HDFC Securities conducted a comprehensive review of nine stocks following their September-quarter earnings, maintaining positive views on most names while upgrading Kajaria Ceramics to 'Buy' from 'Add'. According to reports from NDTV Profit, the brokerage reviewed companies across paints, retail, pharmaceuticals, cement, technology, defence, consumer durables and infrastructure, reflecting a mixed earnings season with revenue growth, improving operational performance, business expansion and new order opportunities supporting some companies, while rising input costs, margin pressures, subdued pricing and execution delays continue to weigh on others.
Kajaria Ceramics emerged as the key beneficiary with HDFC Securities upgrading it to 'Buy' from 'Add' while maintaining the target price at ₹1,390. The brokerage cited strong operational performance and healthy growth visibility as key drivers. BPCL maintained its 'Buy' rating but saw the target price revised lower to ₹408 from ₹430 due to refining and petrochemicals growth drivers, though earnings estimates were trimmed amid likely pressure on marketing margins. Mankind Pharma retained its 'Add' rating with the target price revised to ₹2,610 from ₹2,850 after factoring in latest quarterly performance.
Based on the latest share prices, PNC Infratech offers the highest target-implied upside of up to 75%, followed by Ambuja Cements at 55% and Symphony at 54%. HDFC Securities maintained 'Buy' ratings on Info Edge with a target price of ₹1,475, Piramal Pharma at ₹270, City Union Bank at ₹270, Tanla Platforms at ₹815, and MedPlus Health Services at ₹880. The brokerage retained 'Add' ratings on Cholamandalam Investment and Finance Company at ₹2,000, Steel Authority of India at ₹200, Max Financial Services at ₹1,520, Star Health and Allied Insurance at ₹650, PNB Housing Finance at ₹1,220, Home First Finance Company India at ₹1,260, Birlasoft at ₹365, and Route Mobile at ₹610.
In the banking sector, Bank of Maharashtra received a 'Buy' rating with the target price raised to ₹95 from ₹90, supported by strong loan growth, margin expansion and improving asset quality. APL Apollo Tubes maintained its 'Buy' call with the target price increased to ₹2,450 from ₹2,350, encouraged by record margins and a stronger value-added product mix. Supreme Industries retained an 'Add' rating with an unchanged target price of ₹4,250, despite the company lowering its volume growth guidance for FY27.
Dalmia Bharat continued with a 'Buy' recommendation but saw the target price reduced to ₹2,030 from ₹2,110 due to pressure on margins and costs. Eris Lifesciences maintained a 'Buy' call while lowering the target price to ₹1,500 from ₹1,730 after revising earnings estimates. The brokerage retained 'Add' ratings on Apollo Micro Systems with the target price increased to ₹460 from ₹400, reflecting optimism around order pipeline and earnings growth prospects.
Based on the latest market prices as of October 29, PNC Infratech offers the highest target-implied upside of 75%, followed by Ambuja Cements at 55% and Symphony at 54%. However, Paras Defence presents a downside risk with a target implying nearly 28% decline. HDFC Securities maintained five Buy, eight Add and two Reduce recommendations across the nine stocks reviewed. The brokerage retained 'Reduce' ratings on Laurus Labs with a target price of ₹2,250, Paras Defence at ₹960, and Space Technologies at ₹140. These figures reflect the brokerage's target prices rather than guaranteed returns, as the mixed earnings season continues to present both opportunities and challenges across different sectors of the Indian market.
