1. GE Vernova T&D India:

This power transmission company rose 8.8% on September 8 after it emerged as the lowest bidder for Power Grid’s massive 6,000 MW high-voltage direct current (HVDC) project. The company will install two 3,000 MW transmission systems to transport clean energy from Barmer in Rajasthan to South Kalamb in Maharashtra.

Nomura estimates the contract value at roughly Rs 13,000 crore—more than double GE Vernova’s FY26 revenue. Reaffirming its ‘Buy’ rating and lifting its target price to Rs 6,000, the brokerage noted that the win secures long-term revenue visibility, as it matches ~62% of the company's Q1FY27 order backlog of Rs 20,930 crore.

India's push for green power promises even more business. GE Vernova is already building the 2,500 MW Khavda–South Olpad line, and CEO Sandeep Zanzaria remains confident about future tenders: “The HVDC pipeline remains strong”, and opportunities are “slightly getting delayed, but it’s not going away.” Lengthened bidding timelines have slowed the pace of recent project awards.

Client setbacks have stalled other major opportunities, too. A potential Rs 1,300 crore US data-centre order was pushed back after the customer changed the project location, requiring the solution to be redesigned. Another Rs 3,000 crore project was put on hold because of the customer’s budget issues. Orders in India were also weak in Q1 as fewer large transmission projects were awarded through competitive bidding.

Consequently, new order inflows dropped 30% YoY in Q1, reducing the order backlog by 2.5% sequentially. Elevated commodity prices, fewer high-margin exports, and a product mix tilted toward lower-margin high-voltage equipment contracted EBITDA margins from 27.1% to 25.1%. However, rapid execution of existing contracts fueled a 38% growth in revenue and boosted net profit by 25%. 

2. BEML: 

This commercial vehicle manufacturer's stock jumped 6.7% over five sessions starting September 2 after BEML secured a Rs 180.6 crore order from the Integral Coach Factory to build Vande Bharat Sleeper trainsets.

Momentum continued as the company released its FY26 annual report on September 4, outlining a strong FY27 outlook. Chairman and MD Shantanu Roy said, “With an order book exceeding Rs 15,800 crore and executable orders of approximately Rs 5,500 crore, we have strong revenue growth visibility of 25% during FY27.” He expects this growth to expand margins by 150 bps to 8% as the company improves utilisation and sells higher-margin products.

Indian Government spending on infrastructure, defence, and urban mobility creates opportunities for BEML. To meet this demand, the company is shifting its focus from mining equipment to rail and defence engineering. Rail and metro projects already make up 65% of its order book. BEML also plans to invest Rs 1,800 crore to build a new train manufacturing facility in Bhopal to capitalise on the government's goal of building 1,200 km of metro networks by 2030.

Simultaneously, BEML is diversifying its defence business beyond traditional transport to build armoured vehicles, combat systems, and missile platforms. The company’s new high-mobility vehicle completed trials and qualified to carry Pinaka rocket launchers, BrahMos and surface-to-air missiles, expanding its addressable market. The company has also built a warehouse facility at the Aerospace SEZ Park in Bengaluru to support defence exports.

Looking ahead, BEML targets Rs 20,000 crore in FY27 order inflows. It expects rail and metro contracts to drive 65-70% of these new orders, with defence adding another 20%. BEML also joined a consortium with Bharat Forge and Data Patterns to enter the combat-aircraft market. The government has shortlisted this group to develop the advanced medium combat aircraft, approving five flying prototypes and one structural test aircraft.

Following these updates, ICICI Direct initiated coverage on BEML with a ‘Buy’ rating and a target price of Rs 2,765, implying a 36.7% upside. The brokerage expects strong order execution, a richer business mix, and capacity expansion across rail & defence to drive revenue and profitability growth.

3. Inventurus Knowledge Solutions (IKS):

This healthcare services company rose 1.6% on Monday after ICICI Direct initiated coverage on the stock with a 'Buy' rating and target price of Rs 2,110, implying an upside of over 21%. The brokerage expects revenue to grow at an annual rate of 40.4% through FY29, helped by the TruBridge acquisition.

Even without acquisitions, ICICI expects the company's dollar revenue to grow about 15% a year through FY29. IKS sees a $260 billion market in the US for the services it provides, with only around $35 billion of that work being outsourced today. Hospitals are short-staffed and insurer payment rules are getting harder to manage, pushing more administrative work to outside providers. Analysts expect this market to grow at a CAGR of around 12%.

IKS also has room to grow within its existing customer base. Around 85% of revenue comes from repeat customers, while its largest clients have stayed for more than five years on average. That gives the company room to sell them more services.

IKS has also added new services through acquisitions. It acquired Aquity in 2023, adding clinical support services. After integration and shifting operations to lower-cost locations, the combined EBITDA margin rose from 28.6% after the deal to about 33% by Q1FY27.

The company also acquired rural healthcare software provider TruBridge in July 2026. Its electronic health record software is used by roughly 700-800 hospitals, giving IKS access to customers already using TruBridge's systems. CEO Sachin Gupta said TruBridge has a “30% plus market share” in the rural market. He expects the combined EBITDA margin to fall to 26-27% at first, before returning to the “early-to-mid 30s” over the next couple of years. 

A key part of that recovery is growing revenue faster than headcount. In Q1FY27, dollar revenue grew 12% while headcount rose 4.2%, which Gupta attributed to technology and automation improving productivity. Forecaster expects revenue to jump 82% in FY27, while net profit rises 27%. 

IKS is targeting about 160% growth in EBITDA by FY30. The TruBridge deal also increases the company's debt burden. It borrowed about $611 million for the acquisition and aims to bring net debt back near pre-deal levels by FY30.

4. Solar Industries India (SOIL):

The stock of this industrial products company rose over 3% in the past week after Jefferies gave a positive outlook for Indian private defence sector companies. Initiating coverage with a ‘Buy’ rating and a target price of Rs 28,160, the brokerage highlighted that the company's defence segment is expanding rapidly, backed by an order pipeline that offers high earnings visibility. 

Jefferies projects Indian defence exports to grow at an 11% CAGR between FY27 and FY30, reaching Rs 58,400 crore. Adding further momentum, the Defence Acquisition Council approved procurement proposals worth Rs 1.1 lakh crore on September 7 for the Army, Navy and Air Force. The brokerage expects private-sector firms to post growth of over 20%, driven by the government’s ongoing push for domestic manufacturing and the development of private supply chains.

SOIL kicked off FY27 on a strong note as Q1 net profit surged 92.7% YoY to Rs 652.6 crore, boosted by solid order execution and higher price realizations amid elevated global demand due to heightened geopolitical tensions. The company’s total order book stands at a healthy Rs 21,400 crore, with defence orders accounting for roughly Rs 18,000 crore of the total. Anchored by the Pinaka rocket system, guided rockets and international defence contracts, management reaffirmed its full-year revenue target of Rs 14,000 crore, ensuring more than two years of defence revenue visibility. The stock appears on a screener for companies having PEG lower than the industry average.

Analysts at ICICI Securities emphasized that strong macro tailwinds remain in play, particularly global demand to replenish high-energy materials and India's drive for ammunition self-sufficiency. These factors play directly into SOIL’s expanding geographic and product footprint. However, the brokerage highlights key risks from delays and deferrals in defence spending and ordering, along with slow traction in the construction and infrastructure segments.

5. Ather Energy:

This electric two-wheeler maker surged 5% on Thursday after Nomura retained its ‘Buy’ rating and raised its target price to Rs 1,926, implying a 16% upside. The brokerage expects the company to benefit from faster-than-expected EV adoption with the launch of Konarc, its new mass-market scooter. Nomura now expects EV penetration in India’s two-wheeler market to reach 22% by FY30, compared with its earlier estimate of 19.6%. The recent rise in crude prices amid the US-Iran conflict could provide another tailwind for electric mobility. 

Ather’s market share has risen sharply alongside a 69% increase in scooter sales last fiscal year, with Rizta helping the company expand beyond its traditional customer base and into newer regions. The next leg of growth could come from Konarc, built on Ather’s new EL platform, which was designed to support more affordable scooters and expand the company’s reach into the mass market. CEO Tarun Mehta said, “Tier 2 or Tier 3 stores are becoming our biggest volume drivers”, highlighting the growing contribution from smaller cities.

The improvement is also beginning to show up in profitability. Ather delivered its first EBITDA-positive quarter in Q1, despite higher commodity costs, as operating leverage and tighter cost control improved unit economics. Forecaster expects revenue to grow 14% in Q2, while Nomura sees revenue growth of 54% in FY27 before doubling in FY28.

The bigger opportunity now is to convert strong customer interest into higher volumes as Ather expands its product range. Monthly pre-orders have crossed 50,000, with waiting periods of two months or more in some states. Factory 3.0 at Aurangabad is expected to double total production capacity to 9 lakh units later this year, while a second phase could eventually take it to over 14 lakh units.

Nomura expects Ather’s volumes to reach almost 8 lakh units by FY28 and over 10 lakh by FY29, and has retained the company as its top pick in the two-wheeler space. It also sees long-term margin potential of 15–20% as the company scales its newer platform and improves its cost structure. The key risks remain execution and competition, particularly as Ather ramps up production and establishes Konarc in the mass-market segment.

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