Tanfac, Emcure, Privi, HFCL among 8 stocks with fresh brokerage interest for upto 84% rise
Select stocks have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
- Jul 27, 2026,
- Updated Jul 27, 2026 10:50 AM IST
Select stocks including Tanfac Industries, Anthem Biosciences, Epigral, Emcure Pharmaceuticals, Privi Speciality Chemicals, Fineotex Chemical and HFCL have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Choice Institutional Equities, DR Choksey Finserv , Systematix Institutional Equities, Motilal Oswal Financial Services and ICICIDirect Research. All stocks have positive ratings on them with an upside potential of 20-84 per cent. Here's what brokerage firms have said on these stocks:
Choice Institutional Equities on Tanfac Industries Rating: Buy | Target Price: Rs 3,750 | Upside Potential: 38% Hydrofluoric Acid expertise merits right-to-win in a commodity market HF is a highly corrosive, tightly regulated chemical, requiring special care for manufacture and transportation. Leveraging over 30 years of experience Tanfac has expanded its core HF facility by 14,850 MTPA in Q3FY25 and a further expansion for 17,160 MTPA is underway, said Choice Institutional Equities.
"We believe Tanfac is an ideal re-rating candidate considering strong revenue visibility, margin is expected to improve to 23 per cent (over 500 bps) by FY28E driven by 2 times higher realization of R-32 versus commodity HF. We value Tanfac using the DCF approach at Rs 3,750. Our valuation implies a comfortable PEG ratio of 0.67 times over FY26–FY29E," it said with a 'buy' rating.
DR Choksey Finserv on Anthem Biosciences Rating: Accumulate | Target Price: Rs 818 | Upside Potential: 7% Anthem Biosciences is well-positioned to deliver sustained high-growth over the next 2-3 years, supported by improving CRDMO demand, normalization of destocking across key molecules, and a deepening commercial pipeline. It has 10 Phase III molecules, 14 commercial molecules, and over 1,100 early-stage projects, providing strong revenue visibility and a healthy conversion runway, said DR Choksey.
"Anthem remains well placed to compound earnings at over 20 per cent over FY26–FY28. We expect the company to grow its revenue, EBITDA and PAT at a CAGR of 20.5 per cent, 21.5 per cent and 21.6 per cent for the period of FY26-FY28. Currently trading at 48.3x FY28E, we value the company at 53x FY28E EPS 15.4, implying a target price of Rs 818," it said with a 'accumulate' rating.
Systematix Institutional Equities on Epigral Rating: Buy | Target Price: Rs 1,380 | Upside Potential: 19% Epigral transformation journey hinges on the company making a strategic shift to value-added derivatives & specialty chemicals business. It is set to capitalize on the robust demand in India for its new products, epichlorohydrin, chlorinated polyvinyl chloride and chlorotoluene. Its vertical integration into the chlor-alkali value chain, energy efficiency initiatives and strategic raw material sourcing, underpin its edge over its competitors, said Systematix Institutional Equities.
"Management remains committed to building a strong franchise, as reflected from its ambitious FY28 targets of increasing the contribution of high-value segments to achieve a 70:30 revenue split between specialty chemicals and commodities and sustaining 20 per cent RoCE. We forecast CAGR of 17 per cent in EBITDA at Rs 770 crore and 9 per cent in EPS over FY26-28E," it said with a 'buy' and a target price of Rs 1,389.
Motilal Oswal Financial Services on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 2,260 | Upside Potential: 20% Emcure is implementing efforts to enhance differentiated offerings to both DF and international markets through its own R&D and acquired products. It is well-placed in terms of its manufacturing base and established commercial channel to drive revenue growth and improve profitability with better efficiency across the value chain, said Motilal Oswal Financial Services.
"This strategy would effectively help Emcure sustain a healthy RoE of 20 per cent. Considering Emcure's robust growth prospects and healthy return ratios, we value it at 28 times 12-month forward earnings, in line with the pharma universe. Under our base-case scenario, we model a 14 per cent revenue CAGR, 230 bps margin expansion, and 22 per cent PAT CAGR over FY26-28," it added with a target price at Rs 2,260 with a 'buy' rating.
ICICIDirect Research on Privi Speciality Chemicals Rating: Buy | Target Price: Rs 4,490 | Upside Potential: 26% Privi Specialty Chemicals is expanding its manufacturing capacity from 48,000 MTPA to 74,000 MTPA over the next 2-3 years, aiming to achieve Rs 5,000 crore in revenue and Rs 1,000 crore EBITDA within 3-4 years. It, which derives nearly 67 per cent of revenue from exports, is strengthening its position through a diversified portfolio of over 75 specialty aroma chemicals and new product launches, said ICICIDirect.
Its key competitive advantage lies in backward integration via cost-efficient CST-based raw materials, supporting superior margins. The strategic joint venture with Givaudan is expected to drive growth in high-end aroma chemicals and deepen global FMCG relationships. Backed by strong expansion visibility and long-term growth drivers, it added and initiated coverage with a 'buy' and a target price of Rs 4,490.
Choice Institutional Equities on Fineotex Chemical Rating: Buy | Target Price: Rs 51 | Upside Potential: 29% Fineotex's acquisition of a 53 per cent stake in CrudeChem Technologies (CCT) significantly expands its presence in the $11.5 billion North American oilfield chemicals market, with CCT offering integrated manufacturing, customised formulations and on-site technical support that strengthen customer retention. CCT has expanded capacity from 80,000 MTPA to 140,000 MTPA, with higher utilisation expected to drive operating leverage, said Choice Institutional Equities.
"Its core textile and specialty chemicals business continues to provide healthy margins, while a debt-free balance sheet and cash reserves support acquisitions and expansion into water treatment and oilfield chemicals. The brokerage expects revenue, EBITDA and adjusted PAT CAGR of 47.3 per cent, 49.3 per cent and 42.2 per cent, respectively, during FY26-FY29, and has initiated coverage with a 'Buy' rating and a target price of Rs 51," it added.
DR Choksey Finserv on HFCL Rating: Buy | Target Price: Rs 362 | Upside Potential: 84% HFCL is at an inflection point where structural shifts converge simultaneously. It is transitioning from a domestic EPC dependent telecom contractor into an export-led, product-driven technology platform spanning AI optical connectivity, defence electronics, and aerospace manufacturing.
It expects HFCL to deliver strong growth, projecting 35 per cent revenue, 70 per cent EBITDA and 108% PAT CAGR over FY26-FY28. It values the company using a SOTP approach, assigning premium multiples to its optical fibre, defence, telecom products and EPC businesses, reflecting their growth potential and profitability. After applying a conglomerate discount and adjusting for net cash, it has set a target price of Rs 362 with a 'buy' rating.
Select stocks including Tanfac Industries, Anthem Biosciences, Epigral, Emcure Pharmaceuticals, Privi Speciality Chemicals, Fineotex Chemical and HFCL have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Choice Institutional Equities, DR Choksey Finserv , Systematix Institutional Equities, Motilal Oswal Financial Services and ICICIDirect Research. All stocks have positive ratings on them with an upside potential of 20-84 per cent. Here's what brokerage firms have said on these stocks:
Choice Institutional Equities on Tanfac Industries Rating: Buy | Target Price: Rs 3,750 | Upside Potential: 38% Hydrofluoric Acid expertise merits right-to-win in a commodity market HF is a highly corrosive, tightly regulated chemical, requiring special care for manufacture and transportation. Leveraging over 30 years of experience Tanfac has expanded its core HF facility by 14,850 MTPA in Q3FY25 and a further expansion for 17,160 MTPA is underway, said Choice Institutional Equities.
"We believe Tanfac is an ideal re-rating candidate considering strong revenue visibility, margin is expected to improve to 23 per cent (over 500 bps) by FY28E driven by 2 times higher realization of R-32 versus commodity HF. We value Tanfac using the DCF approach at Rs 3,750. Our valuation implies a comfortable PEG ratio of 0.67 times over FY26–FY29E," it said with a 'buy' rating.
DR Choksey Finserv on Anthem Biosciences Rating: Accumulate | Target Price: Rs 818 | Upside Potential: 7% Anthem Biosciences is well-positioned to deliver sustained high-growth over the next 2-3 years, supported by improving CRDMO demand, normalization of destocking across key molecules, and a deepening commercial pipeline. It has 10 Phase III molecules, 14 commercial molecules, and over 1,100 early-stage projects, providing strong revenue visibility and a healthy conversion runway, said DR Choksey.
"Anthem remains well placed to compound earnings at over 20 per cent over FY26–FY28. We expect the company to grow its revenue, EBITDA and PAT at a CAGR of 20.5 per cent, 21.5 per cent and 21.6 per cent for the period of FY26-FY28. Currently trading at 48.3x FY28E, we value the company at 53x FY28E EPS 15.4, implying a target price of Rs 818," it said with a 'accumulate' rating.
Systematix Institutional Equities on Epigral Rating: Buy | Target Price: Rs 1,380 | Upside Potential: 19% Epigral transformation journey hinges on the company making a strategic shift to value-added derivatives & specialty chemicals business. It is set to capitalize on the robust demand in India for its new products, epichlorohydrin, chlorinated polyvinyl chloride and chlorotoluene. Its vertical integration into the chlor-alkali value chain, energy efficiency initiatives and strategic raw material sourcing, underpin its edge over its competitors, said Systematix Institutional Equities.
"Management remains committed to building a strong franchise, as reflected from its ambitious FY28 targets of increasing the contribution of high-value segments to achieve a 70:30 revenue split between specialty chemicals and commodities and sustaining 20 per cent RoCE. We forecast CAGR of 17 per cent in EBITDA at Rs 770 crore and 9 per cent in EPS over FY26-28E," it said with a 'buy' and a target price of Rs 1,389.
Motilal Oswal Financial Services on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 2,260 | Upside Potential: 20% Emcure is implementing efforts to enhance differentiated offerings to both DF and international markets through its own R&D and acquired products. It is well-placed in terms of its manufacturing base and established commercial channel to drive revenue growth and improve profitability with better efficiency across the value chain, said Motilal Oswal Financial Services.
"This strategy would effectively help Emcure sustain a healthy RoE of 20 per cent. Considering Emcure's robust growth prospects and healthy return ratios, we value it at 28 times 12-month forward earnings, in line with the pharma universe. Under our base-case scenario, we model a 14 per cent revenue CAGR, 230 bps margin expansion, and 22 per cent PAT CAGR over FY26-28," it added with a target price at Rs 2,260 with a 'buy' rating.
ICICIDirect Research on Privi Speciality Chemicals Rating: Buy | Target Price: Rs 4,490 | Upside Potential: 26% Privi Specialty Chemicals is expanding its manufacturing capacity from 48,000 MTPA to 74,000 MTPA over the next 2-3 years, aiming to achieve Rs 5,000 crore in revenue and Rs 1,000 crore EBITDA within 3-4 years. It, which derives nearly 67 per cent of revenue from exports, is strengthening its position through a diversified portfolio of over 75 specialty aroma chemicals and new product launches, said ICICIDirect.
Its key competitive advantage lies in backward integration via cost-efficient CST-based raw materials, supporting superior margins. The strategic joint venture with Givaudan is expected to drive growth in high-end aroma chemicals and deepen global FMCG relationships. Backed by strong expansion visibility and long-term growth drivers, it added and initiated coverage with a 'buy' and a target price of Rs 4,490.
Choice Institutional Equities on Fineotex Chemical Rating: Buy | Target Price: Rs 51 | Upside Potential: 29% Fineotex's acquisition of a 53 per cent stake in CrudeChem Technologies (CCT) significantly expands its presence in the $11.5 billion North American oilfield chemicals market, with CCT offering integrated manufacturing, customised formulations and on-site technical support that strengthen customer retention. CCT has expanded capacity from 80,000 MTPA to 140,000 MTPA, with higher utilisation expected to drive operating leverage, said Choice Institutional Equities.
"Its core textile and specialty chemicals business continues to provide healthy margins, while a debt-free balance sheet and cash reserves support acquisitions and expansion into water treatment and oilfield chemicals. The brokerage expects revenue, EBITDA and adjusted PAT CAGR of 47.3 per cent, 49.3 per cent and 42.2 per cent, respectively, during FY26-FY29, and has initiated coverage with a 'Buy' rating and a target price of Rs 51," it added.
DR Choksey Finserv on HFCL Rating: Buy | Target Price: Rs 362 | Upside Potential: 84% HFCL is at an inflection point where structural shifts converge simultaneously. It is transitioning from a domestic EPC dependent telecom contractor into an export-led, product-driven technology platform spanning AI optical connectivity, defence electronics, and aerospace manufacturing.
It expects HFCL to deliver strong growth, projecting 35 per cent revenue, 70 per cent EBITDA and 108% PAT CAGR over FY26-FY28. It values the company using a SOTP approach, assigning premium multiples to its optical fibre, defence, telecom products and EPC businesses, reflecting their growth potential and profitability. After applying a conglomerate discount and adjusting for net cash, it has set a target price of Rs 362 with a 'buy' rating.