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Leading brokerages issue Buy and Outperform ratings on Vedanta, UltraTech Cement, MTAR Technologies, Waaree Energies, Adani Enterprises, Polycab India and TCS. Explore deep financial analysis, target prices, earnings outlook and sector trends.
Leading brokerages including BofA Securities, Motilal Oswal, Emkay, Jefferies, Business Line Research and CLSA issued fresh “Buy” and “Outperform” ratings on key Indian equities including Vedanta Ltd., UltraTech Cement Ltd., MTAR Technologies Ltd., Waaree Energies Ltd., Adani Enterprises Ltd., Polycab India Ltd. and Tata Consultancy Services Ltd. on February 26, 2026. The upgrades reflect improving earnings visibility, deleveraging momentum, infrastructure-led demand, renewable expansion and AI-driven capex tailwinds. As India’s equity markets navigate valuation normalization, broker conviction signals selective alpha generation opportunities across metals, cement, engineering, energy and IT services.
Broker: BofA Securities Rating: Buy (Upgrade) Target Price: ₹840
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹1.45–1.55 lakh crore (est.) | Linked to global metal prices |
| EBITDA Margin | 28–32% | Sensitive to aluminium realizations |
| Net Debt | Elevated | Targeted deleveraging |
| Dividend Track Record | Historically high yield | Dependent on cash flows |
| Core Exposure | Aluminium, Zinc, Oil & Gas | Commodity cycle leveraged |
BofA’s upgrade underscores improving aluminium spreads and visible deleveraging initiatives. Vedanta Ltd. remains a leveraged play on global commodity stabilization. Aluminium demand from EVs, infrastructure and packaging remains structurally supportive, though earnings remain sensitive to LME pricing and energy costs.
From a valuation perspective, the stock trades as a high dividend yield candidate within the PSU and metals basket, attracting investors seeking passive income stocks alongside cyclical upside.
Broker: Motilal Oswal Rating: Buy Target Price: ₹15,000
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹70,000+ crore | High single-digit growth |
| EBITDA Margin | 18–21% | Margin expansion on operating leverage |
| Capacity | 150+ MTPA | Further brownfield additions |
| Net Debt/EBITDA | <2x | Improving capital structure |
| Market Position | India’s Largest Cement Producer | Structural leader |
As India’s infrastructure push accelerates, UltraTech Cement Ltd. stands at the center of the capex narrative. Government-led road, rail, and housing projects continue to support volume growth.
The company’s scale advantage and pricing discipline reinforce earnings visibility. Cement remains a direct proxy for India’s capital expenditure cycle, and UltraTech’s dominant market share offers defensive characteristics within cyclical exposure.
Broker: Motilal Oswal Rating: Buy Target Price: ₹4,810
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹800–900 crore (est.) | Strong order pipeline |
| EBITDA Margin | 25–30% | Stable high-margin profile |
| Order Book | Robust | Defence & Clean Energy focus |
| Export Exposure | Significant | Global demand linked |
MTAR Technologies Ltd. is increasingly viewed as a precision engineering proxy to AI infrastructure, clean energy systems and aerospace components. Its exposure to mission-critical components enhances pricing power and margin durability.
With global data centre expansion and defence modernization underway, MTAR’s order visibility supports forward earnings clarity. Valuation multiples remain premium, but structural growth narratives justify investor interest.
Broker: Emkay Rating: Buy Target Price: ₹4,260
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹10,000–12,000 crore (est.) | Strong expansion |
| EBITDA Margin | 15–18% | Module pricing sensitive |
| Manufacturing Capacity | Rapidly scaling | Domestic + Export |
| Sector Tailwind | Solar Energy Transition | Structural growth |
India’s renewable ambition places Waaree Energies Ltd. in a strategic position. Solar module manufacturing incentives and global decarbonization policies provide multi-year tailwinds.
Margin volatility remains linked to module pricing cycles, but domestic PLI schemes and export opportunities underpin long-term earnings expansion.
Broker: Jefferies Rating: Buy Target Price: ₹2,750
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹1 lakh crore+ | Diversified growth |
| EBITDA | Segment-specific | Improving asset maturity |
| Business Vertical | Airports, Copper, Data Centres | Scaling |
| Capex Intensity | High | Long-term asset build |
Adani Enterprises Ltd. functions as a strategic incubation platform within the Adani Group ecosystem. Expansion in airports, copper smelting and digital infrastructure positions it as a leveraged play on India’s infrastructure buildout.
Institutional investors continue to monitor capital discipline and debt ratios, though scaling revenue streams support longer-term growth assumptions.
Broker: Business Line Research Rating: Buy Target Price: ₹9,600
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹16,000–18,000 crore | Stable growth |
| EBITDA Margin | 12–14% | Improving under Project Spring |
| Market Share | Leadership in Wires & Cables | Strengthening |
| ROCE | High double-digit | Capital efficient |
Polycab India Ltd. benefits from domestic electrification demand, real estate expansion and export growth. Project Spring focuses on margin optimization and supply chain efficiency, enhancing capital discipline.
The company’s strong cash flow profile reinforces its position among high-quality industrial compounders.
Broker: CLSA Rating: Outperform Target Price: ₹3,593
| Metric | FY25E | FY26E Outlook |
|---|---|---|
| Revenue | ₹2.6 lakh crore+ | Moderate acceleration |
| EBITDA Margin | 24–26% | Stable |
| Net Cash | Strong | Dividend supportive |
| Dividend Yield | Consistent | Defensive appeal |
Tata Consultancy Services Ltd. remains a bellwether among Indian IT services firms. AI partnerships and enterprise modernization pipelines are expected to drive medium-term deal wins.
Margin stability, consistent dividend payouts and strong cash reserves position TCS as a blue-chip stock favored during global demand moderation.
| Sector | Earnings Visibility | Capital Flow Sentiment | Risk Variable |
|---|---|---|---|
| Metals | Cyclical Recovery | Selective | Commodity pricing |
| Cement | Strong | Constructive | Input cost inflation |
| Engineering | High | Institutional Interest | Order execution |
| Renewable Energy | Structural Growth | Aggressive | Pricing volatility |
| Infrastructure | Expanding | Strategic | Debt management |
| IT Services | Stabilizing | Defensive | Global IT budgets |
“Institutional investors are increasingly prioritizing EBITDA visibility and sustainable cash flow generation over top-line growth. Broker upgrades often reflect improving capital discipline rather than mere revenue expansion,” says a Mumbai-based fund manager.
Broker upgrades across diversified sectors suggest a selective rotation toward companies demonstrating earnings visibility, capital efficiency and structural growth narratives.
Long-term investors should focus on balance sheet strength, EBITDA margins and sustainable free cash flow rather than headline target prices alone.
Short-term traders may monitor price-volume action following rating changes for momentum-driven strategies.
Retail participants can access these equities via platforms such as Zerodha, Groww, Upstox and Angel One, though disciplined risk management remains essential.
The February 26 broker actions collectively signal confidence in India’s earnings cycle resilience, even as global macro variables remain fluid.
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