Top brokerage firms have released fresh insights on select stocks, highlighting opportunities across retail, logistics, and commercial vehicle segments for the next 12 months.
Antique, Emkay, and InCred Equities remain optimistic on Trent, Delhivery, and Ashok Leyland, respectively, citing strong fundamentals, strategic expansions, and industry tailwinds.
These recommendations reflect broader themes such as aggressive store additions in fashion retail, market consolidation in logistics, and revenue diversification in the commercial vehicle space—each offering potential for meaningful upside in the medium term.
The Indian market witnessed a knee-jerk reaction, mirroring the sharp sell-off in global markets amid escalating trade tensions and growing fears of a deepening global recession.
The BSE Sensex plunged more than 3000 points while the Nifty50 plunged more than 1000 points to trade below 22,000 in the first 15-minutes of trade.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Antique on Trent: Maintain Buy| Revised Target Price of Rs 6,801 (previously Rs 7,363)| LTP Rs 5561| Upside 22%
Antique has maintained a 'Buy' rating on Trent with a revised target price of Rs 6,801, down from the earlier Rs 7,363, implying an upside potential of 22% from the last traded price of Rs 5,561.
The firm has trimmed its EPS forecasts for FY25 to FY27 by 2% to 10%. In Q4, Trent reported a 28% year-on-year revenue growth, which was slightly below estimates. The company added 130 new Zudio stores and 10 new Westside stores during the quarter.
However, the benefits of these store additions, most of which occurred towards the end of Q4, are expected to accrue in Q1 of FY26.
Antique believes that while the high base effect may moderate Trent’s growth momentum in the near term, the company is still well-positioned to significantly outperform its peers over the medium to long term.
Furthermore, Trent is expected to continue its aggressive expansion strategy, particularly with plans to add around 200 new Zudio stores over the next two years.
Emkay on Delhivery: Buy| Target Rs 400| LTP Rs 258| Upside 55%
Emkay has maintained a 'Buy' rating on Delhivery with a target price of Rs 400, implying a significant upside of 55% from the current market price of Rs 258.
Delhivery recently announced the acquisition of Ecom Express, the second-largest 3PL B2C operator, for a cash consideration of Rs 14 billion, valuing the company at 0.6x EV/sales based on FY24 numbers.
This acquisition will result in a combined entity holding approximately 55-60% market share in the 3PL B2C express market, making it nearly three times larger than its closest competitor.
In addition to the scale benefits, both companies already service about 97% of India’s pin codes, which presents an opportunity for substantial cost synergies over the next 12 to 18 months.
Improved network utilization—particularly in the last-mile segment, which accounts for around 50% of linehaul costs in the B2C express space—is expected to boost profitability once integration is complete.
While the valuation appears attractive, the acquisition is not expected to be earnings accretive in the short term. However, with a high overlap of customers and prior experience from the Spoton acquisition, Emkay anticipates smoother sales retention and network integration.
That said, the increasing insourcing of logistics by Meesho remains a concern and could weigh on volume growth in the near term.
InCred Equities on Ashok Leyland: ADD| Target Rs 265| LTP Rs 205| Upside 29%
InCred Equities has maintained an 'ADD' rating on Ashok Leyland with a target price of Rs 265, indicating a potential upside of 29% from the last traded price of Rs 205.
The management remains optimistic that the low base effect in the first half of FY25 will support double-digit growth in the medium and heavy commercial vehicle (MHCV) segment, ultimately contributing to a 6% growth in FY26.
Additionally, Ashok Leyland’s efforts to diversify its revenue streams through increased focus on exports, light commercial vehicles (LCVs), and spare parts are expected to help mitigate EBITDA fluctuations in the event of variations in truck demand.
With early signs of demand recovery, InCred continues to maintain its positive stance on the stock.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
Antique, Emkay, and InCred Equities remain optimistic on Trent, Delhivery, and Ashok Leyland, respectively, citing strong fundamentals, strategic expansions, and industry tailwinds.
These recommendations reflect broader themes such as aggressive store additions in fashion retail, market consolidation in logistics, and revenue diversification in the commercial vehicle space—each offering potential for meaningful upside in the medium term.
The Indian market witnessed a knee-jerk reaction, mirroring the sharp sell-off in global markets amid escalating trade tensions and growing fears of a deepening global recession.
The BSE Sensex plunged more than 3000 points while the Nifty50 plunged more than 1000 points to trade below 22,000 in the first 15-minutes of trade.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Antique on Trent: Maintain Buy| Revised Target Price of Rs 6,801 (previously Rs 7,363)| LTP Rs 5561| Upside 22%
Antique has maintained a 'Buy' rating on Trent with a revised target price of Rs 6,801, down from the earlier Rs 7,363, implying an upside potential of 22% from the last traded price of Rs 5,561.
The firm has trimmed its EPS forecasts for FY25 to FY27 by 2% to 10%. In Q4, Trent reported a 28% year-on-year revenue growth, which was slightly below estimates. The company added 130 new Zudio stores and 10 new Westside stores during the quarter.
However, the benefits of these store additions, most of which occurred towards the end of Q4, are expected to accrue in Q1 of FY26.
Antique believes that while the high base effect may moderate Trent’s growth momentum in the near term, the company is still well-positioned to significantly outperform its peers over the medium to long term.
Furthermore, Trent is expected to continue its aggressive expansion strategy, particularly with plans to add around 200 new Zudio stores over the next two years.
Emkay on Delhivery: Buy| Target Rs 400| LTP Rs 258| Upside 55%
Emkay has maintained a 'Buy' rating on Delhivery with a target price of Rs 400, implying a significant upside of 55% from the current market price of Rs 258.
Delhivery recently announced the acquisition of Ecom Express, the second-largest 3PL B2C operator, for a cash consideration of Rs 14 billion, valuing the company at 0.6x EV/sales based on FY24 numbers.
This acquisition will result in a combined entity holding approximately 55-60% market share in the 3PL B2C express market, making it nearly three times larger than its closest competitor.
In addition to the scale benefits, both companies already service about 97% of India’s pin codes, which presents an opportunity for substantial cost synergies over the next 12 to 18 months.
Improved network utilization—particularly in the last-mile segment, which accounts for around 50% of linehaul costs in the B2C express space—is expected to boost profitability once integration is complete.
While the valuation appears attractive, the acquisition is not expected to be earnings accretive in the short term. However, with a high overlap of customers and prior experience from the Spoton acquisition, Emkay anticipates smoother sales retention and network integration.
That said, the increasing insourcing of logistics by Meesho remains a concern and could weigh on volume growth in the near term.
InCred Equities on Ashok Leyland: ADD| Target Rs 265| LTP Rs 205| Upside 29%
InCred Equities has maintained an 'ADD' rating on Ashok Leyland with a target price of Rs 265, indicating a potential upside of 29% from the last traded price of Rs 205.
The management remains optimistic that the low base effect in the first half of FY25 will support double-digit growth in the medium and heavy commercial vehicle (MHCV) segment, ultimately contributing to a 6% growth in FY26.
Additionally, Ashok Leyland’s efforts to diversify its revenue streams through increased focus on exports, light commercial vehicles (LCVs), and spare parts are expected to help mitigate EBITDA fluctuations in the event of variations in truck demand.
With early signs of demand recovery, InCred continues to maintain its positive stance on the stock.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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