Brokerages remained constructive on a range of stocks spanning ports, metals, pharma and infrastructure, while economists flagged a strong GDP print but warned of emerging headwinds from higher energy prices and weather-related risks.
GDP growth beats estimates, slowdown risks remain
India's GDP grew 7.8% in the March quarter, beating estimates across the Street. JPMorgan said the print underscored the cyclical recovery that began towards the end of 2025, supported by tax cuts, monetary easing and lower inflation. However, the brokerage expects growth to slow in the current quarter as GST collections and industrial production indicators begin to soften.
Citi retained its FY27 GDP growth forecast of 6.6%, citing uncertainty stemming from the Middle East conflict and El Niño risks. HSBC also expects growth to moderate to around 6% in FY27 despite the strong FY26 finish.
Adani Ports remains a preferred play
Jefferies maintained its Buy rating on Adani Ports and raised its target price to Rs 2,160 from Rs 2,100. The brokerage sees a potential capacity crunch at container ports in Gujarat and Maharashtra, driving the next leg of growth, while Vizhinjam port could offer incremental market share gains in southern India.
Nomura also reiterated its Buy rating with a target price of Rs 1,930, highlighting the company's integrated logistics platform and industry-leading operating efficiency. It expects revenue and EBITDA CAGR of 19% and 18%, respectively, between FY26 and FY31.
Positive view on Hindalco strengthens
HSBC maintained a Buy rating on Hindalco and increased its target price to Rs 1,430. The brokerage noted that physical aluminium premiums have surged sharply and expects earnings to improve as Novelis recovers from the Oswego fire incident.
Morgan Stanley retained its Overweight rating with a target price of Rs 1,325, pointing to lower power costs, supportive aluminium pricing and significant insurance recoveries as key drivers.
Mankind Pharma seen turning the corner
Jefferies reiterated its Buy rating on Mankind Pharma with a target price of Rs 3,000. The brokerage believes the company is witnessing a revival in volume growth across acute therapies while chronic segment distribution remains consistent. Bharat Serum exports are expected to grow in the high teens during FY27.
Morgan Stanley also maintained an Overweight stance, citing healthy domestic growth and improving execution.
Haitong initiates on Minda Corp
Haitong initiated coverage on Minda Corporation with an Outperform rating and a target price of Rs 841. The brokerage believes the company is well positioned to benefit from premiumisation trends and rising electrification in the automobile sector.
It forecasts revenue, EBITDA and EPS CAGR of 19.1%, 21.2% and 19.1%, respectively, over FY26-FY29.
L&T sees stable Middle East operations
Citi maintained its Buy rating on Larsen & Toubro with a target price of Rs 4,650. The brokerage said the company's Middle East operations remain stable with negligible credit risk and expects defence spending to remain insulated from fiscal pressures.
Private sector capex continues to expand, particularly in thermal power, while the real estate business remains on track for a public listing over the next two years.
IT services could benefit from AI opportunity
CLSA said the emergence of AI service offerings from companies such as OpenAI and Anthropic is creating a significant opportunity for system integrators. The brokerage sees Persistent Systems and Coforge as key beneficiaries, while Tech Mahindra, Cognizant and Accenture could gain market share among larger players.
Asset managers continue to gain share
Bernstein said larger asset managers continue to benefit from strong fund performance and brand strength. Among listed names, it prefers Nippon AMC, HDFC AMC and ICICI Prudential AMC, though it cautioned that sustained flow gains will increasingly depend on performance rather than brand alone.
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