Kolkata: Japanese MNC brokerage firm Nomura has assigned Buy ratings on half a dozen stocks in diverse sectors such as defence, ports, consumer and digital commerce. The studies were undertaken at a time when many sectors are facing short-term pressures such as rising input costs, supply chain disruptions and geopolitical tension. The brokerage highlighted that business momentum remains intact for these and there was earnings visibility apart from robust order pipelines, volume growth and rising demand. On top of this outlook, the ceasefire in the US-Iran war has raised prospects of durable peace. Let’s have a closer look at each of the stocks.
HAL
Signal: Buy
Target price: Rs 5,954
The target price signalled an upside of more than 62%. The market price on Wednesday afternoon was Rs 3,897. HAL a premier PSU defence company in the country and it has a order book of Rs 2,54,000 crore. A substantial part of the orders can be traced to flagship projects such as the Light Combat Aircraft and helicopters. Nomura has adjusted its earnings estimates to account for delays in engine supplies, particularly from GE, which was recently reported. Nevertheless it expects a robust earnings trajectory over between FY26 and FY28. The brokerage also flagged valuation comfort with the stock trading below its historical multiples.
Adani Ports and Special Economic Zone
Signal: Buy
Target price: Rs 1,850
Adani Ports and Special Economic Zone has recently achieved a total cargo handling of 500 million tons and has set its sight on 1 billion ton by 2030. It notched up a cargo volume growth of 11% y-o-y in FY26. Despite ocean lines being disrupted due to the West Asia crisis, diversified mix across geographies helped the company cushion the impact. Nomura expects Adani Ports to generate steady earnings growth in the next few years. It highlighted about 17% CAGR in operating profits between FY26 and FY28. “Diversified cargo mix is likely to provide a strong hedge against war induced headwinds,” Nomura mentioned.
Dabur India
Signal: Buy
Target price: Rs 600
Nomura said the Q4FY26 show by this FMCG company is likely to be modest with mid-single digit growth in revenue. Performance in the healthcare and beverages would not be up to expectations. However, home and personal care products business have performed better than expected. Domestic demand in on the recovery path, said Nomura as it flagged the robust brands in the portfolio and strong distribution network. Nomura also said that the valuations have corrected recently.
Marico
Signal: Buy
Target price: Rs 900
The upside signalled for this stock is about 20%. Marico is likely to post strong revenue growth in Q4FY26. It will be powered by volume expansion and rising demand. Hair oils and foods in particular can grow in a more robust manner. Declining copra prices will help margins of the company which is a major player in the hair oil market. It also has a focus on premium products. “Consolidated revenue growth in low twenties with double digit EBITDA growth,” Nomura mentioned in its note. Nomura also said the company will expand in foods and digital-first brands.
FSN E Commerce Ventures
Signal: Buy
Target price: Rs 305
The upside is about 24% in this stock, which is the owner of Nykaa. The company is going to benefit from growth in both beauty, personal care and fashion segments. Revenue growth in Q4FY26 the fourth quarter is likely to be very high — in the region of high twenties — said Nomura. Fashion has emerged as a key driver among the younger generation of Indians. Margins are also likely to rise gradually over the coming years. “Healthy revenue growth momentum across segments is a positive and in line with our estimate,” Nomura has said about this stock.
Godrej Consumer Products
Signal: Buy
Target price: Rs 1,525
It indicates an upside in the high-forties region. Revenue growth in Q4FY26 period could be close to 10%. With rising consumption it can also witness strong volume growth. However, input cost pressures have also been highlighted. The company is trying to tackle it through cost savings and pricing actions. The objective: protect margins. Even if commodity prices stay high, the company can sustain profitability. “The company remains confident in its ability to offset cost headwinds,” Nomura wrote.
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