Kamal Ghorui
Nomura has a buy on Dixon Technologies with the target price at Rs 14,678. Analysts said that Dixon’s joint venture with HKC (74:26) for display modules got the govt nod. With this they feel backward integration into display modules to drive structural margin tailwind for the company. Dixon’s display plant construction is already on track with trials likely from (July-Sept 2026 quarter (Q2FY27) and ramp-up in the second half of FY27. Within components, display module assembly (10% of bill of material) has healthy double-digit margins and can potentially add 50 basis points (bps) to overall margins for Dixon by FY28 (up to 100bps later, with full ramp up).Macquarie has an outperform recommendation on Adani Ports with the target price at Rs 1,760. Analysts said that for Adani Ports, Haifa port is about 2% of overall port volumes and 25% of international volumes. With the consolidation of the NQXT terminal, the share of Haifa in overall volumes is set to go down. With 40% of Adani Ports’ volume and about 15% of this linked to West Asia, expect this to impact 5%-6% of Adani Ports’ domestic volumes. March volumes are likely to be impacted owing to the current disruptions in the Gulf region. For every 10 MMT decline in Mundra volumes for Adani Ports, estimate 1% impact on annual consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA).Jefferies has a buy on Divis Laboratories with the target price at Rs 8,200. Analysts said Divi’s is scaling up as a major good laboratory practice (GLP) and peptide contract development & manufacturing organisation (CDMO) player. They expect two complex oral GLP intermediates and injectable GLP projects are likely to add $600m and $400m+ revenue by FY32. A strong peptide pipeline, deep Big Pharma ties and Divi’s being a likely beneficiary from Eli Lilly’s India supply-chain push should drive 15% revenue and 20% earnings per share (EPS) growth over FY26-FY32. This positions Divi’s to evolve into a $2.7bn sales company by early 2030s.Kotak Institutional Equities has upgraded Escorts to add from sell with the target price at Rs 3,375. Analysts feel tractor demand has become less dependent on monsoon variability due to structural buffers—irrigation, MSP support, income diversification, non-agri usage and improved financing. Escorts Kubota’s recent launches aim to address product gaps and should drive gradual market share gains. Its construction equipment segment is expected to recover from 2026. Diversification into spares, engines and agri-solutions should help broaden revenue base and reduce cyclicality. The stock has been upgraded post recent correction.Nirmal Bang Securities maintained its buy recommendation on HDB Financial Services with the target price at Rs 880. Analysts said disbursements remained flat in Q1 and Q2 due to delinquencies, landslide disruptions and regulatory timing issues. Loan disbursements recovered strongly in Q3, exceeding Rs 17,000 crore after a weak first half. The company’s management expects portfolio growth of about 16–18%, subject to stable GDP growth. The current year’s loan book growth is expected at about 12–13%. The company’s secured loan mix is at about 75%, expected to normalise to about 70–72%. The NBFC’s growth focus is shifting toward consumer lending, loans against property (LAP), gold loans and enterprise lending. Its borrowing costs remain among the lowest in the NBFC sector due to strong HDFC Bank parentage.
