Multiple global and domestic brokerage firms have launched covering several equities, expressing strong opinions on Swiggy, Hyundai Motor, Tata Technologies, GMM Pfaudler, and JSW Energy, with possible gains of up to 98%. Below is a list of seven stocks on which brokerages have commenced coverage:
Hyundai Motor: CMP: Rs 1,787
CLSA, a global brokerage firm, has commenced coverage of recently listed Hyundai Motor India with an “Outperform” rating and a target price of Rs 2,155. The brokerage predicts a 21% upside potential and highlights the automaker’s promising development prospects and strategic expansion plans.
CLSA describes Hyundai’s positioning as ‘aspirational yet cheap,’ noting that, while the firm is currently facing moderate growth despite high utilization rates, its future remains optimistic.
Swiggy | CMP: Rs 492
Bernstein launched coverage of Swiggy with an ‘Outperform’ rating and a target price of Rs 635 per share, implying a 29% upside from the stock’s present levels.
According to Bernstein, Swiggy is well-positioned to benefit from the structural shift toward super-fast delivery models in India’s rapidly rising convenience economy. This economy has an 8% penetration rate and a total addressable market of $70 billion. Bernstein expects this segment to expand at a compound annual growth rate (CAGR) of more than 50%.
GMM Pfaudler | CMP: Rs 1,215
Ambit, a domestic brokerage firm, commenced coverage on GMM Pfaudler with a ‘Buy’ rating and a 24-month target price of Rs 2,400, implying a significant 98% upside in the stock.
“GMM trades at 30x FY26E P/E (12x EV/EBITDA), a 25-35% discount to its peers given earlier growth/margin issues due to deceleration in end-user capex. Valuations should re-rate with end-user capex uptick driving earnings rebound. We bake in 9%/12%/14% rev/EBITDA/FCF CAGR and expect GMM to scale 5x over FY24-41E (7x, FY19-24),” the brokerage said.
JSW Energy | CMP: Rs 539
Axis Securities commenced coverage of JSW Energy with a ‘Buy’ rating and a target price of Rs 800, indicating a 48% upside potential.
“We value the generation business at 15x FY27 EV/EBITDA and the energy storage business at 1x P/BV of the target equity investment. We further adjust the TP for JSWE’s 2.9% stake in JSW Steel,” the brokerage said.
Kalpataru Projects International | CMP: Rs 1,204
Axis Securities commenced coverage of Kalpataru Projects International with a ‘Buy’ rating and a target price of Rs 1,590, representing a 32% upside potential.
“The company is expected to benefit from a strong order book, favourable sectoral tailwinds in both domestic and international T&D and B&F segments, improved performance of international subsidiaries, supportive government initiatives, and anticipated margin enhancements,” the brokerage said.
Patel Engineering | CMP: Rs 48
IDBI Capital commenced coverage of Patel Engineering with a ‘Buy’ rating and a target price of Rs 76, which represents a 58% upside potential.
“A strong order book, with visibility at 4x the TTM revenue, anticipated inflows from the Hydro segment, and strategic diversification across geographical and sectorial lines, are set to drive the company’s topline growth. The company’s robust construction capabilities, backed by extensive experience in executing highly technical and advanced projects, are expected to play a pivotal role in its growth trajectory,” the brokerage said.
Tata Technologies | CMP: Rs 834
Chola Securities launched coverage on Tata Technologies, rating it ‘Accumulate’ and setting a target price of Rs 1,082, implying a 30% upside potential.
“As a niche investment play with strategic accumulation over the next decade, Tata Tech presents a compelling opportunity due to tech-led disruption in the auto industry,” said the domestic firm.
