1. Coforge: 

Motilal Oswal maintains its ‘Buy’ call on this digital services provider, with a target price of Rs 3,000 per share, an upside of 63.7%. Analysts Abhishek Pathak and Keval Bhagat view Coforge as a strong mid-tier player, well-positioned to benefit from vendor consolidation and rising demand for cost-optimisation deals.

Management highlighted increased client budgets for compliance and risk management due to tightening financial regulations, data protection & privacy laws, and AI governance & ethics. Analysts believe this offers Coforge a resilient, non-discretionary revenue stream. They add that AI-led legacy modernisation and cloud transformation are accelerating enterprise-wide automation. Analysts also note a pivot in the travel technology vertical (23% of revenue), with airlines expected to invest approximately $50 billion in modernisation over the next decade. Coforge’s Aeronova.AI platform enhances its competitive standing in this segment.

The company plans expansion into the West and Midwest of North America, focusing on hi-tech, retail, consumer packaged goods, and manufacturing verticals. Pathak and Bhagat see Coforge’s strong executable order book and resilient client spending driving long-term growth. They expect a revenue CAGR of 30.2% and a net profit CAGR of 38.7% over FY26-28.

2. Healthcare Global Enterprises:

Axis Direct retains its ‘Buy’ call on this healthcare services provider with a target price of Rs 850 per share, an upside of 20.1%. The company’s stock price has shown weakness recently, falling 7.7% over the past month. Analyst Aman Goyal is positive on the stock, owing to strong growth in oncology, management’s confidence in sustaining revenue and profitability, and Rs 290 crore in capex for FY27 expansion.

Management anticipates 9-10% growth in patient volume and a 4-5% increase in average revenue per patient (ARPP). They expect deeper clinical specialisations, scaling key programs like bone marrow transplant and robotic surgery, better patient journeys, and stronger sales efforts to drive this growth. Analyst notes the company will benefit from improved operating leverage, a better case mix, and a shift from lower-yield institutional business, supporting management’s EBITDA margin guidance of 21-22% over the next 4-5 years. 

Goyal highlights that Healthcare Global’s Rs 600-700 crore capex over the next 2-3 years will fund brownfield expansions and greenfield acquisitions in key markets. He expects the company to deliver a revenue CAGR of 15.7% and a net profit CAGR of 80.5% over FY26-28.

3. Union Bank of India: 

Axis Direct reiterates its ‘Buy’ call on this public sector bank, with a target price of Rs 188 per share, an upside of 25.1%. The bank’s Q2FY26 net profit rose 3.3% sequentially to Rs 4,249.1 crore. Analyst Sheen G points to an 8.3% drop in gross slippages, along with improved credit underwriting and recovery, as key catalysts for net profit growth.

The analyst notes that the bank improved its asset quality, with net non-performing assets falling 43 bps YoY to 0.6%, supported by strong provisioning. However, net interest income (NII) declined 2.6% due to slower loan growth and higher deposit costs. Net interest margin also contracted 23 basis points to 2.7%, reflecting deposit repricing and cautious lending in lower-yield segments. 

Management expects to achieve 9-10% loan growth going forward, driven by an improving loan mix. Sheen highlights that the bank’s 5% loan growth came from strong increases in the retail, agriculture, and MSME segments. The analyst projects a NII CAGR of 7.4% over FY26-27.

4. SRF: 

ICICI Securities upgrades this chemical company to a ‘Buy’ rating, with a target price of Rs 3,450, an upside of 17.2%. Over the last six months, the stock has corrected by 4.8%. Analysts Sanjesh Jain and Mohit Mishra expect a broad recovery across SRF’s chemicals portfolio and see a 15–20% upside to current revenue forecasts for refrigerant gases, supported by stronger volumes and stable global prices.

Management reports strong demand for SRF’s main gas product, R32 (a hydrofluorocarbon), even as the world transitions from older gases. They expect long-term demand to grow as new US rules mandate air conditioners to use newer gases like R454B, which contains R32. Growing data centres in the US and China also add demand. For its R134a gas product, which is used mainly in automobile air-conditioning, analysts cite strong domestic car sales and India’s mandate for air-conditioned cabins in commercial vehicles as key demand drivers. Management also expects the speciality chemicals business to improve in the second half of FY26 with new product production. 

Jain and Mishra believe SRF will benefit from steady demand, limited competition, and growth in the fluoropolymer market. They project stronger revenue and net profit led by refrigerant gases, and note that demand for hydrofluorocarbon gases remains favourable amid improving industry conditions.

5. Voltamp Transformers: 

Emkay maintains its ‘Buy’ rating on this transformer manufacturer with a target price of Rs 10,000, an upside of 25.3%. Its share price has fallen 10.9% over the last six months and 29.4% over the past year. Analysts Ashwani Sharma and Abhishek Taparia note that the company holds about a 15% share in the industrial transformer market, supported by a strong presence among private-sector clients. With nearly 85% of its revenue coming from this segment, they view the company’s customer base as both stable and well diversified. 

Management reports strong inquiries from industrial customers and power utilities as grid expansion accelerates. Order inflows have been robust, growing 37% in FY24, 12% in FY25, and another 37% in the first half of FY26. Demand comes from sectors like metals, mining, infrastructure, and renewable energy. Voltamp currently operates at full capacity of 14,000 megavolt ampere (MVA) and adds another 6,000 MVA in Vadodara by FY27 to support future growth.

Sharma and Taparia see good opportunities in solar, railways, EV charging, and data centres. While competition might soften margins, they maintain a positive long-term view, backed by strong demand, a Rs 1,400 crore order book, and planned expansion. They expect strong revenue growth but slightly reduced margin expectations due to new industry capacity and potential price pressure.

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

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