India's GDP grew 7.8% in the March quarter, beating estimates across the Street. According to reports from JPMorgan, this print underscored the cyclical recovery that began towards the end of 2025, supported by tax cuts, monetary easing and lower inflation. However, brokerages expect growth to slow in the current quarter as GST collections and industrial production indicators begin to soften. Citi retained its FY27 GDP growth forecast of 6.6%, citing uncertainty stemming from the Middle East conflict and El Niño risks, while HSBC expects growth to moderate to around 6% in FY27 despite the strong FY26 finish.
Jefferies maintained its Buy rating on Adani Ports and raised its target price to ₹2,160 from ₹2,100. The brokerage sees a potential capacity crunch at container ports in Gujarat and Maharashtra, driving the next leg of growth, while Vizhinjam port could offer incremental market share gains in southern India. Nomura also reiterated its Buy rating with a target price of ₹1,930, highlighting the company's integrated logistics platform and industry-leading operating efficiency. It expects revenue and EBITDA CAGR of 19% and 18%, respectively, between FY26 and FY31.
HSBC maintained a Buy rating on Hindalco and increased its target price to ₹1,430. Despite shares trading nearly 2% lower on Monday, the stock has gained nearly 20% so far in 2026. The brokerage noted that physical aluminium premiums have surged sharply and expects earnings to improve as Novelis recovers from the Oswego fire incident. Morgan Stanley retained its Overweight rating with a target price of ₹1,325, pointing to lower power costs, supportive aluminium pricing and significant insurance recoveries as key drivers. Jefferies reiterated its Buy rating on Mankind Pharma with a target price of ₹3,000, believing the company is witnessing a revival in volume growth across acute therapies while chronic segment distribution remains consistent.
Haitong initiated coverage on Minda Corporation with an Outperform rating and a target price of ₹841, believing the company is well positioned to benefit from premiumisation trends and rising electrification in the automobile sector. It forecasts revenue, EBITDA and EPS CAGR of 19.1%, 21.2% and 19.1%, respectively, over FY26-FY29. Citi maintained its Buy rating on Larsen & Toubro with a target price of ₹4,650, stating the company's Middle East operations remain stable with negligible credit risk and expects defence spending to remain insulated from fiscal pressures. CLSA highlighted that the emergence of AI service offerings from companies such as OpenAI and Anthropic is creating significant opportunities for system integrators, with Persistent Systems and Coforge as key beneficiaries, while Tech Mahindra, Cognizant and Accenture could gain market share among larger players.
