Welspun Corp, Nykaa, GMR Airport: Stocks with fresh interest for upto 38% upside potential

Select stocks including Welspun Corporation, FSN E-Commerce Ventures (Nykaa), GMR Airports, Northern Arc Capital, Knowledge Marine & Engineering Works, Jubilant Ingrevia, Midwest, Apar Industries, M&M Engineering, Siemens Energy India have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages including Nuvama Institutional Equities, Motilal Oswal Financial Services, JM Financial, Ambit, Anand Rathi Share & Stock Brokers, Antique Stock Broking, Equirus Securities and B&K Securities. With an upside potential of 38 per cent, majority of these stocks have a ‘buy’ rating on these stocks, while a few have a neutral view. Here’s what brokerage said on them:
 

Equirus Securities on M&M Engineering

Rating: Long | Target Price: Rs 515| Upside Potential: 35%

M&B Engineering (MBEL) is a leading Indian player in pre-engineered building (PEBs) and self-supported roofing (SSR) markets, commanding an 8% relative share among top 8 PEB companies and a dominant 75% share in SSR. Structural tailwinds in PEBs and rapidly rising adoption of SSR systems place MBEL on a strong multi-year growth trajectory, said Equirus.

“We expect a 23%/30%/36% revenue/ EBITDA/PAT CAGR over FY25–28E, supported by expanding capacity, broader solutions capability, and rising export contribution. MBEL is set to remain debt-free, with all planned capex fully funded; strong operating cash flows should deliver cumulative FCF of Rs 200 crore. Initiate coverage with ‘long’ and a March 2027 target price of Rs 515,” it said.
 

Antique Stock Broking on Apar Industries

Rating: Buy | Target Price: Rs 10,740 | Upside Potential: 25%

APAR Industries is India’s largest and world’s 3rd largest transformer oil manufacturer, and a leading exporter and producer of renewables and specialty cables in India. It has a wide product offering and diversified market presence in India and overseas (30-40% exports). We see sustained growth momentum in global power sector investment led by data centers, renewable power, and electric mobility, said Antique Stock.

“This in turn is driving demand for conductors, cables, and transformer oils. We project APAR to clock a consolidated revenue/ EBITDA/ PAT CAGR of 18%/21%/25% respectively over FY25-28E. It has undergone significant re-rating during CY22-24, but has underperformed in the 12 month period as investors feared loss of growth momentum due to tariff-based trade protectionism, a temporary headwind,” it said with a ‘buy’ rating and a target price of Rs 10,740.
 

Anand Rathi Share & Stock Brokers on Jubilant Ingrevia

Rating: Buy | Target Price: Rs 975 | Upside Potential: 37%

Jubilant Ingrevia is a diversified chemicals platform spanning specialty chemicals, nutrition & health solutions (NHS) and chemical intermediates (CI), built on strong upstream advantages in the pyridine and ketene chains, where it holds global leadership in pyridines, picolines and vitamin B3. Over the past three years, it has executed Rs 2,000 crore of strategic capex across new multi-purpose plants, said Anand Rathi.

“While pricing pressure across chemicals slowed the revenue ramp-up, capacity utilization is improving and monetization is set to scale up materially as new products commercialize. As operating leverage kicks in, ROCE is set to rise to 15 per cent by FY27-28. Despite this clear earnings and margin inflection, the stock trades at mid-cycle valuations. We initiate coverage with ‘buy’ rating and a target price of Rs 975,” it said.
 

Motilal Oswal Financial Services on Midwest

Rating: Buy | Target Price: Rs 2,000 | Upside Potential: 19%

Midwest is India’s largest producer and exporter of premium Black Galaxy Granite. It holds over 60% of India’s export market share and is a leading player in Absolute Black Granite. The company is vertically integrated across the granite supply chain, operating 20 mines, and has generated Rs 630 crore in revenue during FY25, with a CAGR exceeding 21% over the past five years, said Motilal Oswal.

Midwest’s net debt stood at Rs 220 crore, translating into a Net Debt/Ebitda of 1.3 times as of FY25. The ratio is expected to dip to less than 1x due to the rising operating profit going forward. As quartz and HMS operations scale up by FY27-28, OCF is likely to exceed Rs 200 crore annually, turning FCF structurally positive. This will support deleveraging, expansion opportunities, and a clear rerating potential over the next 3-4 years, it added initiated coverage with a ‘buy’ and a target price of Rs 2,000.
 

Nuvama Institutional Equities on Knowledge Marine & Engineering Works

Rating: Buy | Target Price: Rs 2,500 | Upside Potential: 33%

India’s maritime industry is at an inflection point with unprecedented emphasis on infrastructure creation and inland waterways. It enjoys a 50% order-win rate amid scarce competition and high entry barriers, delivers superior 35–40% EBITDA margin and is diversified across the spectrum of dredging/shipbuilding/ancillary services accounting for 43%/11%/46% of the balance order book, said Nuvama Institutional.

“November 2025 order book (at Rs 1,750 crore; 8.7x FY25 sales) is up 2x YoY with orders from major ports, IWAI, DCI and Rs 650 crore OI for green tugs (GTTP). We are baking in FY25–28E revenue/EBITDA/PAT CAGR of 58%/62%/71% with FY25–28E OI and OB CAGR at 42 per cent each,” it added and initiated coverage with a ‘buy’ with a target price of Rs 2,500.
 

Ambit on Northern Arc Capital

Rating: Buy | Target Price: Rs 326 | Upside Potential: 30%

Market is undermining NACL’s NIM/ROE improvement prospects likely due to legacy wholesale mix and recent high credit costs. But since pivoting to retail (D2C) in FY22, spread/ROE expanded 675bps/410bps. Continued transition to high-margin D2C will drive 15.7% ROE by FY28E. Building vehicle/affordable home finance expertise through the intermediate retail route provides an option to add D2C growth levers, said Ambit.

Long-vintage experience in finance placement and fund management will aid fee income, strengthening ability to absorb structurally higher credit cost while sustaining ROE>COE. Reducing overleveraging among bottom of-pyramid would aid credit cost improvement (FY26-28E). NACL offers structural transition to higher-ROE business + cyclical recovery in the near term with negligible downside,” it said with a ‘buy’ and a target price of Rs 326.
 

JM Financial on GMR Airports

Rating: Buy | Target Price: Rs 120 | Upside Potential: 18%

GMR Airports is a play on Indian aviation and passenger spending prowess. It may deliver strong growth in EBITDA and maintain PAT positive by FY28 as it exits the capex-intensive phase with DIAL completing its final expansion over FY26-30. This should support deleveraging of the stock, leading to overall GMR maintaining PAT positive. The consolidation of non-aero revenue streams into the GAL standalone platform should increase revenue/EBITDA visibility, said JM Financial.

“We estimate 19% EBITDA CAGR over FY26-28E, resulting in PAT CAGR of 111%. We value GMR Airports on an SOTP basis. We value the operational airports in India at GMR’s long-term average 12-month forward EV EBITDA of 21.2x and add to it the valuation for monetisable land at airports, the upcoming Bhogapuram airport and the Medan airport to arrive at our target price of Rs 120,” it said with a ‘buy’ rating.
 

Motilal Oswal Financial Services on FSN E-Commerce Ventures

Rating: Neutral | Target Price: Rs 280 | Upside Potential: 8%

FSN E-Commerce Ventures (Nykaa) is a leading specialty platform for beauty and personal care (BPC) products, bringing brands, consumers and discovery together in one focused ecosystem. With a 27% share in India’s online BPC market, Nykaa operates as a category specialist in a segment where product authenticity, brand trust and guided discovery drive purchase decisions more often than aggressive discounting or assortment, said Motilal Oswal.

“We value Nykaa on the SoTP basis. For the BPC business, we ascribe a 50x EV/EBITDA multiple, reflecting its category leadership, higher margins and better earnings visibility from owned brands, implying a pershare value of Rs 255. For the fashion business, we use the DCF approach, implying a per-share value of Rs 31. Adjusting for net debt, we arrive at a target price of Rs 280. We initiate coverage on Nykaa with a ‘neutral’ rating,” it adds.
 

Nuvama Institutional Equities on Welspun Corporation

Rating: Buy | Target Price: Rs 1,028 | Upside Potential: 28%

Welspun Corp has made a mark in the metal pipes sector by expanding its presence across the value chain. Given its robust capacity arsenal, it plans to participate in infrastructure growth in India and energy independence in the US. It aims to expand its arsenal from metal pipes to building material products with Sintex as a frontline weapon, said Nuvama Institutional Equities.

“We reckon Welspun Corp, reaping the benefits of its Rs 5,500 crore in capex outlined till FY27E, shall report improved margins and returns ratio by FY28E. With all segments firing, top line/EBITDA is slated to compound at 21%/22% over FY25–28E; initiating at ‘buy’ with an SotP-based target price of Rs 1,028. The stock is trading at FY27E/28E EV/EBITDA of 9x/7x,” it added.
 

B&K Securities on Siemens Energy India

Rating: Hold | Target Price: Rs 2,915 | Upside Potential: 11%

India’s transmission & distribution (T&D) capex cycle is entering a multi-year uptrend. Siemens Energy India(SEIL), now a pure-play energy equipment and services company post the demerger, is well-positioned to capitalise on the sectoral tailwinds given its broad and technologically advanced product portfolio, said B&K Securities.

“We expect revenue/EBITDA/PAT CAGR of 23%/25%/26%, respectively, over FY25-28E, driven by strong positioning in the T&D landscape, strong capabilities in the growth avenues and favourable sector dynamics. Accordingly, we initiate coverage with a ‘hold’ rating, by valuing Sep-27E earnings at 55 times, thus arriving at a target price of Rs 2,915,” it adds.