1. Inox Wind:

This wind turbine manufacturer rose 1.9% in the past week and over 8% in the last month. This came after Axis Direct highlighted the company’s balance sheet transition following its merger with Inox Wind Energy, a former unit of its renewable energy business. This merger contributed to a sharp liability reduction of Rs 2,050 crore, with the company's net debt falling from Rs 2,956 crore in FY24 to Rs 809 crore in FY25.

In FY25, borrowings were significantly reduced through several actions. The company fully redeemed non-convertible debentures (NCDs) of Rs 1,075 crore, leaving no debentures outstanding as of March 2025. Additionally, an equity infusion of Rs 2,300 crore across the parent company and its subsidiaries was partially used to pay down long-term debt.

Axis Direct described FY25 as a ‘turnaround year’ for Inox Wind. During this period, revenues more than doubled, and the company reported a net profit of Rs 438 crore, a significant improvement from the loss recorded in FY24. The company's order book now stands at a record 3.1 GW, providing clear revenue visibility for the next two to three years. The company appears in a screener of newly affordable stocks with strong financials and a good Durability score.

The company is in expansion mode, and has opened a new facility in Ahmedabad, and started backward integration for cranes and transformers. Its operations and maintenance (O&M) division now manages 5.1 GW and has also entered the solar O&M sector.

In Q1FY26, its revenue grew 36% YoY but missed Forecaster estimates by 8% due to lower-than-expected project execution. The company executed 146 MW during the quarter, a 4% increase YoY but a 38% decrease from the previous quarter. Despite this, CEO Sanjeev Agarwal remains optimistic, saying, “We are confident of achieving guidance of executing 1,200 MW for FY26 and 2,000 MW for FY27.” 

To meet this goal, the company must deliver 1,054 MW in the remaining nine months of the fiscal year, a significant increase from the 565 MW completed during the same period last year. Agarwal raised EBITDA margin guidance for FY26 to 18–19%, from an earlier forecast of 17–18%, projecting improvement from backward integration.

2. JBM Auto:

This auto components manufacturer surged more than 10% on September 12 after its subsidiary, JBM Ecolife Mobility, secured a $100 million investment from the International Finance Corporation (IFC), part of the World Bank Group. The funds will finance the rollout of 1,455 electric buses across Maharashtra, Assam, and Gujarat under the PM e-Bus Sewa scheme.

The company’s financial health showed strong momentum in Q1FY26, with revenue climbing 12% YoY and net profit growing by over 10%. EBITDA margins were robust at 14%, an improvement over both the previous quarter and the same period last year. Vice Chairman and MD Nishant Arya said, “We aim to maintain this margin with better asset utilisation amid a strong order book and many bus deliveries scheduled this year.”

Fueling this growth is JBM’s order book, which stood at Rs 45,000 crore at the end of FY25. A significant boost came in February when the company won a substantial order worth nearly Rs 5,500 crore for 1,021 e-buses under the PM e-Bus Sewa programme. This pushed the company's e-bus backlog to over 7,000 units, providing a multi-year revenue visibility for its OEM division. Arya noted that the company is also seeing “a strong demand for buses from private players.”

While the component business remains JBM Auto’s foundation, contributing over 55% of consolidated revenue from high-volume sheet metal parts, the company is shifting gears. It is transitioning into a complete vehicle manufacturer, with its OEM division primarily focused on electric buses, which now accounts for roughly 35% of revenue. This share is set to climb as the company executes its large-scale public transport orders. The tool room and other engineering businesses make up the rest of its revenue.

Currently, exports account for about 5% of its revenue, but the company has plans to double its export share to 10% in FY26. It is targeting markets across Europe, the Asia-Pacific, the Middle East, and Africa. With this expansion, Arya anticipates the company will achieve double-digit revenue growth in FY26, projecting revenues between Rs 6,000 and Rs 6,500 crore.

3. Hyundai Motor India:

This vehicle manufacturer has surged 6.8% since September 17, following its signing of a three-year wage agreement with the United Union of Hyundai Employees. Investors interpreted the agreement as a signal of stable labour relations and predictable workforce costs, reducing the risk of production disruptions.

The agreement covers nearly 2,000 employees from FY25-27, giving them a clear plan for pay raises over the next three years. More importantly, it locks in the company’s workforce costs, removing a major headache. This gives the company room to ramp up production and prepare for its EV expansion in India.

On September 18, Hyundai announced that India will get its first locally designed electric vehicle before 2030, built with a 100% local supply chain. Their plant in Pune is set to become an export hub, adding 2.5 lakh cars to Hyundai’s worldwide production by 2030, making India a key market for both domestic sales and exports.

However, total sales in August dropped by 4% YoY due to a 11% decline in domestic sales. Analysts attribute this decline to the recent GST reform, as buyers delayed purchases. The company said that 60% of its internal-combustion engine (ICE) portfolio now falls under the 18% tax slab from 28%, following the GST reduction on small cars with a length of up to 4 metres.

Tarun Garg, COO, noted that post-cut, “The SUVs in the sub-4 metre segment will see the highest growth, as that segment represents both affordability and aspiration.”

Despite the dip in total sales, its monthly exports rose 21%. Garg said, “Our goal is to establish India as a manufacturing base for emerging economies and to become Hyundai’s largest export hub outside South Korea.”

Motilal Oswal maintains its ‘Buy’ rating, citing that the company is set to benefit significantly from the GST rate cut and strong rural demand. The brokerage expects the company to register modest 2% growth in FY26. However, they believe the ramp-up of the new Pune plant and upcoming launches will likely drive Hyundai Motor’s volume up by 15% in FY27.

4. Ambuja Cements:

The stock of this cement & cement products company rose 3.9% over the past week as a wave of optimism swept across the Indian cement sector. Global brokerage firms HSBC and CLSA turned bullish, with HSBC naming the company one of its top picks, expecting it to dominate the industry’s expansion in FY26. CLSA sees industry profits growing thanks to stable pricing, cost-saving measures, and recent tax cuts.

Adding to this positive sentiment, the company’s parent, Adani Cement, has welcomed the government's recent decision to slash the GST on cement from 28% to 18%. CEO Vinod Bahety believes the move will speed up national infrastructure projects and boost the economy. Analysts predict this tax cut could cause cement prices to fall by Rs 25-30 per bag, a direct benefit for consumers.

The company’s own performance is already showing strength. In its latest Q1FY26 results, net profit surged by 21.9% compared to last year, thanks to better inventory management. Revenue also grew 21.7%, beating the Forecaster estimate by 5.2%, due to a 3% price hike of cement bags during Q1. The stock features in a screener of companies which have shown relative outperformance versus industry over the past week.

To meet future demand, the company is aggressively expanding its capacity. Mr. Bahety confirmed they have added 5 million tonnes of capacity in the last three months and plan to add another 13 million tonnes this financial year. With a current capacity of 104.5 million tonnes, the company is on a clear path to reach 118 million tonnes by the end of FY26, as part of its larger goal of hitting 140 million tonnes by FY28 through strategic expansions at various sites.

Looking forward, brokerage firm Ventura highlights the company's commitment to innovation through its “Adani Cement FutureX” research and development initiatives. The firm believes the company is positioned to capitalize on India's infrastructure boom through its twin strategy of expansion and cost control. Ventura has issued a ‘Buy’ rating on the stock with a price target of Rs 794.

5. NCC:

The share price of this construction & engineering player increased by 4.2% over the past week. NCC secured an order worth Rs 2,091 crore from Bihar’s Water Resources Department to construct the Barnar Reservoir. This project includes building a dam and irrigation channels.

In August, NCC’s water division bagged two orders totalling Rs 788 crore, adding to a series of major contract wins in recent months. In June, its building division announced new orders worth Rs 1,691 crore, along with a Rs 2,269 crore contract for Metro Line 6 from MMRDA, covering rolling stock, signalling, telecom, and depot machinery.

Neerad Sharma, Head of Strategy at NCC, said, “With these new orders, our order inflows have reached ~Rs 9,600 crore, which translates to 43% of the full-year guidance of Rs 22,000–25,000 crore.” While the buildings segment currently accounts for 79% of the work, the management expects increased contributions from the transportation, irrigation, and mining sectors in the upcoming quarters

The company’s June quarter performance showed signs of pressure. Net profit fell 8.4% YoY to Rs 192.1 crore, while revenue declined by 6.3% to Rs 5,179 crore. This weaker performance was attributed to slower project execution, caused by an early monsoon and delays in starting some large projects.

However, the company expects a recovery in Q2 as execution picks up with improved weather and necessary site clearances. NCC is also targeting significant infrastructure opportunities in Andhra Pradesh, including tenders for capital city development and general infrastructure expansion.

ICICI Securities maintains a ‘Buy’ rating on the company with a target price of Rs 262. The brokerage is confident that NCC’s strong order pipeline will allow it to meet its financial guidance comfortably, forecasting a full-year revenue growth of 15% with margins holding around 9%.

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