysts believe Ecom's acquisition will help Delhivery offset the impact of clients like Meesho choosing to insource. Delhivery may also benefit from significant cost savings over the next 12-18 months by using the same facilities, like sorting hubs and delivery centers. However, some analysts do not expect the deal to boost earnings in the near term, as Ecom posted a net loss of Rs 2,600 crore in FY24, likely higher in FY25.
During the December quarter, the express parcel segment accounted for 63% of the company’s total revenue, while the partial truckload (PTL) segment made up 19%. The express parcel segment’s EBITDA margin dropped by 500 bps to 15.6%, due to higher vehicle rental costs. Sahil Barua, MD & CEO, expects this margin to stabilize at 17-20% in the coming quarters, helped by a shift to locked-in vehicle rental rates and better volumes, which will improve cost efficiency.
He said, “We are targeting a 25-30% volume growth in the PTL segment and expect margin improvement through better utilization in FY26.” Delhivery plans to open 50 dark stores (local warehouses for online orders) in the top eight cities and expects full-year revenue of Rs 80-100 crore from this initiative.
Emkay has given a ‘Buy’ rating on the stock with a target price of Rs 400. This indicates an upside of 42.3%. The brokerage expects smooth post-acquisition sales retention and network integration. Emkay projects a revenue growth of 16.3% and a net profit growth of 87.5% annually over FY25-27.
2. Kaynes Technology India:
This IoT solution provider for electronic components in the consumer durables sector rose 27% over the past week, as the US temporarily exempted tariffs on the consumer electronics industry. Rising tensions between the US and China is also expected to boost orders for Indian electronics manufacturers.
Apple's plan to manufacture more iPhones in India has raised expectations of new contracts for manufacturing components and assembly work, adding to Kayne’s positive outlook.
Kaynes Technology designs and builds electronics for the automotive, industrial, aerospace, and consumer electronics industries. It plans to enter the manufacturing and assembly of high-density printed circuit boards (PCBs).
Trendlyne’s Forecaster expects the company’s revenue to grow by 51.4% YoY to Rs 1,009.8 crore in Q4FY25 and net profit by 42.4% YoY to Rs 115.8 crore.
However, the company lowered its FY25 revenue target to Rs 2,800 crore from Rs 3,000 crore due to delays in executing Rs 100 crore worth of industrial orders. For FY26, it aims to generate Rs 4,500 crore in revenue with margins above 15%.
Kaynes Technology is setting up a Rs 3,300 crore semiconductor facility in Gujarat under the India Semiconductor Mission. The investment follows a public-private partnership model, with the Central Government chipping in with 50%, the Gujarat Government 20%, and Kaynes Technology 30%. The plant will have a capacity of 6.3 million chips per day, with pilot production scheduled for June 2025.
Ramesh Kunhikannan, MD of Kaynes Technology, said, “We expect an annual capex of Rs 200–300 crore in the Electronics Manufacturing Services (EMS) business to support additional volumes in FY26 and FY27.” He added that exports could contribute 20–25% of revenue, up from the current 10%, and the railway business may see a significant resurgence through the Kavach program.
Motilal Oswal reiterates a “Buy” rating on the stock with a target price of Rs 6,500. The brokerage notes that the company holds a strong revenue growth momentum, supported by a healthy order book and steady order inflows. It projects a revenue CAGR of 56% and a PAT CAGR of 68% for FY25–27.
3. Olectra Greentech:
Thiselectric bus manufacturer has surged 13.9% over the past week, driven by a series of positive developments. On April 11, the company rose 5.8% aftersecuring an order worth Rs 424 crore from the Himachal Road Transport Corporation (HRTC) to supply 297 Electric Buses.
On April 16, it gained 4.4% following thenews that the Indian government is set to launch a tender for the procurement of 10,000 electric buses under the PM E-Drive scheme. Convergence Energy Services (CESL) is expected to issue tenders next month for nine cities, with a Rs 3,000 crore subsidy.
Olectra Greentech’sQ3FY25 revenue rose 50.2% YoY to Rs 517.6 crore, driven by the sale of more buses and the introduction of higher-priced models. Trendlyne’sForecaster projects the company's revenue to grow 62.7% YoY and its net profit to surge 1.1X YoY in FY25 on the back of a strong order book.
The company’s net order book for electric busesstands at 10,224 units. Olectra Greentech aims to deliver around 2,500 buses in FY26 and is developing a new Greenfield electric vehicle manufacturing facility to meet the increasing demand.
The new facility is expected to ramp up significantly in the second half of FY26. B. Sharat Chandra, Chief Financial Officer,said, “We have built about 200 units per month, which we are ramping up to about 5,000 units per annum soon. Over a period of one year, we want to ramp up to about 10,000 units.” The second phase of construction, which includes adding robots for automation, is on track and should be finished in the next 3 to 4 months. However, the automation process will take another 6 months to complete.
Geojit BNP Paribasdowngrades the stock to ‘Accumulate’ rating, citing delays in the execution rate and a slow ramp-up in the order book for the year. The brokerage has also reduced its target price to Rs 1,485 from Rs 2,086.
4. Transformers & Rectifiers (India):
This heavy electrical equipment manufacturing company rose by 2.2% in the past week. It announced its Q4FY25 & full year results on April 8. The company’s Q4FY25 net profit jumped 135.8% YoY to Rs 94.2 crore, driven by a strong order book, while revenue rose 32.9%. The company’s management highlighted a sharp rise in order enquiries worth $3 billion (~Rs 25,700.7 crore) in FY25, and reported its highest-ever production at 29,118 MVAs, up from 16,425 MVAs in FY24. The stock also appears in a screener for strong momentum stocks.
The company missed Trendlyne’s forecaster Q4 revenue estimate by 6.1%, impacted by high exposure to State Electricity Boards (SEBs) which constitute a major chunk of its revenue and are known for late payments. It has also been due to volatility in copper and steel prices amid global trade tensions.
Chanchal Rajora, CFO at TARIL, said, “Looking ahead at FY26, we are entering the year with a robust unexecuted order book of Rs 5,132 crore and a well-diversified pipeline of inquiries from both domestic and international markets. We are committed to our long-term goal of reaching $1 billion(~Rs 8,555.9 crore) in revenue within the next 3 financial years, and we believe that we are well on track to achieve this vision.”
Mr. Rajora added, “In the next 15 months, the company will be spending Rs 550 crore on capex expansions to strengthen its organic as well as backward integration growth, with the target to become 100% backward integrated.” During the year, the company has also started a capacity expansion of 22,000 MVA at its Moraiya facilities, which is expected to be completed by February 2026.”
Nuvama Institutional Equities highlights that the current industry capacity stands at approximately 0.3 million MVA, while demand is around 0.4 million MVA and is projected to reach 0.7 million MVA by FY29. The brokerage highlights strong domestic and export demand amid tight supply for high-voltage transformer players, driving premium pricing. It sees a major market opportunity and maintains a 'Buy' rating with a target price of Rs 725.
5. Poonawalla Fincorp (PFL):
This non-banking financial company’s (NBFC’s) stock price rose 9.2% over the past week after it expanded its secured lending portfolio with the launch of its gold loan business. The company also plans to open 400 branches in FY26 to strengthen its presence in Tier 2 and 3 cities and foray into different loan segments.
The company announced another expansion to provide loans to shopkeepers on April 8. This targets small retailers and kirana stores, and includes cash flow, inventory, and customer management services. PFL plans to set up 44 branches across the country.
Speaking on the company’s expansion plans, its Managing Director and Chief Executive Officer, Arvind Kapil, said, “We have invested significantly over the last few months in rolling out multiple scalable lending businesses across the secured, unsecured and digital segments. These investments may have a four-quarter gestation period, resulting in low profitability due to high expenses.”
In Q3FY25, the company’s net profit declined by 92.9% YoY to Rs 18.7 crore due to higher expenses for new businesses and a higher share of secured loans with low margins. Poonawalla Fincorp reported a 42.2% YoY growth in assets under management (AUM) to Rs 35,550 crore in Q4FY25.
In its Q4FY25 results preview, KR Choksey expects Poonawalla Fincorp’s NII to rise 17.8% YoY, driven by strong AUM growth. However, the brokerage expects the lender’s net interest margin (NIM) to remain under pressure due to increasing borrowing costs and a shift in asset mix to lower margin loans. This is a dangerous game for a lender, considering the volatility of incomes for small businesses like kirana shops. It also estimates the firm’s net profit to decline 49.6% YoY during the quarter, caused by higher provisions against potential stress in the new businesses.
Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.
