Nirmal Bang Institutional Research

Muthoot should continue to deliver industry-leading profitability, with RoA of 5.65.8% and RoE of 26%, However, stabilising gold prices, elevated asset quality metrics, increase in funding costs with the rate hike cycle and intensifying competition in the gold loan segment are likely to limit further upside, says the brokerage.

The brokerage expects revenues to clock a compound annual growth rate of 62% over FY26FY28E, driven by store additions, improved operations and continued network scale-up.

The company's current order book stands at a robust Rs 35,200 crore, of which Rs 3,000 crore is executable in Q3 FY27, with the remainder spread across the subsequent nine quarters, which rovides high execution visibility over the next 10 quarters at an average run-rate of Rs 3,000 crore to 3,200 crore per quarter, which will be further augmented by healthy pipeline i...

Nirmal Bang expects Kotak Mahindra Bank's healthy loan growth, recovery in net interest margins, steady fee income, benign asset quality and continued cost discipline to support a sustainable 2% RoA trajectory.

While SRF's Q2 operating performance missed Nirmal Bang and consensus estimates, the management sounded incrementally optimistic on sequential recovery in H2 FY27 and updated chemicals segment revenue guidance from 15%-20% to 20% in FY27, and Nirmal Bang likes the management's approach of diversifying within each segment and cater to newer high growth areas like batt...

Sweating of existing assets and mix improvement should enable Rossari gradually improve the return ratios from FY28 onwards, believes Nirmal Bang

While Nirmal Bang is the most optimistic among the five brokerages, with a target price of Rs 1,000, Anand Rathi and ICICI Securities have placed greater emphasis on the time required for a sustained post-merger recovery.

The brokerage believes PNB's valuation remains attractive at 0.73 times forward book value, while an improving net interest margin (NIM) profile and healthy loan growth provide support to its return ratios.

Axis Bank's reported a net profit of Rs 7,000 crore, was below Nirmal Bang's estimates, as margin compression, lower treasury income and higher operating expenses partially offset the benefit of lower credit costs.

Tata Elxsi delivered a sequential recovery in Q2 FY27, with revenue growing 2.3% QoQ and 7.8% YoY on a CC basis, supported by broad-based growth across its key verticals, adds the brokerage.

Nirmal Bang remains bullish as the company continues to demonstrate above-industry growth and as it sees Canara HSBC as less exposed than peers to the proposed distribution and commission regulations.

While recent price hikes remain insufficient for full cost absorption, the brokerage expects limited margin pressure in Q2 FY27, supported by stable pricing and moderation in energy and packing costs during Jul-Aug '26.

Beyond cables, Stetlite is increasing its wallet share through connectivity products, with a rising attach rate, reflecting the extent of connectivity sold alongside fibre cables, providing an additional growth and margin lever as data-centre deployments scale up, adds the brokerage.

NSE IPO is one of India's biggest public issues, with a total size of Rs 22,562 crore at the upper price band. It is a 100% Offer for Sale (OFS).

In Q2, mid cap IT services did better than their large cap peers, in line with expectations, with a smaller market share to defend, highlights Nirmal Bang.

Nirmal Bang's medium-term outlook on Suprajit Engineering remains positive, supported by a favorable shift toward international markets, with global revenue contribution targeted at more than 60% and increasing adoption of higher-value, EV-agnostic products.

AWFIS will see growth in the coming quarters from second half and expects occupancy-led operating leverage and a richer portfolio mix to support stronger earnings growth from FY28, says Nirmal Bang

Nirmal Bang remains constructive on the FY27 auto outlook, supported by GST-led affordability, rural recovery, premiumisation, capacity ramp-ups, exports, and rising EV penetration.

Nirmal Bang bets on two housing finance stocks as growth outlook stays strong.

Nirmal Bang has identified a bunch of specialty chemicals stocks as buying opportunities even as the sector continues to navigate weak global demand, Chinese competition and pressure on returns.