LG, PW, ICICI AMC among among 9 stocks with fresh brokerage interest for upto 56% rise

Select stocks including Belrise Industries, Shakti Pumps India, Emmvee Photovoltaic Power, Saatvik Green Energy, PhysicsWallah, Tenneco Clean Air India, ICICI Prudential Asset Management Company, LG Electronics India and Aditya Infotech have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages include B&K Securities, Ventura Securities, Ambit, Axis Capital, Anand Rathi Share & Stock Brokers, IIFL Securities, JM Financial. All stocks have positive ratings on them with an upside potential of 56 per cent. Here's what brokerage said on these stocks:
 

Ventura Securities on Shakti Pumps India
Rating: Buy | Target Price: Rs 972 | Upside Potential: 51%
Shakti Pumps holds a 25% PM-KUSUM market share, with 22,300 pump deliveries in Q2 FY26 and a strong order book ensuring near-term visibility. Over FY25–28E, Shakti Pumps is expected to deliver 20.2% revenue CAGR to reach Rs 4,375 crore, with EBITDA growing at 17.8% CAGR to Rs 984 crore, said Ventura Securities.

"EBITDA margins are projected to moderate to 22.5% due to expansion into lower-margin segments and continued raw-material price volatility. Net profit is expected to grow at a 14.2% CAGR to reach Rs 609 crore. We initiate coverage with a 'buy' and a price target of Rs 972. The recent stock correction offers an attractive entry point," it added.
 

Ambit on Emmvee Photovoltaic Power
Rating: Buy | Target Price: Rs 310 | Upside Potential: 55%
Emmvee’s cell line commissioning in 2024 drove a sharp step-up in performance, with FY25 EBITDA and PAT up 7x/12x over FY24. Its early bet on TOPCon in 2022, supported by a technology tie-up with Fraunhofer ISE, is translating into higher efficiencies and lower costs, delivering an EBITDA margin of 34-35% vs industry’s 30-31%, said Ambit.

"Strong order book of 9.4GW underpins earnings visibility through FY27. A well funded balance sheet and elevated margins through FY28 should generate sufficient cash flows to enable backward integration into ingot+wafer by FY29E. We build in 51%/57% EBITDA/PAT CAGR over FY25-28; DCF-based target of Rs 310 implies 15x FY28E P/E, it added.
 

Axis Capital on PhysicsWallah
Rating: Buy | Target Price: Rs 138 | Upside Potential: 16%
PhysicsWallah (PW), India’s largest test-preparation player, benefits from rising demand for entry into key educational institutes/government roles given the limited number of seats. Its large online student community creates a large organic funnel for its online segment – a strong moat, which caps customer acquisition cost (CAC) and drives affordability, said Axis Capital.

"But scaling up offline profitably will be more challenging, with greater competition from organized/unorganized players, high reliance on outcome, and less focus on affordability. We factor in PW’s strong execution into our estimates for offline, but it is still early days. The stock is up 20 per cent from issue price," it initiated with an 'add' rating and a target price of Rs 138.
 

Anand Rathi Share & Stock Brokers on ICICI Prudential Asset Management Company
Rating: Buy | Target Price: Rs 3,400 | Upside Potential: 23%
ICICI AMC is placed to benefit from the structural expansion of India’s mutual fund industry, driven by rising industry QAAUM and strong retail participation. It differentiates itself through the largest scheme count in the country, a diversified platform across mutual funds, PMS, AIFs, and offshore advisory, and a broad distribution network supported by increasing digital adoption, said Anand Rahit.

"The AMC has consistently delivered equity yields above 60 bps despite a large equity AUM base, reflecting a strong product mix and pricing discipline, and operates with one of the lowest distributor payout ratios among peers, resulting in superior unit economics. We initiate coverage with a BUY rating and a target price of Rs 3,400 per share," it added.
 

IIFL Securities on Aditya Infotech
Rating: Buy | Target Price: Rs 1,751 | Upside Potential: 27%
Aditya Infotech (AIL) has transitioned from a distribution-led model to a vertically integrated video surveillance and security solutions provider. The timely pivot to manufacturing and R&D has strengthened competitiveness, improved cost and regulatory readiness, and enhanced scalability, said IIFL Securities.

"STQC enforcement has accelerated market formalisation, restricted imports, and enabled AIL (CP PLUS) to gain market share through one of the widest certified portfolios. We initiate with 'buy' and a target price of Rs 1,751, at 45 times FY28ii EPS," it added.
 

JM Financial on LG Electronics India
Rating: Buy | Target Price: Rs 1,630 | Upside Potential: 20%
"We laud LG Electronics' market leadership across categories and leading margin; support from parentco, providing a competitive keel; breadth of manufacturing capabilities; and robust fundamentals, average RoE/RoCE of 33%/29% over FY18–25 and sustained OCF/FCF generation. We initiate LG Electronics at ‘buy’ with a target price of Rs 1,630," said JM Financial.

Among India’s leading home appliances brands, LGEIL has retained pole position in the offline channel across categories, including refrigerators, ACs, washing machines and televisions. This dominance, we believe, is driven by its robust brand recall, edge in technology and innovation, strong parentage and widespread distribution, it added.
 

Axis Capital on Tenneco Clean Air India
Rating: Buy | Target Price: Rs 650 | Upside Potential: 33%
Axis Capital sees Tenneco India as a big beneficiary of pickup in auto industry growth, structural premiumization trends, and shift towards stringent emission norms in India. It could emerge as an export hub for its parent given its cost advantages and supply chain diversification.

"We initiate coverage on Tenneco India with 'buy' and target of Rs 650 – MNC ancillaries in India trade at 35 times with similar to lower growth and RoCE versus Tenneco India. Our estimates do not build in future implementation of stringent emission regulations," it said, citing Faster EV adoption, delays in implementation of emission norms, and increase in royalty rates as key risks.
 

Ambit on Saatvik Green Energy
Rating: Buy | Target Price: Rs 550 | Upside Potential: 53%
Founded in 2015, Saatvik Green has grown its module capacity from 125MW to 4.8GW at its Ambala facility. It was an early adopter of TOPCon technology and reported highest utilisation in the industry at 82%/77% in FY24/25, translating into industry-leading ROIC of 45%. Saatvik is expanding into turnkey EPC, solar pumps and inverters, said Ambit.

"The upcoming 2.4GW cell line, expected by Jun’26, followed by the remaining 2.4GW by 1HFY28 would improve product mix and lift EBITDA margin from 14% to 18% by FY28. Its 4.5GW order book provides revenue visibility until cell line commissions. We estimate EBITDA CAGR of 60% over FY25-28. Our DCF-based target price of Rs 550 implies 10x FY28 P/E," it added.
 

B&K Securities on Belrise Industries
Rating: Buy | Target Price: Rs 251 | Upside Potential: 56%
Belrise Industries is a diversified Tier-1 automotive components manufacturer with strong capabilities in metal forming, fabrication and system assemblies. Historically, focused on two-wheelers, the company is expanding into PVs and CVs with a broader product portfolio spanning chassis systems, exhaust systems, BIW parts and polymer components, said B&K Securities.
 

"We forecast 14-15% revenue CAGR over FY25-28E, led by higher content per vehicle and scaling of PV/CV programmes. EBITDA margins are expected to remain stable at 12-13%, while operating leverage and lower interest costs drive 34% PAT CAGR over the same period. RoCE is expected to improve toward midteen levels over. We initiate coverage with a 'buy' with a target price of Rs 251," it adds.