1. Oil And Natural Gas Corporation (ONGC): 

Geojit BNP Paribas retains its ‘Buy’ call on this oil company, with a target price of Rs 322 per share, an upside of 14.9%. The Israel–Iran conflict currently affects the near-term outlook. Disruptions in the Strait of Hormuz are raising freight, insurance, and input costs for refining and overseas operations. However, rising crude oil prices will likely support upstream revenues over the medium term, partially offsetting these pressures.

Management is focusing on efficiency and controlling costs to manage market swings. The company is boosting its output of new well gas, targeting 24% of total gas production by FY27. This move should improve margins, as gas is more profitable than crude. ONGC is prioritising steady production growth and optimisation to create value.

Analyst Arun Kailasan notes ONGC targets 42.5 million metric tonnes of oil and gas production by FY27. The company has already spent Rs 24,400 crore on projects in 9MFY26, and they expect another Rs 8,000 crore in Q4. Over 20 major projects, worth about Rs 77,000 crore, are underway. He believes new projects, stable gas output, and cost control will drive growth and provide clear earnings despite geopolitical risks.

2. EPL: 

ICICI Securities maintains its ‘Buy’ rating on this packaging company, with a target price of Rs 315 per share, an upside of 42.3%. The Israel–Iran war, however, negatively impacts EPL: roughly 30% of its revenue comes from Africa, the Middle East, and South Asia, exposing it to demand and supply chain risks. Rising polymer prices and logistics costs pressure margins, given its reliance on oil-based raw materials.

ICICISec’s optimism stems from EPL's merger with Indovida. This deal transforms EPL from a simple tube maker into a diverse packaging company. It adds rigid packaging like bottles and closures to its portfolio and strengthens its footprint in Asia and Africa.

Management says the merger will immediately boost earnings and create benefits of scale. The merged entity is expected to deliver EBITDA of around Rs 1,750 crore in CY25, compared to EPL’s EBITDA of Rs 834 crore in FY25. The company also targets up to $50 million in savings from better sourcing and a wider distribution network.

Analysts Sanjesh Jain and Mohit Mishra forecast double-digit revenue growth, thanks to a wider product range and new markets. Although rising raw material costs are a risk, the company is working to pass these increases on to customers.

3. JK Cement: 

Motilal Oswal retains its ‘Buy’ rating on this cement maker but lowers the target price to Rs 6,040 per share, a 10.3% upside. JK's stock fell 8.4% last quarter and 15.4% over six months. The US-Iran war is a negative weight on the stock, with the company’s UAE plant, its global export hub for white cement, facing operational and export disruptions. Shipments from the UAE and petcoke imports to India are also facing higher freight costs and delays.

Analysts Sanjeev Kumar Singh and Mudit Agarwal believe that its cost-saving efforts and aggressive expansion plan will help counter the impact of the war. Management pointed to healthy domestic demand in Q4FY26. However, higher petcoke and packaging costs will increase expenses.

Singh and Agarwal note that using more green power and streamlining logistics will help offset rising costs. Management aims to expand its capacity to 50 million tonnes per year by FY30-31, funding this growth with a Rs 9,000 crore investment in new projects in Jaisalmer, Mudappur and Panna. Analysts expect the company to grow revenue by 15% and net profit by 13% annually through FY28.

4. Kajaria Ceramics: 

Prabhudas Lilladher maintains its ‘Buy’ rating on this ceramics maker, raising its target price to Rs 1,147 per share, a 9.3% upside. Kajaria’s stock has fallen 12.7% in the last six months. The US-Iran war will have a negative impact on the company’s profits by raising fuel costs, and also could spark domestic price wars as stalled exports from the Morbi region in Gujarat (accounting for about 85% of India’s ceramic production) flood the local market.

Analysts Praveen Sahay and Rahul Shah, however, remain positive on Kajaria. They believe it can gain market share as competitors face bigger disruptions. They also highlight its strong brand, shift to higher-value products, and resilient margins, despite soft demand.

Management expects 7-8% volume growth in Q4FY26 as dealer inventories return to normal. Supply issues in the Morbi region give Kajaria a chance to capture more market share. The company is sticking to its 17-18% EBITDA margin guidance, helped by price hikes, healthy sales, and a better product mix.

Sahay and Shah note that gas price volatility is a key risk to watch, especially for outsourced production. They add that exports are weak due to high logistics costs and container shortages, which will affect Q4FY26 results.

5. Granules India:

Emkay initiates coverage on this pharma company with a ‘Buy’ call and a target price of Rs 800 per share, an upside of 25.8%. The positive outlook is due to strong growth in the US market, especially in controlled substances like opioids, sedatives, and stimulants, which now make up 30% of revenue. This segment has grown rapidly due to market share gains and a reliable supply chain, improving both revenue and margins.

Management is shifting focus to more profitable areas, moving from raw ingredients to finished drugs and from simple generics to complex products. This strategy has steadily improved gross margins. The company performed well despite regulatory problems at its Gagillapur plant in Telangana, and a potential clearance could pave the way for future approvals and growth. New ventures, like its peptide business, are expected to grow over time.

Analysts Shashank Krishnakumar and Bhavya Gandhi expect earnings to grow around 20% annually through FY28. This growth will come from strong performance in controlled substances and a greater share of finished drugs. They believe a better product mix and cost efficiencies will sustain margin improvement.

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

(You can find all analyst picks here)