Nirmal Bang research reports

ADF Foods share price target

ADF Foods’ strategic branding initiatives expected to drive the overall growth. Buy for target price of ₹272 (31% upside): Nirmal Bang

Arjun November 27, 2025

Our FY25–27E revenue CAGR estimate of ~17% is conservative against the company’s guidance of...

EPACK Durable share price target

EPACK Durable has strong growth visibility. Buy for target price of ₹413 (48% upside): Nirmal Bang

Arjun November 21, 2025

With the Hisense facility set to begin mass production by Q4FY26, the company is...

LG Electronics share price target

LG Electronics India Ltd is well-positioned for sustainable long-term growth. Buy for target price of ₹1988 (20% upside): Nirmal Bang

Arjun October 29, 2025

LGEIL, a subsidiary of LG Electronics, Korea, holds a leading position in the Indian...

Scoda Tubes share price target

Scoda Tubes is approaching an inflection point with 3x capacity expansion. Buy for target price of ₹290 (50% upside): Nirmal Bang

Arjun September 8, 2025

Scoda Tubes Limited is an Indian manufacturer of stainlesssteel (SS) tubes and pipes with...

United Spirits share price target

United Spirits’ structural opportunity strong; price correction leads to attractive entry points. Buy for target price ₹1665 (28% upside): Nirmal Bang

Arjun August 13, 2025

In FY24-25, sales volume reached 64mn cases, up 4.1% from the previous year. Net...

Solar Industries share price target

Solar Industries is a ‘Make-in-India + global scale’ compounder with a healthy mix of stability, visibility, and upside potential. Buy for target price of ₹17720 (23% upside): Nirmal Bang

Arjun August 9, 2025

The stock is trading at a 1-year forward P/E of 48x, above the 5-year...

Swiggy and Eternal

Swiggy and Eternal will continue to dominate the food delivery business. Buy Swiggy for target price ₹500 & Eternal for target price ₹315: Nirmal Bang

Arjun July 20, 2025

We believe Swiggy and Eternal will continue to dominate the food delivery business. On...