HG Infra has robust execution track record, strong growth and lean balance sheet. Buy for target price of ₹1740 (65.7% upside): JMFICS

We met the management of HG Infra led by Chairman and Managing Director Mr. Harendra Singh. HG expects 17–18% YoY revenue growth and 15–16% EBITDA margins for FY26E, with order inflows of INR 110bn. HG has strong highways bid pipeline of INR 600bn. Additionally, it has submitted bids for projects worth c. INR 150bn where results are awaited. Increase in working capital during FY25 was mainly led by inventory in solar projects and delayed payments which is expected to normalize by 2Q26E. HG expects LoA for MSRDC projects in the near future and AD for major HAM projects by Dec-25. Monetization of solar/BESS assets is being considered through either InVIT mode or outright sale of assets. HG remains open to subcontracting work from major developers

Max Financial Services is awaiting reverse merger approval, a key catalyst. Buy for target price of ₹1850 (15% upside): Sharekhan

Max Financial Services share price target

Over the past three years, Axis Max life has posted strong industry leading APE growth of 18% with 13% VNB CAGR. The management aspires to continue to grow APE in mid-teens (300-400 bps higher than industry) with VNB margin at 24-25% in FY26. The company is focusing on further scaling up the proprietary channel, improving bancassurance productivity, maintain leadership in protection and online distribution

Trent remains a stellar business. However, the ask from the business is too high. SELL for target price of ₹4300 (30% downside): HDFC Securities

Trent remains a stellar business. However, the ask from the business is too high (from a valuation stencil). Westside seems to be showing signs of customer fatigue, while Zudio seems to be peaking in terms of unit economics. We build in 23% revenue and PBT CAGR over FY25-27 (8-10% lower than consensus). We maintain SELL on Trent with an SOTP-based TP of INR4,300/sh (incl. 60x adj P/E for the standalone operations)

Power Finance Corporation’s structural growth intact despite near-term recalibration. Buy for target price of ₹485 (17% upside): Motilal Oswal

Power Finance Corporation share price target

We interacted with Power Finance Corporation (PFC) to understand the company’s revised growth outlook, evolving sector dynamics and asset quality trends. Here are the key takeaways

Indraprastha Medical Corp’s re-rating hinges on Delhi govt. stake sale; maintaining it as top pick for target price of ₹590 (44% upside): Anand Rathi

Indraprastha Medical Corp share price target

We recently hosted in Mumbai the Indraprastha Medical management for an NDR. Key takeaways: a) discussion with the Delhi government for a stake sale in progress; timelines not defined, b) capacity increase with 350 beds at existing location likely to commence by mid-CY28, c) plans for further capacity expansions in place; awaiting board approvals, d) next SC hearing on scrutiny regarding EWS slated for 30th Jul’25. The stock is our top Buy in the space with a Rs590 TP (16x FY27e EBITDA) as we believe the (part or entire) stake likely to be sold by the Delhi government in the medium term, which should result in a re-rating for the name-opening avenues for further growth at old and new locations

SJS Enterprises is expected to outperform the industry growth by 2x. Buy for target price of ₹1425 (16.6% upside): JMFICS

We recently visited SJS’s manufacturing facilities in Bengaluru. The company has built end-toend capabilities, spanning from product ideation to final output. It covers all key technologies and is the only player among its peers in India to operate a 2K injection molding process. The company showcased its full range of new-age products (in-mold labelling (IML), in-mold design (IMD), in-mold electronics (IME), chrome plating, cover glass, etc.), highlighting how these offerings are expected to increase content per vehicle by 4x–6x compared to legacy products

Delhivery is expected to see significant re-rating. Buy for target price of ₹450 (24.7% upside): JMFICS

Delhivery has outperformed the market since announcing the acquisition of Ecom Express, we believe the uptick only reflects the benefits of consolidation. We expect significant re-rating considering the subdued headwinds over the coming year – 1) plateauing of Meesho’s insourcing at c.65%, and 2) rise in e-commerce shipments. Furthermore, we expect FY26 to see the peak impact of channel shift towards Quick Commerce and the impact would start tapering FY27 onwards

4 High Conviction PSU Banking Stocks by HDFC Securities

The Indian PSU banking (PSB) sector, once considered structurally broken, is experiencing early signs of a secular turnaround, buttressed by a combination of governance reforms (balance sheet repair and recapitalization), modernized digital stack, and a gradual turnaround in the quality and sustainability of earnings.

Subscribe to HDB Financial Services Ltd IPO. It is backed by strong parentage, brand, governance, risk management and a high credit rating: SBI Securities

HDB Financial Services Ltd (HDBFS) is categorized as an upper-layer NBFC by the Reserve Bank of India. It is the 4th largest diversified retail-focused NBFC (by Gross Loan Book size) as of Mar’25. It is a subsidiary of HDFC Bank, which is the largest private sector bank in India in terms of total assets as of Mar’25

Bansal Wire Industries: Capacity expansion, VAP are growth catalysts; initiating, with a Buy for target price of ₹550 (46% upside): Anand Rathi

Bansal Wire Industries share price target

Incorporated in 1985, Bansal Wire is the second largest manufacturer of steel wire in India and the largest stainless steel wire manufacturer. With five plants in north India it expects to raise consolidated capacity ~2.5x to 0.679m tonnes, surpassing Tata Steel’s ~7-8% market share in steel wiring. It is venturing into high-growth, high-margin steel cord, low relaxation prestressed concrete and bead wires

4 High Conviction PSU Banking Stocks by HDFC Securities

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