Bandhan Bank, Bharat Forge, Astral, Angel One: UBS shares target prices for midcap stocks
UBS gave a 'Sell' rating on Bharat Forge Ltd with a target of Rs 1,365. It did not offer any target on Kaynes Technology India Ltd. For Bandhan Bank, UBS suggested 'Neutral' and a target price of Rs 180.
- Mar 10, 2026,
- Updated Mar 10, 2026 10:58 AM IST
UBS hosted several companies on Day 1 of its Emerging India Mid-Cap Conference to gather business updates amid a challenging global environment. Participating companies included Astral Ltd, Bharat Forge Ltd, Kaynes Technology India Ltd, Quality Power, Angel One Ltd and Bandhan Bank Ltd. Other companies that took part in the interactions included Radico Khaitan, Granules India, Premier Energies and Shyam Metalics. UBS also shared its ratings and target prices for a handful of these companies.
For Astral, UBS suggested 'Buy' suggested target price of Rs 1,900. It said the company management highlighted a Rs 12 per kg PVC price hike in March, 30 per cent YTD, which could aid realisations and margins. UBS said demand outlook remains positive, adding that the company targets a market share gain from ramped up Kanpur and Hyderabad plants. The Astral expects UK adhesive Ebitda to normalise in the next 12 months.
UBS gave a 'Sell' rating on Bharat Forge Ltd with a target of Rs 1,365. The company guided for a 12-14 per cent revenue CAGR over the next three to four years, with downside risk from potential delays in defense orders. Growth drivers include castings, aerospace and defense, with higher optimism on the global commercial vehicle (CV) cycle than in India. The company sees structural tailwinds in castings that offer strong growth headroom, UBS said adding that the management is targeting aerospace revenue to double in two to three years, with planned capex.
UBS did not offer any target on Kaynes Technology India Ltd. It said FY26 revenue guidance stood at Rs 4,000-4,100 crore, implying Rs 1,600 crore-plus in Q4, with FY26 growth driven by aerospace and non-Kavach railway. Kaynes expects core EMS to grow 35-40 per cent from existing customers and 50 per cent overall. The PCB plant is ready, with revenue likely from Q1 with Ebitda margin of 20 per cent. Among financial, UBS is 'Neutral' on Angel One Ltd with a target price of Rs 308. The company expects to sustain brokerage market share, with regulatory compliance as a barrier to new entrants. UBS said Angel One is using data analytics for client acquisition and cross-selling beyond brokerage; and is focusing on diversification into mutual funds and credit. It is among the top two players in incremental SIP flow, it noted.
For Bandhan Bank also, UBS suggested 'Neutral' and a target price of Rs 180. The company maintained credit cost guidance of 1.6-1.7 per cent by FY27. Slippage has improved sequentially over the past few months. The management expects a limited operating impact from the West Bengal election and the Bihar microfinance bill.
In the case of Radico Khaitan, UBS said the Indian market is undergoing premiumisation, with customers becoming more experimental. This has led to premium segment revenue growing higher: high teens to 20 per cent. Radico Khaitan expects 125 basis points Ebitda margin expansion for each of the next two years.
In the case of Granules India, US ADHD market share expansion; moving up the value chain in Europe and improving of capacity utilization are seen as key drivers. The company thinks Europe peptide CDMO is likely to break even by Q4. Gagillapur facility normalisation awaits FDA re-inspection, UBS said.
UBS hosted several companies on Day 1 of its Emerging India Mid-Cap Conference to gather business updates amid a challenging global environment. Participating companies included Astral Ltd, Bharat Forge Ltd, Kaynes Technology India Ltd, Quality Power, Angel One Ltd and Bandhan Bank Ltd. Other companies that took part in the interactions included Radico Khaitan, Granules India, Premier Energies and Shyam Metalics. UBS also shared its ratings and target prices for a handful of these companies.
For Astral, UBS suggested 'Buy' suggested target price of Rs 1,900. It said the company management highlighted a Rs 12 per kg PVC price hike in March, 30 per cent YTD, which could aid realisations and margins. UBS said demand outlook remains positive, adding that the company targets a market share gain from ramped up Kanpur and Hyderabad plants. The Astral expects UK adhesive Ebitda to normalise in the next 12 months.
UBS gave a 'Sell' rating on Bharat Forge Ltd with a target of Rs 1,365. The company guided for a 12-14 per cent revenue CAGR over the next three to four years, with downside risk from potential delays in defense orders. Growth drivers include castings, aerospace and defense, with higher optimism on the global commercial vehicle (CV) cycle than in India. The company sees structural tailwinds in castings that offer strong growth headroom, UBS said adding that the management is targeting aerospace revenue to double in two to three years, with planned capex.
UBS did not offer any target on Kaynes Technology India Ltd. It said FY26 revenue guidance stood at Rs 4,000-4,100 crore, implying Rs 1,600 crore-plus in Q4, with FY26 growth driven by aerospace and non-Kavach railway. Kaynes expects core EMS to grow 35-40 per cent from existing customers and 50 per cent overall. The PCB plant is ready, with revenue likely from Q1 with Ebitda margin of 20 per cent. Among financial, UBS is 'Neutral' on Angel One Ltd with a target price of Rs 308. The company expects to sustain brokerage market share, with regulatory compliance as a barrier to new entrants. UBS said Angel One is using data analytics for client acquisition and cross-selling beyond brokerage; and is focusing on diversification into mutual funds and credit. It is among the top two players in incremental SIP flow, it noted.
For Bandhan Bank also, UBS suggested 'Neutral' and a target price of Rs 180. The company maintained credit cost guidance of 1.6-1.7 per cent by FY27. Slippage has improved sequentially over the past few months. The management expects a limited operating impact from the West Bengal election and the Bihar microfinance bill.
In the case of Radico Khaitan, UBS said the Indian market is undergoing premiumisation, with customers becoming more experimental. This has led to premium segment revenue growing higher: high teens to 20 per cent. Radico Khaitan expects 125 basis points Ebitda margin expansion for each of the next two years.
In the case of Granules India, US ADHD market share expansion; moving up the value chain in Europe and improving of capacity utilization are seen as key drivers. The company thinks Europe peptide CDMO is likely to break even by Q4. Gagillapur facility normalisation awaits FDA re-inspection, UBS said.