1. Dixon Technologies:

Emkay maintains a ‘Buy’ rating on this consumer electronics company with a target price of Rs 19,000, a 13.2% upside. Analysts Chirag Jain and Jaimin Desai note that Dixon is expanding its smartphone manufacturing capacity to over 45 million units by FY26, up from 28.3 million in FY25, driven by in-house manufacturing and a strong order book.

Analysts believe that the company’s in-house manufacturing, including display modules, camera modules, and precision components, along with its upcoming facility expansion, will reduce dependency on external suppliers and improve profitability across the value chain. For FY26, Dixon has planned a capital expenditure of Rs 1,200 crore to scale up its camera and display module capacities.

Management highlights that Dixon is diversifying into higher-value segments by focusing on assembling printed circuit boards (PCBs) for industrial and automotive applications. Analysts expect this move will help Dixon tap into new demand segments and expand its customer base beyond consumer electronics.

The company is also gaining traction in third-party manufacturing for brands such as Panasonic, Samsung and Motorola across its home appliances, consumer electronics, and IT hardware segments, supported by a strong order book. Analysts expect healthy volume growth in H2FY26, driven by festive demand and rising orders from new brands. They forecast revenue and profit to grow at a CAGR of 28% and 50% respectively, by FY28.

2. Mastek:

Geojit BNP Paribas has a ‘Buy’ rating on this IT consulting & software firm, with a target price of Rs 3,260, a 32.9% upside. Mastek reported revenue of Rs 915 crore in Q1FY26, up 12.5% YoY, led by strong growth in the UK and Europe. Its UK healthcare segment benefited from digital upgrades under the national health service, supported by a £10 billion government investment in electronic records.

The company's 12-month order backlog increased 8.3% to Rs 2,348 crore, supported by steady demand for digital engineering, data analytics, and Oracle-led projects in the healthcare and commercial sectors. Management expects deal activity to pick up in the second half of the year as recent go-to-market investments, new leadership hires, and sales team expansion begin to show results.

Analysts are optimistic on Mastek due to its strong client relationships and healthy order pipeline, projecting 13.7% revenue growth and 15.3% net profit growth over FY26–27.

3. PCBL Chemical:

Prabhudas Lilladhar initiates a ‘Buy’ rating on this refinery company, with a target price of Rs 474, a 21.2% upside. In Q1FY26, revenue declined 1.6% YoY to Rs 2,119 crore, due to lower carbon black (CB) sales volume and weak realisations. Net profit fell 20.3% to Rs 94 crore, primarily due to higher employee expenses and depreciation.

The management expects strong opportunities for PCBL in North America and Europe following the shutdown of Luxembourg-based carbon black manufacturer Orion's facilities. The company plans to add 20,000 metric tonnes per annum (MTPA) of specialty black capacity at Mundra, increasing the total to 132,000 MTPA by the end of FY26.

Kaushik Roy, M.D, notes, "We aim to achieve 1 million tons of CB capacity by FY28. To support this, we have planned a capital expenditure of Rs 3,500 crore over the next five years to expand manufacturing capacity and increase exports to Europe and the US.

Analysts Saurabh Ahire and Swarnendu Bhushan expect CB volumes to grow 8% in FY26, supported by capacity expansion. They project EBITDA per tonne to rise to Rs 20,392 from Rs 17,791, led by a higher contribution from specialty products.

Analysts Ahire and Bhushan note that PCBL is expanding its specialty carbon black capacity and entering high-margin segments such as superconductivity-grade carbon black, acetylene black, and nano silicon. These additions are expected to enhance the product mix and improve the margin per tonne. They estimate PCBL’s revenue and net profit to grow at a CAGR of 14% and 36%, respectively, over FY26–FY27.

4. HDFC Bank:

IDBI Capital maintains a ‘Buy’ rating on this bank with a target price of Rs 2,250, indicating an 11.3% upside. In Q1FY26, the bank’s net interest margin (NIM) dropped 11 basis points YoY to 3.3% due to rising deposit costs and the impact of policy rate cuts. The management expects NIMs to normalise in the range of 3.5-3.6% by the end of FY27.

Analyst Bunty Chawla notes that in Q1FY26, the bank reported muted growth in net interest income (NII) amid a slowdown in loan growth. Despite this, substantial other income from the HDB stake sale boosted operating profit by 49%. The bank’s gross non-performing assets increased seven bps YoY to 1.4%, led by higher slippages during the quarter.

The management highlighted that the bank’s credit-to-deposit (CD) ratio improved to 95% from 110% in FY24, driven by strong deposit growth. They aim to reduce the CD ratio to around 85% by FY27. 

Analysts expect short-term pressure on NIM due to slower loan growth, as the bank prioritises strengthening its balance sheet over aggressive lending, but Chawla maintains a positive long-term outlook. They project NII to grow at a CAGR of 11% over FY26–27, supported by stable asset quality and stronger credit growth.

5. CreditAccess Grameen:

ICICI Securities maintains a ‘Buy’ rating on this microfinance NBFC with a target price of Rs 1,400, a 23.6% upside. Analysts Renish Bhuva, Chintan Shah, and Gaurav Toshniwal highlight that the company performed better than most of its peers. Its credit cost was 8% in FY25, significantly lower than the industry average of over 10%, indicating a stronger asset quality and a resilient business model.

Analysts also believe that while the rest of the industry struggles with high costs from risky loans, CreditAccess Grameen is positioned for better results. This is due to its stable repayment trends, improving collections and limited stress from newer loans.

The company's management reports that although microfinance is still its core business, it is expanding into other areas like retail lending. This move helps to diversify its services and reduce overall financial risk. Consequently, the share of non-microfinance loans has more than doubled YoY in Q1FY26, now making up 6.8% of the business.

CA Grameen’s total provisions (safety fund for bad loans) declined for the third quarter in a row, which helped its net profit grow by 27% in Q1. Following this trend, analysts expect the company's net profit to grow at a CAGR of 76% over FY26–27.

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

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