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Does the tariff policy coming out of the US mean anything anymore? It seems pointless for markets to react to new announcements, since Trump could withdraw some tariffs in the morning and add new ones in the evening.

Still, global equities got some breathing room after Trump hit pause on the latest round of tariffs. But don’t get too comfortable. US policy has become volatile, and dangers lurk around every corner.

Fear gauges like the Nifty VIX and S&P 500 VIX have surged since Trump’s "liberation day." And now, with the Q4FY25 earnings season kicking off, there’s potential for more stock market turbulence. Morgan Stanley projects just 3% revenue growth for Nifty 50 companies—a 19-quarter low.

The real question is: which companies will beat that trend?

We have identified five stocks with the potential to beat both the overall index, and their industries. One company in the list has a fast-growing vertical that is defying the slowdown. Another has massive new international orders coming in, while a third has a reliable client that keeps on spending. They all have something unique about them.

In this week’s Analyticks: 

• Five stocks to watch this results season: Five companies that could deliver high growth 
• Screener: Stocks rising in the past quarter, with high durability scores and at least 20% target price upsides

The big winners: Five stocks expected to stand out in upcoming results

Heading into the Q4FY25 results, we shortlisted five stocks from the Nifty 500 that are predicted to post high revenue and net profit growth YoY and QoQ in Q4FY25, according to Trendlyne’s Forecaster. These companies have already set the bar high with strong results in the previous quarter.

Five stocks across industries have strong revenue and profit forecasts

All five stocks in the list—KEC International, Mastek, Larsen & Toubro, Endurance Tech, and Hindalco Industries—are from different sectors. While these stocks weakened in the past year due to the market downturn, they’ve outperformed the benchmark index over two years.

Short-term laggards, long-term winners vs Nifty 50

Due to the fall, Trendlyne’s Momentum scores for these companies range from neutral to weak. But high Durability and Valuation scores signal that these may be strong, undervalued picks. 

All stocks in focus have good Durability scores with strong fundamentals

T&D all the way: One segment becomes the star for KEC International

Industrials player KEC has got a boost from the Centre's capex push. The big revenue driver here is the company’s transmission and distribution (T&D) segment. In Q3FY25, the T&D business grew 17% YoY, with new orders surging an impressive 119% to Rs 16,000 crore. This momentum is expected to continue in Q4FY25. 

T&D and civil segment expected to improve KEC’s profitability

Analysts expect T&D margins to improve in the coming quarters due to a higher mix of T&D orders (54%) in the order book, and strong T&D traction in both domestic and international markets. 

Golden goose: Mastek eyes 50% growth in UK healthcare in FY26

This software and services company generates 56% of its revenue from the UK, with a significant portion coming from government contracts, especially with the NHS (National Health Service).

This is Mastek's golden goose, and has long been a growth driver for the GovTech-focused firm. In Q3FY25, UK revenue rose 13% YoY, helped by a rebound in UK’s overall healthcare spending.

Mastek’s revenue to rise YoY for the tenth straight quarter

Expectations for Q4 are positive, with revenue and net profit projected to grow YoY and QoQ. There is however, a word of caution. Recent news about cuts to NHS England’s administration, due to its merger with the Department of Health and Social Care (DHSC), led to high volatility in Mastek's share price. 

However, the management is optimistic and is projecting 40-50% revenue growth in UK healthcare next year due to the government’s modernisation commitment, including increased funding and a 10-year health plan. 

Going vroom: Endurance Tech rides EV momentum, with strong order wins and German expansion

Automotive component manufacturer Endurance Technologies has operations in India, Italy and Germany. It supplies aluminum castings, suspensions, transmissions, braking, and battery management systems.

Endurance Tech has been on a good streak. Strong order wins and good execution have led to rising revenue and net profit for the past nine quarters. This trend is expected to continue in Q4FY25. 

Endurance Tech’s strong order execution to continue in Q4FY25 

As of Dec'24, the company secured Rs 3,341 crore in new orders from India and €244 million from Europe. 84% of the latter is linked to EVs or hybrids. In India, the EV order backlog stands at Rs 960 crore, including orders from Bajaj Auto.

The company is expanding its presence in Europe, which contributes to around 23% of the total revenue. In December 2024, Endurance Tech acquired a 60% stake in Stoferle, a German company, for € 37.7 million to strengthen its presence in Germany. However, Trump’s new tariffs have led several European automakers to cut forecasts, which could weigh on demand for Endurance Tech. 

Super-sized orders. But can it deliver?: QatarEnergy deal powers L&T

On March 26, this Nifty 50 giant won its largest-ever project—an eye-popping $4 billion order from QatarEnergy LNG. The company’s order book is on the rise. As of Q3FY25, it reached Rs 5.64 trillion, with 58% from domestic projects and the remaining 42% from international markets.

The infrastructure projects segment continues to anchor growth, posting a 14.7% YoY revenue in Q3 and accounting for nearly half (49.5%) of total revenue in the quarter.

Analysts expect revenue and profit to grow YoY and QoQ in Q4FY25, driven by strong execution, especially in the international order book.

Strong order execution in the international segment to drive L&T's revenue

Despite the surge in new orders, investors are concerned about the company’s ability to execute such a massive order backlog while maintaining profitability. While these large order wins sound impressive, they can sometimes be margin-dilutive. 

Growth amid uncertainty: Capex-fueled growth for Hindalco, but tariffs cause jitters

On April 1, this metals and mining company announced a $10 billion capex plan through FY29 to scale production at Hindalco and its US subsidiary Novelis significantly.

The investment will fund capacity expansions across India's aluminium and copper operations, while Novelis aims to add approximately 800,000 tonnes of aluminium capacity globally by FY27. Following the investor day, brokerages including ICICI Securities, Anand Rathi, and Axis Direct reiterated their ‘Buy’ ratings, citing long-term growth potential.

Hindalco’s Indian business to drive revenue growth in Q4FY25

In Q3, the company’s aluminium upstream revenue rose 25% YoY, driven by higher average aluminium prices. Downstream aluminium revenue also increased 25% on the back of higher volumes. Analysts anticipate strong performance in Q4, led by strong growth in Indian operations.

However, shares are down 9.4% in April, impacted by recent tariff-related announcements.

Novelis, Hindalco’s US subsidiary, is largely insulated from tariffs due to its reliance on aluminium scrap, which isn’t tariffed. However, Hindalco's direct aluminium exports to the US are expected to decline due to the tariffs, which could affect profitability.

Screener: Stocks rising in the past quarter with high durability scores and 20%+ Forecaster target price upsides

Forecaster expects banking stocks to rise the most in the next year

As the Q4 results season kicks off, we look at stocks with the highest upside potential over the next 12 months, according to Trendlyne’s Forecaster. This screener shows stocks rising more than 5% in the past quarter with strong durability scores, and where Forecaster sees at least a 20% target price upside.

The screener consists of stocks from the banking, housing finance, aerospace & defence, construction & engineering, and heavy electrical equipment industries. Major stocks that feature in the screener are NBCC (India), Adani Ports & SEZ, Transformers & Rectifiers (India), Balrampur Chini Mills, Indian Bank, Aadhar Housing, PNB Housing Finance, and Union Bank of India.

NBCC (India) appears in the screener with the highest Forecaster target price upside of 31.4%. The stock has risen 7.1% over the last quarter, helped by multiple order wins and project sales. Analysts believe the construction and engineering company's consistent growth in infrastructure and residential real estate projects positions it well for long-term growth. They expect NBCC’s order book to expand on the back of continued public sector projects and increasing demand for urban development.

Transformers & Rectifiers (India) also appears in the screener with a Forecaster target price upside of 25.8%. This heavy electrical equipment company’s stock price increased by 11% over the past quarter, driven by strong Q4FY25 results. Its revenue and net profit grew 33% YoY to Rs 683.4 crore and 135.8% YoY to Rs 94.2 crore during the quarter. Analysts at ICICI Direct are positive about the company due to a strong order book of Rs 5,132 crore and further bid prospects of Rs 22,000 crore. 

You can find more screeners here.

The Indian railway sector is one of the largest railway networks in the world, and has become a focus of government investment. The centre’s push for long-overdue network expansion and modernization has created new growth opportunities for the sector. 

In FY26, the Union Budget allocated Rs 2.62 lakh crore to Indian Railways – 22.7% of the total budget, and three times the Rs 0.93 lakh crore allocated in FY16. The goals were expanding freight capacity, modernising infrastructure, and improving safety.

Is this a new golden age for railway stocks? The increased capex, and the government focus on better railway infrastructure has accelerated growth in railway projects, creating a ripple effect on railway-related stocks, which have seen strong order inflows. 

The government’s investments in railway and metro projects have driven share price growth in key sectors. Wagon and coach manufacturers such as Titagarh Rail, Texmaco Rail, and Jupiter Wagons won orders for freight wagons, passenger coaches, and metro cars.

Infrastructure providers like IRCON International and RVNL capitalized on electrification and station upgrade orders, while financing companies like IRFC supported the sector by funding railway projects and infrastructure development.

Industry experts expect railways to remain a priority, as the government reduces logistics costs and increases freight share. Ashish Modani, Vice President at ICRA, said, “Roads and railways will be the government’s top priorities due to their critical role in lowering logistics costs. Over the years, the rail share in freight transportation has declined, and there’s a strong push to reverse this trend.”

Despite great returns over 5 years, railway stocks have faced a downturn in 2025, primarily due to weak government spending and negative sentiment in global markets. Concerns over high valuations and delays in order execution have added to the uncertainty. 

In this edition of Chart of the Week, we analyze railway stocks and their growing order books over the past five years.

Government spending fuels growth for wagon and coach makers

In FY26, the government allocated Rs 57,693 crore for 200 Vande Bharat sleeper trains, 100 Amrit Bharat trains, 50 Namo Bharat rapid rail trains, and 17,500 non-AC coaches. These initiatives are creating opportunities for companies in the wagon and coach manufacturing sector.

Titagarh Rail Systems, Jupiter Wagons, and Texmaco Rail & Engineering collectively control 70% of the Indian wagon manufacturing market. 

Titagarh Rail Systems, a commercial vehicle industry player specializing in railway wagons, coaches, and metro trains, holds a 30% market share in freight wagon production. Its share price is up 2,100% in the past five years, driven by an order book growing at a CAGR of 62.1%. The company more or less relies on one client, the government – it receives nearly 99% of its orders from the Ministry of Defence and the Railways.

Between FY19 and FY24, Titagarh’s revenue grew at a CAGR of 19.5%, reaching Rs 3,893 crore. Over the same period, it shifted from a Rs 28.5 crore loss to a profit of Rs 286 crore. 

Jupiter Wagons generates 80% of its revenue from railway wagons. Its share price has risen  600% in the past five years. As of FY25, the order book stands at Rs 6,320 crore, with 50% coming from government orders. 

In FY23, the company secured a large order of Rs 58,200 crore from the Ministry of Defence and Railways. Over the last five years, the company’s revenue grew at a CAGR of 76% to Rs 3,641 crore in FY24, and its net profit increased by 30% to Rs 333 crore during the same period. 

Texmaco operates in freight wagons, rail, and electrical businesses, with a 20% market share in India’s wagon industry. It generates 84% of its revenue from wagons. Over the last five years, its share price has jumped 540%, and the order book has grown at a CAGR of  25.3% to Rs 7,878 crore in FY24. 

The company derives 80% of its revenue from government projects. Revenue grew at a 13.5% CAGR to Rs 3,503 crore, while profit increased at an 8.4% CAGR to Rs 113 crore from FY19 to FY24.

BEML manufactures commercial vehicles for mining and construction, along with rail coaches, metro cars, and components for the railway sector. It generates 37.4% of its revenue from rail and metro projects. Its share price is up 440% in the last five years. Over this period, revenue grew at a CAGR of 3.2%, reaching Rs 4,096 crore, while net profit grew at a CAGR of 34.8% to Rs 281.8 crore from FY19 to FY24.

RVNL and IRCON ride Centre’s railway infra project wave

The government is expanding railway infrastructure to reduce logistics costs, streamline transportation, and support trade and economic development. In the FY26 budget, the government allocated Rs 32,235 crore for new railway lines.

RVNL, a Navratna PSU, specializes in railway infrastructure within the Construction & Engineering industry. RVNL’s shares have gained 1,790% over the last five years. The order book stood at Rs 97,000 crore at the end of the December quarter, 4.8 times its trailing 12-month revenue. The company derives 91.3% of its revenue from railway projects, with the rest from metro and national highway projects.

Its revenue increased from Rs 14,776.26 crore in FY20 to Rs 23,074 crore in FY24, while net profit doubled from Rs 753.32 crore to Rs 1,574 crore over the same period. Government-backed initiatives like railway electrification and the introduction of the Vande Bharat train have driven RVNL’s growth.

IRCON International operates in the construction and engineering industry, focusing on railways, highways, and bridges. Its shares have risen 250% over the past five years. As of Q3FY25, the company’s order book totals Rs 21,939 crore, with 78% of the revenue from railway projects and the rest from highways.

IRFC and RailTel drive railway growth through funding and digitisation

The government is modernizing Indian Railways through investments from financing institutions like IRFC. Indian Railway Finance Corporation (IRFC) is a Navratna PSU and a Non-Banking Financial Company. It serves as the financing arm of Indian Railways for large-scale expansion and upgrades. Since its listing in January 2021, IRFC’s share price has jumped 400% to Rs 124.

IRFC’s asset under management (AUM) has risen 6.5 times, from Rs 70,471 crore in FY20 to Rs 4,64,641 crore in FY24. The NBFC finances around 80% of Indian Railways’ needs. 

RailTel offers telecom and digital services to Indian Railways, focusing on projects like train communication systems, real-time monitoring, and station upgrades. Since its listing in 2021, the company's share price has increased by 145%, reaching Rs 292. Its order book grew from Rs 4,400 crore in FY21 to Rs 5,280 crore in FY25, with 28% linked to railway contracts.

1. InterGlobe Aviation (IndiGo):

Thisairline company surged 3% over the past week and is trading near its 52-week high after announcing apartnership with French hospitality firm Accor to enter the hospitality sector. Together, IndiGo and Accor will acquire a majority stake in India’s budget hotel chain, Treebo.

The airline adds one new aircraft to its fleet every week, a trend expected to continue until 2030. This expansion is fueled by growing demand, driven by rising middle-class income and the opening of new airports across India. With 65% of the world’s population located within 5-6 hours from India, IndiGo sees significant growth opportunities in international connectivity and is expanding aggressively.

Due to its rapid expansion,Forecaster expects IndiGo to report sales growth in FY25 but anticipates that margins will be negatively impacted on a YoY basis. However, they project that margin and net profit growth will return to a positive trajectory starting in FY26. IndiGo has launched “Strech,” a business class seating option, introduced a loyalty program, and expanded its cargo division to improve its margins. The airline currently offers business class services on three routes and aims to cover thirteen routes by the end of 2025.

InQ3, the airline’s net profit was lower YoY, primarily due to foreign exchange losses on lease liabilities denominated in US dollars. However, when excluding the impact of these forex losses, IndiGo reported a net profit growth of 26% YoY in Q3. To mitigate these losses, CFO Gaurav Negisaid, “We will further enhance our hedging positions, and as we add more international capacity, we expect the natural hedge to also improve.” He believes that expanding international capacity will serve as a “natural hedge” due to cash inflows in the form of US dollars.

According to Trendlyne’s Forecaster, 21 analysts have a consensus recommendation of “Buy”, with an average target price of 5,385.Analysts at Motilal Oswal expect IndiGo to benefit from India’s aviation sector's growth and expansion into international destinations.

2. Jubilant Foodworks:

This QSR player has gained over 59.5% from its 52-week low of Rs 429.6. On April 5, Jubilant Foodworks released its business update for Q4FY25, showing a 33.9% YoY increase in revenue at Rs 2,107 crore. The company features in a screener of stocks where mutual funds increased shareholding over the past quarter.

Jubilant Foodworks is the master franchise for brands like Domino’s Pizza, Popeyes and Dunkin’ Donuts in India. During the quarter, Domino’s Pizza reported like-for-like or LFL growth of 12.1% YoY. LFL growth stood at 12.5% in the December quarter, driven by improvements in home delivery orders. 

The company has risen 61.1% in the past two years, underperforming the broader hotels, restaurant & tourism sector by 41.1% points. Over the past 8–9 quarters, QSR (quick service restaurant) chains have faced pressures due to weak demand and tough market conditions. Delivery remained strong, but dine-in and takeaway slowed down. However, the management highlighted recovery in dine-in sales and expects growth in the coming quarters. 

Meanwhile, the company continued to expand its store network in Q4FY25 and opened 52 new Domino’s outlets, taking the total to 2,179 stores in India. Commenting on this, Sameer Khetarpal, the MD and CEO, said, “We plan to add 1,000 new Domino’s and around 150 Popeyes stores over the next three years as demand momentum remains upbeat.”

Analysts highlight that demand for fast-food chains is improving, driven by better affordability and a recovery in dine-in sales. This trend is likely to strengthen in FY26 as discretionary incomes rise following personal income tax cuts.

Motilal Oswal gives a ‘Hold’ rating on Jubilant Foodworks with a target price of Rs 715. The brokerage believes that improving the menu and promotional strategies for dine-in will be key in boosting footfall and orders moving forward.

3. Hindustan Unilever:

This personal products company rose by 5.4% in the past week. On April 8th the company’s demerged entity, Magnum Ice Cream Company, signed an MoU with the Maharashtra government to set up a Global Capability Center (GCC) for its ice cream business in Pune. Maharashtra CM, Devendra Fadnavis, said, “This Rs 900 crore investment will generate over 1,000 jobs and is Unilever’s largest Global Capability Centre (GCC) to date.”

To prepare for the Environment Ministry's April 1st mandate requiring recycled plastic use, the company acquired a 14.3% stake in Lucro Plastecycle Private, a plastic recycling firm, on March 20th. This strategic investment aims to ensure compliance and mitigate potential sales risks within the FMCG sector.

Trendlyne’s forecaster predicts the company's revenue and net profit will decline by 0.7% and 16.3% in Q4FY25. The negative estimates are due to inflationary material prices and flat growth in the previous quarter for the Beauty & Personal Care segment, which is the largest contributor at 36.6% of sales. However, the FMCG sector’s resilience and strong domestic demand have made it a preferred investment amid rising market volatility with Trump’s tariffs and recession fears. It appears on the screener for stocks in the ‘Buy’ zone.

Ritesh Tiwari, Executive Director & CFO of HUL, said, “If commodity prices remain where they are, we expect low single-digit price growth in the near term. With inflationary material prices, we expect to maintain EBITDA at the lower end of 23-24%. Along with our ice cream business demerger we've also entered an agreement to acquire a stake in premium beauty brand ‘Minimalist’, aligning with our strategy to pursue bolt-on acquisitions and strengthen our Beauty & Wellbeing portfolio.”

KR Choksey expects strategic acquisitions and premiumization efforts to support long term growth recovery for HUL. Subsequently, the brokerage has maintained its ‘Accumulate’ rating on the stock. The brokerage has lowered its FY26 & FY27 adjusted EPS estimates by 1.5% and 2% respectively, factoring in the Q3FY25 performance.

4. IRB Infrastructure Developers:

This roads & highways stock rose 5.9% on Tuesday as its toll collections increased 15.8% YoY to Rs 556.8 crore in March. Toll revenue for FY25 jumped 23% YoY to Rs 6,360 crore. The recent decline in Indian markets has helped the stock to feature in a screener of stocks with above-line growth and below-line valuations.

An improvement in the company’s monthly and yearly collections for the IRB MP Expressway, IRB Ahmedabad Vadodara Super Express Tollway, and CG Tollway helped its toll revenue improve in March and FY25. 

Speaking on its Q4FY25 update, the company’s Deputy Chief Executive Officer (CEO), Amitabh Murarka, said, “With a strong finish to FY25 and strong growth in toll revenue, we expect the trajectory to continue, driven by budget allocations aimed at boosting consumption and tourism, which will increase traffic on our assets in 12 states."

Trendlyne’s Forecaster expects the company’s net profit to grow by 10.5% YoY to Rs 208.7 crore in Q4FY25. However, revenue is expected to decline by 22.1% YoY to Rs 1,949.8 crore. 

In Q3FY25, the stock’s revenue grew by 2.9% YoY to Rs 2,025.4 crore. Meanwhile, its net profit surged by 32.2x to Rs 6,026.1 crore during the quarter, helped by lower road work and site expenses, and fair value gains of Rs 5,804.1 crore from investments made in joint ventures. 

Speaking on the order book, Anil Yadav, Director of Investor Relations of the company, stated, “Our total order book now stands at approximately Rs 31,500 crores, with an executable order book of Rs 6,000 crores in the next two years. We expect further growth in the order book, with the government’s push for public-private partnership (PPP) projects gaining momentum and bidding for BOT and TOT projects already underway.”

5 institutional analysts have a consensus recommendation of “Buy”, with an average target price of Rs 63.6 per share, indicating an upside of 39.5%.

5. Sobha:

This Bengaluru-based realty company rose 5.7% on April 8 after announcing its Q4FY25 business update. Sobha’s total sales increased by 22.1% YoY to Rs 1,836 crore, driven by higher volumes from new launches in Bengaluru, which contributed 76.6 % of total sales. 

During the quarter, the company sold 15.6 lakh sq ft of area, a 16.3% rise YoY. The average price was Rs 11,781 per sq ft, down 13.8% QoQ due to a higher share of mid-income projects, but it rose 4.5% YoY. Bengaluru alone accounted for Rs 1,406 crore in sales, supported by two project launches, Sobha Madison Heights and Sobha Hamptons. Other regions like Gurgaon, Hyderabad and Tamil Nadu also performed well during the quarter.

Despite a good recent quarter, Sobha’s total sales declined 5.5% YoY for FY25 to Rs 6,277 crore due to a weak H1 impacted by launch delays and slower sales in premium projects. Despite lower sales, the average price rose 22.8% YoY to Rs 13,412 per sq ft, aided by a higher share of own land projects and selective price hikes. 

The company missed its FY25 presales guidance of Rs 8,500 crore, to which Jagadish Nangineni, the company's Managing Director, pointed to “the regulatory delay in Sobha Townpark, and the slower pace of sales in some of our projects where the ticket size is large.”

Sobha plans to launch 210 lakh sq ft of residential and 11.9 lakh sq ft of commercial space across 10 cities in the next 4-6 quarters. Management expects to add Greater Noida, Hosur, and Mumbai to its operating locations in the next financial year, expanding its real estate presence to 15 cities.

Following the business update, HDFC Securities maintains its ‘Buy’ rating on the stock, citing its launch pipeline and an improving regulatory environment. They expect presales of Rs 9,000-10,000 crore in FY26, supported by geographical expansion and product diversification.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.

The Indian stock market saw declines since April 7, with the Nifty 50 down 2.2%. This came after US President Trump announced a 26% reciprocal tariff on Indian imports on April 2. The fall was part of a broader global sell-off as investors moved to safer assets like US Treasury bonds and gold. On Wednesday, with the US stock and bond market falling, Trump announced a 90 day pause on higher tariffs for most countries while the US negotiates deals.

Despite the volatility, some analysts still see value in a few stocks. Here are five stocks with a ‘Buy’ rating from analysts. Two of them, Hindalco Industries and Prestige Estates, hit new 52-week lows in the week. The other three are down over 20% from their year highs.

1. PTC Industries:

ICICI Securities maintains its ‘Buy’ rating on this industrial products manufacturer with a target price of Rs 20,070. This indicates an upside of 52.4%. Aeroalloy Technologies (ATL), a unit of PTC Industries, received a long-term order on March 28 from Safran Aircraft Engines to supply seven cast parts for LEAP-1A (Airbus A320neo engines) and LEAP-1B (Boeing 737 Max engines). This order comes as PTC is expanding capacity at its Uttar Pradesh Defence Industrial Corridor.

Analysts Amit Dixit, Mohit Lohia and Pritish Urumka believe this deal could boost PTC’s earnings in the near term. They highlight that ATL is emerging as a key local supplier for Safran to support LEAP engine production, which powers many domestic airline fleets.

Dixit, Lohia, and Urumka expect PTC to add major capacities in 2025. This includes starting a new metal melting unit by April and expanding its casting and forging facilities by the end of the year. They project the company’s revenue to grow at a 104% CAGR over FY25-27.

2. Power Grid Corporation of India:

Sharekhan maintains a ‘Buy’ rating on this electric utility company with a target price of Rs 350, indicating an upside potential of 19.2%. In Q3FY25, Power Grid secured 11 transmission projects under the tariff-based competitive bidding (TBCB) framework. The company spent Rs 17,651 crore on capex during 9MFY25. As of December 2024, its order book stood at Rs 1.4 lakh crore.

Analysts believe that the government’s plan to increase renewable energy capacity to 500 GW by 2030, along with the national electricity plan (NEP) investment of Rs 9.2 lakh crore for transmission lines, provides Power Grid with an opportunity to secure inter-state transmission system (ISTS) projects worth Rs 1.9 lakh crore by FY32.

The management is targeting a capitalization of Rs 25,000 crore, with capex guidance of over Rs 28,000 crore by FY26. Analysts expect Power Grid to invest approximately Rs 3.3 lakh crore until FY32, driven by renewable energy capacity additions. They project a 6% CAGR in net profit over FY25- 27.

3. Prestige Estates Projects:

Motilal Oswal reiterates its ‘Buy’ rating on this Bangalore-based realty firm with a target price of Rs 1,725, indicating a potential upside of 59.8%. Prestige Estates Projects (PEPL) has a diverse portfolio covering residential, office, retail, and hospitality segments. The company added 15 million square feet (msf) of new projects in 9MFY25. Analysts Abhishek Lodhiya and Yohan Batliwala highlight that with a launch pipeline of Rs 80,000 crore, PEPL’s presales are expected to grow at a 14% CAGR, reaching Rs 31,500 crore by FY27.

The company is expanding its commercial and hospitality segments, adding 43 msf of commercial space. It expects rental income from this segment to grow at a 53% CAGR and reach Rs 1,950 crore by FY27. In the hospitality segment, analysts expect revenue to rise annually by 20%, based on estimates for about 3,000 hotel rooms, out of a total pipeline of 4,760 rooms planned in the near term.

Lodhiya and Batliwala note that the company’s upcoming launches and strong pipeline are not fully reflected in the current stock price. They estimate PEPL's net asset value (NAV) at Rs 56,900 crore and expect its net profit to grow at a 10.6% CAGR over FY25-27.

4. Hindalco Industries:

Anand Rathi retains its ‘Buy’ rating on this aluminium company with a target price of Rs 800, indicating an upside potential of 41.8%. Analysts Parthiv Jhonsa and Prakhar Khajanchi believe the company’s recent announcements strengthen its long-term growth visibility.

At the 2025 Investor Day, Hindalco announced a $10 billion capex plan covering both Novelis (its subsidiary), and its India operations. Novelis aims to raise its recycled content from 63% to 75%, cut emissions, and improve return on capital. The company reiterated its long-term EBITDA/tonne guidance of over $600, supported by scale, better pricing, and a stronger product mix. Its 6 lakh tonne Bay Minette facility in the US is on track for completion in H2CY26 and is expected to deliver $1,000/tonne EBITDA at peak utilization.

In India, Hindalco plans to increase its aluminium smelting capacity to 15 lakh tonnes from the current 13.5 lakh tonnes and downstream capacity from 4.3 lakh tonnes to 6 lakh tonnes by FY28. It has earmarked Rs 5,200 crore to expand alumina, copper, and specialty alumina capacities. 

5. J K Paper:

Geojit BNP Paribas initiates a ‘Buy’ rating on this paper manufacturer with a target price of Rs 392. This indicates a potential upside of 25.6%. The company’s Q3FY35 sales volume, however, fell by 6% YoY, and net sales dropped 4.4% YoY to Rs 1,632 crore due to weak domestic demand and increased paper imports.

Analyst Sheen notes that in Q3FY25, JK Paper’s EBITDA margin declined by 1,155 bps to 10.3% due to rising raw material costs and high wood prices. The analyst expects the company’s margins to improve from FY26 onwards, supported by easing raw material costs, increased demand for packaging boards, and a diversified product mix.

Over the past three years, JK Paper has expanded into the packaging business through acquisitions in the corrugated (cardboard containers) packaging segment. The analyst is optimistic that government initiatives, such as import tariffs, agroforestry support, and eco-friendly incentives, will help the company tackle competition, stabilize costs, and improve profitability.

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

(You can find all analyst picks here)

The modern American, however worldly-wise, has not really experienced tariffs. 

For that, you need to ask an Indian. Let's take televisions, for instance. Most American households had a television in their living rooms by the late 1950s. Americans were watching TV dramas like Mary Kay and Johnny in the 1950s, The Dick Van Dyke Show in the 1960s, The Brady Bunch in the 1970s. 

But TVs reached most Indian homes only by the 1980s (a national telecast began in 1982), decades after the US. A big reason for this was Indian tariffs which kept foreign products and new technology out of Indian hands. If you wanted to time travel, you could visit India in the 1980s, a nation stuck in the past - people were driving Premier Padminis (a 1960s car), using Indian made refrigerators, and eating Mars bars and Toblerones only when someone visited from "foreign". Coca Cola aired the iconic "I'd like to buy the world a Coke" ad in 1971, but it got kicked out of India in 1977 and returned only in 1993 (to be fair, the domestic substitute Campa Cola was pretty decent). 

So color me surprised that the United States now wants to block itself from the world with the highest tariff rates in a century. US President Trump, after implementing tariffs ranging from 104% on China to 10% on Australia, has promised Americans that they are somehow going to get a lot richer with tariffs.

Not many people are buying the "good for America" claim: 

"A huge policy mistake and a tax on American consumers" - Ken Griffin, billionaire investor and Republican megadonor

"Unambiguously stupid" - Jay Hatfield, CEO, Infrastructure Capital Advisors

"You can’t go to the bathroom because who knows what’s going to happen” - Peter Tchir, Strategy Head, Academy Securities

Meanwhile, Apple stores across the US are packed with customers buying the phones before prices go up (estimates put the iPhone price in the US doubling with tariffs). Among the biggest hit stocks are the Magnificent-7 (Meta, Amazon, Apple, Alphabet, Nvidia, Microsoft and Tesla), which have lost $1.5 trillion in market value over the past few days. 

 The tariffs seem perfectly designed to crash American growth, as well as cause a recession in many parts of the global economy. But even in a bad scene, there are relative winners and losers.

In this week's Analyticks:

Tariff chaos: What does the impact on India look like?

Screener: Indian companies with high revenue exposure to the US market

Some countries are better off than others

In human history, trade has been a consistent winner. Global trade has averaged 4% in annual growth since the Mongol invasion in the 12th century. Trump is unlikely to be the one to break this pattern. Still, the damage to global supply chains, even if temporary, is significant. 

India's stock market has see-sawed with the tariff announcements, but the trade data points to limited direct exposure. India's US exports account for 2.2% of its GDP. "India has relatively low dependence on the US for exports," Crisil analysts note. Vietnam in comparison, has 23% of its GDP coming from exports to the US, and 9% for Thailand.

A few Indian sectors take the lion's share in our US exports. Capital goods, textiles and pharmaceuticals have substantial shares. 

Some sub-industries however, have a disproportionate share of export revenue coming from the US. 38% of India's dairy exports by value go the US, as do 28% of iron and steel products and 22% of agrochemical exports.

It's now a game of relative advantage

One advantage India may have in the new US tariff regime is in the difference in tariff rates. India's level of 26% is lower than what the US has imposed on big exporters like China, Vietnam and Bangladesh. This may drive players to shift operations - from Vietnam to India for Samsung and Nike, and from China to India for Apple. 

Supply chains however, take a lot of time to move between countries. Apple still makes around 85% of its iPhones in China, even though it has been expanding production in India since 2017. Much of the equipment and machinery in Apple's Indian factories are still made in China.

But even as we assess tradeoffs and relative advantages, the fact remains that Trump, the Mad King with his chart of death, can change these numbers around on a whim and upend global markets week to week (he's already gleefully promising more pharma tariffs).

A trade deal here and there could bring tariffs down for some countries. But while markets hate uncertainty, Trump, a veteran of six bankruptcies, looks like someone who is unbothered by chaos.   

Screener: Indian companies with high revenue exposure to the US market

IT stocks decline after Trump imposes tariffs on Indian imports

As FY26 kicks off, the Indian equity market is under pressure, witnessing a sharp sell-off. Amid escalating global trade tensions sparked by US tariffs, foreign investors have offloaded Rs 22,770 crore worth of Indian equities, leading to a 4.6% decline in the Nifty 50 index from April 1st. The screener highlights stocks that generate the most revenue from the US market.

The screener primarily consists of stocks from the IT consulting & software, construction & engineering, pharmaceuticals, and auto parts & equipment sectors. Notable stocks featured includeBharat Forge, Birlasoft, Mphasis, Persistent Systems, Hexaware Technologies, LTIMindtree, Bharat Forge, Zensar Technologies, and Welspun Living.

Bharat Forge features in the screener after falling 17.7% over the past week, touching a new 52-week low of Rs 919. The sharp decline comes as the US imposes a 25% tariff on automobiles and auto parts.

In Q3FY25, this industrial products manufacturer derived 74% of its revenue from the US market by supplying parts for Class 8 trucks and OEM parts to automotive companies. The 25% tariff on auto parts increases export costs, reduces demand, impacts revenue, and makes the company less competitive in the US.

In Q3FY25, revenue fell by 10%, and it reported a loss of Rs 19.5 crore due to lower sales of defense products on both a QoQ and YoY basis. On February 19, the company received a letter of intent (LOI) from AM General, USA, to supply advanced artillery cannons to the United States.

Birlasoft also features in the screener after falling 10.6% over the past week. This IT Consulting company derived 86% of its revenue from the US market in Q3FY25. The manufacturing sector and banking and financial services account for 64% of its revenue.

Trump has not imposed tariffs on the Indian IT sector. However, tariffs will likely increase costs for Indian tech’s American customers across sectors, leading them to reduce spending on IT services and postpone discretionary spending. This could extend deal cycles, delay projects, and weaken IT sector growth. A US recession could deepen these impacts further. 

In Q3FY25, Birlasoft’s net profit fell 27.3% YoY, while revenue grew slightly by 0.9% YoY, impacted by seasonally weak demand and a drop in net new deals.

You can find more screenershere.

India’s two-wheeler market is caught up in a high-speed race, with a diverse lineup of models competing for the spotlight. Two-wheeler volume grew 30%, reaching 18.7 million units in FY25, up from 13.8 million units in FY13. 

Over the past decade, Indian two-wheeler manufacturers have launched new models across all segments to stay competitive. Strategic global collaborations have further fueled innovation, enabling Indian players to bring fresh, premium offerings to consumers. 

Hero MotoCorp collaborated with Harley-Davidson to develop the X440 series motorcycles, while TVS partnered with BMW Motorrad to launch premium bikes over 300cc. Similarly, Bajaj Auto joined Triumph Motorcycles to introduce mid-capacity bikes. These partnerships and new launches helped the Indian companies tap the growing demand for mid-capacity and premium bikes.

But the road hasn’t been smooth for Hero. Hero’s pole position has been under threat since 2013, while Honda and TVS Motors are expanding their market presence. Changing consumer preferences, innovative product strategies, and a growing focus on premium motorcycles and electric models are reshaping the industry.

Before Hero and Honda parted ways in 2011, Hero Honda dominated the two-wheeler space with a 68.9% market share. The split created an opportunity for other manufacturers to expand and challenge Hero’s leadership. Today, four major players – Hero MotoCorp, Honda, TVS Motor, and Bajaj Auto – control nearly 80% of the market, and the landscape is shifting fast.

Honda is going after Hero for the top spot. Minoru Kato, Executive Officer at Honda Motor Co., said, “We have launched highly competitive products of all kinds. With the advantage of 6,000 dealers and service networks covering all the geographies of India, we have increased unit sales. Now, the number one position is well within our sight.”

In this edition of Chart of the Week, we analyze Hero MotoCorp’s declining market share, the rise of its competitors, shifting consumer preferences, and the growth of the electric two-wheeler segment.

Hero’s market share dips amid limited product portfolio

Hero MotoCorp has remained India and the world’s largest two-wheeler manufacturer for 24 years. However, its market share declined from 48% in CY13 to 28% in FY25. The company sold 58.9 lakh two-wheelers in FY25, recording a 5.5% increase from the previous year. Hero's sales growth has been slow, with a 5-year CAGR of just 2.2%. In contrast, TVS sales have grown at a CAGR of 14.2% over the same period. 

Hero generates 93% of its revenue from motorcycles, with 80% from just the Splendor and HF Deluxe models. Scooters contribute just 7% to their total revenue. The company faces intense competition from Honda, TVS, and Suzuki. 

Hero is mainly recognized as a commuter brand focused on entry-level motorcycles, making it difficult to establish its credibility in the premium segment, priced above Rs 2 lakh. This positioning has restricted its ability to build a strong brand presence for models above 150cc, as its new models accounted for only 7% of sales in the first nine months of FY25.

TVS Motors has strengthened its market position, increasing its share from 13% in FY13 to 17.4% in FY25. Its scooter market share rose from 32% to 46% during the same period.

TVS maintains a balanced revenue mix, generating 49% of its revenue from motorcycles, 38% from scooters, and the rest from mopeds. In motorcycles, new models have significantly contributed to growth. The Apache series and Raider accounted for 70% of total motorcycle sales, while models launched in 9MFY25 accounted for 20% of the segment’s sales.

TVS gained a foothold in the premium segment early by launching multiple variants in the Apache series in 2016. Hero entered this category in Q3FY25 with six premium models, including the Xpulse 200, Xtreme 160R, and Mavrick 440. Honda holds a 25.3% market share, supported by its presence in both the scooter and motorcycle segments. 

Peers challenge Hero’s rural presence

Hero remains a dominant player in rural markets due to its affordable, fuel-efficient motorcycles designed for local needs, with over 55% of its sales coming from rural areas. Its commuter motorcycles, including the Splendor, Passion, and HF Deluxe, continue to lead the segment. In FY24, the Splendor held a 26.5% market share among commuter bikes, while the HF Deluxe maintained an 8.3% share.

TVS and Bajaj have also expanded their presence in rural India. TVS increased its rural market share from 15.5% in FY18 to 45% in FY24, driven by entry-level models like Star City, Jupiter, and Radeon, priced between Rs 75,000 and Rs 1 lakh. Bajaj's rural market share rose from 12.7% to 13.9% as it focused on entry-level motorcycles. The company introduced Discover, Platina, CT series, and CNG-powered Freedom 125 for rural buyers.

Honda, on the other hand, generates 70% of its sales from urban areas. The Activa remains the top-selling urban commuter model, contributing 38.8% of Honda’s sales. In FY24, Honda sold four Activa scooters every minute. But over the past decade, Honda has expanded its rural and semi-urban network from 1,950 outlets in 2013 to 6,000 in 2025. This growth, supported by models like the Shine 100 and SP125, strengthened its presence in urban and rural markets. 

Royal Enfield leads the shift to premium bikes

A decade ago, the premium motorcycle segment was relatively overlooked. It is now growing rapidly, with more consumers choosing bikes above 250cc for better performance and advanced features. The shift towards aspirational, higher-capacity motorcycles is driven by rising disposable income, a younger demographic, and evolving consumer preferences. 

Royal Enfield continues to dominate the premium motorcycle segment. In the 250–700cc category, it holds an 88.2% market share, led by models like the Classic, Meteor, and Himalayan. 

Bajaj Auto is expanding in the 350–500 cc category through partnerships with KTM and Triumph, introducing models like the KTM 390 and the Bajaj Dominar 400. Hero MotoCorp entered the premium segment in Q3FY25 with six models, including the Karizma XMR and Mavrick, along with collaborations with Harley-Davidson. 

Honda plans to launch three new premium bikes in India next year under the Rebel series through its BigWing network in the 300cc and 500cc segments to compete with Royal Enfield’s dominance in this market.

TVS has also gained traction in the premium segment. Its partnership with BMW Motorrad has increased its motorcycle volume above 310cc, rising from 1.1% of total sales in FY20 to 11.8% in FY24. In the 150–200cc category, TVS holds a 40% market share, led by the Apache series, Ronin, and Commando.

Government push is reshaping the electric two-wheeler segment

India’s electric two-wheeler market grew 33% YoY in CY24 to 19 lakh units. Despite this growth, EVs account for only 5% of total two-wheeler sales. Government initiatives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme and lower GST rates continue to support adoption, especially in rural and semi-urban areas.

Ola Electric leads the EV segment with a 30% market share and a 1.9% share of the overall two-wheeler market. However, its market share has dropped from 52% in early 2024 to 30% in FY25. Bajaj Auto’s Chetak electric scooter holds a 20% market share, benefiting from the FAME II subsidy, which has helped lower costs and expand its reach.

TVS Motor is the second-largest electric scooter manufacturer, holding a 21% market share. It sold 2.3 lakh iQube in FY25, a 30% year-on-year growth. The company has benefited from the Production-Linked Incentive (PLI) scheme, which supports the iQube scooter and TVS X production.

Hero MotoCorp entered the EV market in late 2022 and has grown rapidly. Management expects support for its Vida electric scooter under the PLI scheme. Vida’s sales surged 174% year-on-year to 48,673 units in FY25. Additionally, Hero owns a 40% stake in Ather Energy. Its sales rose 20% YoY to 1.3 lakh units in FY25, supported by EMPS 2024 incentives.

In Q3FY25, Honda Motorcycle & Scooter entered the EV segment with its Activa E and QC models. The company plans to introduce 30 electric models globally by 2030, signaling its long-term commitment to the space