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HDFC Securities Institutional Equities
Siemens India, Zydus Lifesciences, Manappuram Finance, Kalpataru Projects International, Astra Microwave Products, KEC International, Dilip Buildcon and Greenpanel Industries have featured in HDFC Securities' latest Q1 FY27 review basket, with the brokerage remaining constructive on capital goods, infrastructure and pharma plays while turning cautious on select names due to valuation and profitability concerns.
For Siemens India, HDFC Securities maintained its Buy rating and raised the target price to Rs 4,374 from Rs 4,275. The brokerage highlighted strong order inflows of Rs 6,300 crore and an order book of Rs 46,700 crore, supported by demand from grid modernisation, data centres, railways and industrial automation. However, commodity inflation, forex headwinds and Middle East disruptions weighed on margins during the quarter.
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For KEC International, HDFC Securities retained its Add rating but lowered the target price to Rs 534 from Rs 557. The brokerage cited weak profitability, elevated working-capital requirements and delayed collections despite healthy order inflows and opportunities from power transmission, renewable energy, grid modernisation and data-centre expansion.
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