Brokerage firms have shared fresh views on several key Indian stocks on April 16, highlighting developments across pharmaceuticals, infrastructure, cement, retail, insurance, NBFCs and defence. Stocks like Aurobindo Pharma, Adani Enterprises, Nuvoco Vistas, Trent, ICICI Lombard, HDB Financial Services, and Hindustan Aeronautics Limited are expected to remain in focus based on upgrades, target price changes, and sectoral tailwinds.
Aurobindo Pharma
Macquarie has maintained an “Outperform” rating on Aurobindo Pharma with a target price of ₹1050. The brokerage highlighted that the company’s subsidiary, TheraNym Biologics, has expanded its contract manufacturing agreement with Merck.
As part of the deal, a greenfield biologics manufacturing facility with 60,000-litre capacity will be set up, involving an investment of $150–175 million. While the agreement reinforces Aurobindo’s biologics capabilities, meaningful financial gains are expected only after 3–4 years.
Adani Enterprises
Jefferies has reiterated a “Buy” rating on Adani Enterprises, though it has cut the target price to ₹2600 from ₹2750.
The brokerage noted that airport traffic softness is affecting near-term growth, delaying the ramp-up of Navi Mumbai International Airport. However, non-aeronautical revenues and real estate monetisation remain strong.
The company’s new energy business continues to benefit from energy security trends, with solar capacity expansion at Mundra expected to support EBITDA from FY27. Meanwhile, copper and road businesses are also expected to scale up.
Nuvoco Vistas
Multiple brokerages remain bullish on Nuvoco Vistas after a strong Q4FY26 performance.
HSBC (TP ₹420), Nomura (TP ₹470), and Jefferies (TP ₹410) have all maintained “Buy” ratings.
The company reported strong volumes, revenue and EBITDA, supported by better realisations. Price hikes across trade and non-trade segments are expected to offset rising input costs.
However, near-term pressure from fuel, packaging and gypsum costs may impact margins for the next 1–2 quarters. The company has also approved a 1.5 MTPA bulk cement terminal at Viramgam, strengthening its expansion strategy.
Trent
HSBC has maintained a “Buy” rating on Trent, but reduced the target price to ₹4800 from ₹5300.
The brokerage expects continued store expansion, particularly for Zudio, with around 200 new stores planned. While productivity moderation is a concern, sustained growth of 18–20% remains a key trigger for the stock.
ICICI Lombard
Brokerages are divided on ICICI Lombard after its Q4FY26 results.
Goldman Sachs has a “Neutral” rating with a target price of ₹1965, noting strong premium growth and improvement in combined ratio.
On the other hand, HSBC remains bullish with a “Buy” rating and a higher target price of ₹2200, citing continued growth momentum and potential upside from IFRS implementation.
HDB Financial Services
Nomura has a “Neutral” stance on HDB Financial Services with a target price of ₹740, highlighting improving asset quality and stable cost of funds.
Meanwhile, Jefferies is more optimistic, assigning a “Buy” rating with a target price of ₹845. The brokerage expects strong earnings growth driven by improving credit costs, stable margins, and a pickup in loan growth.
HAL
Citi has maintained a “Buy” rating on Hindustan Aeronautics Limited with a target price of ₹5560.
The brokerage highlighted a key agreement between HAL and GE Aerospace for the co-production of F414 engines in India. These engines are expected to power Tejas Mk2 and early AMCA Mk1 aircraft.
While execution timelines remain a watch factor, the development is seen as a strong medium-term positive.
Renewable energy stocks
Jefferies expects India’s renewable energy capacity to reach 359 GW between FY25 and FY30, driven by energy security concerns and government push.
Stocks like JSW Energy and NTPC are preferred picks in the power space, while Premier Energies and Emmvee stand out in the solar PV segment due to strong balance sheets and robust order books.