BEML, CESC, Ramco Cements, Kansai Nerolac shares: Here are target prices
Antique has retained its 'Buy' rating on BEML Ltd with an unchanged target price of Rs 2,332, valuing the company at 30 times its estimated earnings per share for the first half of FY29.
- Nov 6, 2026,
- Updated Nov 6, 2026 3:43 PM IST
Antique Stock Broking has come out with updates on a dozen companies following their results. Among them are CESC Ltd, BEML Ltd, The Ramco Cements Ltd and Kansai Nerolac Paints Ltd. The brokerage has maintained its 'Buy' rating on CESC, BEML and Kansai Nerolac Paints, while retaining 'Hold' on The Ramco Cements. Among the stocks, the domestic brokerage revised its target prices for CESC and Ramco Cement, while keeping the targets unchanged for the other two stocks. Here's what it said on four stocks.
CESC Ltd: Antique has reduced its target price on CESC Ltd to Rs 167 from Rs 184 earlier, while maintaining its 'Buy' rating. The brokerage said the company's consolidated profit after tax (PAT) for Q2 FY27 stood at Rs 438 crore, down 2% year-on-year (YoY), and was 10% below its estimates and 6% below consensus expectations. The shortfall was largely attributable to the renewable energy business rather than core operations.
Revenue, including regulatory income, rose 7% YoY to Rs 5,710 crore, while Ebitda remained flat at Rs 1,140 crore, 2% below estimates. Standalone PAT increased 6% YoY despite an Rs 80 crore prudential provision against older regulatory balances following West Bengal Electricity Regulatory Commission orders that CESC has appealed against.
BEML Ltd: Antique has retained its 'Buy' rating on BEML Ltd with an unchanged target price of Rs 2,332, valuing the company at 30 times its estimated earnings per share for the first half of FY29.
BEML reported 42% YoY revenue growth to Rs 1,190 crore in Q2 FY27. However, its gross margin contracted 777 basis points YoY to 44.1% due to an adverse revenue mix. Ebitda increased 9% YoY to Rs 79.5 crore, while Ebitda margin declined 202 basis points to 6.7%. PAT fell 39.9% YoY to Rs 32.9 crore.
Kansai Nerolac Paints Ltd: Antique has maintained its 'Buy' rating on Kansai Nerolac Paints Ltd with an unchanged target price of Rs 315, valuing the stock at 30 times its estimated earnings for the first half of FY29.
The brokerage said the company's Q2 FY27 performance exceeded its expectations, with consolidated revenue growing 19% YoY, supported by healthy momentum across its industrial and decorative businesses. However, gross margin contracted 515 basis points YoY due to raw material inflation and currency volatility. Lower other expenses partly cushioned the impact, limiting the Ebitda margin contraction to 135 basis points.
The Ramco Cements Ltd: Antique has retained its 'Hold' rating on The Ramco Cements Ltd but lowered its target price to Rs 890 from Rs 1,050 earlier. The revised target is based on 13 times its estimated enterprise value to Ebitda for the first half of FY29, compared with the earlier multiple of 14 times.
The brokerage said the company reported a weak Q2 FY27 performance, with Ebitda declining 16% YoY, although it increased 6% sequentially, to Rs 330 crore. The figure was 7% below Antique's estimate but 14% above consensus expectations, as higher fuel costs offset healthy volume growth.
Antique Stock Broking has come out with updates on a dozen companies following their results. Among them are CESC Ltd, BEML Ltd, The Ramco Cements Ltd and Kansai Nerolac Paints Ltd. The brokerage has maintained its 'Buy' rating on CESC, BEML and Kansai Nerolac Paints, while retaining 'Hold' on The Ramco Cements. Among the stocks, the domestic brokerage revised its target prices for CESC and Ramco Cement, while keeping the targets unchanged for the other two stocks. Here's what it said on four stocks.
CESC Ltd: Antique has reduced its target price on CESC Ltd to Rs 167 from Rs 184 earlier, while maintaining its 'Buy' rating. The brokerage said the company's consolidated profit after tax (PAT) for Q2 FY27 stood at Rs 438 crore, down 2% year-on-year (YoY), and was 10% below its estimates and 6% below consensus expectations. The shortfall was largely attributable to the renewable energy business rather than core operations.
Revenue, including regulatory income, rose 7% YoY to Rs 5,710 crore, while Ebitda remained flat at Rs 1,140 crore, 2% below estimates. Standalone PAT increased 6% YoY despite an Rs 80 crore prudential provision against older regulatory balances following West Bengal Electricity Regulatory Commission orders that CESC has appealed against.
BEML Ltd: Antique has retained its 'Buy' rating on BEML Ltd with an unchanged target price of Rs 2,332, valuing the company at 30 times its estimated earnings per share for the first half of FY29.
BEML reported 42% YoY revenue growth to Rs 1,190 crore in Q2 FY27. However, its gross margin contracted 777 basis points YoY to 44.1% due to an adverse revenue mix. Ebitda increased 9% YoY to Rs 79.5 crore, while Ebitda margin declined 202 basis points to 6.7%. PAT fell 39.9% YoY to Rs 32.9 crore.
Kansai Nerolac Paints Ltd: Antique has maintained its 'Buy' rating on Kansai Nerolac Paints Ltd with an unchanged target price of Rs 315, valuing the stock at 30 times its estimated earnings for the first half of FY29.
The brokerage said the company's Q2 FY27 performance exceeded its expectations, with consolidated revenue growing 19% YoY, supported by healthy momentum across its industrial and decorative businesses. However, gross margin contracted 515 basis points YoY due to raw material inflation and currency volatility. Lower other expenses partly cushioned the impact, limiting the Ebitda margin contraction to 135 basis points.
The Ramco Cements Ltd: Antique has retained its 'Hold' rating on The Ramco Cements Ltd but lowered its target price to Rs 890 from Rs 1,050 earlier. The revised target is based on 13 times its estimated enterprise value to Ebitda for the first half of FY29, compared with the earlier multiple of 14 times.
The brokerage said the company reported a weak Q2 FY27 performance, with Ebitda declining 16% YoY, although it increased 6% sequentially, to Rs 330 crore. The figure was 7% below Antique's estimate but 14% above consensus expectations, as higher fuel costs offset healthy volume growth.