Brokerage Views: Emkay On Stove Kraft, Adani Green Energy, Nomura On Bharat Forge And More

Emkay initiated coverage on Stove Kraft Ltd. with a 'buy' rating, seeing a 56% potential upside in the stock. The brokerage also continues to remain bullish on Adani Green Energy Ltd., while Nomura remained 'neutral' on Bharat Forge Ltd.

Motilal Oswal is positive on JSW Steel Ltd., and maintains a 'buy' rating on the company.

NDTV Profit tracks what brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday.

Emkay On Stove Kraft

Initiated coverage on Stove Kraft with a 'buy' rating and a target price of Rs 1,350 per share on the stock, implying a potential 56% upside.
The company is growing significantly ahead of peers, the brokerage said.
Massive cost-leadership, led by deeply-entrenched manufacturing.
Strong new product innovation capabilities and strategic value for money positioning.
Improving branding and distribution expansion, including new-age channel.
Rapidly improving exports positioning as largest exporter who also supplies to Walmart.
Potential mass-consumer demand cycle recovering after two tough years.
Projected 15% revenue and 33% earnings per share compound annual growth rate over fiscals 2024 to 2027.
Valuation at 13 times the enterprise value/Ebitda ratio for September 2026, estimated to be at a 46% discount to TTK Prestige, which is attractive.

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Nomura On Bharat Forge

Retained 'neutral' rating on the stock with the target price hiked to Rs 1,789 per share from Rs 1,431 apiece earlier, indicating a potential upside of 10%.
DAC proposal puts Future Ready Combat Vehicles in focus.
Requirement for FRCV is 1,770 units is worth Rs 12,700 crore per year, according to Nomura.
Bharat Forge has capability to garner a substantial portion of this.
Indian Army also approved the procurement of 707 artillery guns.
Bharat Forge might be key beneficiary since it has two lightweight guns to offer.
Estimated opportunity in towed guns is Rs 2,000 crore per year.
Defence share can rise to 25% by fiscal 2030 from 10% in fiscal 2024.
Demand is expected to gain traction due to pre-buying before emission changes in 2027.
Raised target enterprise value/Ebitda ratio multiple to 20 times from 16 times earlier.

Motilal Oswal On JSW Steel

Maintains a 'buy' rating on the company with a target price of Rs 1,100 on the stock, implying a potential 15% upside.
Note muted steel prices as a near-term headwind.
Higher capacity, robust domestic demand to drive long-term growth.
Company on track to achieve 50 million tonnes per annum capacity target by fiscal 2031.
Well positioned to capitalise on emerging opportunities.
Expect 9% year-on-year volume growth in fiscal 2025 and 8% in fiscal 2026.

Emkay On Adani Green Energy

Maintained a 'buy' rating on Adani Green Energy, with the target price at Rs 2,550 per share, implying a potential 42.6% upside.
On five gigawatt power supply order win, view development as a key positive.
Flat tariff rate of Rs 2.7 per kilowatt hour on orders is attractive.
Company's secured power purchase agreement capacity now at 26 GW.
Expect bid to have solar capacity utilisation factor rate of 24%.
Company to gain from more traction in hybrid orders.
Raised fiscal 2025 and 2026 earnings per share estimates by 4% and 2%, whereas fiscal 2027 estimate has only been raised 1%.

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