Select stocks including Bluestone Jewellery & Lifestyle, Ather Energy, Brigade Hotel Ventures, Karur Vysya Bank, Parth Electricals & Engineering, Garware Hi-Tech Films, Cello World, Delta Corp and Aarti Industries 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, Nirmal Bang Institutional Equites, IDBI Capital, Ashika Institutional Equities, Phillip Capital, InCred Equities, Anand Rathi Share & Stock Brokers, Wadhi Securities and ICICI Securities. All stocks have positive ratings on them with an upside potential of up to 59 per cent. Here’s what brokerage firms have said on these stocks:
JM Financial on Bluestone Jewellery & Lifestyle
Rating: Buy | Target Price: Rs 650 | Upside Potential: 17%
BlueStone is a digital-first D2C jewellery brand offering contemporary diamond, gold, platinum and studded products. Founded in 2011 as an online retailer, it pivoted to an omni-channel model in 2018. Its target customers are men, women and couples aged 25–45 seeking lifestyle jewellery that value craftsmanship and product design over metal value, said JM Financial.
This is corroborated by 60 per cent contribution of studded jewellery to BlueStone’s FY26 revenue. In Q4FY26, it manufactured 95 per cent of its jewellery in-house. We initiate coverage on BlueStone with a ‘buy’ and target price of Rs 650 Our target valuation implies a 26 per cent discount to Titan’s,” it added.
Nirmal Bang Institutional Equites on Ather Energy
Rating: Buy | Target Price: Rs 1,210 | Upside Potential: 17%
Ather is one of India’s leading pure-play E2W players with 18.6 per cent retail market share (Q4FY26), backed by strong R&D, a differentiated premium product portfolio, software capabilities, and charging infrastructure. The company is well positioned to benefit from rising EV penetration, supported by strong execution and an expanding distribution network, said Nirmal Bang.
“Ather is entering its next growth phase driven by the success of Rizta, which has accelerated market share gains, alongside the upcoming EL and Zenith platforms. It is expanding capacity through the new AURIC facility. These initiatives are expected to materially expand Ather’s addressable market and support 42.5 per cent volume CAGR over FY26-28E,” it added with a ‘buy’ and a target price of Rs 1,210.
IDBI Capital on Brigade Hotel Ventures
Rating: Buy | Target Price: Rs 86 | Upside Potential: 38%
“We initiate coverage on Brigade Hotel Ventures (BHVL) with a ‘buy’ rating and target price of Rs 86, valuing it at 14x EV/EBITDA on FY28E. BHVL has a portfolio of 9 operating hotels with 1,604 keys at the end of FY26. we believe the long-term growth is more promising given majority of the new assets (commanding higher ADR and operating margin) would be operational by end of FY30E,” said IDBI Capital.
BHVL is picked considering its strong foothold in key Southern markets; active asset management, which will drive operational efficiencies; strong parentage of Brigade Group; aggressive expansion plan in high growth markets; and lucrative valuation at current level. The brokerage forecasted net sales and EBITDA CAGR of 22.8 per cent and 28.3 per cent over FY26-28E, respectively.
Ashika Institutional Equities on Karur Vysya Bank
Rating: Buy | Target Price: Rs 355 | Upside Potential: 27%
Karur Vysya Bank (KVB) has transformed itself from a Corporate/SME focused bank to a diversified distribution channel led Retail/SME focused bank. Its RoA has improved to 1.93 per cent in FY26, which is comparable to large private sector banks, said Ashika Institutional Equities. It sees average RoA and RoE of 1.8 per cent and 16.5 per cent over FY26-FY28E.
“As part of its transformation journey, which began in 2016 by engaging BCG, it has worked on granularizing its asset and liability portfolios, increasing exposure to higher yielding segments, improving TAT and risk management systems and completely digitalizing its lending book. Based on the Gordon growth model, we derive a target price of Rs 355,” it added with a ‘buy’ rating.
Phillip Capital on Parth Electricals & Engineering
Rating: Buy | Target Price: Rs 637.7 | Upside Potential: 45%
Parth is positioned to benefit from India’s power T&D capex upcycle, driven by RDSS, renewable integration, urban infra upgrades, and replacement demand, with its core portfolio directly aligned to these themes. The Rs 39 crore fully funded GIS and Odisha expansion, with a healthy Rs 270 crore order book and Rs 600–700 crore bid pipeline, strengthens growth visibility and product/geographic diversification, said Phillip Capital.
“With a net-cash balance sheet and improving product mix, we estimate revenue, ebitda and profit PAT CAGR of 37 per cent, 49 per cent and 48 per cent over FY26–FY28E. Valuing the stock at 28 times FY27E EPS of Rs 22.8, we initiate coverage with a ‘buy’ rating and a target price of Rs 637.7,” it added.
InCred Equities on Garware Hi-Tech Films
Rating: Buy | Target Price: Rs 6,427 | Upside Potential: 9%
Garware Hi-Tech Films (GHFL), is India’s sole manufacturer of solar control window films and paint protection films and perhaps the only company in the world with full backward integration for specialty films. With SCF capacity of 4,200 LSF and PPF capacity of 600 LSF, GHFL is the world’s largest single-location SCF manufacturer and 100 per cent backward integrated, said InCred Equities.
It is debt-free with Rs 774 crore in liquid investments, a 7-day collection cycle, and an impressive ROCE. Five compounding growth vectors — PPF capacity doubling, architectural films, Middle East/UAE expansion, D2C channel (GAS/GHS), and the TPU backward integration plant — position GHFL for a 22 per cent revenue CAGR and 22–25 per cent EBITDA margins through FY28E,” it added with a ‘buy’ rating and a target price of Rs 6,427.
Anand Rathi Share & Stock Brokers on Cello World
Rating: Buy | Target Price: Rs 500| Upside Potential: 31%
Cello World is an established household brand with presence across houseware, tableware, writing instruments and moulded furniture. The management has a proven track record of scaling new businesses over the past six decades. Cello is well-placed to gain market share in core consumerware segment owing to favourable regulations and import substitution in glassware, said Anand Rathi.
“We expect EPS to grow at a strong 18.2 per cent CAGR over FY26- FY28e Strong balance sheet provides further growth optionality in the form of exploring inorganic opportunities in plastic product business over medium-term. The stock trades at an attractive valuation Given expectation of strong earnings growth prospects, healthy ROIC profile and attractive valuations,” it said with a ‘buy’ and a target price of Rs 500.
Wadhi Securities on Delta Corp
Rating: Buy | Target Price: Rs 105 | Upside Potential: 59%
Delta Corp is at a structural inflection point. As India’s only listed casino and gaming conglomerate, it is overwhelmingly driven by regulatory uncertainty rather than business deterioration. With the Supreme Court scheduled to pronounce judgment on state-level online gaming bans, and the GST litigation nearing resolution, said Wadhi Securities.
“We believe the market has materially over-discounted the downside. Core casino operations in Goa and Sikkim remain cash-generative; the company is debt-free with net cash of Rs 760 crore; a planned demerger of hospitality and real estate assets is set to unlock hidden value. We initiate with a ‘buy’ rating and a target price of Rs 105,” it added.
ICICI Securities on Aarti Industries
Rating: Add | Target Price: Rs 520 | Upside Potential: 14%
Aarti Industries’ integrated business model and structural capabilities scale adjacent chemistries. A compelling pipeline of long-term contracts and AIL’s pivot to high-margin products also lend credence to our thesis. With competitive pressures from China stabilising and healthier capital discipline, the worst appears is behind for its base operations, said ICICI Securities.
“MMA is rapidly capturing global market share from legacy fuel additives due to its superior blending/economic efficiency. Its Zone-4 project could serve as a stepping stone for the company into highly-value, margin-accretive downstream portfolios with application in agrochemicals, pharmaceuticals and polymers. We initiate coverage on Aarti Industries with an ‘add’ rating and target price of Rs 520,” it added.