1. Maruti Suzuki India: 

Axis Direct maintains its ‘Buy’ call on this passenger vehicle manufacturer, with a target price of Rs 18,170 per share, an upside of 11.1%. Analyst Sanchit Karekar expects Maruti Suzuki to grow revenue and profitability, driven by its strong leadership, expanding utility vehicle (UV) portfolio, and improving product mix.

Management is aiming to expand its domestic market share to 50% from 41% currently, supported by the Victorius SUV launch. They expect to exceed their FY26 export guidance of 4 lakh units, having already exported 2.1 lakh in H1FY26. Exports jumped 42% YoY in Q2FY26, offsetting weaker domestic growth and securing Maruti a 45.4% share in India’s passenger vehicle exports.

Karekar adds that reduced GST for small passenger vehicles (PV) – dropping to 18% from 28% – will boost demand in this segment. Growth in the small PV and UV segments, plus presence across all powertrains (internal combustion, hybrid, CNG, and electric vehicles), will drive Maruti’s market share growth. He expects Maruti to deliver a 10% revenue CAGR and an 11% net profit CAGR over FY26-28.

2. Netweb Technologies India: 

ICICI Securities initiates a ‘Buy’ rating on this software company with a target price of Rs 4,110, an upside of 25.3%. This is an AI play – analysts Seema Nayak and Ruchi Mukhija highlight that Netweb is directly benefiting from India’s rising demand for high-end computing in AI, data centres, and advanced research.

Netweb offers an end-to-end stack in India: system design, manufacturing, installation, and software support. Its fastest-growing segments, high-performance computing (HPC), AI systems, and hyper-converged infrastructure, achieved a strong 77% CAGR from FY22-25, now contributing nearly 90% of quarterly revenue.

Demand remains strong, driven by increasing AI infrastructure investments and major government projects. Partnerships with global chip leaders like NVIDIA, AMD, and Intel have given the company early access to next-gen processors. Government demand drives growth, making up about 43% of revenue, including the IndiaAI Mission and National Supercomputing Mission. 

Nayak and Mukhija estimate a Rs 2,180 crore revenue opportunity from IndiaAI projects. They expect revenue and net profit to grow almost 60% annually from FY26-FY28, with stable margins. 

3. Berger Paints (India): 

Geojit BNP Paribas upgrades this paint company to a ‘Buy’ rating, with a target price of Rs 628, an upside of 16.3%. Analyst Antu Eapan Thomas notes Berger Paints shows early signs of demand recovery after a weak first half, where it was impacted by a long monsoon and stiff competition.

Q2FY26 revenue rose 1.9% YoY to Rs 2,827.5 crore. Volumes grew 8.8%, indicating steady ground-level demand, despite weak value growth. Profitability declined as EBITDA fell 18.9% YoY to Rs 352 crore, and margins dropped to 12.5%, mainly due to higher costs. Management expects margins to improve in the coming quarters, driven by soft raw material prices and an improving product mix.

Thomas anticipates a stronger second half, boosted by better weather, festive demand, and the release of postponed re-painting projects. Berger continues expanding its retail reach, opening over 1,600 stores and installing more than 5,500 tinting machines in the first half, targeting 10,000 by year-end. He forecasts an 8.4% revenue CAGR and a 6.3% net profit CAGR over FY26-27.

4. Sandhar Technologies: 

Emkay initiates a ‘Buy’ rating on this small-cap auto parts manufacturer with a target price of Rs 825, an upside of 49.5%. Analysts Chirag Jain and Nandan Pradhan see the company entering a growth phase after completing a multi-year capacity expansion. Peak capital spending is over; capex will drop to 4.5-5% of revenue from FY26-28, down from 9% during FY21-25.

Management expects the long capex cycle to conclude by March 2026, with only three projects remaining: Sandhar Components integration, Pune aluminium die-casting, and Pune cabins. The company also rules out aggressive overseas expansion, planning new capacity only as utilisation improves. Its overseas business should break even by Q4. From FY26 onward, profitability is expected to improve, supported by lower capital spending, regular debt repayments, and disciplined working capital management.

Jain and Pradhan believe smart locks, which generate higher revenue than traditional mechanical locks, will support margin improvement. Sandhar’s EV-related products have already started contributing to revenue in H1FY26 and are expected to grow further. They forecast a 14% revenue CAGR and 20% EBITDA CAGR over FY26-28.

5. Vedanta:

ICICI Direct retains its ‘Buy’ call on this aluminium products manufacturer with a higher target price of Rs 650 per share, an upside of 14.1%. Analysts Shashank Kanodia and Manisha Kesari remain positive on Vedanta, citing surging non-ferrous metal prices and expansion in India’s aluminium and zinc segments.

Management aims for 3.1 million tonnes per annum (MTPA) smelting capacity by FY28, supported by debottlenecking the Jharsuguda plant. It also plans to expand alumina capacity to 6 MTPA, driven by commissioning the 1.5 MTPA Lanjigarh plant and developing captive bauxite and coal mines. Analysts believe the company will benefit from rising non-ferrous metal prices, with aluminium and zinc prices increasing 7% and 13% QoQ, respectively.

Kanodia and Kesari add that its subsidiary, Hindustan Zinc, will benefit from surging silver prices (up 32% QoQ). Hindustan Zinc is India’s largest silver producer, with a refining capacity of 800 MT. Higher silver prices will drive profitability, as silver is a low-cost by-product. Analysts expect Vedanta to deliver a 13.7% revenue CAGR and a 30.7% net profit CAGR over FY26-27.

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

(You can find all analyst picks here)