1. PNC Infratech:

Axis Direct reiterates its ‘Buy’ rating on this roads & highways developer with a target price of Rs 340, a 7.9% upside. The company’s executable order book stands at Rs 17,792 crore, over 3.2 times its FY25 revenue, providing revenue visibility for the next 2 to 2.5 years. About 63% of the order book comes from highway and expressway projects, while the remaining 37% is from railways, water, and other segments.

Analysts Uttam Srimal and Shikha Doshi note that the company is diversifying beyond roads. It is actively bidding for railway and water projects, to build a more stable revenue base.

The company’s management expects an order inflow of Rs 15,000 crore in FY26. This is supported by a strong bid pipeline of Rs 40,000 crore in non-Ministry of Road Transport and Highways (MoRTH) projects and about Rs 60,000 crore from NHAI and MoRTH projects. 

In FY25, PNC Infratech’s revenue fell 28.4% to Rs 5,513 crore due to slow project execution and delays in awarding new contracts. Net profit declined 17.9% to Rs 706 crore but beat Forecaster estimates by 5.8%. For FY26, the management expects revenue to grow by 20%, but Srimal and Doshi are more optimistic, projecting a higher growth of 43.8%.

2. KPR Mill:

Sharekhan maintains a ‘Buy’ rating on this textiles company with a target price of Rs 1,287, a 14.6% upside. In Q4FY25, the company’s revenue grew 4% YoY, but profit after tax fell 4% due to a 94 bps drop in EBITDA margin and a higher tax rate. Margins were hit mainly by the sugar business, where profitability declined from higher sugarcane prices.

In FY25, its revenue rose 5.4% to Rs 6,388 crore, and net profit increased 1.2% to Rs 815 crore. However, both numbers were slightly below Forecaster estimates. Sales volumes increased by more than 6% across all segments in FY25, including garments, yarn & fabrics, and sugar.

Analysts are bullish about the company’s strong exposure to Europe, which contributed 58% of its revenue in FY25. They say, “ KPR will likely benefit from the recently concluded FTA between India and the UK. Removing tariffs will make its exports more competitive than those from Bangladesh and Vietnam.” 

Analysts also highlight that increasing opportunities in the US provide scope for consistent growth in the high-margin garment segment, which makes up around 40% of the company’s total revenue. They estimate revenue and net profit to grow by 13% and 26%, respectively, over FY26–27.

3. Shriram Finance:

Motilal Oswal maintains a ‘Buy’ rating on this NBFC with a target price of Rs 800, a 14.2% upside. The company reported strong growth in assets under management (AUM) in Q4FY25. However, margins were under pressure due to surplus liquidity on Shriram Finance’s balance sheet. This excess liquidity, around Rs 31,000 crore as of March 2025, was largely due to external commercial borrowings (ECBs) raised between December 2024 and March 2025.

Analysts Abhijit Tibrewal, Nitin Aggarwal and Raghav Khemani expect margins to improve as excess liquidity normalises and interest rates decline. The 100 bps repo rate cut in CY25 so far and the possibility of further cuts should make borrowing cheaper. Around 30% of the company’s borrowings are due for repayment in FY26 and are likely to be refinanced at lower rates, reducing its overall cost of debt. As a result, the analysts expect the company’s net interest margins (NIMs) to improve to 8.4% in FY26 and 8.6% in FY27, compared to around 8.2% in FY25.

Tibrewal, Aggarwal, and Khemani also mention that the company is yet to fully leverage its expanded distribution network. They expect it to show more results over the next 12–18 months, helping improve its performance further.

4. FSN E-Commerce Ventures (Nykaa):

Geojit BNP Paribas reiterates its ‘Buy’ rating on this internet retail company with a target price of Rs 229, a 14.9% upside. In Q4FY25, the company’s revenue rose 23.6% YoY to Rs 2,062 crore, driven by sales of premium products, international brands, and a higher retail footprint. Net profit grew 110% to Rs 19 crore, supported by lower expenses and higher other income.

Analyst Arun Kailasan notes that Nykaa delivered strong Q4 results with consistent sales growth across its beauty and fashion segments. He expects the company to see significant growth in its beauty segment in the near term from new international brands, the opening of more retail stores, and a broader product range.

FY25 revenue grew 24.5% and net profit rose 81.4%, driven by retail store expansion and higher B2B sales. However, Nykaa’s fashion segment faced muted demand and margin pressure. Analysts expect the fashion segment to improve in FY26 due to better inventory management and a shift toward premium products. They also mention that the focus on acquiring customers efficiently and improving operational scale will improve profits and growth.

5. Indian Bank:

Emkay reiterates its ‘Buy’ rating on this bank with a target price of Rs 675, a 7.3% upside. In FY25, the bank’s net NPA ratio improved by 20bps to 0.2%, supported by lower slippages and better recoveries. Analysts Anand Dama, Nikhil Vaishnav, and Kunaal N note that the bank’s NPA is the lowest among its peers, who include HDFC Bank and ICICI Bank. They expect lower asset quality risk as a result.

The company’s management expects moderate credit growth of 10-12% and deposit growth of 8-10% in FY26. They plan to increase exposure to mid-corporate and SME loans for higher yields and to attract more current account (CA) deposits. For FY26, analysts anticipate a further decline in NPAs and lower provisioning requirements, supported by expected loan recoveries between Rs 550-600 crore.

For FY25, the bank’s net profit rose 33.7% to Rs 11,261.4 crore, while revenue grew 12.1%, driven by higher interest income and lower provisions. Dama and the team expect the bank to deliver a return on assets (RoA) of 1.1-1.3% over FY26-28, supported by strong asset quality, lower credit costs, and expected loan recoveries.

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

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