Initiation on 11 stocks: Analysts see 20-80% upside in PNB Housing, Inox Wind, SAMHI & more

Select stocks including Ajax Engineering, Netweb Technologies, PNB Housing Finance, Techno Electric & Engineering Company, Apollo Hospital Enterprises, Zensar Technologies, Aditya Birla Lifestyle Brands, Inox Wind, Onesource Specialty Pharma, Black Box and SAMHI Hotels have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages including JM Financial, Monarch Networth Capital, Globe Capital Market, Anand Rathi Shares & Stock Brokers, Choice Institutional Equities, Motilal Oswal Financial Services, DAM Capital, JM Financial and Ventura Securities have launched their maiden reports on these stocks. Barring Aditya Birla Lifestyle Brand, all stocks have ‘buy’ ratings on them with an upside potential of 80 per cent. Here’s what brokerage said on these stocks:
 

JM Financial on Ajax Engineering
Rating: Buy | Target Price: Rs 770 | Upside Potential: 23%
Ajax Engineering has a comprehensive product portfolio of SLCM and batching plants for concrete production, transit mixers for concrete transportation, boom pumps, concrete pumps and self-propelled boom pumps for placement of concrete, slip-form pavers for paving of concrete and 3D concrete printers for depositing concrete, said JM Financial.

“It is one of the largest SLCM manufacturers globally and market leader in India with 75 per cent market share. Increasing share of mechanisation given its benefits over manual mixing will drive industry growth. We like Ajax given its leadership in the fast growing SLCM market, comprehensive product portfolio, strong management pedigree, strong in-house design, development and engineering capabilities, lean balance sheet and superior return ratios,” it added with a ‘buy’ and a target price of Rs 770.

Monarch Networth Capital on Netweb Technologies
Rating: Buy | Target Price: Rs 2,450 | Upside Potential: 33%
Netweb is an under-researched stock and is India’s only end-to-end IT solutions provider for high end computing with design and manufacturing capabilities. Strong partnerships with chipmakers like Nvidia, Intel, and AMD help compete with global players like HP & Dell. Valuations, drawing references to fast-growing sectors / stock, offer comfort, said Monarch Networth Capital.

“Led by demand for HPCs, data center expansion, and initiatives like the India AI mission offers a staggering 40%+ growth opportunity over the next 3-5 years. With marquee clients, a Rs 4,000 crore pipeline, and expected RFP wins in H2FY26 from India AI mission, Netweb is well-placed for solid growth. We initiate coverage on Netweb with a ‘buy’ rating and target price of Rs 2,450,” it said.
 

Globe Capital Market on PNB Housing Finance
Rating: Overweight | Target Price: Rs 1,433 | Upside Potential: 34%
PNB Housing Finance reported a steady performance in Q4FY25. Interest income rose to Rs 1,906 crore, while total income rose to Rs 2,037 crore in Q4 FY25. Net interest income (NII) improved to Rs 728 crore, registering a YoY growth of 16.80 per cent and QoQ growth of 5.41 per cent. Finance Cost rose moderately to Rs 1,178 crore, said Globe Capital Markets.

“Asset quality improved in Q4 significantly. We anticipate the topline to grow around industry growth between 12-13 per cent until FY28 and book value to increase to 1042 in FY28 along with improving asset quality with robust NIM and ROE. So we maintain an ‘overweight’ rating for a target price of Rs 1,433 based on one year Median P/BV of 1.4 for FY28E,” it added.
 

Anand Rathi Shares & Stock Brokers on Techno Electric & Engineering Company
Rating: Buy | Target Price: Rs 2,000 | Upside Potential: 28%
Techno Electric is a leading power infrastructure company in India, with a legacy spanning over four decades. It excels in EPC and asset ownership and operations & maintenance services, with a strong presence across the power generation, transmission, and distribution sectors. Their portfolio includes the successful execution of 400 projects in India and across the globe, said Anand Rathi.

“Techno Electric is well-positioned to capitalize on the robust growth in India’s transmission & distribution sector. It operates in key emerging segments such as smart meter installation, which is strongly backed by government initiatives, and data centre construction. It has issued a revenue guidance of Rs 3,500-3,600 crore for FY26 and Rs 4,500 crore for FY27. We initiate a ‘buy’ coverage with a target price of Rs 2,000,” it added.
 

JM Financial on Apollo Hospital Enterprises
Rating: Buy | Target Price: Rs 2,000 | Upside Potential: 28%
Apollo Hospitals has grown to become India’s largest integrated healthcare services provider. It operates 51 hospitals, 267 clinics and over 6,600 pharmacies. The key value drivers include renewed focus on bed expansion, consolidation of the pharmacy business, growth of the 24×7 online healthcare platform, integration of specialty clinics and margin expansion in the diagnostics business, said JM Financial.

“With 1,717 beds being added, an 8% annual increase in pharmacy outlets, and improving operating leverage in the 24×7 segment, we project Apollo to deliver 17%/ 21%/28% revenue/EBITDA/PAT CAGR FY25-FY28 respectively—comparable to or better than smaller peers in the hospital industry. Valuing on a SOTP basis, we arrive at a target price of Rs 8,800,” it added with a ‘buy’ tag.
 

Choice Institutional Equities on Zensar Technologies
Rating: Buy | Target Price: Rs 1,130 | Upside Potential: 33%
We believe Zensar is a new turnaround story unfolding at RPG group led by its new leadership team. This is evident from strategic changes undertaken like new CEO to bring in stability and agility, large deal wins fueled by incentivizing sales team structure, client centricity in improved customer experience. The new initiatives are getting reflected on its industry lowest attrition rates, said Choice.

“Given its strategic long-term growth plan, we expect Zensar to deliver Revenue/ EBITDA/ PAT CAGR of 9.8%/ 10.4%/ 15.4% from FY25-FY27E on an organic basis. Thus, we initiate coverage on Zensar with a ‘buy’ recommendation and target price of Rs 1,130 which is an upside of 34%, by valuing the company at a PE of 30 times based on FY27E EPS of Rs 37.7,” it said.
 

Anand Rathi Shares & Stock Brokers on Aditya Birla Lifestyle Brands
Rating: Hold | Target Price: Rs 186 | Upside Potential: 20%
Post its strategic hiving off from ABFRL, Aditya Birla Lifestyle houses industry-leading brands with a 4.6 million sq.ft. distribution footprint and 3,253 EBOs. It has two brands with Rs 2,000 crore in sales and another two Rs 1,000 crore sales. It had 15.2 per cent Etbida margin in FY25 with high RoCE and strong cash generation, said Anand Rathi.

“This entity has been a cash cow for years, funding ABFRL’s newer initiatives. Post demerger, it can adopt a more focused capital allocation strategy, better deploying free-cash flow toward its own high-growth initiatives, supporting expansion and margin betterment. We initiate coverage with a ‘hold’, a 12-month sum-of-parts target price of Rs 186,” it added.
 

Motilal Oswal Financial Services on Inox Wind
Rating: Buy | Target Price: Rs 1,130 | Upside Potential: 20%
“We initiate coverage on INOX Wind (IWL) with a ‘buy’ rating and a target price of Rs 210. IWL is a leading vertically integrated player in India’s wind energy sector, delivering end-to-end solutions from conception and commissioning to O&M of wind power projects. It holds a robust order book of 3.2GW, offering strong revenue visibility for at least two years,” said Motilal Oswal.

“We arrive at a target price by applying a target P/E of 25 times to FY27E EPS which is at a 29 per cent discount to our target multiple for Suzlon Energy. IWL is currently trading at FY27 P/E of 20.5 times, which is at a 28 per cent discount to its direct competitor, Suzlon,” it added.
 

DAM Capital on Onesource Specialty Pharma
Rating: Buy | Target Price: Rs 2,529 | Upside Potential: 29%
OneSource Specialty Pharma is a differentiated multi-platform specialty CDMO company with capabilities across drug-device combinations (DDCs), soft gelatin capsules, sterile injectables and biologics. High margin GLP-1 fill-finish scaleup will drive revenue and profitability growth with steady scale-up in the other segments, said DAM Capital.

“OneSource‘s first mover advantage in DDC space backed by an aggressive capacity build-out, diversified client base and high-quality execution makes it a perfect proxy to play the multi-year volume expansion in generic GLP-1 injectable usage across global markets. We estimate 33%/ 42%/60% CAGR in revenue/EBITDA/Adjusted PAT over FY25-28E with 40 per cent adjusted RoCE,” it added with a ‘buy’ and a target price of Rs 2,529.
 

JM Financial on Black Box
Rating: Buy | Target Price: Rs 1,130 | Upside Potential: 26%
Black Box’s financial fortunes – after being acquired by AGC Networks, an Essar Group company – have turned. In the first phase of its turnaround, the combined entity expanded the EBITDA margin by 420bps over FY 22-25, delivering 40 per cent EPS CAGR over the same period. It is now embarking on its next phase – growth. Revamp of its sales structure – verticalized go-to-market (GTM) – is complete, said JM Financial.

Focus is on scaling the top 300 accounts even as it prunes tail accounts. The results are already visible. Order book has improved to $504 million. Pipeline has swelled to $2.5 billion, per our estimate. Black Box’s FY26 guidance and near-term outlook indicates growth will likely inflect in 2QFY26, before accelerating in 2HFY26. We initiate coverage with a ‘buy’ rating at target of Rs 670,” it said.
 

Ventura Securities on SAMHI Hotels
Rating: Buy | Target Price: Rs 391 | Upside Potential: 80%
SAMHI is well-positioned to capitalize on India’s evolving hospitality landscape. With 4,948 rooms across 32 properties in 14 cities, it ranks among the largest branded business hotel platforms in the country. It is expanding this room inventory, and it is projected to reach 5,544 by FY29. A large share of its inventory is concentrated in key business hubs, anchoring presence in high-demand corporate corridors, said Ventura.

A key growth driver for SAMHI is its strategic partnership with GIC, which has committed Rs 752 crore for a 35% stake in three SAMHI subsidiaries. Net profit is set to outpace EBITDA growth, driven by interest cost savings and zero-tax for the next 4-5 years due to the deferred tax balance. RoE & RoIC are anticipated to improve to 14.3 per cent and 16.5 per cent by FY28E, it said with a ‘buy’ rating and a target price of 391.