1. Abbott India:
BoB Capital Markets reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 40,128, a 17.5% upside. Abbott currently sells Novo Nordisk’s insulin products in India, including Mixtard, but this arrangement is set to change. Novo Nordisk plans to phase out its older insulin pens and replace them with newer injectables like Wegovy, which are in higher demand. However, Novo plans to distribute Wegovy directly, rather than through Abbott.
Abbott’s insulin sales from Novo are estimated at around Rs 1,500 crore in FY25, with margins in the low single digits. Analyst Foram Parekh expects profitability to improve once these lower-margin products are phased out. He highlights that Abbott’s core business operates at significantly higher margins of around 38–39% and expects the company to deliver a net profit CAGR of 12.1% over FY26–27.
The company currently generates about Rs 1.3 crore in sales per medical representative (MR), with a field force of 3,250 MRs. It plans to improve productivity by launching new products, entering additional therapy areas and regions, and taking price hikes. By FY27, the company aims to raise MR productivity to Rs 1.5 crore with a team of 3,500 MRs.
2. Affle (India):
Sharekhan maintains its ‘Buy’ rating on this internet software firm with a target price of Rs 2,250, a 13.7% upside. In FY25, Affle's revenue and net profit grew 23% and 28.5%, driven by a 28.3% rise in revenue per converted user. The company is targeting over 20% revenue growth in FY26 and aims for 10x growth over the medium term.
During the year, developed markets grew faster than India and other emerging markets. However, the company expects more balanced growth in FY26. Growth in developed markets is likely to come from new client additions, while in India and emerging markets, it is expected to be driven by increased spending from existing clients.
Analysts believe the company is well-positioned to benefit from rising global digital spending and the shift toward performance-driven advertising, supported by its strong presence across key sectors and markets.
3. HDB Financial Services:
Emkay initiates coverage on this NBFC with a ‘Buy’ rating and a target price of Rs 900, a 6% upside. The company listed on the exchange on July 2, at a 12.8% premium to its issue price of Rs 740. Analysts Avinash Singh, Kishan Rungta, and Mahek Shah note that HDFC Bank’s parentage gives HDB Financial Services (HDBFS) key advantages, including access to low-cost funds due to its AAA rating and strong brand visibility. The company currently has assets under management (AUM) of over Rs 1.1 trillion.
The company’s lending capabilities and improved capital position after the IPO mean it’s likely to benefit from rising credit demand, helped by government and regulatory growth measures. It also expects a boost from improving net interest margins (NIMs) driven by potential rate cuts.
Singh, Rungta and Shah believe that the company’s diversified product mix and continued focus on underserved segments are expected to drive AUM CAGR of around 20%, reaching Rs 1.8 trillion by FY28. They also expect net profit to grow at a CAGR of 28.7% over FY26–28.
4. Chalet Hotels:
ICICI Securities initiates a ‘Buy’ rating on this hotel company with a target price of Rs 1,058, a 23.1% upside. Revenue rose 22% to Rs 1,754 crore in FY25, driven by higher average room rates and improved occupancy.
Analysts Adhidev Chattopadhyay and Saishwar Ravekar note that the company’s capex plan of Rs 700–800 crore is on track to open new properties in Lonavala, Bengaluru and Delhi by H1FY27. They expect this expansion to increase the hotel’s room inventory to 4,685 keys by FY28, up from the current 3,314 keys.
CEO Sanjay Sethi notes, “We aim to achieve double-digit revenue per available room (RevPAR) growth through FY26 to FY28, supported by favourable demand-supply dynamics and strategic expansions in the Bengaluru, Goa, and Delhi regions. The capex for these new projects is funded through internal accruals and intend to maintain net debt-to-EBITDA below 3.5x.”
Management aims to generate Rs 700–800 crore in annual operating cash flow by FY28 as new properties become operational and the portfolio expands to 5,000 keys. Analysts expect Chalet’s annuity assets, including commercial rental spaces, to contribute over Rs 300 crore in annual EBITDA once fully stabilised by FY28. They project revenue to grow by 17% over FY26–27.
5. ACME Solar Holdings:
Motilal Oswal initiates a ‘Buy’ rating on this renewable energy company with a target price of Rs 347, a 34.3% upside. Analysts Abhishek Nigam and Preksha Daga note that ACME's operating solar capacity has reached 2.9 gigawatts (GW) from 1.3 GW since its public listing in November 2024.
The company has a project pipeline of 6.9 GW. Analysts believe that once commissioned, this could generate EBITDA of Rs 8,100 crore by FY29. They expect the company to commission 1.9 GW of capacity in FY27, which could act as a key catalyst for the stock.
In FY25, its revenue grew by 7.4% to Rs 1,575 crore, driven by capacity expansion and increased power generation. The company has planned capital expenditure (capex) of Rs 13,690 crore in FY26. Analysts estimate EBITDA margins of 88.5% in FY27, up from 87.9% in FY25, as they expect the Sikar solar project to commission by FY28, a year earlier compared to the previous deadline.
Analysts note that the timely commissioning of solar projects, low-interest expenses, and potential new project wins are catalysts driving the company’s performance. They estimate revenue and net profit to grow by 67% and 56%, respectively, over FY26–27.
The analysts project mid-single-digit growth for the domestic tractor segment in FY26 from new product launches in the construction equipment and tractor segments. They expect exports to grow by 20–25% in FY26 and estimate revenue and net profit will rise by 10.5% and 16%, respectively, over FY26–27.
Note: These recommendations are from various analysts and are not recommendations by Trendlyne.
(You can find all analyst picks here)
