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HDFC Securities Institutional Equities
Domestic brokerage firm HDFC Securities Institutional Equities, in its latest Q4 FY26 results review, has shared a mixed outlook on Vinati Organics, Astra Microwave Products, and Sudarshan Chemicals, with divergent rating actions driven by company-specific growth visibility, execution trends, and valuation comfort.
Vinati Organics Ltd. remains a key bullish pick, with the brokerage reiterating its Buy rating and maintaining a target price of Rs 2,109. Growth visibility remains strong, supported by capacity expansion in ATBS, rising demand from oil and gas applications, and scaling of antioxidant products. The brokerage expects these drivers, along with new product launches and subsidiary-led expansion, to deliver an 18% earnings CAGR over FY26–29, while valuations remain reasonable.
Astra Microwave Products Ltd. saw a steady operational performance, with HDFC Securities maintaining an Add rating and revising the target price upward to Rs 1,370. The brokerage highlighted strong margin expansion, driven by favourable product mix and cost efficiencies, and a healthy order book of Rs 21.5 billion. However, revenue growth remains contingent on execution and sustained order inflows, which are key monitorables going ahead.
Sudarshan Chemicals Industries Ltd., on the other hand, continues to face near-term challenges despite signs of recovery. HDFC Securities maintained a Sell rating with a target price of Rs 841, citing integration risks following the Heubach acquisition and modest return ratios. While demand recovery and operational efficiencies are expected to improve over time, earnings visibility remains moderate, and valuations appear stretched.
Overall, HDFC Securities' Q4 review underscores a stock-specific approach, with specialty chemicals player Vinati Organics emerging as a preferred pick, Astra Microwave offering steady growth with execution risks, and Sudarshan Chemicals remaining under pressure despite improving fundamentals.
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