Adani Ports, Ami Organics among 6 stock saw brokerage initiations with up to 36% upside
Anand Rathi remains optimistic about Adani ports growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays India is likely to gain global share of exports.
- May 7, 2025,
- Updated May 7, 2025 12:11 PM IST
Select stocks including Jash Engineering, Ami Organics, Blue Jet Healthcare, Radico Khaitan, Hexaware Technologies and Adani Ports & Special Economic Zone have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Systematix Institutional Equities, Kotak Institutional Equities, Motilal Oswal Financial Services, ICICI Securities, DAM Capital and Anand Rathi Shares & Stock Broking have launched their maiden reports on these stocks. All stocks have 'buy' ratings on them with an upside potential of 36 per cent. Here's what brokerage said on these stocks:
Anand Rathi Shares & Stock Broking on Adani Ports & Special Economic Zone Rating: Buy | Target Price: Rs 1,600 | Upside Potential: 21% Adani Ports is the largest commercial port operator with 27 per cent share of India’s port cargo movement. It has evolved from a single port dealing in a single commodity to an integrated logistics platform with 15 domestic ports (633 MMT capacity) and 3 international ports. Mundra, its flagship port, is attracting significant investments in industries, said Anand Rathi.
"We remain optimistic about Adani ports growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays India is likely to gain global share of exports. Logistics are likely to be a significant growth driver. We initiate our coverage on Adani ports with 'buy' rating with the target price of Rs 1,600 per share," it added.
DAM Capital on Hexaware Technologies Rating: Buy | Target Price: Rs 820 | Upside Potential: 20% Hexaware Technologies is a Tier II IT services player, boasts a diversified portfolio across multiple service lines, reducing vulnerability to sector-specific risks. The company’s strong new client acquisition and deeper existing client engagement have consistently expanded its client base and reduced concentration risk, said DAM Capital.
"Despite multiple ownership changes over the past decade, it has maintained management stability and strong execution, enabling growth at the upper end of the Tier II IT peer group. We forecast an 11 per cent revenue CAGR over CY24–26E, with 100 bps margin expansion driven by easing one-offs and SG&A leverage. We initiate coverage on Hexaware with a target price of Rs 820," it said.
ICICI Securities on Radico Khaitan Rating: Buy | Target Price: Rs 2,900 | Upside Potential: 19% Radico Khaitan is the only Indian spirits company to have successfully crafted eight ‘millionaire’ brands. It has achieved this over the past 25 years despite the stiff competition in the IMFL industry. Radico's strong performance is a blend of its ability to launch products in the niche category and differentiate products in the growing Indian single malt market, said ICICI Securities.
"We believe Radico's sector-leading volume/revenue CAGRs of 15%/22% in P&A could extend over FY25–27E. Radico's capability to introduce brands with superior quality and better execution would be key drivers for revenue/earnings CAGRs, which should help in sustaining its premium valuation. We initiate coverage with 'buy' and a DCF-based target of Rs 2,900," it said.
Motilal Oswal Financial Services on Blue Jet Healthcare Rating: Buy | Target Price: Rs 865 | Upside Potential: 18% Bluejet's revenue growth will be driven by new products in iodinated and gadolinium contrast media, NCE intermediates, and a high-intensity sweetener variant. The PI/API segment is also set for strong growth. It recently commissioned Plant 6 at Unit 2 with an investment of Rs 90 crore, adding 120KL capacity for PI and contrast media. It started a cardiovascular PI production, said Motilal Oswal.
"We expect a CAGR of 27%/24%/19% in revenue/EBITDA/PAT during FY25-27E, with an expected average EBITDAM of 35.1% during FY25-27E. We expect an average RoE/RoCE of ~28%/26% during FY25-27E with an average fixed asset turnover of 3.1x. We expect FCF generation of Rs 360 crore during FY25-27E with cumulative capex of Rs 500 crore," it said with a 'buy' rating and a target price of Rs 865.
Kotak Institutional Equities on Ami Organics Rating: Buy | Target Price: Rs 1,150 | Upside Potential: 26% Ami Organics is a fast-growing producer of pharma intermediates and other specialty chemicals, is on track to sustain rapid growth, driven by its pharma CDMO business and contributions from newer areas, particularly electrolyte additives and semiconductor chemicals, said Kotak Institutional Equities.
"We estimate 30%/35% revenue/EPS CAGRs for AOL over FY2025-30E. We set a June 2026 fair value of Rs 1,450, based on a 35x June 2027E P/E," it added, initiating with a 'buy' rating. However, it has cited tariff roadblocks, regulatory challenges and execution missteps as the key concerns for the company.
Systematix Institutional Equities on Jash Engineering Rating: Buy | Target Price: Rs 763 | Upside Potential: 36% Jash Engineering is a pioneer in manufacturing superior quality equipment in water engineering systems and solutions. The company has displayed a robust performance in the past with a revenue/PAT CAGR of 26%/41% during FY22-FY25E with a healthy 23%/25% RoE/RoCE, respectively, said Systematix Institutional Equities.
"We initiate coverage on Jash with a 'buy' rating, premised on decisive leadership and competent governance; strong industry tailwinds; capacity expansion to meet its expanding order book; innovation and geographical expansion to tap new opportunities; and turnaround at Rodney Hunt. The stock has traded at a three year average one-year forward P/E ratio of 22x and a peak valuation of 33x," it added.
Select stocks including Jash Engineering, Ami Organics, Blue Jet Healthcare, Radico Khaitan, Hexaware Technologies and Adani Ports & Special Economic Zone have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Systematix Institutional Equities, Kotak Institutional Equities, Motilal Oswal Financial Services, ICICI Securities, DAM Capital and Anand Rathi Shares & Stock Broking have launched their maiden reports on these stocks. All stocks have 'buy' ratings on them with an upside potential of 36 per cent. Here's what brokerage said on these stocks:
Anand Rathi Shares & Stock Broking on Adani Ports & Special Economic Zone Rating: Buy | Target Price: Rs 1,600 | Upside Potential: 21% Adani Ports is the largest commercial port operator with 27 per cent share of India’s port cargo movement. It has evolved from a single port dealing in a single commodity to an integrated logistics platform with 15 domestic ports (633 MMT capacity) and 3 international ports. Mundra, its flagship port, is attracting significant investments in industries, said Anand Rathi.
"We remain optimistic about Adani ports growth prospects, supported by its integrated port-logistics model, capacity expansions, and international forays India is likely to gain global share of exports. Logistics are likely to be a significant growth driver. We initiate our coverage on Adani ports with 'buy' rating with the target price of Rs 1,600 per share," it added.
DAM Capital on Hexaware Technologies Rating: Buy | Target Price: Rs 820 | Upside Potential: 20% Hexaware Technologies is a Tier II IT services player, boasts a diversified portfolio across multiple service lines, reducing vulnerability to sector-specific risks. The company’s strong new client acquisition and deeper existing client engagement have consistently expanded its client base and reduced concentration risk, said DAM Capital.
"Despite multiple ownership changes over the past decade, it has maintained management stability and strong execution, enabling growth at the upper end of the Tier II IT peer group. We forecast an 11 per cent revenue CAGR over CY24–26E, with 100 bps margin expansion driven by easing one-offs and SG&A leverage. We initiate coverage on Hexaware with a target price of Rs 820," it said.
ICICI Securities on Radico Khaitan Rating: Buy | Target Price: Rs 2,900 | Upside Potential: 19% Radico Khaitan is the only Indian spirits company to have successfully crafted eight ‘millionaire’ brands. It has achieved this over the past 25 years despite the stiff competition in the IMFL industry. Radico's strong performance is a blend of its ability to launch products in the niche category and differentiate products in the growing Indian single malt market, said ICICI Securities.
"We believe Radico's sector-leading volume/revenue CAGRs of 15%/22% in P&A could extend over FY25–27E. Radico's capability to introduce brands with superior quality and better execution would be key drivers for revenue/earnings CAGRs, which should help in sustaining its premium valuation. We initiate coverage with 'buy' and a DCF-based target of Rs 2,900," it said.
Motilal Oswal Financial Services on Blue Jet Healthcare Rating: Buy | Target Price: Rs 865 | Upside Potential: 18% Bluejet's revenue growth will be driven by new products in iodinated and gadolinium contrast media, NCE intermediates, and a high-intensity sweetener variant. The PI/API segment is also set for strong growth. It recently commissioned Plant 6 at Unit 2 with an investment of Rs 90 crore, adding 120KL capacity for PI and contrast media. It started a cardiovascular PI production, said Motilal Oswal.
"We expect a CAGR of 27%/24%/19% in revenue/EBITDA/PAT during FY25-27E, with an expected average EBITDAM of 35.1% during FY25-27E. We expect an average RoE/RoCE of ~28%/26% during FY25-27E with an average fixed asset turnover of 3.1x. We expect FCF generation of Rs 360 crore during FY25-27E with cumulative capex of Rs 500 crore," it said with a 'buy' rating and a target price of Rs 865.
Kotak Institutional Equities on Ami Organics Rating: Buy | Target Price: Rs 1,150 | Upside Potential: 26% Ami Organics is a fast-growing producer of pharma intermediates and other specialty chemicals, is on track to sustain rapid growth, driven by its pharma CDMO business and contributions from newer areas, particularly electrolyte additives and semiconductor chemicals, said Kotak Institutional Equities.
"We estimate 30%/35% revenue/EPS CAGRs for AOL over FY2025-30E. We set a June 2026 fair value of Rs 1,450, based on a 35x June 2027E P/E," it added, initiating with a 'buy' rating. However, it has cited tariff roadblocks, regulatory challenges and execution missteps as the key concerns for the company.
Systematix Institutional Equities on Jash Engineering Rating: Buy | Target Price: Rs 763 | Upside Potential: 36% Jash Engineering is a pioneer in manufacturing superior quality equipment in water engineering systems and solutions. The company has displayed a robust performance in the past with a revenue/PAT CAGR of 26%/41% during FY22-FY25E with a healthy 23%/25% RoE/RoCE, respectively, said Systematix Institutional Equities.
"We initiate coverage on Jash with a 'buy' rating, premised on decisive leadership and competent governance; strong industry tailwinds; capacity expansion to meet its expanding order book; innovation and geographical expansion to tap new opportunities; and turnaround at Rodney Hunt. The stock has traded at a three year average one-year forward P/E ratio of 22x and a peak valuation of 33x," it added.