Nirmal Bang Institutional Equities (NBIE) has really introduced out a shed of 10 provides consisting of ICICI Bank Ltd, LTIMindtree Ltd, Ambuja Cements Ltd, United Spirits Ltd, Dixon Technologies (India) Ltd and PNB Housing Finance that it thinks can present as much as 48 p.c returns by followingDiwali Other provides consisted of Chalet Hotels Ltd, Mahanagar Gas Ltd, Galaxy Surfactants andSuprajit Engineering Here’s what the brokerage agency acknowledged on every of those provides:
ICICI Bank|Target price|Upside 20%
NBIE continued to be favorable on ICICI Bank, supplied its wholesome and balanced growth expectation and incomes trajectory with return proportions anticipated to proceed to be wholesome and balanced. While the power in annual report growth is anticipated to proceed to be stable, the monetary establishment has really assisted that the NIM will definitely proceed to be underneath stress within the near time period. NBIE has really ready for ICICI Bank’s incomes to broaden at a CAGR of 12.8 p.c over FY24-FY27E on the again of 15.1 p.c CAGR within the lending publication, 4.2 p.c typical NIM, 39.1 p.c typical C/I proportion and 58 bps typical credit score historical past value all through the exact same period. This, the brokerage agency acknowledged, should outcome proper right into a RoA/RoE of two.2 per cent/17.3 p.c in FY27E. It really useful a ‘Buy’ rating on ICICI Bank with a goal price of Rs 1,545.
LTIMindtree|goal Rs 7,542|Upside: 28%
Nirmal Bang acknowledged LTIMindtree incorporates the staminas of each Tier -1 (capability) and Tier -2 (dexterity) IT enterprise. It makes use of all kinds of talents, a scalable profile of 65 worldwide Fortune 500 clients, and programs and IP as important differentiators. NBIE suches because the agency’s staminas in ERP modernisation, data analytics and stable UI/UX talents, which is probably to file invested within the route of utility modernisation, data analytics and UI/UX upgrades. Normal furloughs in Q3, the sturdy big provide pipe ($ 5 billion-plus) and focus on purposeful performances should make it potential for LTIM to proceed its growth trajectory in H2FY25, it acknowledged.
“We anticipate US$ revenue/ Margin/ EPS CAGR over FY24-27E at 12.8 per cent/15.8 per cent/16.3 per cent, respectively. We assign a target multiple of 33.2x, 3-year mean on Sep’26E EPS of Rs227. We reiterate BUY on LTIM with an increased TP of Rs 7,542 as we roll forward to Sep’26 EPS,” it acknowledged.
Ambuja Cements|Target price: Rs 683|Upside: 19%
A very good occupation mixture of the obtained properties and high-quality necessities on the similar degree with Ambuja Cements will definitely lower the speed void in Ambuja Cements’ most important markets. Nirmal Bang anticipates a renovation of Rs 85 per tonne in realisation/tonnein FY26.
“We expect revenue/Ebitda CAGR to be 30 per cent/58 per cent during FY25E-FY27E. The stock is trading at 13.8 times FY26E EV/Ebitda, above the 5-year average of 8.5x. We have maintained “Buy” on ACEM and worth it at 12 occasions September 2026E EV/Ebitda with a revised goal value of Rs 683,” NBIE acknowledged.
United Spirits|Target price: Rs 1,735|Upside: 18%
NBIE acknowledged there has really been an increase within the premiumisation fad just lately as clients are uptrading additionally if regularity of consumption has really not enhanced enormously. With calculated sale of its Popular sectors in 2 phases over the past years, United Spirits has an intensive profile of things laddered all through price point out exploit this fad. In the present previous, United Spirits has really forayed proper into brand-new classifications like Tequila, purchased their very personal regional model names & & startups and introduced objects from the Diageo worldwide safe. The agency’s focus on development, restoration, group growth and expedition of brand-new growth engines is probably to bolster long-term gross sales, it acknowledged.
“The stock is trading at 79 times/61 times FY25E/FY26E EPS and we value the company at 60 times September 2026E EPS as we are positive about the structural growth potential of United Spirits, underpinned by ongoing premiumization in the Spirits market and the fact that 87-88 per cent of the company’s sales now comes from the P&A category. We have a Buy rating with target price (TP) of Rs 1,735,” it acknowledged.
Dixon Technologies|Target price: Rs 15,920|Upside: 11.8%
NBIE acknowledged it stays structurally favorable on Dixon Technologies’ long-term group potential clients and stored a ‘Hold’ on the provision with a modified goal price of Rs 15,920. This suggests a PE of 77 occasions on September 2026E EPS and it goes to the identical degree with the 5-year historic typical PE a number of on 1-year onward foundation.
“We believe that the multiple is fair and it adequately captures: (1) 80 per cent EPS CAGR over FY24-FY26E (albeit a low base; mobile assembly ramp-up began sharply from the past 12-18 months), and (2) post-tax RoCE of 35 per cent in FY26E. We believe it is a long-term compounder and should be accumulated at dips,” it acknowledged.
PNB Housing Finance|Target price: Rs 1,100|Upside: 19%
PNB Housing Finance has really decided 3 verticals inside its retail group (Prime, Emerging Markets and Affordable Housing/Roshini). The agency acknowledged its method of concentrating on the Affordable Housing (Roshini) and Emerging Market sectors and anticipates them so as to add 40-45 p.c of step-by-step dispensations by FY25-end (vs 31 p.c presently). It prepares to open up 40-50 brand-new branches in FY25 and is concentrating on a growth of 17 p.c in retail financings in FY25. NBIE anticipates a growth of 17 p.c in FY25, pushed by Affordable Housing and EM organizations.
“The stock currently trades at 1.3 times FY26E P/ABV. We believe the focus on growth in the affordable/ emerging markets segment is likely to aid growth and support margins. Strong delivery on asset quality provides confidence on execution. We reiterate Buy with a target price of Rs 1,100 (1.5x Sep ’26E ABVPS),” NBIE acknowledged.
Chalet Hotels|Target price: Rs 954|Upside: 13%
Chalet Hotels, the friendliness arm of Okay Raheja Group is a proprietor, designer, property supervisor and driver of resorts and resorts (3,052 purposeful tips all through 10 resorts as on FY24) underneath main worldwide model names (Marriott and Accor Group) in MMR, NCR, Hyderabad, Bangalore and Pune within the prices sector. Chalet’s method of growth is utilizing the possession path. NBIE acknowledged this method augurs effectively in a market upcycle like the prevailing one as one can revenue of working make the most of.
“Commercial Real Estate (CRE) leasing and residential projects offer diversification to the base business. We are positive on Chalet with a Buy (target price of Rs 980 based on SoTP; Hospitality 25 times EV/Ebitda on Sep’26E). Our implied blended multiple of 19x EV/EBITDA and last 3-yr adj median of 19x factors in the sector tailwinds and superior financial performance as compared to the previous upcycle,” it acknowledged.
Mahanagar Gas|Target price: Rs 1,784|Upside: 25%
NBIE has a ‘Buy’ rating on MGL as the provision makes use of favorable risk-reward as thge brokerage agency surrendered its approximated to September 2026 incomes. It identified a wholesome and balanced EPS and amount CAGR of 19.8 p.c and 9.5 p.c in FY25E-27. It stored in thoughts that the agency prepares to incorporate 80-85 CNG terminals in MGL and subsidiaryUnison Enviro Pvt Ltd
“Growth in small trucks/LCV CNG vehicles, MSRTC bus conversion to CNG (MGL scheme to finance 50 per cent of cost for – OEM CNG model) are positives. Raigadh GA switching to online CNG stations will aid higher blended margins,” it acknowledged.
Galaxy Surfactants|Target price: Rs 3,500|Upside: 21%
Galaxy Surfactants is among the many main players within the surfactants and specialised remedy elements market and it’s focused on simply Home and Personal Care (HPC) market all over the world, not like friends which might be having existence all through quite a few end-user sectors. It focuses on environment-friendly innovation, development, and promoting and advertising and marketing in its Performance Surfactants and Specialty Care sectors.
“We believe that Galaxy Surfactants would be a key beneficiary of the broader trends like growing urbanization, rising disposable incomes, improving standards of living and premiumisation. It has large headroom for growth in the Developed Markets (DM), led by premiumisation . We believe GALSURF acts as perfect proxy to the Global HPC market considering its diversified geographical presence, sharp focus on premiumisation and green chemistry. Green shoots in Developed markets is encouraging and the management also expects demand volume growth in AMET portfolio,” NBIE acknowledged.
The broking firm acknowledged India profile stays to outshine with 11 p.c amount growth in FY24. It thinks FY25 is perhaps the one yr article Stock Launch the place all areas should add to growth.
Suprajit Engineering|Target price: Rs 711|Upside: 48%
NBIE declares on Suprajit Engineering due to the recuperation within the underlying market. It acknowledged harmonies with procurement would possibly help embrace brand-new clients and objects to its profile. New objects would possibly help drive net content material per car. NBIE acknowledged the advantages of vary and reasonably priced manufacturing assists SEL protect value administration vis-a-vis its friends on the worldwide system.
“SEL maintains a strong free cash flow generating model with nominal capex requirements. We are building in revenue/Ebitda CAGR of 16 per cent/ 29 per cent over FY24–26E along with RoE/ RoCE of 20 per cent/ 23 per cent for FY27E. We value SEL at 27 times Sept’26E EPS to arrive at a target price of Rs 711. In line with the 5-year mean multiple,” it acknowledged.
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