1. Garden Reach Shipbuilders & Engineers (GRSE):

This Kolkata-based shipbuilding player rose 1.3% on September 24 after the Cabinet approved a Rs 69,725 crore package for the shipbuilding and maritime sector. The package provides financial support and subsidies that will lower the cost of building vessels, helping Indian shipbuilders compete better globally.

The company entered into five memorandum of understanding (MoUs) last week with major players in shipbuilding, ports, and infrastructure, such as Indian Port Rail & Ropeway and Shipping Corp of India. These agreements cover a range of projects across building green vessels, ship repair, port development, logistics, and ropeway connectivity. In addition, it finalised a $62 million (Rs 547 crore) deal with Germany’s Carsten Rehder to deliver four hybrid multi-purpose vessels.

As of the end of June 2025, the company’s order backlog was a substantial Rs 21,700 crore, with about 84% coming from the defence shipbuilding segment. GRSE anticipates strong execution in FY26 and FY27, fueled by the final phase of two major contracts — P-17A and ASW-SWC — which make up nearly 70% of the order book. While these projects provide clear revenue visibility, analysts caution that timely awarding of new contracts will be key for growth beyond FY27.

Looking ahead, Chairman & MD P.R. Hari said, “We expect to complete the majority of our orders in the next two years. We are also preparing for the P-17 Bravo project, worth about Rs 70,000 crore, for which bids are expected to be invited by 2026.” But he noted that outsourcing costs (expenses for work done by external contractors) are likely to be around 15% of revenue in the coming quarters, as the company rides through its peak revenue phase.

ICICI Direct maintained its ‘Hold’ rating for the company, acknowledging the significant opportunities in the defense shipbuilding space. The brokerage noted that contracts like next-generation Corvettes, worth about Rs 25,000 crore, have already been approved by the government and are expected to be awarded to the company by the end of FY26. They project a revenue CAGR of 35% and a net profit CAGR of 28% over FY26–27.

2. Minda Corporation:

This auto component manufacturer’s stock jumped over 8% on September 24 after it unveiled its “Vision 2030” roadmap. Chairman and Group CEO Ashok Minda outlined plans to transform the company into a “system solutions provider,” with a focus on electrification, premiumisation, and exports. The company set an ambitious revenue target of Rs 17,500 crore by FY30, up from Rs 5,056 crore in FY25.

Management also guided for higher profitability, with the EBITDA margin expected to rise 110 basis points to 12.5% by FY30. The company plans to increase its revenue contribution from passenger vehicles to 25% (currently 14%), while reducing its reliance on 2/3-wheelers to 40%. To fund growth, Minda has lined up Rs 2,000 crore of capex over the next five years.

Group CTO D. Suresh highlighted research priorities that move beyond mechatronics toward electronics and software. The company is investing in advanced driver assistance systems (ADAS), cybersecurity, software-defined vehicles, and EV electronics. With annual R&D spending of about 4% of revenue and a portfolio of more than 310 patents, Minda says that it is backing its growth vision with “steady innovation”.

Exports are another key pillar, with the company aiming to nearly double their contribution to revenue by 2030. It plans to grow export sales at a CAGR of 37% to Rs 1,500 crore by FY30. To achieve this, Minda has formed joint ventures with global partners for automotive switches and smart cockpit electronics, targeting the connected-vehicle market.

Minda Corporation appears in a screener of stocks where brokers upgraded their recommendation or target price in the past three months. Axis Securities maintains its Buy call with a target price of Rs 690. The brokerage highlights the company’s strong revenue trajectory, margin expansion plans, and disciplined capex execution. It flagged premiumisation, higher exports, and EV component growth as long-term structural drivers.

3. Jindal Stainless (JSL):

The stock of this iron & steel products company rose 3.5% over the past week after it unveiled a massive expansion plan. On September 19, the company signed an agreement with the Maharashtra government to establish a new stainless steel plant in Raigad. The project, valued at Rs 41,580 crore, is expected to create around 15,500 jobs.

This investment comes at a favorable time for the company. The government recently introduced a temporary 12% safeguard duty on certain steel products, a move praised by Chairman Ratan Jindal. He said that this measure will protect Indian manufacturers from unfair competition, particularly from China and Vietnam, and help boost domestic production. 

The company's recent performance has been solid, with its latest Q1FY26 net profit climbing 10.2% compared to last year, driven by efficient inventory management. Revenue also rose by 8.4%, supported by strong sales volumes. However, Trendlyne Forecaster expects a marginal 0.9% revenue growth in the next quarter due to US tariff uncertainties and potential swings in the prices of raw materials. The stock features in a screener of companies which have given consistent high returns in the past five years.

Company leadership remains confident in its strategy. Management confirmed its investment plans are on track, having already spent Rs 665 crore in the first quarter out of a total Rs 2,700 crore capex planned for the fiscal year. Addressing concerns about US tariffs, Managing Director Abhyuday Jindal emphasized that their priority is the booming domestic market. "Exports aren’t a priority," he said, "and will be considered only if attractive opportunities arise."

Looking at the big picture, brokerage firm ICICI Direct sees significant room for growth. India’s average steel consumption per person is currently just half the global average. With domestic demand projected to grow steadily until 2030, JSL, as the country's largest producer, is perfectly positioned to benefit. The brokerage has assigned a ‘Buy’ rating with a price target of Rs 940.

4. Oil & Natural Gas Corporation (ONGC):

This exploration & production player’s stock has climbed by 1% in the past week on its plans to acquire 2.5-3 gigawatts (GW) of renewable energy projects by 2030. This move will more than double the company's current clean energy capacity of 2.5 GW.

Earlier this year, ONGC, which supplies about 70% of India’s oil and gas, announced a goal to build a 10 GW renewable energy business by 2030. About 60-70% of this will come from solar, with the remaining 30-40% from wind energy. To fund this, the company has set aside a Rs 1 lakh crore investment for its green portfolio.

ONGC has already moved quickly on its acquisition strategy. Through its subsidiary, ONGC Green, it purchased 288 MW of wind assets from PTC Energy. It also secured another 4.1 GW of clean energy capacity through a joint venture with NTPC Green (which included assets from Ayana Renewables).

This move is part of ONGC's strategy to diversify its business. The plan centers on strengthening its main oil and gas operations while also expanding into regasified liquefied natural gas (R-LNG), renewable energy, and petrochemicals.

At the same time, ONGC is boosting its core exploration business. Vivek Tongaonkar, the Director of Finance, said, “We have planned a capital expenditure of around Rs 35,000–40,000 crore for FY26, with a significant portion directed towards exploration and production projects”.

ONGC currently has 25 major projects in the pipeline, representing an investment of Rs 74,474 crore. 

The brokerage firm Geojit PNB Paribas highlights the company’s focus on valuable partnerships, innovation driven by sustainability, and its strategy of diversifying its business. The firm gives the company a ‘Buy’ rating with a target price of Rs 270. It believes that increasing production, turning projects into profit more quickly, and benefits from recent discoveries will all boost performance.

5. Swiggy:

This internet & catalogue retail company fell 5.7% over the past week after its board approved the sale of its stake in bike/taxi aggregator, Rapido, for Rs 2,400 crore on September 23. MIH Investments One BV will acquire a stake worth Rs 1,968 crore, while Westbridge will buy a stake worth Rs 431.5 crore.

Speaking on the divestment in Rapido, Swiggy’s CEO, Harsha Majety, said, “When we got in two and a half years back, Rapido was a mobility player. Unfortunately, they decided to get into food delivery themselves. We took note of the conflict, and therefore are planning to go our separate ways.”

While the fund infusion from Rapido is positive, analysts remain concerned about the company's cash burn rate. Swiggy is estimated to have a net cash outflow of Rs 1,000 crore in Q2FY26, following a Rs 2,800 crore outflow over the past two quarters. The stake sale will bolster the company’s depleting cash balance only for the next few quarters.

In another strategic move, Swiggy's board approved the transfer of its quick commerce business, Instamart, to a wholly-owned subsidiary via a slump sale at a book value of Rs 2,976.7 crore on September 23. The restructuring is expected to be completed by Q3FY26 and could enable Instamart to switch to the inventory-led model once Swiggy becomes an Indian Owned and Controlled Company (IOCC) with a domestic shareholding above 51 per cent. Switching to an inventory-led model will improve the contribution margin of the Instamart business. 

Reflecting these sentiments, Kotak Institutional Equities downgraded Swiggy to 'Reduce' from 'Add', setting a target price of Rs 430. The brokerage cited the significant quarterly cash burn, calling the fund infusion a "stopgap," and noted that Swiggy may need additional fundraising to meet its ongoing cash requirements.

Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations