Suzlon Energy, Tata Power, IndusInd Bank, Dixon Tech among 22 stocks upgraded by Nuvama post Q3
Suzlon Energy and Tata Power Co in the power & ports space were raised from 'Hold' to 'Buy' and from 'Reduce' to 'Hold', respectively.
- Feb 18, 2026,
- Updated Feb 18, 2026 3:04 PM IST
Nuvama Institutional Equities has revised its ratings on a host of companies following the December quarter (Q3) earnings season, upgrading 22 stocks across sectors while downgrading 10 others.
Suzlon Energy and Tata Power Co in the power & ports space were raised from 'Hold' to 'Buy' and from 'Reduce' to 'Hold', respectively. In the BFSI pack, IndusInd Bank was upgraded from 'Reduce' to 'Hold', while Axis Bank, Aditya Birla Sun Life AMC and Computer Age Management Systems (CAMS) were moved from 'Hold' to 'Buy'.
In the auto space, Tata Motors Passenger Vehicles was upgraded from 'Reduce' to 'Buy', Ashok Leyland from 'Reduce' to 'Hold', and Bajaj Auto from 'Hold' to 'Buy'. Page Industries and Shoppers' Stop in retail were upgraded to 'Buy', while Mahindra Logistics in logistics and Kajaria Ceramics in home décor also saw rating improvements to 'Buy'.
In consumer durables and engineering, Dixon Technologies, Whirlpool of India, Kaynes Technology and Thermax were upgraded to 'Buy'. UltraTech Cement was raised from 'Hold' to 'Buy', while Sun Pharma and Alkem Laboratories saw upgrades to 'Buy' and 'Hold', respectively. Tech Mahindra and Shyam Metalics were upgraded from 'Reduce' to 'Hold'.
On the flip side, Nuvama downgraded 10 stocks. Cipla and Steel Authority of India (SAIL) were cut from 'Hold' to 'Reduce'. Apollo Pipes was also lowered from 'Hold' to 'Reduce'.
Among 'Buy' to 'Hold' downgrades were SKF India, AIA Engineering, Cummins India, ITC, Supreme Industries, Godrej Properties and Gujarat Fluorochemicals.
Nuvama said, "Overall, the earnings improvement reported during the quarter is encouraging, but its sustainability remains the key monitorable. For FY27, the top line could revive on the back of a credit push, currency competitiveness and higher commodity prices. However, earnings may lag as profit margins are likely to mean-revert from the current elevated levels. Global volatility and AI adoption pose additional risks to the near-term earnings outlook. Consensus expectations of a revival remain high, posing downside risks."
Nuvama Institutional Equities has revised its ratings on a host of companies following the December quarter (Q3) earnings season, upgrading 22 stocks across sectors while downgrading 10 others.
Suzlon Energy and Tata Power Co in the power & ports space were raised from 'Hold' to 'Buy' and from 'Reduce' to 'Hold', respectively. In the BFSI pack, IndusInd Bank was upgraded from 'Reduce' to 'Hold', while Axis Bank, Aditya Birla Sun Life AMC and Computer Age Management Systems (CAMS) were moved from 'Hold' to 'Buy'.
In the auto space, Tata Motors Passenger Vehicles was upgraded from 'Reduce' to 'Buy', Ashok Leyland from 'Reduce' to 'Hold', and Bajaj Auto from 'Hold' to 'Buy'. Page Industries and Shoppers' Stop in retail were upgraded to 'Buy', while Mahindra Logistics in logistics and Kajaria Ceramics in home décor also saw rating improvements to 'Buy'.
In consumer durables and engineering, Dixon Technologies, Whirlpool of India, Kaynes Technology and Thermax were upgraded to 'Buy'. UltraTech Cement was raised from 'Hold' to 'Buy', while Sun Pharma and Alkem Laboratories saw upgrades to 'Buy' and 'Hold', respectively. Tech Mahindra and Shyam Metalics were upgraded from 'Reduce' to 'Hold'.
On the flip side, Nuvama downgraded 10 stocks. Cipla and Steel Authority of India (SAIL) were cut from 'Hold' to 'Reduce'. Apollo Pipes was also lowered from 'Hold' to 'Reduce'.
Among 'Buy' to 'Hold' downgrades were SKF India, AIA Engineering, Cummins India, ITC, Supreme Industries, Godrej Properties and Gujarat Fluorochemicals.
Nuvama said, "Overall, the earnings improvement reported during the quarter is encouraging, but its sustainability remains the key monitorable. For FY27, the top line could revive on the back of a credit push, currency competitiveness and higher commodity prices. However, earnings may lag as profit margins are likely to mean-revert from the current elevated levels. Global volatility and AI adoption pose additional risks to the near-term earnings outlook. Consensus expectations of a revival remain high, posing downside risks."