Brokerages have highlighted opportunities in defence PSU, pharma, ports, brokerage and electricals sector, with fresh calls on Bharat Electronics, Zydus Life, Adani Ports and Special Economic Zone, Angel One, Pine Labs and Sterlite Technologies, alongside broader sectoral insights on capital goods and India's consumer landscape.
Macquarie on BEL
- Maintain Outperform with TP of Rs 550
- Secured new orders worth Rs 730 cr since its last disclosure on 10 Aug 2026
- For FY27-to-date, secured new orders worth Rs 6200 cr, down 45% from Rs 11200 cr in the same period last year
- Attribute the decline mainly to the timing of order bookings
- See Rs 55000 cr of new orders in FY27
- Order backlog stood at Rs 72300 cr at the end of Q1, providing strong revenue visibility
Macquarie on Zydus Life
- Maintain Outperform with TP of Rs 1285
- Strategic mix shift to drive margin expansion
- Innovation portfolio emerging as a meaningful US growth driver
- Robust US generics pipeline underpins growth visibility
- Sustained domestic outperformance supported by leadership positions
- International formulations remains a profitable growth engine
- Consumer wellness offers sustained growth momentum.
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Investec on Adani Ports
- Maintain 'Buy' with TP of Rs 2020
- Gujarat Maritime Board signals Pipavav concession extension; +ve for Mundra
- Mundra well placed to benefit from container capacity shortage
- Intends to expand Mundra container capacity by >50% and has obtained environment clearance for the same
- Should help it benefit from likely container demand-supply mismatch on the West Coast over the next few yrs.
Investec on Pine Labs
- Initiate Buy with TP of Rs 200
- Creating value beyond swipe; more than a payment acceptance provider
- Leadership in a growing prepaid ecosystem
- Mix shift and operating leverage driving profits
- MDR on UPI: a potential profitability booster
Investec on Angel One
- Maintain Buy; Cut TP to Rs 350 from Rs 385
- Valuations reflect a temporary CAS shock
- Sharp fall in derivative activity post implementation of CAS
- Cut revenue and net profit estimates by 4%/9% over FY27-29
CLSA on Sterlite Tech
- Maintain Outperform with TP of Rs 950
- Top datacentre play
- USA & India datacentres to drive Sterlite's exponential growth
- Order book will continue expanding
- Expect 14-21% revenue and EBITDA CAGR over FY27-29.
UBS on Capital Goods
- Valuations high but excitement stays
- H1CY26 – Improving short-cycle demand, rising private defence opportunity
- Early signs of demand revival with low/medium voltage at the forefront
- Order momentum to support premium valuations
- Top picks are ABB, Siemens, CG Power, Triveni Turbine and Premier Energies.
GS on India Consumer
- Sugar prices have seen a sharp increase in India
- Margin pressures on packaged food companies such as Britannia
- Britannia most impacted due to high sugar / palm oil salience in input costs and high share of price point packs
- Nestle and Varun Beverages have some impact, but could be mitigated better
- Nestle's input costs are ~6-7% sugar and ~10% palm oil
- However, the company has high pricing power in many categories
- Varun Beverages has 10% of raw material cost from sugar
- Varun has been actively shifting to no-sugar/low-sugar products and this is offsetting a significant part of the inflation in the sugar price.
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