1. Dr. Reddy's Laboratories:

ICICI Direct maintains its ‘Buy’ rating on this pharma company, with a target price of Rs 1,490, an upside of 22.3%. Analysts Siddhant Khandekar and Shubh Mehta noted a decent Q3FY26 performance, though pricing pressure hurt the US business. Revenue grew 4.4% YoY, led by strong growth in Europe, India, Russia, and other world markets.

Management remains optimistic about long-term growth. It sees big opportunities in Glucagon-Like Peptide-1 (GLP-1) drugs, used for diabetes and weight loss, and plans to produce 12 million units by FY27 with a partner. They also plan several biosimilar launches in the US and Europe over the next two to three years, including Abatacept, Denosumab, and Rituximab, for chronic and immune-related diseases.

Khandekar and Mehta expect upcoming launches of the weight management drug, Semaglutide, in India, Canada, and Brazil over the next three to six months to support branded growth. They estimate US biosimilars revenue of about $285 million in FY28. R&D spending should be 7–8% of revenue, with a greater focus on complex products.

2. Jindal Stainless: 

ICICI Securities maintains its ‘Buy’ rating on this stainless steel manufacturer, with a target price of Rs 860, an upside of 4.6%. The company reported a strong Q3FY26, with net profit surging 26.6% YoY, driven by lower finance costs. Revenue increased 6.1%, led by stronger domestic sales. However, exports dropped to 5% of total volumes from 9% last quarter, impacted by new European carbon regulations.

Management reiterated FY26 volume growth guidance of 9–10%. Capacity utilisation continues to improve, with the Chromeni plant in Gujarat operating at about 75% and the Rathi facility in NCR at roughly 85%. The company also cut its net debt by Rs 200 crore. Ongoing projects in India and Indonesia are on track; the Indonesian nickel project became EBITDA-positive, and the Maharashtra greenfield project is expected to incur spending from FY27-28.

Analysts Vikash Singh and Pritish Urumkar foresee stable near-term performance. Strong domestic demand and lower interest costs will support this. Gradual debt reduction should boost cash flows and profitability. Long-term expansion plans beyond FY28 are still developing.

3. LTIMindtree:

Axis Direct retains a ‘Buy’ call on this IT consulting & software provider, with a higher target price of Rs 7,300 per share, a 22.2% upside. The stock reported mixed Q3FY26 results. LTIMindtree’s revenue increased 2.9% QoQ, driven by improvements in healthcare services, manufacturing & resources, and consumer segments. However, net profit fell 30.7% due to new labour laws. The company's order book jumped to $1.7 billion, fueled by a five-year contract from a US insurer.

Analysts Kuber Chauhan and Abhishek Bhalotia believe the company can deliver strong revenue growth, supported by its long-term order book. However, they remain cautious on short-term growth due to rising geopolitical unrest and supply constraints. Management noted lower spending from the top five clients due to a tech spending realignment, but expects this to stabilise in Q4FY26.

Chauhan and Bhalotia highlighted the company’s operating margin expansion of 20 bps, driven by the ‘Fit for Future’ program and a weaker Indian rupee. The company plans to replace ‘Fit for Future’ with ‘New Horizons’, aiming for both growth and cost efficiency in the medium to long-term. They expect LTIMindtree to deliver revenue and net profit CAGRs of 11.6% and 14.1%, respectively, over FY26-28.

4. Persistent Systems:

Anand Rathi upgrades this IT consulting & software company to a ‘Buy’ call, with a target price of Rs 7,587 per share, an upside of 25.7%. Persistent reported mixed Q3FY26 results as revenue increased 5.1% QoQ, but net profit declined 6.8%. Revenue growth stemmed from rising deal wins and improvements across business verticals, while new labour codes impacted profitability.

Analysts Sushovon Nayak and Apporva Khandelwal believe Persistent’s focus on deep domain expertise supports near-term margin growth and higher revenue from large clients. They added that clients increasingly choose vendors that deliver end-to-end AI-anchored programs, not just point AI solutions, which benefits the company’s platform-centric approach.

Nayak and Khandelwal noted that scaling AI-led, tool-driven deals expanded the EBITDA margin, despite a net profit decline. A weaker Indian rupee, lower sub-contracting costs, and higher utilisation also boosted margins. The company won multiple large transformation deals, along with repeat orders and expansions in BFSI and Hi-Tech, increasing revenue contribution from large clients. They expect Persistent to deliver revenue and net profit CAGRs of 18.3% and 28.5%, respectively, over FY26-28.

5. APL Apollo Tubes:

IDBI Capital upgrades this steel tube manufacturer to a ‘Buy’ rating, with a target price of Rs 2,260, an upside of 10.5%. This upgrade followed strong Q3FY26 results that surpassed Forecaster estimates. Revenue grew 7% YoY, driven by higher sales volumes. Growth came from general structural products and rust-proof sheets, amid soft demand in parts of the steel market.

Management boosted volume growth guidance to 20% for Q4FY26 and FY27. They aim for total volumes of 4.2 million tonnes (MT) with an EBITDA per tonne of about Rs 5,500. The company continues to expand capacity, planning to grow from 5 MT to 8 MT through both new (greenfield) and existing (brownfield) projects.

Analysts Ajit Sahu and Mohd Sheikh Sahil say APL Apollo’s Vision 2030 strategy focuses on specialty products to improve long-term profits. The company aims to reach 10 MT by FY30 by entering high-value specialty areas like electric vehicles, aerospace, and heavy engineering. They project that revenue and net profit will grow annually by 17.7% and 20.2% over the next two years.

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

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