HSBC has initiated its coverage of SRF with a buy rating and a target price of Rs 3,390. Analysts highlighted that SRF is one of India's largest chemical manufacturing companies, with 50% of its revenue generated from overseas markets. They expect improving fundamentals in specialty chemicals and performance films to drive a 26% compounded annual growth rate (CAGR) in earnings during the FY27-FY29 period. However, some risks were noted in the refrigerant gas segment, along with key downside risks such as tariffs or anti-dumping duties, further price declines, the West Asia crisis leading to raw material shortages, and higher inventories in the agro-chemicals segment.
Jefferies on Grasim
Jefferies has assigned a buy rating on Grasim with a target price of Rs 3,440. Analysts stated that Grasim is set to receive Rs 397 crore from UltraTech Cement's Rs 240 per share payout in Q4FY26, a significant increase compared to previous years. Over the past two years, Grasim has retained half of the dividend to fund new businesses, particularly paints. With the dividend pool from UltraTech structurally higher, Grasim now has greater capital availability, providing optionality across growth funding, deleveraging, and shareholder returns. If executed prudently, this could narrow the holding company discount.
Nomura on Adani Ports & SEZ
Nomura has a buy rating on Adani Ports & SEZ with a target price of Rs 1,930. Analysts noted that the company's sub-sea foray in Europe will bolster its marine business, significantly increasing the marine segment's international footprint. They believe that operational capabilities will be enhanced by the addition of the Astro Atlas vessel. By FY31, the marine segment aims to have about 200 vessels, revenue of Rs 6,000 crore, and capital expenditure of Rs 13,000 crore, which appear largely achievable.
CLSA on Tata Power
CLSA has a hold rating on Tata Power with a target price of Rs 415, up from the previous target of Rs 369. Analysts noted that FY26 was a weak year, with Q4FY26 seeing disappointment from Mundra IPP and solar EPC, while coal mines performed well. During FY26, the Mundra IPP loss and slower solar EPC and RE IPP segments hurt performance, but analysts feel the worst is already behind the company.
Goldman Sachs on Neuland Labs
Goldman Sachs has a buy rating on Neuland Labs with a target price of Rs 19,550, up from the earlier target of Rs 17,275. Analysts reported that Q4FY26 numbers exceeded estimates, with the generic drug substance in line and contract development & manufacturing (CDMO) driving a stellar beat. The EBITDA margin stood at 40%, supported by a better product mix and operating leverage. Analysts expect topline growth to remain robust at over 20% CAGR during FY26-FY28. They have raised FY27-FY29 earnings per share (EPS) estimates by up to 8% to account for the Q4 beat, updated pipeline progress, and revised business outlook as discussed by management.
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