Posts by Arjun

Goodluck India Ltd’s valuation still looks attractive for long-term investors. Buy for target price of ₹1199 (33.2% upside): SBI Securities

We believe the valuation still looks attractive for long-term investors on back of (a) Expected expansion in EBITDA/t, post stabilization of Hydraulic tubes and CDW pipes capacity, (b) Commencement of commercial production at the new Defence & Aerospace facility by 2HFY26, (c) Healthy business relations with marquee clients across the public and private domain and (d) Positive demand outlook for solar torque tubes in the long run. At the CMP of Rs 900, the stock is trading at a P/E of 14.8x/11.3x of its FY26E/FY27E EPS of Rs 60.9/Rs 79.9 respectively. We assign the stock a P/E multiple of 15x on FY27E period EPS of Rs 79.9 to arrive at our TP of Rs 1,199, thus providing an upside potential of 33.2%

HPL Electric & Power Ltd is on a robust growth trajectory. Buy for target price of ₹710 (28% upside): Anand Rathi

The company is on a robust growth trajectory and remains confident in its ability to drive sustainable growth going forward, supported by its strong R&D capabilities. The ‘Metering & Systems’ segment is expected to be the key growth driver, with strong traction and an efficient execution cycle. Leveraging its competitive strengths, the company is well-positioned to capitalize on emerging opportunities in the smart meter space. We maintain our BUY rating on the stock with an unchanged target price of ₹710 per share

Zinka Logistics Solutions has robust growth with sustained operating leverage. Buy for target price of ₹590 (28.3% upside potential): JMFICS

BlackBuck reported a strong quarter with an even stronger margin expansion. As discussed in our IC note, the company continues to demonstrate the advantages of a recurring revenue led business model with cross-sell driving rampant operating leverage. BlackBuck reported INR 1.22bn revenue (+31% YoY / 7% QoQ) with strong growth in its Core business (+28% YoY) further amplified by 50% YoY growth in Growth businesses. Company also delivered strong operating metrics such as 17%+ YoY growth in monthly transacting truck operators (0.77mn as of 4QFY25) and 26% growth in truckers using 2 or more services

Radico has been one of the best-performing stocks among consumer names, with 25x return over the last 10 years and 8x return over the last five years. Buy for target price of ₹3000 (22% upside): Motilal Oswal

Radico Khaitan is one of the oldest and largest manufacturers of Indian Made Foreign Liquor (IMFL) with net revenue of INR48b and volume of 31m cases in FY25 (P&A was ~15mn cases). The company, formerly known as Rampur Distillery Company, commenced operations in 1943 as a major bulk spirits supplier. Radico is known for its brands: 8PM, Magic Moments, Royal Ranthambore, Rampur Single Malt, After Dark, Morpheus, Contessa and Jaisalmer

H.G. Infra Engineering is positioned favourably to achieve 15.1% revenue CAGR over FY25-27E. Buy for target price of ₹1872 (64.5% upside): SMIFS

HG Infra is positioned favourably to achieve 15.1% revenue CAGR over FY25-27E, to be driven by continued execution momentum on its healthy existing order book position and expectations of improved inflows. Further, margins are projected to remain elevated, with our expectation at 15.5% in FY27. Consequently, EBITDA is expected to rise at a CAGR of 14.2%.

ITC Ltd is a resilient Performer; Maintain BUY for target price of ₹500 (17% upside): Axis Securities

We believe ITC’s long-term growth trajectory remains intact, with most segments (excluding FMCG and Paperboards) on a steady path. 1) Cigarette volumes continue to grow, supported by innovations and premiumisation. 2) The Agribusiness remains resilient, driven by strong customer relationships and agile execution in leaf tobacco, coffee, and spices. 3) While FMCG growth has been impacted by muted urban demand and input cost inflation, the sector is poised for a recovery. The government’s recent budget measures, along with expanding outlet coverage, localisation strategies, and premiumisation efforts, are expected to revive growth in the coming quarters

Clean Science and Technology’s valuations have turned attractive after the recent correction. Upgrade rating to BUY with TP of ₹1,641 (23% upside): IDBI Capital

Clean Science and Technology share price target

We are positive on the company’s growth prospects and capex aimed towards capturing import substitution opportunities. As valuations have turned attractive after the recent correction we upgrade our rating from HOLD to BUY with revised TP of Rs 1,641 at 35xFY27 expected earning

VRL Logistics is focusing on profitable growth. Buy for target price of ₹740 (32% upside): Nuvama

VRLL is focusing on maximising profitability, and has indicated normalised capex on vehicles while it continues to scout for more investments in warehouses. We are raising FY26E/27E EPS by 6%/10% to reflect higher margins, offsetting lower volume assumptions. Maintain ‘BUY’ with a Mar-26E TP of INR740 (earlier INR670)

Arvind SmartSpaces is confident in continuing its previous growth trajectory of ~30% growth for the coming years. Buy for target price of ₹970 (38% upside): Axis Securities

Arvind’s bookings stood at Rs 381 Cr, reflecting a 70% QoQ /18% YoY growth. Collections for the quarter were flat at Rs 215 Cr vs Q4FY24 and down 6% QoQ. For FY25, bookings stood at Rs 1,270 Cr, up 15%, and collections stood at Rs 942 Cr, a 7% improvement YoY. Revenue for the quarter was Rs 163 Cr, up 39% YoY, EBITDA at Rs 34 Cr, up 7.2%, and PAT stood at Rs 22 Cr, up 11.8% YoY. For FY25, revenues clocked were Rs 713 Cr, up 109%, EBITDA was at Rs 168 Cr, up by 51%, and PAT stood at Rs 119 Cr, up 133% YoY

DIXON TECHNOLOGIES is well-placed to benefit from the rising outsourcing of electronics manufacturing. Buy for target price of ₹19100 (15% upside): BoB Caps

We believe DIXON is well-placed to benefit from the rising outsourcing of electronics manufacturing. Going ahead, growth will be driven by new client additions via JVs and expanded capabilities in electronic components. We model 35–40% revenue/EBITDA CAGR over FY25–27E and ascribe 70x on FY27E EPS and arrive at March FY26 TP of Rs 19,100 and we assume coverage with BUY

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