1. Glenmark Pharmaceuticals:

Deven Choksey reiterates its ‘Buy’ rating on this pharma company with a target price of Rs 2,300, an upside of 22.2%. In Q2FY26, net profit jumped 72.3% YoY and revenue climbed 79.9%. One-time income and strong global market performance fueled this growth. Analyst Yogesh Tiwari noted that distributor destocking, linked to a Goods and Services Tax change, temporarily impacted India sales.

Management confirms that India's sales dip came from stock reductions, and emphasised that core demand remains strong. North America delivered a robust quarter, generating Rs 44,656 crore in revenue, boosted by the blood cancer drug ISB-2001 and new injectable products. Europe continued its growth, thanks to the respiratory and dermatology portfolios. Emerging markets showed mixed results amid geopolitical challenges, though Russia stayed stable. Glenmark expects over Rs 8,000 crore in revenue for the second half of FY26, targeting an EBITDA margin of about 23%.

Tiwari anticipates that India sales will normalise from Q3. He foresees North America maintaining momentum with exclusive launches and expects Europe to deliver double-digit growth in the second half. Overall, he projects revenue will grow 15.4% annually and net profit 32% annually from FY26–27.

2. Reliance Industries (RIL): 

Motilal Oswal reiterates a ‘Buy’ rating on this energy producer with a target price of Rs 1,765, an upside of 14.6%. Analysts Abhishek Nigam and Aditya Bansal believe the 40-gigawatt-hour (GWh) battery GIGA factory will increase valuations for RIL's new energy business.

Management is focused on delivering Lithium Iron Phosphate (LFP) solutions with industry-leading lifecycle costs. They are also fast-tracking the commercialisation of sodium-ion battery technology by acquiring UK-based Faradion for GBP 100 million (approx. Rs 1,171.9 crore) to boost production.

Analysts highlight that GIGA factory's output will serve RIL’s own needs, supporting its plan to install 100 GW of renewable power generation capacity. Government incentives like the Viability Gap Funding Scheme, production-linked incentives, and waived interstate transmission system charges for co-located battery energy storage systems (commissioned by June 2028) are expected to drive segment growth. 

Nigam and Bansal note that the upcoming Approved List of Battery Manufacturers rules, which mandate in-house battery cell production, will give large players like RIL an advantage. The technical complexity and high cost of these projects could build a competitive advantage that smaller companies cannot cross. They expect RIL to deliver a CAGR of 4.6% in revenue, 11.4% in EBITDA, and 9.7% in net profit over FY26-28.

3. Bharat Heavy Electricals (BHEL):

Geojit BNP Paribas upgrades this power plant equipment manufacturer to a ‘Buy’ rating, with a higher target price of Rs 329, an upside of 16.3%. BHEL posted solid Q2FY26 results, with net profit surging 3.5 times and revenue jumping 14.8% YoY. Analyst Arun Kailasan highlighted the company’s strong project execution in thermal, hydro, and industrial systems, supported by diversification into renewables, rail transportation, and defence manufacturing.

The management has focused on expanding BHEL’s clean energy and nuclear portfolio, leveraging digital solutions to increase operational efficiency. BHEL plans to add 1630 MW across three projects to boost power generation: the 800 MW Yadadri thermal station (Unit-1), the 660 MW Khurja super-thermal project (Unit-2), and the 170 MW Punatsangchhu-II hydroelectric project (Unit-5).

Kailasan noted that initiatives in EV infrastructure, advanced train protection systems, and aerospace components will drive long-term growth. He added that consistent execution discipline and working capital optimisation will support near-term growth. The analyst expects BHEL to deliver a 29.7% annual revenue growth and a 145.2% annual net profit growth over FY26-27.

4. Ahluwalia Contracts (India): 

Axis Direct maintains its ‘Buy’ rating on this civil construction company with a target price of Rs 1,085, an upside of 11.4%. The company posted strong Q2FY26 results, with net profit jumping 103.2% YoY and revenue growing 16.5%. Analysts Uttam Kumar Srimal and Shikha Doshi note that a strong order book and improved project execution drove the company's robust growth.

Management expects over Rs 8,000 crore in order inflows, with 50-60% from private-sector projects. Their focus is on private capital expenditure, which offers stronger visibility and scalable opportunities. Analysts believe Ahluwalia Contracts will sustain its current EBITDA margin of 10.9%, led by a large executable order book, including the Chhatrapati Shivaji Terminus project in Mumbai, and better operating conditions in H2FY26.

Srimal and Doshi note that the company is well-positioned for revenue and net profit growth. A strong, diversified order book, healthy bidding pipeline, steady order inflows, an asset-light operating model, and emerging construction opportunities all support this. They expect Ahluwalia Contracts to deliver 19% annual revenue growth and 34% annual net profit growth over FY26-27.

5. Sansera Engineering: 

ICICI Direct retains its ‘Buy’ rating on this auto parts manufacturer, with a target price of Rs 1,930, an upside of 16.2%. Sansera’s net profit jumped 38% in Q2FY26, thanks to lower finance costs and increased other income. Revenue grew 8%, driven by strong performance in aerospace, off-road, and agriculture segments. Products outside internal combustion engines now make up 27% of its sales.

Management highlights steady order flow for tech-agnostic and electric-vehicle components, alongside growing opportunities in the Aerospace-Defence-Semiconductor (ADS) segment. Sansera’s current order book totals around Rs 2,150 crore, with over 60% from international clients. Management expects this order pipeline to drive revenue growth, and aims to scale the high-margin ADS vertical to Rs 300–320 crore in FY26.

Analysts Shashank Kanodia and Bhavish Doshi foresee a steady recovery in Europe and sustained momentum in North America, supported by new program ramp-ups. They also expect improved domestic growth from GST restructuring, which reduces taxes on vehicles and auto components. They project revenue will grow 14% annually from FY26-28, driven by increasing contributions from non-auto and high-margin segments, and expect margins to approach 20% in the medium term.

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

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