1. Premier Energies:

This electrical equipment maker rose 3.9% on January 12 after announcing a Rs 11,000 crore capex to more than double its solar manufacturing capacity. The company plans to increase annual solar cell capacity to 10.6 gigawatts (GW) from 3.2 GW and module capacity to 11.1 GW from 5.1 GW across its four units.

As part of this expansion, Premier Energies has started backward integration by making ingots and wafers. In simple terms, ingots are used to make wafers, wafers are used to make cells, and cells are assembled into modules.

Vinay Rustagi, Chief Business Officer, said, “The expansion is driven by rising demand in India and overseas. We have a domestic order book of Rs 13,000 crore and are fully booked for the next one year.” He added that the company started exporting solar cells to the US in Q3. The US market remains undersupplied on the cell side, and the company is evaluating opportunities for local manufacturing.

On the same day (January 12), China said it would cancel or sharply reduce tax rebates on several export products, including solar cells, from April 2026. Analysts see this as a positive development for non-Chinese solar manufacturers.

While Premier Energies has limited export exposure, its peer Waaree Energies is more export-focused and may benefit more from the China policy shift. Over the past six months, Premier Energies has fallen 35.5%, compared with a decline of over 20% in Waaree Energies. Analysts noted that Waaree reported stronger Q2 growth, while Premier’s revenue missed estimates.

ICICI Securities has a ‘Buy’ rating on Premier Energies, citing its strong balance sheet and ability to generate around Rs 8,000 crore in operating cash flow over the next three years. The brokerage also highlighted Premier’s experience in running solar cell facilities, which it sees as a key edge over peers.

2. HDFC Asset Management Company:

This asset management company rose over 2% on Wednesday after delivering a strong Q3FY26 performance. Both revenue and net profit grew 20% YoY, beating Forecaster estimates by a healthy margin. Assets under management surged 19% and crossed Rs 9 trillion during the quarter, with equities accounting for about two-thirds of the total, well above the industry average.

Systematic Investment Plans (SIPs) are keeping retail participation high. Monthly SIP inflows hit a record in December, with SIP assets now forming about one-fifth of industry AUM. At the company level, SIP AUM reached Rs 2.2 trillion in Q3, accounting for over 23% of total assets. This highlights the ongoing financialisation of household savings despite relatively muted market returns over the past year.

MD & CEO Navneet Munot asserts distribution strength as their key differentiator, since HDFC Bank provides the AMC business with significant muscle. He says, “Equity market share through the HDFC Bank channel is in the high 20s, compared to about 13% at the industry level.” SIP penetration through this channel is even deeper, driving long-term growth. Munot also pointed to fintech platforms as a growing avenue, with the company building a strong presence as SIP registrations scale across digital channels.

Beyond mutual funds, alternative platforms are gradually scaling up. PMS assets have crossed Rs 50 billion, while the structured credit AIF achieved a first close with the International Finance Corporation as an anchor investor. Munot said these businesses are being built “with a long-term perspective, where capability building and scale get priority over immediate margins.”

Deven Choksey reiterates its ‘Buy’ rating on the firm with a target price of Rs 2,957. The brokerage expects HDFC AMC to sustain high profitability despite regulatory changes to expense ratios, supported by operating leverage, disciplined cost control, and scale benefits. It projects revenue growth of over 15% annually through 2028, with net profit margins remaining comfortably above 70%.

3. Tata Elxsi:

The stock of this IT consulting & software company declined by over 4% on January 14 following the release of its Q3FY26 results. The company reported a sharp 45.3% YoY decline in net profit to Rs 108.9 crore, primarily due to higher employee benefit costs. Despite the bottom-line pressure, revenue saw a marginal uptick of 2.1% to Rs 999.5 crore, supported by steady growth in software development and services. The stock features on a screener of companies where promoters are decreasing their shareholding.

The company’s net profit missed Trendlyne’s Forecaster estimates by 29.7%. This miss was largely due to a 110 basis-point hit from wage hikes for junior and mid-level staff, alongside one-time provisions of approximately Rs 95.7 crore, related to India's new labour codes, which required increased employee benefit provisions. Despite these bottom-line pressures, the EBITDA margin expanded by 220 basis points sequentially to reach 23.3%, fueled by better workforce utilization. Geographically, growth was steady in the US and Europe, though the Indian market struggled due to weakness among automotive suppliers.

Tata Elxsi’s growth was driven by the transportation segment, particularly through Software-Defined Vehicle (SDV) deals with global equipment manufacturers. SDVs are vehicles in which software, rather than hardware, controls core functions, enabling remote updates and new digital features. A key milestone was the January 7 partnership with Chinese OEM Autolink, which involves the integration of Tata Elxsi’s AVENIR SDV suite with Autolink’s intelligent cockpit platform.

The Media and Communications segment saw a minor 0.3% revenue dip due to seasonal furloughs and delayed deals, though demand remains stable. While large contracts are scaling, client decision-making remains slow. CEO Manoj Raghavan expects recovery signs in Media and Healthcare segments by Q4, with a “meaningful turnaround” projected for FY27. 

Brokerage firm Deven Choksey maintained a ‘Sell’ rating on the stock with a target price of Rs 5,192. While acknowledging the strong momentum in Transportation, the brokerage noted that recoveries in the Media and Healthcare segments are still dependent on the deal pipeline. Key factors to monitor heading into FY27 include the stability of major clients, the conversion of new media bids, and the company's ability to maintain high utilization and margins.

4. ICICI Lombard General Insurance Company:

ICICI Lombard’s stock fell 1.5% last week after Q3FY26 net profit missed Forecaster estimates by 14.4%. The miss was caused by higher claims and operating costs, not weak demand. 

Gross premiums rose 5.6% YoY, led by motor and health, while net profit increased 13.4% due to higher investment income. Margin pressure came from the core insurance business. The combined ratio rose 130 basis points to 104.2%, meaning the company spent more on claims and expenses than it earned in premiums. Despite this, ICICI Lombard outperformed the industry, where average combined ratios are close to 119%.

Retail health claims rose after the GST waiver drove a surge in first-time buyers, who typically claim more in the initial months; Yes Securities expects claims to normalise over the next 3–5 quarters. Vehicle sales grew about 19% in Q3, but premium growth lagged due to a shift toward smaller, cheaper cars.

CEO Sanjeev Mantri says, “Over the next few quarters, motor growth will be driven by renewals and selective new business rather than headline vehicle sales.” He adds, “In retail health, we will adjust prices and benefits to bring claim costs back to our target of keeping loss ratios below 70%.” A lower loss ratio means fewer claims relative to premiums. CFO Gopal Balachandran notes that, “Motor loss ratios at 66.3% remain within guidance, and retail health loss ratios are improving sequentially.” 

Yes Securities has reiterated its ‘Buy’ rating with a lower target price of Rs 2,300, implying a 22% upside. The assessment hinges on ICICI Lombard’s execution of pricing and portfolio plans and a normalisation of health claims, supporting profitability that remains stronger than the broader loss-making industry.

5. Bank of Maharashtra:

This PSU bank stock rose over the past week to a fresh 52-week high of Rs 67.7 after delivering a strong Q3FY26 performance. Revenue grew 16.4% YoY, supported by healthy growth in deposits and advances, while net profit jumped 23.1%. Lower slippages, provisioning, and employee costs boosted net profit.

The bank also beat Forecaster estimates in revenue and net profit with a healthy margin. Gross advances expanded 19.6%, driven by sustained demand in retail, vehicle, housing, and gold loans. Agriculture lending recovered after a weak second quarter as the bank pivoted toward investment-linked loans. On the liability side, growth in low-cost CASA and term deposits supported overall deposit mobilisation.

However, loan growth outpaced deposits, pushing the credit-to-deposit (CD) ratio to 85%. While this signals strong credit demand, it could tighten liquidity and raise funding costs if it continues. Asset quality has improved, with gross NPAs declining by 20 basis points. This helped the bank cut provisions by 13.4%, supporting profitability.

MD & CEO Nidhu Saxen reiterated confidence in the bank’s operating metrics. “We are confident of sustaining our net interest margin at 3.8%, with a CD ratio of 83–84%,” he said. He added that the focus on low-cost deposits, branch expansion, and deposit refinancing should help protect margins despite tighter liquidity conditions.

Brokerage Systematix remains positive on the stock and has retained a ‘Buy' rating with a target price of Rs 80, implying an upside of over 20.2%. The brokerage cites strong loan growth, improving asset quality, and benefits from deposit repricing as key drivers.

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