1. Brigade Enterprises:

ICICI Securities maintains its ‘Buy’ rating on this real estate developer with a target price of Rs 1,233, an upside of 21.1%. The company delivered strong Q2FY26 results, with revenue jumping 25.6% and net profit soaring 36.6% YoY. Residential sales bookings climbed 15% YoY to Rs 1,460 crore. Analysts Adhidev Chattopadhyay and Saishwar Ravekar highlight that the company achieved record leasing volumes in its office portfolio, driving revenue growth.

Management aims for its FY26 sales guidance of Rs 9,000 crore, supported by a robust pipeline of new launches for H2FY26 totalling 7.5 million square feet, with a gross development value exceeding Rs 8,000 crore. A strong deal pipeline offers opportunities across both residential and commercial segments, as the company plans to expand in Bengaluru, Hyderabad, and Chennai. Over the next 12 months, Brigade holds a pipeline of 11 million square feet of projects across South India.

Chattopadhyay and Ravekar are positive on the company’s hospitality portfolio, which saw 16% YoY revenue growth and is expected to benefit from expansion plans. The company plans to develop nine new hotels with 1,700 rooms across South India, investing Rs 3,600 crore in capex over FY26-30. They project Brigade to deliver a revenue CAGR of 20.6% and a net profit CAGR of 31.2% over FY26-28.

2. Transport Corporation of India:

Motilal Oswal reiterates its ‘Buy’ call on this transportation company with a target price of Rs 1,500, an upside of 26.9%. In Q2FY26, revenue grew 7.5% YoY and net profit increased 5.8%, driven by demand from the automobile, fast-moving consumer goods, and consumer durables sectors. Analysts Alok Deora and Shivam Agarwal highlight that the company’s cargo shipping division, Seaways, remains the largest profit contributor.

Management expects 10-12% revenue and profit growth in FY26 and sees freight division margins recovering from FY27. The company plans a capex of Rs 450 crore for the financial year for new trucks, cold chain expansion, and two additional rail rakes for sport utility vehicle transport. Freight segment margins is expected to bottom out by the end of FY26 and recover by almost 100 basis points in FY27. The supply chain business has benefited from new contracts and higher multimodal movement.

Deora and Agarwal expect growth momentum to improve as the company scales its cold chain and supply chain network, increases higher-margin less-than-truckload freight, and adds new rail capacity. Analysts point to long-term policy tailwinds like the Sagarmala programme and the government’s plan to double the waterways' share in logistics by 2030 as key structural positives.

3. Federal Bank:

ICICI Direct upgrades its rating to ‘Buy’ on this bank, with a target price of Rs 275, an upside of 15.6%. Analysts Vishal Narnolia and Parth Chintkindi highlight the board’s approval of a Rs 6,197 crore preferential issue of 27.3 crore warrants to Blackstone at Rs 227 per warrant, as the key trigger for the upgrade. On full conversion, Blackstone will own 10% and secure a board seat. 

Management states that fresh capital offers flexibility to accelerate loan growth, invest in new businesses, and explore inorganic opportunities. The bank continues to guide for loan growth at 1.5–2 times the industry average, led by commercial banking, vehicle finance, and property loans. Margins have recovered, with net interest margin improving 12 bps sequentially to 3.1% in Q2FY26, supported by lower deposit cost and a shift toward mid-yield segments.

Narnolia and Chintkindi believe the capital infusion strengthens the balance sheet and provides ample headroom for growth and margin expansion. They project margins will trend higher as term deposits reprice and loan growth accelerates. New wealth products and the bank’s non-banking finance subsidiary, FedFina, add upside to revenue by FY27. 

4. Indus Towers: 

Emkay upgrades this telecom infrastructure company to a ‘Buy’ call, with a target price of Rs 460, an upside of 17.2%. The company posted strong Q2FY26 results, with revenue growing 10.3% QoQ to Rs 8,357.7 crore, driven by improvements in tenancy and revenue per tenancy. The company added 4,301 towers during the quarter, bringing its total to 2.6 lakh. Analysts Pranav Kshatriya and Aryan Tripathi note that the company achieved growth from record tower additions and improved collections from Vodafone Idea.

Management plans to leverage Bharti Airtel's market presence to expand its operations in Africa, with roll-out expected within 3-6 months. Analysts believe this expansion in Africa will limit capital misallocation risk and create long-term value. However, consistent currency depreciation and challenges in upstreaming dividends from Africa pose major challenges.

Kshatriya and Tripathi believe the Supreme Court decision, allowing the government to reconsider Vodafone Idea’s AGR dues reassessment, boosts confidence in Indus Towers' long-term revenue visibility. They project Indus Towers will deliver a revenue CAGR of 7.2% over FY25-27.

5. NLC India:

Axis Direct maintains its ‘Buy’ rating on this power generation company, with a target price of Rs 310, an upside of 18.3%. In Q2FY26, both power generation and thermal output rose 2% YoY, with total generation at 6,767 megawatts. The plant load factor of the TPS-II expansion rose to 43% from 26% over the past year after modifications. Revenue grew 14%, helped by higher sales from the mining segment. However, net profit declined 26% due to lower other income.

Management notes that operational performance has stabilised, supported by higher plant load factors and stronger coal output. The company aims to double its mining capacity by 2030 and significantly increase both thermal and renewable power capacity, with renewables projected to grow more than seven times. The company highlights upcoming projects, such as Ghatampur thermal units and battery-storage-linked renewable plants, as key earnings drivers.

Analysts Aditya Welekar and Darsh Solanki believe this expansion pipeline strengthens long-term earnings visibility. They estimate total capital expenditure of Rs 1.2 lakh crore, which will almost double the company’s equity to Rs 18,320 crore by 2030. Welekar and Solanki believe the commissioning of new thermal, renewable, and mining assets will support sustained growth in both volumes and profitability.

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

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