Nirmal Bang Institutional Research
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Feb Inflation Preview: Retail CPI Pegged At 3.1%, WPI At 2.4%, Says Nirmal Bang — Read Report
Food and beverage inflation is seen bottoming out at 2.88% in Feb-26 vs 2.12% in Jan-26.
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Bajaj Electricals Q3 Review: Nirmal Bang Maintains 'Hold' Amid Pricing Pressures — Check Slashed Target Price
Persistent price erosion in the consumer lighting segment remains a significant drag on Bajaj Electricals' growth and margins, adds Nirmal Bang.
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SBI Shares In Focus After Q3 Results: Nirmal Bang Maintains 'Buy' — Check Revised Target Price
Nirmal Bang remains positive on SBI, maintaining its Buy rating as it expects steady loan growth, strong profitability and resilient asset quality to drive longterm performance.
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Mazagon Dock Q3 Review: Nirmal Bang Retains Rating But Cuts Target Price — Details Inside
Nirmal Bang revises its valuation multiple downward to reflect lower growth expectations, resulting in a 15% reduction in Mazagon Dock's target price.
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JK Lakshmi Cement's Target Price Trimmed By Nirmal Bang After Mixed Q2 Numbers — Details Inside
Volume growth was supported by the commissioning of the Surat grinding unit, which strengthened JK Lakshmi's presence in Gujarat and the Mumbai region.
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Ashoka Buildcon Q3 Result Review: Nirmal Bang Trims Target Price Amid Sectoral Headwinds — Check Potential Upside
While near-term revenue growth has softened, Ashoka Buildcon's margin stability and debt reduction initiatives provide comfort from a medium-term standpoint.
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Bajaj Auto Shares Gets Nirmal Bang's Buy Upgrade On Strong Q3 Beat — Check Hiked Target Price
EV recovery has helped the automaker regain leadership in both the electric twowheeler and electric threewheeler segments during Q3.
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Budget 2026 Preview: Manufacturing, Exports, Data Centres In Focus Amid Job Creation Push, No Major Tax Changes Expected, Says Nirmal Bang
The brokerage does not expect any major changes on the tax front given the income tax cut announced in Feb-25 followed by GST cuts in Sep-25.
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Zensar's Growth Hurdles Keep Double-Digit Potential in Check As Nirmal Bang Maintains Hold Post Q3 — Details Inside
Zensar reported weak revenue and order book, though margins remained strong.
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Ambuja Leads Nirmal Bang’s Top Picks In Cement Stocks Among Others Ahead Of Q3 — Check Full List
Growth is broad-based but continues to be led by large players such as Ambuja, ACC, UltraTech and JK Cement.
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Leela Palace Gets 'Buy' Rating As Nirmal Bang Initiates Coverage — Check Target Price, Potential Upside
Leela is positioned as a pure-play luxury hospitality brand with marquee city palaces and experience-led leisure assets.
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'Buy' Orient Electric Shares Maintains Nirmal Bang, Sees 32% Upside — Check Target Price
Orient Electric's rating remains Buy, underpinned by strong fundamentals.
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Zota Health Care Shares Rated New 'Buy' At Nirmal Bang — Check Target Price, Potential Upside And More
Nirmal Bang initiates coverage on Zota Health with a 'Buy' rating citing strong growth trajectory.
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ICICI Prudential AMC IPO — From Issue Details, Valuations To Key Risks: Read Nirmal Bang Report Before You Bid
ICICI Prudential AMC will launch its IPO on December 12 and the offer closes for subscription on Dec. 16.
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Paras Defence— Valuation Attractive Post Correction; Nirmal Bang Projects 47% Upside On Strong Optics Pipeline
Upside drivers include strong multi-year revenue visibility, margin expansion from higher-value products, improving working capital, and attractive valuations post-correction.
