1. IDFC First Bank:

BOB Capital Markets maintains a ‘Buy’ rating on this bank with a higher target price of Rs 79, an upside of 20.6%. In Q4FY25, the bank’s net interest margins (NIMs) dropped 58 basis points YoY to 6%, because of a decline in its microfinance (MFI) loan portfolio by 28%. MFI loans now make up just 4% of the bank’s total loan book, compared to 6.6% a year ago. The company's management also expects a slight impact on NIMs in FY26 due to possible interest rate cuts.

On April 17, IDFC Bank approved a preferential equity capital raise of Rs 7,500 crore by issuing compulsorily convertible preference shares (CCPS) at Rs 60 per share. Analysts Niraj Jalan and Vijiya Rao believe this will boost the bank’s core capital ratio (which shows how well a bank can absorb losses) to 16.5%, up from 13.2% as of March 2025. This added capital is expected to support future growth and improve cost efficiency.

Jalan and Rao believe that improved operating efficiency and asset quality will lift the return on assets (RoA) to 0.9–1.3% by FY26–27, from 0.5% in FY25.

2. Eternal (Zomato):

Emkay Global initiates a ‘Buy’ rating on this food delivery company with a target price of Rs 290, indicating a potential upside of 24.6% %. In Q4FY25, the company’s revenue rose 63.8% YoY to Rs 58,330 crore, owing to improvements in its quick commerce (QC) and Hyperpure segments.

Eternal's QC unit Blinkit's Gross Order Value (GOV) grew 20% QoQ. However, Blinkit’s EBITDA margin dropped by 60 bps to -1.9% QoQ in Q4, driven by higher costs from new store openings and customer acquisition.

Analysts highlight that management is prioritizing market share and growth over immediate profits due to heightened competition. Quick Commerce has become crowded with both new startups and established players like BigBasket fighting for market share. They expect the stock price to remain range-bound in the near term due to increased competitive intensity in QC and planned investments in the going-out (dining out, events, and ticketing) business.

Analysts note that in Q4, the company added 294 dark stores, bringing its total to 1,301. They highlight that management plans to open 2,000 dark stores by December 2025, and maintain an EBITDA margin of 4–5% of GOV in quick commerce. Analysts also project Eternal’s EBITDA margin to improve to 7.5% by FY27, up from 3.1% in FY25.

3. Dalmia Bharat:

Sharekhan retains its ‘Buy’ rating on this cement manufacturer with a target price of Rs 2,300, indicating an upside potential of 17.8%. The company’s Q4FY25 revenue fell 5% YoY to Rs 4,091 crore due to lower cement volumes. But net profit rose 38% to Rs 435 crore, helped by reduced fuel costs and a higher share of renewable energy.

The company’s management aims to reduce the cost of cement manufacturing to an EBITDA/ tonne of Rs 150–200 over the next two years, down from the current Rs 820. They plan to achieve half of this target by FY26 through lower input costs and a doubling of renewable power capacity to 595 MW. Analysts are optimistic that the company will balance volume growth and profitability once it reduces manufacturing costs.

In FY25, Dalmia Bharat expanded its cement capacity by 2.9 metric tonnes (mt), bringing the total to 49.5 mt. It plans to invest Rs 3,520 crore to establish a clinker unit (partially processed cement unit) and a 6 mt grinding unit in Karnataka and Maharashtra. Analysts expect cement volumes to grow 7–8% in FY26, driven by increased government infrastructure spending. They also expect the company to receive Rs 400 crore in subsidies for setting up cement plants in Northeast India.

4. Bandhan Bank:

Anand Rathi reiterates its ‘Buy’ rating on this bank with a target price of Rs 207, indicating an upside of 31.5%. In Q4FY25, Bandhan Bank's slippages (bad loans) were up 8% QoQ to Rs 1,750 crore, or 5.5% of its total loans. Analysts Yuvraj Choudhary, Kaitav Shah and Subhanshi Rathi expect slippages to stay high for a few more quarters but ease later, as most of the older loans have already been recognised and new loan stress is limited. 

The bank has been dealing with stress in its emerging enterprises banking (EEB) loan book (loans to small and growing businesses) for the past 17 quarters. However, the analysts believe future stress will likely be lower than the industry average. In Q4, the bank’s collection efficiency in the EEB book was 97.8%, slightly up from 97.4% in Q3. Choudhary, Shah, and Rathi expect gross NPAs to drop below 4% by FY26, from 4.7% during the quarter.

5. Ambuja Cement:

Axis Direct initiates a ‘Buy’ rating on this cement manufacturer with a target price of Rs 655, indicating an upside potential of 22.4%. Analysts Uttam Srimal and Shikha Doshi note that the company is targeting a cement capacity of 140 MTPA by FY28, up from its current capacity of 100 MTPA. They expect volume and revenue to grow at a CAGR of 11% and 10%, respectively, over FY25–FY27.

Shrimal and Doshi write that the company has reduced costs by Rs 150 per tonne through operational improvements. They highlight that the management aims to achieve additional savings of Rs 300–350 per tonne by FY28 by lowering logistics costs, increasing the use of renewable energy, and expanding the share of blended cement.

Management is aiming to optimize cost savings and increase operational efficiency by consolidating their acquired assets—Penna, Sanghi, and Orient Cements—across the companies. Analysts expect that synergies between the companies will improve EBITDA margins to 21% by FY27, up from 17% in FY25.

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

(You can find all analyst picks here)