1. United Spirits:
This alcohol brand surged 4.8% on March 6 after the Karnataka government announced an overhaul of the state’s liquor policy in the 2026 Budget.
The new policy makes two key changes. First, it ties excise duty to alcohol content, not retail price. Second, it scraps price controls, letting manufacturers set prices based on market demand. This move levels the tax playing field. Before, expensive premium spirits faced disproportionately high taxes.
The policy is a major win for United Spirits. The company’s premium "Prestige & Above" drinks already make up 90% of its sales. Since Karnataka drives 15% of its volume, the changes should significantly boost revenue and profits.
In Q3FY26, net profit jumped 24.8% YoY, and revenue grew 7.6%, driven by strong sales of premium brands. Management expects double-digit sales growth for its "Prestige & Above" segment.
However, CEO and MD Praveen Someshwar pointed to a major challenge: “Our single largest challenge remains Maharashtra Made Liquor (MML) in Maharashtra.” This issue hurt the company's "Popular" segment, where sales fell 4.6% due to regulations and competition from cheaper MML brands.
To counter this, the company is strengthening its key brands, adjusting prices, and boosting advertising spending to protect its market share. “We remain cautiously optimistic for the upcoming wedding season and the next couple of quarters,” Someshwar added.
By March 31, the company plans to sell its Royal Challengers Bangalore (RCB) cricket franchise. Management has stated this is a strategic move to exit a non-core asset. Owning a sports team no longer fits with the company's rising focus on its core alcoholic beverage business. With franchise valuations rising to as high as $2 billion, the exit will allow United Spirits to reinvest the proceeds into its brands and fund future growth.
Motilal Oswal keeps its ‘Neutral’ rating on the stock. The firm warns that higher ad spending to fight the MML challenge could squeeze near-term profits. However, they noted that the recently signed India-UK trade deal should boost exports of premium Scotch and other brands.
2. Swiggy:
The stock of this internet & catalog retail company slumped to a fresh 52-week low of Rs 271.1 on March 12, following the nationwide Liquefied Natural Gas (LPG) shortage triggered by the Middle East conflict. This gas crunch has heavily impacted restaurant operations, especially across Maharashtra and Karnataka, causing widespread service disruptions. Investors are now concerned that limited cooking capacity in these major hubs could lead to fewer delivery orders, potentially slowing the company's growth momentum in the coming months.
Motilal Oswal warned that the "no gas, no food" reality could stifle Q4 growth for food delivery platforms. With restaurants shortening menus and closing kitchens, the platform's Gross Order Value (GOV) faces a near-term slump. The brokerage pointed out a critical vulnerability: unlike crude oil, India lacks massive LPG reserves, meaning any global supply hiccup hits commercial kitchens and delivery apps almost instantly.
The company’s Q3 performance was a modest step in the right direction, showing steady revenue growth. Revenue climbed 11.1% QoQ to Rs 6,244 crore, while net losses narrowed slightly. It appears in a screener of stocks having weak momentum..
Swiggy has not issued an official statement on the LPG shortage yet but is reportedly working with restaurant partners to monitor the situation and develop contingency plans to minimize service disruptions. Meanwhile, the Gig and Platform Service Workers Union (GIPSWU) reports that the closure of eateries and cloud kitchens has wiped out 50–60% of online delivery orders. Delivery partners are seeing a sharp slump, with daily order counts dropping from an average of 30 to as low as five to ten.
Interestingly, while food delivery is struggling, Swiggy’s quick commerce vertical, Instamart, is seeing a surge in demand for induction stovetops, many of which are now sold out. Motilal Oswal views this LPG crisis as a short-lived disruption rather than a structural issue for the industry. The brokerage notes that underlying demand remains healthy and expects the growth momentum to resume as soon as the LPG supply chain eventually stabilizes.
3. ABB India:
This electrical equipment company rose 7.8% in the past week after announcing a capex of about Rs 690 crore ($75 million) to increase manufacturing capacity in India. The investment funds new factories and advanced testing labs to produce components like motors and circuit breakers locally. This allows ABB to meet surging domestic infrastructure demand without relying on imports.
ABB won record orders in CY2025, with its total order backlog rising 12% YoY to Rs 10,471 crore. Data centers now account for 11% of this backlog, reflecting rapid growth in digital infrastructure. Core industries like metal, chemical, and oil production generate over half of their total volume as clients modernize ageing systems to improve efficiency. Order conversions accelerated in the final quarter as clients finally cleared long-delayed projects.
Revenue rose 8% to Rs 13,200 crore in CY2025, but EBITDA margins contracted 140 bps to 16.9% as the company prioritized expensive, high-quality materials to meet mandatory quality standards. Rising copper prices and unfavorable currency shifts further strained margins.
Management views margin pressures as temporary and expects high-volume order execution to restore profitability. Chief Financial Officer T.K. Sridhar anticipates margin recovery through scale, stating, “A margin trajectory between 12%-15% still feels good. If volumes rise above our current 7% growth, that provides the necessary mileage to drive margin expansion.”
Geojit reiterated its ‘Buy’ rating on ABB India with a target price of Rs 6,910, implying an 8% upside. The brokerage expects the massive order backlog to provide sustainable revenue visibility. Analysts project an 18% growth in net profit for CY2026, driven by product upgrades and automated services that boost operating efficiency.
4. Tata Power:
This electric utility company surged 5% over the past week, driven by a sector-wide rally as expectations of a hotter summer boosted demand outlook. Electricity demand is projected to peak above 270 GW due to higher cooling needs, nearly 40% above the annual average.
The ongoing conflict between the US-Israel bloc and Iran has disrupted global energy supplies, and blocked the Strait of Hormuz. India imports a large share of its LPG through this route, raising concerns about supply availability. This has increased dependency on electricity as it is the second-best option for households and businesses for cooking.
The company’s Q3 results came in below estimates due to the shutdown of its Mundra plant. However, discussions with the Gujarat government on a Supplementary Power Purchase Agreement are nearing completion, which could allow the plant to restart ahead of peak summer demand.
As of Q3, more than half of the company’s electricity comes from non-thermal sources. During the quarter, it added about 13 GW of capacity, with renewables accounting for more than 84% of the additions. New segments like solar cell and module manufacturing also expanded steadily, with plants operating at utilisation levels above 95%. Profit from this segment doubled YoY due to higher yields and lower input costs.
Looking ahead, the company plans annual capex of up to Rs 25,000 crore, with around half of it allocated to renewables. This investment strategy supports its goal of achieving 70% clean and green capacity by 2030. MD & CEO Dr Praveer Sinha said the company is in discussions with the government and key agencies to advance small modular nuclear projects, with some expected to begin within the next 24 months.
Motilal Oswal maintains a ‘Buy’ rating on the stock with a target price of Rs 455. The brokerage sees the potential reopening of the Mundra power plant and continued renewable capacity expansion as key growth drivers. It expects revenue and net profit to grow at CAGRs of 21% and 28%, respectively.
5. Mahindra & Mahindra (M&M):
This car & utility vehicle maker climbed 3.3% on March 10 following strong February business updates. Total wholesales jumped 18.1% YoY, led by high demand for its sports utility vehicles (SUVs). Exports also rose 11.4% during the month.
Earlier in March, M&M streamlined its global business by exiting the Japanese farm machinery market. The company will shut down operations at Mitsubishi Mahindra Agricultural Machinery by the first half of FY27. Management made this decision because the unit reported losses despite several attempts to turn it around.
Forecaster expects M&M’s revenue to grow 23.5% and earnings per share to jump 67.2% in Q4FY26. Management highlighted strong demand across all business units. They view recent tax cuts as a long-term benefit rather than a temporary boost. These cuts improve profits for commercial vehicle buyers and drive steady demand. The company also plans to expand its electric vehicle (EV) business. It will first target right-hand-drive markets like Australia, New Zealand, and the UK before selectively entering left-hand-drive countries in Europe.
Looking ahead, the company plans to build an integrated manufacturing facility in Nagpur for both vehicles and tractors. It will invest Rs 15,000 crore over the next decade, with the plant expected to produce up to 6 lakh vehicles and tractors annually.
Outlining the expansion roadmap, Rajesh Jejurikar, Executive Director and CEO of the auto and farm sectors, said, “We have a three-phase expansion plan where we are aiming to add about 6,500 SUVs and tractors per month in 2026, a new facility for its SUV, NU_IQ, in Chakan in 2027, and a 1 lakh unit tractor facility in Nashik in 2028.”
Motilal Oswal retained its ‘Buy’ rating on M&M with a target price of Rs 4,378, implying a 49.4% upside. The brokerage expects strong growth in the core businesses as rural markets recover and new SUVs and tractors hit the market. Analysts predict annual revenue growth of 18% and net profit growth of 20% between FY26 and FY28.
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