1. Syrma SGS Technology:
This electrical products company rose 20% in the past week, driven by Union Budget 2026 support, the India–US trade deal, strong Q3 results, and multiple brokerage target upgrades.
In Budget 2026, Finance Minister Nirmala Sitharaman sharply raised the allocation for electronics component manufacturing to Rs 40,000 crore, in line with market expectations. She also announced ISM 2.0, which focuses on local manufacturing of equipment and improving supply chains. These steps support the company’s backward integration plans.
Managing Director JS Gujral said in the earnings call, “The phase-1 of the printed circuit board (PCB) manufacturing project, with a capex of Rs 400 crore, is expected to be completed by December 2026. The total investment could reach around Rs 1,500 crore by FY30, with meaningful revenue contribution starting from FY28.”
The India–US trade deal adds another positive. Analysts note that the government’s goal of $500 billion in bilateral trade could result in over $100 billion of trade for the electronics and semiconductor sector, improving export opportunities. The company currently gets around a quarter of its revenue from exports.
In Q3, Syrma’s revenue rose 45% YoY, driven by growth across all segments. EBITDA margins expanded by 350 bps, helped by lower employee and other expenses. During the quarter, Syrma completed the acquisition of a majority stake in defence firm Elcome Integrated for Rs 240 crore. Elcome is expected to generate up to Rs 300 crore in revenue in FY26, with 10–15% growth projected for FY27.
Looking ahead, Gujral said, “We expect to deliver 30% growth in both revenue and EBITDA in FY27, driven by higher exports and increased contribution from industrial and healthcare segments.”
Motilal Oswal has set a target price of Rs 1,000 for Syrma, citing improvement in business mix and operating leverage. The brokerage remains positive due to its focus on high-margin businesses, entry into PCB manufacturing, and expansion into new areas such as defence and solar inverters.
2. National Aluminium:
This metal & mining stock fell 17.3% last week as a strong US dollar weighed on metal prices. When the dollar rises, metals become more expensive for global buyers, and demand falls. The decline reflects global currency pressure and profit-taking.
In Q3FY26, net profit stayed flat at Rs 1,601 crore. Revenue rose 2% YoY to Rs 4,731 crore, driven by a surge in alumina sales volumes. This volume growth successfully offset a significant drop in global market prices.
The company is shifting its focus to production volumes because it expects alumina prices to stay weak through FY27. Chairman and Managing Director Brijendra Pratap Singh noted that the new 1 million tonne (MTPA) refinery is scheduled to start in June 2026. “This expansion will be supported by the new Pottangi Bauxite Mine, which is expected to open in May 2026 to ensure a supply of raw materials,” he said.
CFO Abhay Kumar Behuria said, “The company is on track to meet 55% of its power needs through captive coal mines by FY26 (up from 40% currently), lowering fuel costs.” This shift reduces exposure to volatile coal prices. He added that large spending on new smelting plants has been delayed until after FY28 to fund current projects using internal earnings rather than taking on new debt.
Axis Direct downgraded the stock to ‘Hold’ while raising the target price to Rs 390. The brokerage noted that while production is strong, the stock’s valuation is now "stretched," trading at nearly double its historical average. This suggests the current price already accounts for much of the expected growth, leaving little room for error in the company's execution.
3. ACME Solar Holdings:
This renewable energy company gained 5.3% on January 30 after posting strong Q3FY26 results. Revenue rose 42.3% YoY to Rs 496.8 crore, beating Forecaster estimates, driven by an increase in power generation. Higher Capacity Utilisation Factors (CUF) and new capacity additions helped improve output.
A key highlight is ACME’s major push into Battery Energy Storage Systems (BESS). The company doubled its installation target to approximately 2 gigawatt-hour (GWh) by Q4FY26. Instead of building new sites, it’s adding batteries to existing solar plants, saving nearly Rs 20 lakh per megawatt (MW) and avoiding construction delays. These batteries store electricity when prices are low and sell it when prices are high, generating quick cash flow before long-term contracts kick in.
ACME currently generates 7,770 MW of power and stores 16 GWh of energy in batteries, and aims to reach 10 GW and 20 GWh by 2030. Management noted that India's energy demand grew 7% in December, a trend expected to fuel more power contracts.
The company is also shifting toward round-the-clock solar power, with its 130 MW project for India’s railways marking a push for more reliable green energy.
Supply chain risks from China’s removal of VAT export rebates have been largely solved. ACME has already secured over half of its solar modules and nearly all its battery requirements, keeping costs on budget. This proactive buying also safeguards its plan to add 1.5 GW of capacity in FY27.
On scaling operations, Chairman and MD Manoj Kumar Upadhyay said, “One of the biggest challenges in the industry is how to install 5–6 GW of modules manually per year. This year, we are moving to robotic installation to scale efficiently.”
Post results, Motilal Oswal maintains a ‘Buy’ rating with a potential upside of 57.7%. The brokerage cited on-track projects, bigger battery goals, guaranteed revenue from power agreements, and secured resources as clear signs of strong growth ahead.
4. Gland Pharma:
This pharmaceutical manufacturer’s stock price climbed 6.5% on January 29 after reporting strong Q3FY26 performance. Revenue jumped 29.1% YoY, while net profit rose 27.7%. Higher sales volumes in the base business, an operational turnaround at its European subsidiary Cenexi, and favourable currency moves drove this growth. The company also beat Forecaster estimates for both revenue and profit.
Gland’s core business improved as sales volumes grew across the US, India, and other regulated markets. The US market saw growth for the third straight quarter. New product launches, higher demand for base drugs, and a weaker rupee against the dollar helped boost these numbers.
Cenexi, the company’s European arm, recorded the highest growth and turned EBITDA positive for the first time. Several factors boosted revenue and margins, including addressing capacity issues, optimising the workforce, and raising contract prices to keep pace with inflation. Better integration with the parent company also helped.
Management is confident it will achieve 12–13% revenue growth in FY26 and is targeting a 15% CAGR over the next five years. They expect capacity additions, new contract manufacturing deals and recent launches in Europe to drive this growth.
Discussing capacity expansion, Executive Chairman Srinivas Sadu said, “We plan to invest about Rs 2,000 crore in capex over the next five years, with Rs 400 crore towards brownfield expansions in FY27.” He added that the investment will fund new production lines, contract manufacturing deals, and warehouse capacity expansion.
Following the results, Axis Direct reiterated its ‘Buy’ rating with a target price of Rs 2,170, implying a 17.2% upside. The brokerage highlights the company’s focus on complex injectables and the push into diabetes and obesity drugs as key positives. The turnaround at Cenexi also provides visibility into future top-line and profitability growth. It expects the firm to deliver annual revenue growth of 12.3% and profit growth of 24.9% through FY28.
5. R R Kabel:
The stock of this wires & cables company rose by over 11% in the past week following the release of its Q3FY26 results. Revenue jumped 42% YoY to Rs 2,550.1 crore, fueled by a dominant performance in the cables and wires (C&W) segment. Net profit rose 70.4% to Rs 4,254.5 crore, driven by strong volume growth across infrastructure, construction, and power sectors. It appears in a screener of stocks with rising net cash flow & cash flow from operating activities.
Its Q3 revenue surpassed Trendlyne’s Forecaster estimates by 11.6%, a success attributed to strict pricing discipline and efficient cost management. Overall volumes grew by 30%, supported by robust domestic demand and a healthy uptick in exports. However, the Fast-Moving Electrical Goods (FMEG) segment lagged behind, posting an EBIT loss of Rs 5 crore due to stagnant demand.
COO Rajesh Jain expressed confidence in maintaining 8.5% margins for the cables business while targeting an FMEG breakeven by Q4FY26. Addressing market volatility, Jain noted that while real estate and industrial demand are surging, copper prices have been unpredictable. He stated: “We have seen extraordinary copper price volatility... it has moved by almost 20%–25% in a single quarter, putting pressure on working capital.” To mitigate this, the company implemented strategic price hikes throughout December and January.
To reach an ambitious Rs 4,500 crore revenue target, the company has earmarked Rs 1,200 crore for capital expenditure over the next three years. Approximately 80% of this fund is dedicated to expanding cable capacity to meet global demand. Management is eyeing a volume growth of 17%–18%, consistently outpacing the industry average of 14%. Furthermore, the FMEG segment is projected to expand at a 25% CAGR, utilizing its low base to drive future diversification.
PL Capital maintained a ‘Buy’ rating with an upgraded target price of Rs 1,844, noting that the expansion plans are perfectly aligned with long-term growth. The company has guided for a 100 bps margin improvement every year, aiming for a 10.5% EBIT margin in the C&W segment by FY28. Analysts believe that timely capacity additions and a focus on high-margin global markets will help the company maintain its competitive edge and sustain its current momentum.
Trendlyne's analysts identify stocks that are seeing interesting price movements, analyst calls, or new developments. These are not buy recommendations.
