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HDFC Securities Institutional Equities
HDFC Securities, in its latest Q4 FY26 results review, has shared a mixed outlook across a wide set of stocks including Amber Enterprises, Deepak Nitrite, KEC International, Balaji Amines, Greenpanel, Neogen Chemicals, Symphony with clear stock-specific calls spanning Buy, Add and Reduce ratings along with revised target prices.
The brokerage has turned cautious on select names amid rising input costs, balance sheet concerns and execution challenges, while maintaining positive stance on companies with strong structural growth drivers.
HDFC Securities has downgraded Amber Enterprises to ‘Reduce' citing cost inflation and limited pricing pass-through, with a target price of Rs 7,580.
Deepak Nitrite's Q4 performance was supported by lower raw material costs, but the brokerage remains cautious due to aggressive capex plans in polycarbonate, which could strain the balance sheet.
The stock continues to carry a ‘Sell' rating with a target of Rs 1,327, as leverage is expected to rise significantly in the coming years.
KEC International missed estimates across key metrics, with weak margins and elevated working capital delaying a rerating. While order book visibility remains strong, execution risks persist. The brokerage maintains an ‘Add' rating but cuts the target price to Rs 557.
Despite near-term challenges, the brokerage retains a ‘Buy' rating on Symphony with a lower target price of Rs 1,035, factoring in recovery potential.
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