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The Nifty 50 opened sharply higher on Wednesday, jumping over 3% after the US and Iran agreed to a two week ceasefire, with Iran agreeing to reopen the Strait of Hormuz. The ceasefire is already fragile, after Israel bombed civilian neighborhoods in Lebanon, killing nearly 300 people including children and injuring thousands.

Crude prices fell nearly 15% on ceasefire news.But the widespread bombing of refineries and petrochemical fields across Iran and the Gulf states over the past month is expected to keep oil supply tight and expensive, even if the ceasefire holds beyond two weeks.

The last time we wrote about market valuations in November 2025, the Nifty 50 was near all-time highs and Goldman Sachs had upgraded India to “Overweight.”

Now it's April and summer outside, but it's been winter for the markets. The Nifty 50 and Nifty Midcap 150 are in correction territory, while the Nifty Smallcap 100 flirted briefly with a bear market.

The war hit both sentiment and supply chains. Goldman Sachs hascut its Nifty 50 target by 14% to 25,300. Moody’s has trimmed India’s FY27 growth forecast to 6%, flagging inflation risks.

With all this uncertainty, how has the performance across major indices changed? Are market valuations finally more reasonable?

Let’s dive in.

Markets after the big drop and short jump: Nifty Midcap is the winner

March was brutal across global markets, and India was no exception. The Nifty 50, Nifty Midcap 150, and Nifty Smallcap 100 fell by double digits over the month, dragging down returns.

Right now looking at my portfolio has all the appeal of climbing on a weighing machine after Diwali. The chance of good news is low. Over the last two years, none of the indices below have delivered returns comparable to even bank FDs, which gave around 15% absolute returns over the last two years.

Longer time frames have a better story to tell. The Midcap index continues to stand out. The Midcap 150 has outperformed its peers across years, and its five-year returns are more than double that of the Nifty 50.

A year ago, valuations looked expensive for the Midcap index. With the recent correction however, midcaps offer strong performance with reasonable valuations.

Even when adjusted for risk, midcaps come out ahead. Based on our analysis of the past 12 years, the Nifty Midcap 150 has delivered the highest average returns and CAGR. It also recorded the highest Sharpe ratio, meaning investors earnedbetter returns for each unit of risk taken, despite higher volatility than the Nifty 50.

Smallcaps show the opposite trend. The Smallcap 100 has lower returns and higher volatility than midcaps, leading to weaker risk-adjusted returns.

The correction, and even long-term returns, have not been uniform. Midcaps show relative strength, with a better balance of returns, valuations, and risk.

Earnings catch up in midcaps, making them less expensive in PE

The Nifty Midcap 150 has long traded at a premium, backed by stronger growth. That still holds. At a PE of 31.3, it remains the most expensive among the three major indices, but the gap has narrowed. Over the past year, its PE has dropped nearly 10% as earnings have begun to catch up.

This shift is being driven by strong quarterly performance from companies like Hindustan Petroleum, Life Insurance Corporation of India, Lloyds Metals and Energy, and Waaree Energies. Solid profit growth across these names has helped bring overall valuations down.

Growth momentum is also in favour of midcaps. In Q3FY26, midcap companies delivered 15.5% YoY revenue growth, ahead of the Nifty 50 at 9.3% and the Nifty Smallcap at 11.2%.

Valuations are no longer stretched. All three indices are now trading below their historical PE levels, indicating a broader cooling in the market.

Best and worst performers across indices

One trend is especially clear. Metals and mining stocks have been among the strongest performers, even after the recent pullback due to the ongoing conflict. This is supported by firm global commodity prices and strong earnings from domestic players. 

In contrast, IT stocks have struggled this year, with concerns around AI-led efficiencies and reduced hiring, along with slower global tech spending, delayed deal closures, and cautious client guidance.

In the Nifty 50, metal names such as Hindalco Industries and Tata Steel feature among the top performers. On the other hand, IT majors such as Tata Consultancy Services and Wipro are among the laggards.

Within the Nifty Midcap, industrial names have led the gains. Companies like GE Vernova and Hitachi Energy India are among the top performers, alongside National Aluminium Company and Multi-Commodity Exchange of India.

On the weaker side, stocks like KPIT Technologies, Bajaj Housing Finance, and Jubilant FoodWorks are laggards.

The picture is even more extreme in the Nifty Smallcap. It highlights the high-risk, high-reward nature of the segment. 

The top five stocks have at least doubled over the past year, while the bottom five have nearly halved. Metals and mining names show up here as well, with Hindustan Copper and Gujarat Mineral Development Corporation among the top performers.

Historical trends show that all three indices are now trading below their long-term valuation averages. But we must remember that “undervalued” is relative. Markets can stay under pressure and become even cheaper before stabilising.

Despite all the celebrations in markets, the ceasefire has a qualifier: "temporary". Trump may wake up on the wrong side of the bed after a few days. Someone may try to sabotage the ceasefire deal. Oil prices will be the number to watch, given their impact on inflation and overall market sentiment.

1. Oil And Natural Gas Corporation (ONGC): 

Geojit BNP Paribas retains its ‘Buy’ call on this oil company, with a target price of Rs 322 per share, an upside of 14.9%. The Israel–Iran conflict currently affects the near-term outlook. Disruptions in the Strait of Hormuz are raising freight, insurance, and input costs for refining and overseas operations. However, rising crude oil prices will likely support upstream revenues over the medium term, partially offsetting these pressures.

Management is focusing on efficiency and controlling costs to manage market swings. The company is boosting its output of new well gas, targeting 24% of total gas production by FY27. This move should improve margins, as gas is more profitable than crude. ONGC is prioritising steady production growth and optimisation to create value.

Analyst Arun Kailasan notes ONGC targets 42.5 million metric tonnes of oil and gas production by FY27. The company has already spent Rs 24,400 crore on projects in 9MFY26, and they expect another Rs 8,000 crore in Q4. Over 20 major projects, worth about Rs 77,000 crore, are underway. He believes new projects, stable gas output, and cost control will drive growth and provide clear earnings despite geopolitical risks.

2. EPL: 

ICICI Securities maintains its ‘Buy’ rating on this packaging company, with a target price of Rs 315 per share, an upside of 42.3%. The Israel–Iran war, however, negatively impacts EPL: roughly 30% of its revenue comes from Africa, the Middle East, and South Asia, exposing it to demand and supply chain risks. Rising polymer prices and logistics costs pressure margins, given its reliance on oil-based raw materials.

ICICISec’s optimism stems from EPL's merger with Indovida. This deal transforms EPL from a simple tube maker into a diverse packaging company. It adds rigid packaging like bottles and closures to its portfolio and strengthens its footprint in Asia and Africa.

Management says the merger will immediately boost earnings and create benefits of scale. The merged entity is expected to deliver EBITDA of around Rs 1,750 crore in CY25, compared to EPL’s EBITDA of Rs 834 crore in FY25. The company also targets up to $50 million in savings from better sourcing and a wider distribution network.

Analysts Sanjesh Jain and Mohit Mishra forecast double-digit revenue growth, thanks to a wider product range and new markets. Although rising raw material costs are a risk, the company is working to pass these increases on to customers.

3. JK Cement: 

Motilal Oswal retains its ‘Buy’ rating on this cement maker but lowers the target price to Rs 6,040 per share, a 10.3% upside. JK's stock fell 8.4% last quarter and 15.4% over six months. The US-Iran war is a negative weight on the stock, with the company’s UAE plant, its global export hub for white cement, facing operational and export disruptions. Shipments from the UAE and petcoke imports to India are also facing higher freight costs and delays.

Analysts Sanjeev Kumar Singh and Mudit Agarwal believe that its cost-saving efforts and aggressive expansion plan will help counter the impact of the war. Management pointed to healthy domestic demand in Q4FY26. However, higher petcoke and packaging costs will increase expenses.

Singh and Agarwal note that using more green power and streamlining logistics will help offset rising costs. Management aims to expand its capacity to 50 million tonnes per year by FY30-31, funding this growth with a Rs 9,000 crore investment in new projects in Jaisalmer, Mudappur and Panna. Analysts expect the company to grow revenue by 15% and net profit by 13% annually through FY28.

4. Kajaria Ceramics: 

Prabhudas Lilladher maintains its ‘Buy’ rating on this ceramics maker, raising its target price to Rs 1,147 per share, a 9.3% upside. Kajaria’s stock has fallen 12.7% in the last six months. The US-Iran war will have a negative impact on the company’s profits by raising fuel costs, and also could spark domestic price wars as stalled exports from the Morbi region in Gujarat (accounting for about 85% of India’s ceramic production) flood the local market.

Analysts Praveen Sahay and Rahul Shah, however, remain positive on Kajaria. They believe it can gain market share as competitors face bigger disruptions. They also highlight its strong brand, shift to higher-value products, and resilient margins, despite soft demand.

Management expects 7-8% volume growth in Q4FY26 as dealer inventories return to normal. Supply issues in the Morbi region give Kajaria a chance to capture more market share. The company is sticking to its 17-18% EBITDA margin guidance, helped by price hikes, healthy sales, and a better product mix.

Sahay and Shah note that gas price volatility is a key risk to watch, especially for outsourced production. They add that exports are weak due to high logistics costs and container shortages, which will affect Q4FY26 results.

5. Granules India:

Emkay initiates coverage on this pharma company with a ‘Buy’ call and a target price of Rs 800 per share, an upside of 25.8%. The positive outlook is due to strong growth in the US market, especially in controlled substances like opioids, sedatives, and stimulants, which now make up 30% of revenue. This segment has grown rapidly due to market share gains and a reliable supply chain, improving both revenue and margins.

Management is shifting focus to more profitable areas, moving from raw ingredients to finished drugs and from simple generics to complex products. This strategy has steadily improved gross margins. The company performed well despite regulatory problems at its Gagillapur plant in Telangana, and a potential clearance could pave the way for future approvals and growth. New ventures, like its peptide business, are expected to grow over time.

Analysts Shashank Krishnakumar and Bhavya Gandhi expect earnings to grow around 20% annually through FY28. This growth will come from strong performance in controlled substances and a greater share of finished drugs. They believe a better product mix and cost efficiencies will sustain margin improvement.

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

(You can find all analyst picks here)

The Nifty 50 recovered sharply on Monday, April 6, and closed 1.1% higher after erasing early losses. The rebound triggered by emerging reports of a potential ceasefire framework between the US and Iran.

On the domestic front, economic data showed some pressure. The HSBC India Services Purchasing Managers’ Index (PMI) fell to a 14-month low of 57.5 in March, indicating that higher energy costs are starting to impact demand and travel.

Investors are now focusing on the upcoming Reserve Bank of India Monetary Policy Committee meeting, set to conclude on April 8. The central bank faces the challenge of supporting growth while managing inflation driven by rising crude prices.

Siddhartha Khemka, Head of Research, Wealth Management at Motilal Oswal, said, “Investors will monitor the US Federal Open Market Committee meeting minutes, GDP data, and initial jobless claims for cues on policy direction. Markets are likely to remain volatile due to geopolitical developments and crude price movements.”

Primary market activity remains steady this week despite volatility, with four new issues opening for subscription. One company is scheduled to list on the exchanges, following five listings last week.

Three mainboards and two SME IPOs debuted last week

Sai Parenterals, a manufacturer of therapeutic formulations, saw a positive response on its market debut on April 2. The Rs 408.8 crore IPO was listed at a 2% premium over its issue price of Rs 392. Investors were drawn to the company’s diversified portfolio spanning cardiovascular and antibiotic treatments, as well as its steady revenue growth. The stock is currently trading 3.7% above its issue price.

Powerica, a manufacturer of diesel generating sets, had a weak listing on April 2. Despite its established partnerships with global giants like Cummins and Hyundai, the Rs 1,100 crore issue debuted at a 7.3% discount against its issue price of Rs 395. The tepid start was attributed to investor concerns over high dependence on the generator segment and significant debt levels. Since then, the stock has pared its losses and is currently trading near its issue price.

Amir Chand Jagdish Kumar (Exports), the processor behind the "Aeroplane" basmati rice brand, witnessed a decline during its debut on April 2. Despite an overall subscription of 3.2X, the stock listed at a 5.7% discount to its issue price of Rs 212. Selling pressure intensified, with the price sliding nearly 23% as investors weighed the company’s thin margins and capital-intensive nature.

Sai Parenterals rises while Amir Chand remains under pressure

Last week, two SME IPOs also debuted.

Tipco Engineering, an industrial machinery manufacturer, had a subdued market debut on April 1. The Rs 60.5 crore IPO was subscribed 1.6X and listed at a marginal premium of 0.3% over its Rs 89 issue price. While the company boasts impressive financial growth and a healthy order book of Rs 76 crore, the volatile listing reflected cautious sentiment regarding the sustainability of its recent profit surges.

Highness Microelectronics, a provider of digital display solutions, stood out with a strong debut on April 2. The Rs 22 crore IPO saw strong demand, being oversubscribed 180.3X. The stock listed at a 4.2% premium over its issue price of Rs 120. The performance was supported by the company’s exceptional EBITDA margins of over 39% and its strategic niche in the healthcare and defense sectors. Since its debut, the stock has faced selling pressure, trimming its listing gains, and is currently trading 2.8% above its issue price.

Vivid Electromech: Only SME issue lined up for listing this week

Vivid Electromech, a manufacturer of electrical panels and automation systems, concluded its Rs 130.5 crore IPO on March 30. The offering saw a modest overall subscription of 1.1X. While institutional and non-institutional interest helped the issue cross the line—with QIBs and HNIs subscribing 1X and 2.5X respectively—retail participation remained subdued at 0.5X. The IPO was priced in a band of Rs 528-555 per share and comprised a fresh issue of 18.8 lakh shares alongside an offer for sale of 4.7 lakh shares.

Vivid Electromech sees weak retail participation

The company plans to use approximately Rs 43.8 crore of the proceeds to set up a new, integrated manufacturing unit in Ambernath, Maharashtra, while the remainder will fund working capital needs and debt repayment. The stock is scheduled to list on April 7.

From infrastructure to digital marketing: Four IPOs to enter the market

Om Power Transmission, an Ahmedabad-based power infrastructure construction firm, will open its Rs 150.1 crore IPO from April 9 to April 13. The price band is set at Rs 166–175 per share. The issue includes a fresh issue of 76 lakh shares and an offer for sale of 10 lakh shares. The stock is scheduled to list on April 17. The company plans to use the proceeds to purchase new machinery, repay debt, and fund its expanding working capital needs for its active projects.

Om Power Transmission’s profit growth outpaces revenue growth

Three SME companies are also set to launch their IPOs.

Safety Controls & Devices, a provider of power infrastructure and safety solutions, opened its Rs 48 crore IPO today, April 6, and it will remain open until April 8. The price band is fixed at Rs 75–80 per share. The issue is entirely a fresh issue of shares intended to support the company's working capital as it scales its renewable energy and healthcare infrastructure projects. The stock is expected to list on April 13. 

Emiac Technologies, an AI-powered digital marketing and content services firm, will close on April 8. The Rs 31.8 crore IPO has a price band of Rs 93–98 per share. As of today, the issue has seen moderate interest with an overall subscription of approximately 0.9X. The company plans to use the funds for technological upgrades and workforce expansion. The shares will list on April 13. 

Property Share Investment Trust is launching "PropShare Celestia," a Small and Medium REIT IPO seeking to raise Rs 245 crore from April 10 to April 16. The price band is set at Rs 10 lakh to Rs 10.5 lakh per unit, with a minimum investment of 1 unit. The proceeds will be used to acquire "Project Celestia," a commercial asset in Ahmedabad. The scheme offers a projected distribution yield of 8.1% to 8.9% over the next four years. The units are scheduled to list on April 24.

1. InterGlobe Aviation (IndiGo):

The stock of this airline company rose by over 5% on April 1 after it named William Walsh as its next CEO, effective August 3. Walsh is currently the Director General of the International Air Transport Association (IATA), and viewed as a "steady hand" for an airline navigating geopolitical turbulence and regulatory scrutiny. Investors are betting his global expertise will stabilize the airline when he transitions from his current role this July.

The outlook for IndiGo hasn't been entirely clear skies; its stock has fallen about 18% since the Iran conflict began on February 28. Between strict new pilot duty-time rules and rising hostilities in the Gulf, the market leader is facing a triple threat of demand, cost, and revenue pressure. Several brokerages have preemptively lowered their profit and margin estimates for the upcoming fiscal year. Its stock appears on a screener of stocks having a low to medium Trendlyne momentum score.

Regulators are also keeping IndiGo on a shorter leash, opting for a "moderate" approach to flight approvals following the airline's major operational meltdown last December. While IndiGo planned to launch its summer schedule with 2,000 daily flights in April, executives now warn of possible cuts. Since the schedule was set before the Middle East crisis escalated, uncertainty may force a significant reduction in services. 

Analysts at Motilal Oswal highlight that the US-Iran escalation and closed Pakistani airspace have disrupted routes that carry 25% of global traffic. With Gulf operations contributing 18-20% of annual revenue, the current suspension is creating a major Q4 shortfall. Financially, the stakes are high, as the brokerage estimates that every $1 increase in crude oil prices trims profit by Rs 360 crore, leading to an estimated Rs 1,600 crore rise in fuel expenses, which already account for one-third of total costs.

ICICI Securities maintained its ‘Buy’ rating despite all the headwinds, but reduced the target price to Rs 5,210. While expensive fuel and a weaker Rupee have pushed up internal costs, higher ticket prices are helping cushion the blow. The brokerage estimates the cost per available seat kilometer (CASK) will hit Rs 3.5 in Q4FY26, before stabilizing at Rs 3.4 throughout FY27 and FY28 as operations hopefully normalize.

2. Hindustan Aeronautics (HAL):

This aerospace & defence stock jumped 5.3% on Wednesday after the company reported healthy growth for FY26. Revenue jumped 4% to Rs 32,350 crore as the firm executed orders and sped up deliveries. Discussing the outlook, Chairman and Managing Director Dr DK Sunil said, “The outstanding manufacturing orders provide long-term revenue growth visibility over the next 7-8 years, with a focus on strong execution.”

The order book climbed 34.3% to Rs 2.5 lakh crore. Massive Ministry of Defence contracts for aircraft, helicopters and engines fueled this surge. To manage this backlog, HAL opened a third Tejas fighter jet production line and a second basic trainer aircraft line at its Nasik factory. The company also partnered with Mishra Dhatu Nigam to create a strategic “metal bank” for nickel, cobalt, molybdenum, and other high-performance superalloys. This move ensures a steady supply of critical raw materials and reduces reliance on foreign suppliers for these rare metals.

However, HAL’s large order book led to the company being excluded from the fifth-generation stealth fighter jet project after failing to qualify under the evaluation framework laid down by the Defence Research and Development Organisation. The framework states that companies with an order book greater than 3x of their revenue would not be picked for the stealth fighter jet programme. HAL’s order book is currently 7.7x of its annual revenue.

HAL also faces short-term supply chain risks. The company relies heavily on Israeli aerospace giants for technology and parts. It works closely with Israeli firms like Israel Aerospace Industries, Elbit Systems, and Rafael to import crucial electronics, radars, and warfare systems for its Tejas and Su-30MKI jets. The US-Iran conflict threatens the production schedules of these Israeli suppliers. But the geopolitical tensions also create an incentive to manufacture more defence equipment locally over the long term.

Following the provisional turnover update for FY26, Citigroup retained a ‘Buy’ rating on HAL with a target price of Rs 5,560, implying a 50.8% upside. The brokerage believes the rapidly expanding order book guarantees steady revenue growth over the long term.

3. Eternal:

Thisfood delivery company’s stock surged 4.8% on March 24,supported by a platform fee hike and improving sentiment around profitability.

The trigger was Zomato’s decision to raise its platform fee by 20% to Rs 15 per order. This move helps offset rising costs like fuel and protects profit margins. Analysts at Elara Capital estimate each Rs 1 increase adds nearly Rs 120 crore to its earnings, keeping the company on track to achieve its FY28 EBITDA margin guidance of 5–6%.

The company isn't worried about losing customers. The revised feeaccounts for only ~3.1% of the average order value of Rs 475, making it unlikely to affect customer behaviour. Past trends also show that gradual fee hikes have not disrupted order growth.

The stockrose another 3.3% on April 1 after HDFC Securities upgraded it to a “Buy,” citing a potential upside of 46.7%, driven by expectations of a stronger Q4FY26. Trendlyne’sForecaster also sees revenue growing 13.7% and profits rising 46.6% from the previous quarter.

Analysts believe the Gold membership program will fuel growth in its food delivery business, attracting more users and orders. They project a significant yearly jump: 20% more monthly users, 24% more orders, and an 18% rise in order value.

The company's quick commerce arm, Blinkit, is expected to maintain momentum. They project a 10% quarterly growth in order value, outpacing competitor Swiggy Instamart (~3%), supported by the addition of dark stores, stable daily orders, and near break-even profitability.

Looking beyond food, the company isinvesting in its "District" segment. Despite recent losses, this venture hopes to create a broader consumer platform.

Commenting on District's outlook, CFO Akshant Goyal said, “For us to deliver 30% CAGR over the next three to four years, it doesn't necessarily mean that the industry has to grow that much. A lot of it can also come from market share gains, and we are building that into our plans right now.” Analysts note Q4 is seasonally weak for this segment, and anticipate continued investment.

4. PVR Inox:

Thismultiplex operator is witnessing a strong content-led recovery, backed by a record year for Indian cinema. CY2025 saw box office collections touch Rs 13,395 crore, with 37 films crossing the Rs 100 crore mark. Popular releases like Dhurandhar helped drive footfalls higher, pushing occupancy up to 28.5%.

Managementbelieves the “content cycle is now well-oiled,” supported by a steady pipeline of Hindi, regional, and Hollywood films. This momentum is already reflecting in revenues, with ticket sales contributing over half of total income, while food and beverage spending adds more than 30%. Kamal Gianchandani, who oversees business planning and strategy, said, “The best years are ahead of us,” pointing to a strong outlook for 2026 and 2027.

Expansion remains measured, with a clear pivot toward asset-light growth. The company is scaling its FOCO (franchise-owned, company-operated) model, where developers invest most of the capital while PVR manages operations. It has 149 screens signed under this model andadded over 75 screens in FY26. The company plans to open around 150 screens in FY27, focusing on underpenetrated Tier II and III cities, while keeping annual capex in the Rs 350–400 crore range.

At the same time, the company is focusing on deleveraging. Net debt has declined to Rs 365 crore, down by over Rs 1,000 crore since the merger with INOX. Thesale of its 4700BC business has further improved liquidity, keeping the company on track to become net debt-free by early FY27. Lower leverage and controlled capex are expected to reduce interest costs and support margin expansion, with EBITDAmargins at 18% already nearing pre-COVID levels.

The company appears in ascreener of stocks where brokers upgraded their recommendations in the past three months. Geojit BNP Paribasmaintains an ‘Accumulate’ rating with a target price of Rs 1,065. The brokerage expects a recovery-led growth trajectory, with revenue projected to grow at 11% over FY26–28 and margins improving steadily as operating leverage kicks in.

5. Thermax: 

This heavy-equipment company rose 1.4% in the last week as its subsidiary bagged an order worth Rs 1,600 crore. The order is for an 800 MW thermal plant in Madhya Pradesh and covers the supply and installation of the boiler.

Thermax’s order book stood at Rs 12,641 crore by 9MFY26, up 11% YoY. The growth came from inflows in industrial products and export-led infra work, including refinery projects. 

Forecaster expects revenue to rise marginally by 2.5% in FY26, while net profit is likely to remain flat. MarketMind notes that about 25% of the order book is tied to refinery and petrochemical projects, with meaningful exposure to the Middle East, increasing risks of delays and higher costs where cross-border movement is involved.

CEO Ashish Bhandari said that the profit in the chemicals business fell by about Rs 48 crore from last year, mainly due to new capacity costs and weak volumes. He added that margins may improve, but are “unlikely to return to earlier highs soon.” The company has also been more selective in taking new infra orders, choosing to avoid projects with higher execution risks even if it slows growth in the near term.

ICICI Direct had upgraded the stock to ‘Buy’ with a higher target price of Rs 3,400. It expects execution to improve after a weak phase, with margins in the infra segment already showing recovery. The brokerage also points to a gradual shift toward more stable segments like industrial products and cooling solutions. 

Shareholding data indicates that mutual funds have increased their stake over the past five months, signalling growing institutional confidence despite a muted near-term outlook.

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

There's no other way to say it. Trump lies like he breathes. He claims Iran asked him to be the next Supreme Leader, that he passed cognitive tests no other US President has (these are actually tests for dementia), and that Iran sent him presents (one account joked the present was a "fake Gucci bag"), At multiple points over March, he claimed he was close to ending the war with Iran. 

On Tuesday, he said that the US is "winding down" the war in Iran, and will be out within "two or three more weeks". US markets rose sharply, and Indian markets also jumped. 

But the first worrying signal is the phrase. For Trump, "two or three weeks" is like the Indian "I'll be there in two minutes". It's a placeholder for an actual time, or could be a delaying tactic. US troops are still arriving in steady numbers in the middle east, and the Hormuz strait is still blocked, the three parties, US, Israel and Iran, are still heavily bombing each other. 

The second worrying sign is Trump saying this ahead of a three day weekend for the US, with markets closed for Good Friday on April 3. Perhaps he imagines that his ground troops will invade Iran on Thursday night and manage to seize Kharg island before Monday's market open, allowing the US to claim significant progress. In a national address he made on Wednesday, he also threatened to bomb Iran "back to the Stone Age", as US and Israel have been striking civilian infrastructure like electricity plants and pharmacies.

What does all this confusion mean for our portfolios? Commodities, despite Trump's possibly fake announcements, are showing warning signs. Economists say a recession is likely to emerge in the middle of the year. 

Let's be realistic. In a world led by madmen eager to start and prolong wars, we need to clearly break down the kind of portfolio action we need to take. 

Portfolio moves that make sense in FY27

Crude oil prices will remain high: Goldman Sachs notes that the damage to local production has already been significant. The damage to oil fields from the war has caused crude oil production from OPEC is down by 7 million barrels per day in March. Oil prices are likely to hover around $100 per barrel, raising India's import costs considerably. Global visible oil inventories have declined by 130 million barrels since the conflict began.

Polymarket bets put a 92% chance of Brent staying at $105 in mid June, reflecting the market's near-certainty that prices will hold elevated through the second quarter even if the conflict de-escalates modestly.

In this environment, investing in specific stocks that hold up in a high oil price environment, makes more sense. ONGC is an upstream oil player which benefits in margins when oil prices go up.

Sugar companies are another beneficiary of higher oil prices, owing to government policy. When expensive crude causes the import bill to go up, the government reliably accelerates its ethanol blending program to substitute crude with locally made ethanol.

Sugar companies like Balrampur Chini Mills divert sugar and molasses heavily towards ethanol production during these periods, due to high government procurement prices for ethanol. 

Praj Industries is a manufacturer that operates in a very specific space: it makes the plants and technology for sugar companies to distill ethanol, which soars in demand when oil prices rise. 

Gold is glittering - but don't fall too hard

In a world where safe havens look much less safe than before, it makes sense to adjust portfolios accordingly. Gold has re-emerged as a safe bet since 2025, It has however proved to be quite volatile, despite steady central bank buying in the metal. 

If you already hold Gold ETFs or Sovereign Gold Bonds (SGBs), your year gains are probably looking pretty good. But buying gold right now at the current high prices may not be a great idea. Instead, its best to keep gold at around 15% of your portfolio as an inflation hedge. If you have more than this, it may be time to partially book some profits. 

The most vulnerable sectors?

The impact of high oil and gas prices seeps through all sectors, from packaging to retail to fertilizer. We drive our cars, dress in polyester, and consume food grown from naphtha fuelled crops. But it is sectors with the least amount of pricing power that get hit the most from oil-linked inflation: tyre and paint stocks, where 40-60% of raw material is from crude derivatives (Apollo Tyres, Asian Paints), FMCG companies (HUL), and auto stocks. The impact of this will be most visible one quarter later, in the Q1FY27 results, as these companies get hit in their margins. Companies with the least pricing power in these sectors like entry level auto players (Maruti Suzuki) will tend to be the hardest hit.

These stocks tend to see both spike in raw material costs and demand destruction as inflation rises. Tyre replacement and paint purchases decline, and cost sensitive consumers in FMCG and entry level auto back off. Rebalancing portfolios away from these sectors over the next few weeks, as the impact of expensive, scarce oil makes its way through the Indian economy, may be the sensible choice. 

“A rare ‘Goldilocks’ phase of high growth and low inflation.” That is how Reserve Bank of India Governor Sanjay Malhotra described the Indian economy at the December policy meeting. Interest rates were expected to stay unchanged for an extended period.

That was, of course, before the US and Israel bombed Iran, the Hormuz Strait closed and crude oil prices spiralled up. Goldilocks has run off, as higher prices and a wider trade deficit raise inflation risks and weaken the rupee. Rating agencies now expect the central bank to raise rates in the near term to support the currency.

The surge in oil & gas prices after the Iran conflict is showing up in economic forecasts. Global institutions have started to cut growth estimates for India.

The risk is also in how long higher prices will persist. As the OECD noted, “the breadth and duration of the conflict are very uncertain”.

Forecasts are split in this volatile moment. Some analysts are more optimistic than others, and see domestic demand holding firm and absorbing part of the shock. In this edition of Chart of the Week, we look at how higher energy costs are changing growth forecasts and what that means for the economy.

Growth forecasts fall as oil shock starts to bite

What began as an energy supply disruption for the world is now visible in forecasts, expenses, and household budgets. 

Much of this traces back to the disruptions in the Strait of Hormuz. India imports about 88% of its crude oil and nearly half of its liquefied petroleum gas (LPG). Around half of its crude and over three-fourths of LPG shipments pass through this route. 

Goldman Sachs cut India’s CY26 growth forecast twice after the war in Iran, with a total reduction of 110 basis points (bps) to 5.9%. India’s dependence on imported energy makes it especially vulnerable. When oil prices rise, India spends more on imports, widening the trade deficit. This pushes the rupee lower, making dollar-based imports like oil and other raw materials costlier.

The effect is most visible in spending. A larger share of the country’s income is forced towards essentials, leaving less room for discretionary purchases. Businesses face the same issue. As costs rise, they either increase prices or take a hit to profits. Goldman Sachs now expects inflation in India to rise by 70 bps to 4.6% for CY26.

Goldman Sachs also downgraded Indian equities to ‘marketweight’, flagging it as less attractive than other Asian markets. It cut its 12-month Nifty 50 target by about 14% to 25,300-25,900, expecting earnings downgrades to follow as higher oil prices drive up costs.

The OECD and Nomura both lowered their FY27 growth forecasts by 10 bps to 6.1% and 7.0%, respectively, while ANZ cut its estimate more sharply to a 6.5%-6.8% range.

There is no consensus among these institutions on how to handle the fall in the rupee. Goldman Sachs expects the RBI to actively intervene and stabilize the rupee, raising interest rates by 50 bps. Higher rates can support the rupee by offering better returns on fixed-income assets, attracting foreign investors. While this may help support the currency, it also raises borrowing costs. Credit becomes more expensive, which slows demand across consumption and investment.

In contrast, Standard Chartered supports letting the rupee weaken further. A weaker rupee reduces demand for imports, boosts exports, and narrows the gap between inflows and outflows. Economist Anubhuti Sahay said, “Despite having reserves to cover about 10 months of imports, the rupee may still need to weaken to absorb pressure from imports, a wider deficit, and capital outflows.”

In the meantime, Indian factories are closing as gas shortages hit industrial clusters. In Gujarat, about 98% of engineering firms are shut, while in Maharashtra, around half the units have closed. “All heating furnaces use LPG and, given the shortage and curbs on industrial use, factories have shut,” said Pankaj Chadha, chairman of the Engineering Exports Promotion Council. 

IndusInd Bank’s Gaurav Kapur sees a 30 bps hit to India’s GDP growth and warns that weaker consumption could weigh on the recovery. “The government has enough room to cut fuel taxes and soften the impact of higher oil prices, but the hit on the industrial sector will slow growth,” he said.

Some forecasts are optimistic as domestic demand holds steady

Not all forecasts are turning weaker. Some expect growth to hold up, even after the oil shock, as domestic demand remains intact.

The Associated Chambers of Commerce & Industry of India expects growth to stay above 7%. It points to strong factory and services activity, with readings better than most major economies in February 2026. At the same time, it notes that a weaker rupee and higher fuel prices could push prices up in the months ahead.

S&P Global takes a similar view, raising its FY27 growth forecast by 40 bps to 7.1%. It expects consumption, recovery in private investment, and exports to hold up to support growth. It also notes that higher oil prices may not fully reflect in retail prices, as the government is likely to intervene to limit the impact. 

Even so, it flags risks from the West Asia conflict. “Downside risks remain, primarily due to renewed geopolitical tensions and persistent trade-related uncertainties,” it said.

Fitch Ratings also raised its FY27 growth forecast by 30 bps to 6.7%, but with a different timeline. It expects growth to remain weak in the first half of FY27 as higher prices drag spending, before improving later as borrowing becomes cheaper and investment picks up.

This uneven recovery reflects how the oil shock is playing out. It is not just about higher prices, but how the pressure builds and spreads across the economy. Domestic demand is holding up for now, but the strain on growth is already visible.

1. Uno Minda: 

Axis Direct upgrades this auto parts producer to a ‘Buy’ rating from ‘Hold’, with a target price of Rs 1,260 per share, a 22.1% upside. The impact of the US-Iran war is negative for the company in the short-to-medium term. The closure of the Strait of Hormuz and rising regional instability affect global logistics, raw material costs, and the European market, which is a key export destination for the company. Its stock price declined 13.2% over the past month.

Analyst Sanchit Kumar, however, sees strong long-term growth for the company, driven by new product launches, premiumisation, ongoing capacity expansion, and a robust EV order book. Uno Minda is also well-positioned to profit from stricter safety and acoustic regulations.

As India's top automotive horn maker and second globally, the company benefits from mandated Acoustic Vehicle Alerting Systems (AVAS) in EVs, recently securing orders in the electric passenger vehicle segment. Its airbag joint venture is building a new Rs 280 crore facility in Karnataka to meet the rising demand for vehicle safety features.

Through its 76% stake in the Minda Westport joint venture, the company also makes CNG and LPG kits, profiting directly from the surge in CNG vehicle sales. Kumar believes ongoing investments, a focus on making more parts locally, and strong demand at home will fuel its growth.

2. Power Grid Corp of India: 

Prabhudas Lilladher maintains its ‘Buy’ call on this electric utilities provider, with a target price of Rs 324 per share, an upside of 17.5%. Analysts Vishal Periwal and Shubham Shelar believe Power Grid is perfectly placed to seize India’s massive Rs 15 lakh crore transmission opportunity. This translates to a potential annual order pipeline of Rs 60,000–70,000 crore.

The company is consolidating 19 special purpose vehicles (SPVs) into two, with more mergers planned. Analysts note that this move will streamline governance, improve capital allocation, and boost scalability as Power Grid's asset base grows. Management approved a capex of Rs 37,000 crore for FY27 and Rs 45,000 crore for FY28. They expect further upside from new project wins and strong execution.

Periwal and Shelar say that the company's right-of-way (ROW) challenges have eased. The government introduced a market-linked compensation framework to improve land acquisition. Clearer guidelines have also reduced disputes, and the company has strengthened execution with dedicated ROW teams and specialised expertise. They expect Power Grid to achieve a 9.8% revenue CAGR and a 5.9% net profit CAGR through FY28.

3. Sky Gold and Diamonds: 

BOB Capital Markets initiates coverage on this small-cap jewellery manufacturer with a ‘Buy’ call and a target price of Rs 494 per share, an upside of 55.2%. The stock fell 11.9% last month. The Israel–Iran war poses a risk, as Middle East exports, about 10% of revenue, face potential shipping delays and higher costs. Analyst Lavita Lasrado still likes the company, pointing to strong growth in its B2B model where Sky Gold supplies gold jewellery to retail chains without owning its stores. This asset-light strategy keeps costs low and allows for efficient expansion.

Management reports that capacity has surged to over 1,000 kg per month, yet utilisation sits at a low 33–46%. This offers significant room for volume growth without major new spending. Sky Gold is also shifting its product mix towards higher-margin items like 18-carat studded and diamond jewellery, which now form about 25% of its offerings. Growth comes from deeper client relationships, new retailer tie-ups, export expansion, and selective acquisitions that strengthen manufacturing capabilities.

Analyst Lavita Lasrado expects revenue to grow at around 37% CAGR over FY26–28, driven by volume ramp-up and new clients. EBITDA margins should improve to around 6.5%, supported by a better product mix and operating leverage. However, the analyst identifies client concentration as a key risk, with a significant share of revenue coming from top customers.

4. Aurobindo Pharma:

Motilal Oswal retains its ‘Buy’ rating on this pharmaceutical manufacturer, with a target price of Rs 1,500 per share, an upside of 15%. Analysts Tushar Manudhane and Vipul Mehta believe several factors will boost future earnings: scaling up the Penicillin-G (Pen-G) plant, increased external sales of 6-Amino Penicillanic Acid (6-APA), higher demand in the EU, new US product launches, and integrating Lannett (US-based generics manufacturer).

Aurobindo makes 6-APA, which is a key ingredient in antibiotics like amoxicillin, ampicillin, and piperacillin. To support this, the company has set up a Penicillin-G (Pen-G) plant, which started operations in July 2025 and is now gradually increasing output. The 6-APA plant is also expected to reach full capacity in the next 3–4 months.

Manudhane and Mehta add that from the planned 15,000 metric tonnes (MT) of Pen-G, 3,000 MT goes to domestic sales. They use the remaining 12,000 MT of Pen-G to produce 6-APA. By producing these inputs in-house instead of buying them, Aurobindo reduces costs and improves control over its supply chain, giving it an advantage over competitors. They expect the company to achieve a 9% revenue CAGR and a 21% net profit CAGR from FY26-28.

5. Sagility:

ICICI Securities reiterates its ‘Buy’ rating on this business service provider, with a target price of Rs 66 per share, an upside of 65.2%. AI's growing use in healthcare outsourcing drives this positive outlook. Sagility operates in the US healthcare market, where low outsourcing offers a significant long-term opportunity. High client stickiness, with 97% retention and an 18-year average tenure, ensures steady growth.

Management states AI expands their work, rather than shrinking it. The company is moving from traditional employee-based models to outcome-based pricing, guaranteeing clients cost savings. Sagility uses AI across key areas like claims processing, payment integrity, revenue cycle management, and utilisation management to boost efficiency and cut costs. New growth opportunities exist in medical loss ratio management, appeals, and clinical services, representing a significant $20,000–32,000 crore market.

Analysts Ruchi Mukhija and Seema Nayak expect strong growth, supported by AI-led solutions and expansion into new service areas. EBITDA margins should remain stable at 24–25%. They add that US healthcare demand will keep growing, fueled by the popularity of GLP-1 drugs used for obesity and diabetes, higher healthcare activity and long-term outsourcing growth.

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

(You can find all analyst picks here)

The market plunged on March 30, with the Nifty 50 closing 2.1% lower. The sell-off was triggered by a fresh escalation in the Middle East after Yemen’s Houthi rebels officially joined the conflict, launching missile strikes targeting Israel.

Sentiment was also hit by reports that an Indian national was killed in Kuwait as Iran hit a power and water desalination plant. These developments, coupled with US President Donald Trump’s suggestion of seizing Iran’s Kharg Island oil hub, have intensified fears of a prolonged "energy war."

For India, the impact of this war was reflected in the HSBC India Manufacturing PMI, which fell to a 4.5-year low of 53.8 in March. This reading indicates a sharp deceleration in factory activity as input costs rose at their fastest pace in 45 months, forcing manufacturers to hike output prices the most in seven months.

The Indian stock market will remain shut on March 31 for Shri Mahavir Jayanti and April 3 for Good Friday. Vinod Nair, Head of Research at Geojit Investments, said, "In the near term, market direction will hinge on developments in West Asia peace efforts and earnings risks from supply-side disruptions."

Despite all the volatility, primary market momentum continues this week, as four new offerings open for subscription. Five companies are also set to be listed on the exchanges, following the debut of five firms last week.

Mainboard IPOs offers a mixed bag, SMEs see flat listings

Central Mine Planning & Design Institute, an arm of Coal India, had a subdued market debut on March 30. Despite a dominant market share in mining consultancy, the Rs 1,842 crore IPO saw modest interest with a subscription of 1.1X. The stock listed at a discount of 7%, against its issue price of Rs 172, as investors weighed its heavy reliance on the coal sector against its strong EBITDA margins.

GSP Crop Science, an agrochemical manufacturer, delivered a steady performance on March 24. The Rs 400 crore public issue was subscribed 1.6X and debuted at Rs 328, a 2.5% premium over its issue price of Rs 320. Driven by its diversified portfolio of over 500 product registrations and strong R&D focus, the stock has shown resilience and is currently trading 5.6% above its issue price.

The NHAI-sponsored Raajmarg Infra Investment Trust (InvIT) made a successful entry into the infrastructure yield space on March 24. The massive Rs 6,000 crore issue saw a healthy subscription of 13.7X. It listed at a premium of 7%, against its issue price of Rs 100, and continues to attract investors looking for stable, government-backed cash flows, currently trading 10% higher.

Raajmarg Infra and GSP Crop extend gains; Central Mine slips 

Two SME IPOs listed last week.

Speciality Medicines, a pharma distributor focused on high-cost chronic therapies, listed on March 30. The Rs 29.1 crore fresh issue, which was launched to fund a new R&D centre and international registrations, faced a flat listing at its issue price of Rs 124 per share.

Novus Loyalty, a provider of AI-powered loyalty and engagement platforms, listed on March 25 following a subscription of 1.5X. The Rs 60.1 crore IPO debuted at its issue price of Rs 146. While the company has highlighted its expansion into cloud-native architectures, the stock has faced some initial selling pressure post-listing and is currently trading 4.1% below its debut price.

From pharma to power: Five IPOs gear up for debut

Sai Parenterals, a pharmaceutical manufacturer, closed its Rs 408.8 crore IPO on March 27. The issue received a steady response from investors, subscribing 1.1X. The offering was priced in a band of Rs 372-392 per share, with the company aiming to utilise the proceeds to strengthen its manufacturing infrastructure and meet incremental working capital requirements. The stock is scheduled to list on April 2.

Powerica, a manufacturer of diesel generating sets, closed its Rs 1,100 crore IPO on March 27. The issue saw a total subscription of 1.4X, characterised by significant divergence: while Qualified Institutional Buyers (QIBs) oversubscribed their portion by 4.5X, retail interest remained muted at 0.1X. The offering comprised a fresh issue of 1.8 crore shares and an offer for sale of 1 crore shares. The company is set to debut on April 2.

Amir Chand Jagdish Kumar (Exports), an exporter of Basmati rice under the "Aeroplane" brand, closed its Rs 440 crore IPO on March 27. The issue was subscribed 3.2X overall, driven by Non-Institutional Investors who booked their segment over 12.7X. The offering consisted entirely of a fresh issue of 2.1 crore shares, with proceeds earmarked for funding the company's extensive working capital needs. The stock will list on April 2.

Amir Chand sees HNI-led demand; others subdued

In the SME segment, two companies are set to list this week.

Tipco Engineering, a manufacturer of precision-engineered components, concluded its Rs 60.5 crore IPO on March 25. The issue saw a healthy subscription of 1.6X, supported by institutional interest at 3.8X. The proceeds from the fresh issue will be utilised to repay existing secured borrowings and bridge the working capital gap to support its robust order book. The stock is scheduled for listing on April 1.

Highness Microelectronics, a provider of digital imaging and display solutions, closed its Rs 21.7 crore IPO on March 27 with an overwhelming response, seeing a subscription of 180.3X. Retail and high-net-worth individuals led the charge, drawn by the company’s plans for backward integration. The funds will be used to establish a new assembly line for Open-Cell modules to reduce import dependency. The company will list on April 2.

Four IPOs to watch this week

Property Share Investment Trust (PSIT), India's first Small and Medium Real Estate Investment Trust (SM REIT), is launching its third scheme, PropShare Celestia. The IPO will open from April 10 to April 16. The price band is set at Rs 10,00,000–10,50,000 per unit. The stock will list on the BSE on April 24. Proceeds from the offer will be primarily used for the acquisition of "Project Celestia", a premium office space in Ahmedabad.

Three SME companies are also set to launch their IPOs.

Vivid Electromech, a manufacturer of electrical panels, closed its Rs 130.5 crore IPO on March 30. The price band is set at Rs 528–555 per share. The issue includes a fresh issue of 18.8 lakh shares and an OFS of 4.7 lakh shares. The company plans to use the proceeds to build a new integrated manufacturing facility in Thane. The stock is expected to list on April 6.

Emiac and Vivid report strong profit growth; Safety Controls lags

Emiac Technologies, an AI-powered digital marketing and content creation firm, opened its Rs 31.8 crore IPO on March 27 and will close on April 8. The price band is fixed at Rs 93–98 per share. This is entirely a fresh issue of 32.4 lakh shares. The company plans to use these funds for technological upgrades and to expand its workforce. The stock will list on April 13.

Safety Controls & Devices, a provider of power infrastructure and safety solutions, will open its Rs 48 crore IPO on April 6 and will close on April 8. The price band is set at Rs 75–80 per share. The issue comprises 60 lakh equity shares and is aimed at funding its expansion in the power infrastructure sector. The shares will list on April 13.

1. Maruti Suzuki: 

This car company rose 2% on March 25 after announcing plans to invest Rs 10,189 crore in a new Gujarat plant with an annual capacity of 2.5 lakh units. The company currently operates at near-full utilisation, with a total capacity of around 25 lakh units.

The new facility will expand capacity by about 10% and help address supply constraints. It will be built in phases, with production expected to begin by 2029. Forecaster expects revenue to grow 18.5% in FY26, while net profit is projected to rise over 10%.

SUVs now account for over half of the passenger vehicle market, and the company’s share in this segment has increased to about 24.5% as of December 2025, up from around 19.5% in FY22. MD and CEO Hisashi Takeuchi said, “We are currently constrained by supply, not demand, and our priority is to scale capacity in line with market growth and exports.”

Exports remain a key growth driver, accounting for about 18% of total sales. The company contributed nearly 46% of India’s passenger vehicle exports in 2025, with export volumes growing over 25% YoY in the first nine months of FY26.

Geopolitical risks remain in the near term. Rising tensions in the Middle East have raised concerns around global trade routes, although the company’s exposure to the region is relatively limited. Senior Executive Rahul Bharti noted, “The Middle East region accounts for about 12.5% of our total exports,” adding that a diversified presence across nearly 100 countries reduces reliance on any single region.

Motilal Oswal reiterated its ‘Buy’ rating on the stock, with a lower target price of Rs 17,406, indicating that a larger portion of earnings growth is expected over the medium term. Margins have been under pressure due to higher discounts, coupled with rising input costs, but are expected to improve as pricing stabilises and the product mix strengthens.

2. Reliance Industries:

This conglomerate has had a dramatic week. Its stock fell 4.6% on Friday after the government imposed a new export tax levy on refineries selling petrol and diesel, adding to the pressure from the semi-annual Nifty 50 index rebalancing that reduced the stock’s weight. Passive funds are expected to withdraw roughly $25 million from the stock. 

The export tax move will squeeze gross refining margins (GRMs), especially as the global crude basket has surged past $100 per barrel due to geopolitical shocks, raising input costs across Reliance’s Jamnagar operations.

Reliance gets the majority of its revenue from its Oil-to-Chemicals (O2C) segment, with refined fuel exports contributing over 55% of overall sales. To drive international growth, the company is backing a historic $300 billion oil refinery development at the Port of Brownsville in Texas, as recently announced by US President Donald Trump.

As oil grows volatile, Reliance is expected to focus more on its consumer and green energy businesses. The company is diversifying fast, launching the first phase of its Dhirubhai Ambani Green Energy “Giga Complex”, with an eye on the multi-billion dollar domestic market for solar modules and green hydrogen.

Reliance has also introduced AI cloud services in India through tech partnerships following its massive data center expansion. While these launches are expected to support growth, the green energy rollout is likely to face intense competition from both early mover domestic and global players.

Management is also exploring acquisitions to strengthen its presence in critical mineral and battery technology markets. Chairman Mukesh Ambani says that the company is “actively pursuing targeted strategic partnerships” and prefers deploying internal cash generation toward acquisitions to scale up the new energy business.

Motilal Oswal has stayed bullish on Reliance despite the volatility in the Middle East (although the title of the report, “chaos can be a catalyst”, is not that encouraging). The brokerage expects near-term pressure in the oil segment, but sees new energy rollouts and telecom tariff hikes supporting long-term growth.

3. Natco Pharma:

This pharmaceutical company rose 2.5% on Wednesday after its board approved the demerger of its agrochemicals business into a separate listed entity. Shareholders will receive one share in the new company for every share held, effective October 1, 2026. Management expects the move to sharpen strategic focus and unlock value, especially as the crop health segment has seen strong growth, with revenue rising nearly 90% YoY in the past quarter.

The company trades at 11.2x earnings, the lowest amongst its peers. The demerger is expected to improve operational flexibility and enable more focused execution across both businesses. Shareholding data indicates that mutual funds have increased their stake over the past two months.

Natco derives most of its revenue from pharmaceuticals, with export formulations forming the largest share. This segment contributes over 75% of sales, driven by strong performance in Brazil, Canada, and other emerging markets. Growth came despite zero contribution from Revlimid, which was earlier a key earnings driver, indicating improving diversification in the base business.

To drive future growth, the company has launched a generic version of Pomalyst, a multiple myeloma treatment with a $3 billion market in the US. It has also introduced semaglutide in India through partnerships following the patent expiry in March. While these launches are expected to support growth, semaglutide is likely to face intense competition from multiple generic players.

Management is also exploring acquisitions to strengthen its presence in emerging markets. CEO Rajeev Nannapaneni said the company is “actively pursuing 2–3 targets” and prefers deploying cash toward acquisitions to scale the business.

Following the announcement, Geojit BNP Paribas raised its rating on the stock to ‘Accumulate’ with a target price of Rs 1,058. The brokerage expects near-term pressure from the decline in Revlimid but sees new launches and acquisitions supporting long-term growth.

4. Brigade Enterprises: 

This realty company jumped 3.9% on March 25after launching Brigade Belvedere. This new residential project in East Bengaluru has revenue potential of over Rs 1,100 crore and boosts the company’s footprint in the city's IT corridor.

Brigade is expanding beyond homes to become a more versatile developer. On March 10, itentered the industrial real estate sector with a 25-acre park in North Bengaluru, a move designed to generate steady rental income. The 2 million sq. ft. project will cater to logistics, manufacturing, and data centres, tapping into high demand near the airport.

The company's diversification continues. Itpartnered with Primus Senior Living on three senior housing projects totalling Rs 750 crore. Brigade is also growing its managed workspace business, adding a 550-seatlease in Hyderabad to reach 1.1 lakh sq. ft. of total leased space there.

Trendlyne’sForecaster predicts revenue will grow 14.4% YoY in Q4FY26. New home launches, solid project execution, and momentum in leasing and hospitality will drive this growth.

Brigade targets 15% annual pre-sales growth through FY27, but hitting this goal depends on getting projects approved on time. Managing Director Pavitra Shankarwarned, “If I don't get the approvals… we may not be able to make that number… as we are seeing a 50/50 contribution from existing and new launches,” highlighting that new launches are crucial for growth.

Looking ahead, the company will invest Rs 3,600 crore to double its hotel rooms by FY30. Shankarnoted, “The Indian hospitality sector continues to see demand outpacing supply.” This segment provides 10% of total revenue and is boosted by rising occupancy and room rates.

Geojit BNP Paribaskeeps its ‘Buy’ rating on the stock. It points to a powerful pipeline of 17 million sq. ft. in new launches to fuel growth. The leasing business remains stable, with 93% occupancy and 4.2 million sq. ft. of new commercial space in development. However, the brokerage warns that court cases at its Chennai project are a key risk.

5. Kalpataru Projects International: 

This construction & engineering company rose 5.5% on March 25 after it secured orders worth Rs 4,439 crore. The orders include building transmission lines and substation projects across India and overseas markets, adding to its execution pipeline.

The company’s order book stands at around Rs 63,300 crore, which means it already has a large portion of future work in hand. It has secured around Rs 19,500 crore of orders so far in FY26 and remains on track to meet its full-year target, with demand staying strong across segments. Forecaster expects revenue to grow over 23% YoY in FY26, while net profit is projected to surge over 56%. 

Executive Director & CEO Manish Mohnot said, “International projects account for around 60-65% of our order book, which helps diversify our business across geographies.” A large part of the order book is also from transmission and buildings segments, which together form about 70% of total orders and typically offer better margins.

In the first nine months of FY26, pre-tax profit margin rose by about 80 bps to 5.3%. This improvement comes as older low-margin projects are completed and a larger share of work shifts to newer orders with better pricing. At the same time, the company is getting paid faster on its projects, which has helped reduce net debt by about 29% to around Rs 2,240 crore.

Anand Rathi reiterated its ‘Buy’ call on the stock with a higher target price of Rs 1,408. The brokerage expects growth to stay strong as execution improves, debt reduces, and a larger share of projects comes from segments that earn higher margins. It also highlighted that most of the order book is already in these higher-margin segments, which gives confidence that profitability can keep improving from here.

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