HSBC has initiated coverage of SRF with a buy rating and a target price of ₹3,390. According to HSBC analysts, SRF is one of India's largest chemical manufacturing companies, with 50% of its revenue coming from overseas. The brokerage expects improving fundamentals in specialty chemicals and performance films to drive a 26% compounded annual growth rate (CAGR) of earnings during FY27-FY29. However, analysts have identified some risks in the refrigerant gas segment.
Jefferies has assigned a buy rating on Grasim with a target price of ₹3,440. As reported by Jefferies analysts, Grasim is set to receive ₹397 crore from UltraTech Cement's ₹240/share payout in Q4FY26, representing a sharp step-up compared to prior years. The brokerage noted that past two years suggested Grasim has retained half of the dividend to fund new businesses, particularly paints. With the dividend pool from UltraTech structurally looking higher, Grasim now has greater capital availability with optionality across growth funding, deleveraging, and shareholder returns.
Nomura has issued a buy rating on Adani Ports & SEZ with a target price of ₹1,930. According to Nomura analysts, the company's sub-sea foray in Europe to bolster marine business, with its Europe expansion significantly increasing the marine segment's international footprint. The brokerage feels that the company's operational capabilities will be enhanced by the addition of Astro Atlas vessel. By FY31, ADSEZ aims to have about 200 vessels, revenue of ₹6,000 crore, and capex of ₹13,000 crore, which appear largely achievable.
CLSA has assigned a hold rating on Tata Power with a target price of ₹415, up from the earlier target of ₹369. As reported by CLSA analysts, FY26 was a weak year for Tata Power. During Q4FY26, Mundra IPP and solar EPC disappointed while coal mines shone. During FY26, Mundra IPP loss and slower solar EPC and RE IPP hurt performance, but analysts feel the worst is behind already.
Goldman Sachs has upgraded Neuland Labs to a buy rating with a target price of ₹19,550, up from the earlier target of ₹17,275. According to Goldman Sachs analysts, the Q4FY26 numbers were above estimates with generic drug substance inline as contract development & manufacturing (CDMO) drove the stellar beat. EBITDA margin came in at 40% on the back of a better product mix as well as operating leverage. Analysts expect topline growth to remain robust at 20%+ CAGR over FY26-FY28. They hiked FY27-FY29 earnings per share (EPS) estimates by up to 8% to factor in the Q4 beat, updated pipeline progress and revised business outlook as discussed by the management.
