Recently, two well-known brokerages, Nuvama and Kotak Securities, upgraded their ratings for two prominent stocks, giving them a strong “Buy” recommendation. These upgrades highlight significant growth potential, with an estimated upside of up to 24%. The positive outlook reflects confidence in the stocks future performance, underpinned by robust fundamentals and market trends. This endorsement from reputable financial institutions has drawn considerable attention from investors, further solidifying the stock market appeal.
1. CEAT Limited
Established in 1958, CEAT Limited is a leading tire manufacturer in India and a global market player. Part of the RPG Group since 1982, it offers diverse products for two-wheelers, cars, commercial vehicles, and farm equipment, exporting to over 110 countries.
Target Price
Nuvama has retained a “BUY” rating on Ceat and raised the target price to Rs. 3,640 per share from the earlier Rs. 3,360, representing a 15% upside from price at recording. The brokerage highlights Ceat’s increasing focus on high-margin off-highway tires, with their share expected to rise from 15% to 25%, and the acquisition boosting international revenue contribution from 19% to 26%. Additionally, EBITDA margins are projected to improve to 20% under a stable business scenario, compared to the mid-teens currently. Nuvama forecasts a revenue CAGR of 14% and earnings CAGR of 12% over FY24-FY27, underscoring the company’s robust growth potential.
Financial Highlights
According to its recent filing, in the quarter ending September 2024, CEAT limited consolidated revenue from operations has increased by 8.2 percent YOY from Rs. 3,053 crore in Q2 FY24 to Rs. 3,305 crore in Q2 FY25 and increased by 3.5 percent QoQ from Rs. 3,193 crore in Q4 FY24.
The company’s consolidated net profit has decreased by 41.8 percent, from Rs. 208 crore in Q2 FY24 to Rs. 121 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has decreased by 21 percent QoQ from Rs. 154 crore.
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2. Indegene Limited
Founded in 1998, Indegene specialises in digital-led commercialisation for life sciences, offering analytics, regulatory support, and AI-driven platforms like Invisage. Transitioning to a public company in 2022 is recognised for innovation, workplace culture, and driving healthcare industry advancements.
Target Price
Kotak Securities has upgraded Indegene (INDGN) to a “BUY” rating with a target price of Rs. 730, implying an upside potential of approximately 24% from the price-at-record of Rs. 591. The upgrade is based on a valuation of 30x Dec’26E EPS, reflecting the company’s strong position to capitalise on digitalisation, outsourcing, and consolidation trends in life sciences. While revenue growth in FY24-25E may be subdued, it is expected to accelerate in FY26E due to improved market conditions and client-specific issue resolutions. Indegene also benefits from robust account management and significant digitisation opportunities, despite the US dollar revenue growth slowing to a 7.9% CAGR in FY23-25.
Financial Highlights
According to its recent filing, in the quarter ending September 2024, Indegene consolidated revenue from operations has increased by 8 percent YOY from Rs. 636 crore in Q2 FY24 to Rs. 687 crore in Q2 FY25 and increased by 1.6 percent QoQ from Rs. 679 crore in Q4 FY24.
The company’s consolidated net profit has increased by 22.6 percent, from Rs. 75 crore in Q2 FY24 to Rs. 92 crore in Q2 FY25. As compared to the last quarter of 2025, the company’s net profit has increased by 4.5 percent QoQ from Rs. 88 crore.
Written By Fazal Ul Vahab C H
Disclaimer
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