Vardhman Special Steels: ICICI Securities is a buy on this steel company with an upside of 22%, citing its clearance for capacity expansion. "Vardhman Special Steel has recently been granted environmental clearance for expansion of capacity at its existing plant in Ludhiana, to up to 280,000 tonnes per annum of rolled production," analyst Dewang Sanghavi writes, "With this approval, the path for enhancement of capacity has been cleared." A downside risk, ICICISec notes, is any increase in operational costs. 

Hero Motocorp: Ashika Research is a buy on this two wheeler company with an upside of 16%+, despite the hit it has taken during the Covid19 pandemic. "Although commodity inflation is a challenge, Hero has planned price hikes and cost management through LEAP-2 programme to maintain EBITDA margins," Ashika analysts write. Another positive they note is that, "the company has stepped foot on pedal on premiumization with the tie up with Harley Davidson." Downside risks remain, including risks of a third Covid19 wave and rising competition. 

Finolex Industries: The pandemic was good for Indian PVC pipe makers like Finolex Industries. "FIL reported strong set of numbers for Q4FY21 on all fronts, benefiting from the unprecedented rise in PVC resin prices globally," Edelweiss analyst Praveen Sahay writes as he gives a buy call on the stock with an upside of 20%+.  "However, PVC resin prices should decline with the opening of manufacturing units in the US and Europe." Three factors he says, continue to favor Finolex: (a) its high exposure to rural markets, which is expected to perform better owing to healthy monsoons, (b) expected market share gain in the pipes and fittings segment, and (c) anticipated increase in the non-agri business.

Ashok Leyland: Geojit is bullish on this bus and commercial vehicle company, with a target upside of 18%+. Analyst Sheen G notes, "We believe that short term headwinds for AshokLey have been factored into the stock price and we are not expecting any meaningful decline as the volume numbers are currently at its low." Growth is on a recovery path, he insists, "We expect the government’s reform action to support growth in the medium to long term. In addition the company's strategic initiative to consolidated all electric mobility efforts under the UK subsidiary ‘Switch’ augurs well." 

Muthoot Finance: "We expect Muthoot to clock 18% loan CAGR over FY21-23 led by healthy customer accretion and branch productivity defying gold price and tonnage movement volatility," Prabhudas Lilladhar analysts Shweta Daptardar and Aashi Rara write, assigning a 15%+ upside on the stock. "Company's recent ratings upgrade to AA+ from CRISIL/ICRA should also bode well in abatement of high legacy funding costs."