Brokerage Firms Issue Bullish Calls on Key Indian Stocks
Leading brokerage houses have released positive recommendations on several prominent Indian companies, highlighting growth opportunities and strategic developments. These calls cover sectors ranging from technology and ports to pharmaceuticals and finance, providing insights for investors.
Nomura Recommends Dixon Technologies with Rs 14,678 Target
Nomura has assigned a buy rating to Dixon Technologies, setting a target price of Rs 14,678. Analysts noted that Dixon's joint venture with HKC, structured as a 74:26 partnership for display modules, has received government approval. This move is expected to drive backward integration into display modules, potentially enhancing structural margins for the company.
Construction of Dixon's display plant is progressing as planned, with trials likely to commence in the July-September 2026 quarter (Q2FY27) and full ramp-up anticipated in the second half of FY27. Within components, display module assembly, which accounts for 10% of the bill of material, offers healthy double-digit margins. This could add approximately 50 basis points to Dixon's overall margins by FY28, with potential for up to 100 basis points upon full ramp-up.
Macquarie Rates Adani Ports as Outperform with Rs 1,760 Target
Macquarie has issued an outperform recommendation for Adani Ports, with a target price of Rs 1,760. Analysts highlighted that Haifa port contributes about 2% of Adani Ports' overall port volumes and 25% of its international volumes. With the consolidation of the NQXT terminal, Haifa's share in total volumes is expected to decrease.
Approximately 40% of Adani Ports' volume is linked to West Asia, with about 15% of this tied to the region. This could impact 5%-6% of the company's domestic volumes. March volumes are likely to be affected due to current disruptions in the Gulf region. For every 10 million metric tons decline in Mundra volumes, analysts estimate a 1% impact on Adani Ports' annual consolidated EBITDA.
Jefferies Gives Divis Laboratories a Buy with Rs 8,200 Target
Jefferies has maintained a buy rating on Divis Laboratories, setting a target price of Rs 8,200. Analysts stated that Divis is scaling up as a major player in good laboratory practice (GLP) and peptide contract development and manufacturing organization (CDMO) segments. They anticipate that two complex oral GLP intermediates and injectable GLP projects could generate over $600 million and $400 million in revenue by FY32.
A strong peptide pipeline, deep ties with Big Pharma, and Divis's potential as a beneficiary from Eli Lilly's India supply-chain push are expected to drive 15% revenue growth and 20% earnings per share growth from FY26 to FY32. This positions Divis to evolve into a $2.7 billion sales company by the early 2030s.
Kotak Upgrades Escorts to Add with Rs 3,375 Target
Kotak Institutional Equities has upgraded Escorts from sell to add, with a target price of Rs 3,375. Analysts believe that tractor demand has become less dependent on monsoon variability due to structural buffers such as irrigation, minimum support price support, income diversification, non-agricultural usage, and improved financing.
Escorts Kubota's recent product launches aim to address gaps in the market and should drive gradual market share gains. The construction equipment segment is projected to recover from 2026. Diversification into spares, engines, and agricultural solutions is expected to broaden the revenue base and reduce cyclicality. The upgrade follows a recent correction in the stock price.
Nirmal Bang Maintains Buy on HDB Financial Services with Rs 880 Target
Nirmal Bang Securities has maintained its buy recommendation on HDB Financial Services, with a target price of Rs 880. Analysts reported that disbursements remained flat in the first and second quarters due to delinquencies, landslide disruptions, and regulatory timing issues. However, loan disbursements recovered strongly in the third quarter, exceeding Rs 17,000 crore after a weak first half.
The company's management expects portfolio growth of about 16–18%, contingent on stable GDP growth. Loan book growth for the current year is anticipated at approximately 12–13%. HDB Financial's secured loan mix stands at about 75%, with expectations to normalize to 70–72%. The NBFC is shifting its growth focus toward consumer lending, loans against property, gold loans, and enterprise lending. Borrowing costs remain among the lowest in the NBFC sector, supported by its strong HDFC Bank parentage.
