Antique Stock Broking has released its latest analyses and target price updates for a selection of Indian equities following their September-quarter financial results. The brokerage maintained 'Buy' ratings on five of the six companies reviewed, while retaining a 'Hold' stance on Metropolis Healthcare. These updates offer investors fresh perspectives on potential upsides and key performance indicators.
Key Brokerage Updates and Price Revisions
Dr. Lal PathLabs
Antique Stock Broking reaffirmed its 'Buy' rating on Dr. Lal PathLabs, significantly raising its target price to Rs 2,400 from the previous Rs 2,100. This new target suggests an upside of approximately 18% from the stock's reported closing market price of Rs 2,029. The brokerage highlighted Dr. Lal PathLabs' robust second-quarter performance, which saw revenue climb 20% year-on-year to Rs 870 crore and adjusted profit increase by 28% to Rs 190 crore. Furthermore, the company's FY27 revenue growth guidance was elevated to the high teens.
Clean Max Enviro Energy Solutions
A 'Buy' rating was maintained for Clean Max Enviro Energy Solutions, with the target price remaining unchanged at Rs 1,709. This target implies a substantial upside of around 37% from its reported CMP of Rs 1,249. Antique pointed to a remarkable 67% year-on-year surge in renewable energy power sales, attributed to record plant load factors across its solar, wind, and hybrid assets. EBITDA for the quarter rose 56% to Rs 524.5 crore, with the EBITDA margin expanding by 886 basis points to 72%.
V-Mart Retail
While Antique maintained a 'Buy' rating for V-Mart Retail, its target price was adjusted downwards to Rs 847 from Rs 943. The revised target still indicates an upside of roughly 15% from the reported CMP of Rs 734. The brokerage noted healthy underlying demand, contributing to an 18.1% year-on-year revenue growth to Rs 953 crore. However, input cost inflation was flagged as a primary risk, even as store additions and the performance of its 'Unlimited' format supported overall growth.
Bharat Heavy Electricals (BHEL)
BHEL also retained its 'Buy' rating from Antique Stock Broking, with an unchanged target price of Rs 569. This target represents an upside of approximately 34% from the reported CMP of Rs 424. A significant factor in this outlook was BHEL's recent order win from Adani Power, valued between Rs 20,000-28,000 crore, for the main plant package of four 800-MW thermal power units. This order is expected to bolster BHEL's order book to around Rs 2.81 lakh crore, providing revenue visibility approximately 7.5 times its trailing 12-month revenue.
EPL Ltd
EPL saw its 'Buy' rating maintained, though the target price was slightly reduced to Rs 280 from Rs 290. This revised target still suggests an upside of about 25% from the reported CMP of Rs 224. Antique highlighted EPL's steady second-quarter performance, with revenue, EBITDA, and profit after tax increasing by 30%, 18%, and 6% respectively. Strong growth in the beauty and cosmetics business was also noted, with revenue growth guidance in the high teens being maintained.
Metropolis Healthcare
Metropolis Healthcare's rating was retained at 'Hold', but its target price was raised to Rs 640 from Rs 630. This adjustment implies an upside of around 10% from the reported CMP of Rs 581. The brokerage pointed to a 16% year-on-year increase in revenue to Rs 500 crore and a 24% rise in EBITDA to Rs 134 crore. Margin expansion, driven by operating leverage, productivity enhancements, and planned price hikes, is expected to support further profitability growth for the company.