A host of global and domestic brokerages have rolled out fresh views on Reliance Industries, Adani Ports, Divis Labs, Uno Minda, Dixon Technologies and several other companies, as analysts assess the impact of the ongoing Middle East conflict, commodity price volatility and sector-specific growth drivers.
Jefferies on Tile Industry
Middle East conflict has constrained domestic gas supply, as India receives ~75% of LNG via Strait of Hormuz
LNG and propane account for ~70% of fuel for the Morbi tiles industry, which is notably curtailed now
This could impact domestic tile production and margins, as energy cost is 20–25% of net sales
Approx +5% rise in fuel cost could impact EPS by estimated 5–7%
Est weak FY26E volume growth for Kajaria at 1% YoY
Macquarie on Adani Ports
Maintain Outperform with TP of Rs 1,760
Haifa port accounts for about 2% of overall port volumes and 25% of international volumes
With consolidation of the NQXT terminal, the share of Haifa in overall volumes is set to decline
Around 40% of Adani Ports' volumes are domestic and about 15% of these are linked to the Middle East
Expect 5–6% of domestic volumes to be impacted due to disruptions
March volumes likely to see impact amid current Middle East disruptions
For every 10 MMT decline in Mundra volumes, estimate about 1% impact on annual consolidated EBITDA
MS on India Energy
Impact of oil shocks in India has varied since price deregulation was introduced in 2014
Oil equities tend to underperform initially but outperform significantly in the two years following a shock
See 2026 shaping up for a similar response
Prefer Indian refiners and OMCs
Governments typically freeze fuel prices during energy shocks; expect similar policy response in 2026
Policy stability likely with no windfall taxes after stability laws passed in 2025
Indian refiners and gas users expected to play a key role in absorbing US natural gas supply
Macquarie India Strategy
Adds Coal India to tactical list; removes Petronet
Coal India benefits from upside risk to e-auction coal prices and improving coal demand from power sector
Industrial demand from sectors like cement and aluminium also supportive
Coal India offers a dividend yield of around 5–6%
Petronet utilisation could be impacted by higher LNG prices and force majeure developments
MS on LG India
Maintain Overweight with TP of Rs 1,726
AC demand picking up in North and West as temperatures rise; summer delayed by 7–10 days in South
TV sales supported by cricket events
Refrigerators and washing machines performing better YoY with premiumisation trend
Room AC growth expected in Q4 with potential price hikes
Margins expected to rebound to near FY25 levels by FY27
Jefferies on Divis Labs
Maintain Buy with TP of Rs 8,100
GLP contracts expected to drive a major CDMO opportunity for India
Divi's scaling up as a key GLP and peptide CDMO player
Two complex oral GLP intermediates and injectable GLP projects could add $600 million and $400 million+ revenue by FY32
Strong peptide pipeline and deep Big Pharma relationships
Likely beneficiary of Eli Lilly's India supply chain
Expect 15% revenue CAGR and 20% EPS growth over FY26–32
Could evolve into a $2.7 billion revenue company by early 2030s
Kotak Securities on Retail Sector
DMart added eight stores on March 8 and 46 stores in FY26TD versus 50 in FY25
Trent added 32 new Westside stores in FY26TD versus 16 in FY25
Zudio store additions lagging with 118 stores in FY26TD versus 220 in FY25
Store additions could accelerate in the final weeks of the financial year
Especially considering 90 stores were added in March 2025
HSBC on Meesho
Initiate Hold with TP of Rs 160
“Not an easy delivery”
Meesho holds a near-monopoly in value e-commerce in India
Focus on low-value parcels that are less time sensitive
Profitability improvement may be difficult and could come at the cost of growth
Long-term valuation depends on monetising customer data beyond core marketplace business
MS on Apollo Hospitals
Maintain Overweight with TP of Rs 9,209
Limited impact expected from Middle East disruptions
International patient revenue accounts for 4–9% across major listed hospitals
Middle East contributed about 8% of India's medical tourists in CY24
Geopolitical risks could create short-term disruptions but financial impact likely limited
GS on KIMS
Maintain Buy with TP of Rs 875
Board to evaluate fund raising via QIP or rights issue
Funds likely to be used to reduce leverage
Management's comfort leverage level below 2–2.5x versus 3.5x currently
Estimated fund raise of Rs 1,000–1,500 crore
Stronger balance sheet could unlock growth opportunities in target geographies
Kotak Securities on Escorts
Upgrade to Add from Sell; Hike TP to Rs 3,375 from Rs 3,300
Core growth drivers remain intact
Tractor sales less dependent on monsoon than before
Domestic tractor sales have shown mixed trends even during El Niño years
Construction equipment segment expected to recover from CY26
Diversification into spares, engines and agri-solutions should reduce cyclicality
Jefferies on Uno Minda
Initiate Buy with TP of Rs 1,350
Well-diversified auto parts supplier
Offers strong exposure to India's auto sector
Portfolio largely powertrain-agnostic with about 90% domestic sales
Expect ~25% EPS CAGR and ~20% ROE over FY26–28
Rich valuations justified given growth visibility and margin stability
Jefferies on Dixon Technologies
Maintain Hold with TP of Rs 11,350
Despite a 40% fall in six months, stock trades at 47x FY27E PE
Estimate 31% YoY fall in CY26 global smartphone shipments
Mobile DRAM prices (about 15% of raw material) rose 70% QoQ in Q1CY26 and could rise another 50% QoQ in Q2
Approvals pending for Vivo and HKC PN3; mobile PLI scheme has expired
Jefferies on Amber Enterprises
Maintain Buy; Hike TP to Rs 9,120 from Rs 8,890
After a 40% rally from January lows, Amber trades at 47x FY27E PE, slightly above its five-year average
Multiple catalysts ahead including summer demand, electronics growth and acquisition ramp-up
Two new customers added in data centre business
AC industry volumes expected to grow in mid-teens in CY26
Amber secured three ECMS approvals for electronics manufacturing
Company aims to double mobility sales over the next three years
Expect ~48% EPS CAGR over FY25–28
MS on Reliance Industries
Maintain Overweight with TP of Rs 1,803
Expect share price to rise over the next 30 days
Reliance likely to benefit from tightening refining margins, chemical capacity cuts and improved access to Russian and Venezuelan crude
Chemical cycle also recovering
Expect 6–8% earnings uplift for FY27 from stronger margins
Stock has de-rated due to retail challenges but energy business could drive re-rating
Every $5/bbl increase in Brent above $70 could add around 5% to earnings
Nomura on Dixon Technologies
Maintain Buy with TP of Rs 14,678
Approval received for HKC display joint venture
Backward integration into display modules expected to drive structural margin expansion
HKC investment contingent on fulfilling remaining conditions in the share subscription agreement
PN-3 approval provides clarity on the ramp-up of the JV
HKC already supplies displays to several of Dixon's global mobile customers
JV seen as a long-term margin tailwind.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.