1. Hindustan Zinc:

This metals and mining company rose 6.5% last week after its Q3FY26 revenue and net profit beat Forecaster estimates by 12% and 11.1% respectively. The beat came alongside strong silver prices, with operational gains adding to the upside.

Revenue rose 27% YoY to Rs 10,980 crore, driven by higher mined and refined metal volumes and supportive zinc and silver prices. EBITDA margins expanded by about 300 basis points, aided by lower power costs and higher usage of domestic coal. Stronger by-product realisations provided an added boost, partly offset by increased mine development activity.

Refined metal output rose 4% following capacity upgrades at existing smelters, while mined metal production also increased. Zinc’s cost of production fell to a five-year low. Silver now contributes to around 44% of profits, helped by improved recoveries. Its rising industrial usage has pushed silver prices and targets higher.

CEO Arun Misra said “Refined zinc and lead metal capacity is expected to rise by around 25% to ~1.4 million tonnes by FY29”, driven largely by brownfield expansions already under execution. This implies a greater share of earnings growth coming from volumes and throughput, reducing dependence on commodity price upside.

“Upcoming expansion projects will be largely funded through internal accruals,” CFO Sandeep Modi added. The company generated Rs 3,400 crore of free cash flow in Q3, resulting in a positive net cash position. He added that renewable energy is expected to account for ~40% of power usage next year, lowering power costs.

Motilal Oswal Financial Services reiterated its ‘Neutral’ rating and raised its target price to Rs 720, citing higher silver price assumptions. The brokerage said current valuations already factor in most of the operational and commodity upside and raised its FY26 profit estimates by 10%.

2. Tech Mahindra:

The stock of this IT consulting & software company rose over 2% on January 19 after it announced its Q3FY26 results. Revenue rose 8% YoY to Rs 14,371.5 crore, fueled by growth in IT and business process services (BPS), while net profit surged 14.1% to Rs 1,122 crore on the back of record deal wins in the quarter. It appears in a screener of companies that have shown relative outperformance as compared to their industry over the past month.

Its Q3 revenue surpassed Trendlyne’s Forecaster estimates by 1.5%, driven by an impressive surge in new business. The company secured a Total Contract Value (TCV) of $1,096 million, marking a 47% increase. This was headlined by a large $500 million "mega deal" in the Communications vertical with a leading European telecom provider. Management anticipates this contract will gradually ramp up starting in Q1FY27.

Segment-wise performance was varied: Manufacturing grew 11.7% thanks to aerospace and European automotive wins, while Communications rose 4.7%. However, BFSI dipped 0.8% due to seasonal furloughs. Total headcount fell by 3,098 to 1,49,616, and a $30 million one-time provision for India’s new labour codes has impacted the quarterly profit.

Operating margins improved by 100 basis points to 13.1%, aided by automation, better pricing, and improved utilization. Looking ahead, CEO Mohit Joshi shared his vision for the firm: “We expect to grow higher than the peer average by the end of FY27 while progressing towards a 15% EBIT margin for FY27. The strong quarter reinforces our confidence that we are on the right path and building sustained momentum towards our long-term aspirations.”

Axis Direct maintained its ‘Buy’ rating with a higher target price of Rs 1,870. The brokerage highlighted the strong deal pipeline and the company's focus on scaling its digital business. The brokerage remains optimistic about sequential growth, noting that the firm is effectively resolving client-specific issues across various sectors. The long-term outlook remains constructive as the company leverages its robust pipeline to drive sustained market performance.

3. JSW Infrastructure:

The port operator’s stock jumped 5.8% on January 19 after a strong Q3FY26 report. Net profit grew 8.9% YoY, while revenue climbed 14.2%, beating Forecaster estimates, driven by higher cargo volumes. Stronger performance at its Goa and Maharashtra ports fueled this growth.

However, weaker volumes at the Paradip Iron Ore Terminal in Odisha partially offset these gains. MD & CEO Rinkesh Roy blamed a “weak seaborne iron ore export market.” As a result, the company cut its full-year volume growth forecast to 5-6% from 8-10%. However, he added, “Recent monthly volumes are encouraging, with volumes rising in December.”

During the quarter, JSW Infra made two strategic moves to expand its reach. It signed a $419 million deal to build a new 27 million tonnes per annum (MTPA) port in Oman. This port will ship industrial minerals to India, feeding the nation's steel and cement plants.

The company also strengthened its logistics segment, acquiring three rail businesses for Rs 1,212 crore and adding 25 operational rakes. Management plans to grow the fleet to 110 rakes by FY30, building an integrated port-to-rail network.

Looking ahead, JSW Infrastructure continues to pursue a dual growth strategy. It aims to increase port capacity to 400 MTPA by FY30 while growing its logistics revenue to Rs 8,000 crore. The company plans capital expenditure of Rs 3,500 crore for FY26, a reduction of Rs 2,000 crore from earlier projections. CFO Nagarajan J clarified that this adjustment reflects a shift in payment timings, not a cut in overall investment.

Following the results, Motilal Oswal reiterated its 'Buy' rating, citing consistent volumes, an improved cargo mix, and strong execution. The brokerage anticipates earnings growth from FY28, as major projects go live. Management projects that key expansions in Odisha, Jaigarh, and Dharamtar could nearly double earnings by FY28.

4. Havells India:

This electrical goods maker fell by over 10% last week after its Q3FY26 net profit missed Forecaster estimates by 9%, despite rising 8% YoY to Rs 301 crore. The miss was due to weak performance at the Lloyds consumer appliances business, which sells air conditioners, refrigerators, and washing machines, along with lower margins in the cable & wire (C&W) segment. Revenue grew 14%, supported by higher sales from switchgears, cables, and electrical consumer durables.

The cables business remained the largest contributor, recording a 33% sales growth. However, the management flagged cost pressure from higher copper prices and a weaker rupee, noting that the industry may need a 5–10% price hike to protect margins. Chairman & MD Anil Gupta said, “Higher input costs can hurt margins in the short term, but once channel inventory normalises, margins tend to stabilise over time.” EBITDA margin for the quarter stood at 9.2%.

Solar emerged as the company’s fastest-growing segment this quarter. After investing Rs 600 crore in PV module maker Goldi Solar in Q1FY26, the company is now focusing on solar distribution and commercial-and-industrial installations. Gupta expects this business to contribute up to 10% of overall sales over the next three to five years.

Capex stood at Rs 1,200 crore in 9MFY26. For FY27, the company guided capex at around Rs 1,000 crore, mainly for expansion in C&W and a new R&D centre.

Motilal Oswal has a ‘Neutral’ rating on the stock with a target price of Rs 1,590. The brokerage lists room air conditioners (RAC) inventory trends, price hikes, and raw material costs amid copper price swings as key factors to watch. It expects revenue and net profit to grow at a CAGR of 11% and 15%, respectively, over FY26–28.

5. South Indian Bank:

This private lender’s shares climbed to a new all-time high of Rs 46.8 after it reported its Q3FY26 results. Revenue rose 8% YoY, supported by stronger treasury income and steady growth in retail banking. Net profit increased 9.5% as asset quality improved and bad loans declined. On January 17, the bank also cut lending rates.

Loan demand remained healthy during the quarter, lifting net interest income (NII) by 1.3%. Growth came largely from retail, agriculture, and MSME loans, while corporate loans continued to form the largest share of the book at 40%. Retail loans accounted for 28%, agriculture 17%, and MSME 15%. 

Management is working to rebalance this mix by reducing the corporate share to about one-third of gross advances and expanding the other segments over time. The move will help the bank reduce its non-performing assets (NPAs). The rebalancing is already reaping rewards, with gross NPAs declining by 163 bps and net NPAs falling by 80 bps, reflecting tighter credit controls and recoveries.

On the liability side, higher CASA deposits supported overall deposit growth and helped improve the CASA ratio, easing funding costs. 

That said, higher provisioning and lower interest rates weighed on margins. Net interest margin (NIM) decreased by 33 basis points during the quarter. MD & CEO PR Seshadri said, “We expect NIM to stabilise at current levels of 2.9% in FY26, assuming no further repo rate cuts.” He added that the bank continues to target NII growth of over 12%, supported by seasonally strong trends in Q4FY26. While recent rate cuts could pressure margins, he believes deposit repricing should partly offset the impact.

Following the results, ICICI Direct reiterated a ‘Buy’ rating and raised its target price to Rs 52, implying an upside of about 16%. The brokerage highlighted easing margin pressure, stable asset quality, and steady progress in reshaping the loan mix. It expects the bank to deliver annual growth of 8–9% in both NII and net profit through FY28.

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