Nuvama Institutional Equities, part of Nuvama Wealth Management, has shared fresh company notes after meeting management teams and reviewing business trends across sectors. The brokerage has kept ‘Buy’ ratings on Jubilant Ingrevia, Embassy Office Parks REIT and Marico, with target prices that indicate room for gains from current levels.
Its assessment draws on contract visibility, leasing demand and consumption trends, while also taking into account near-term pressures in some segments.
Nuvama on Jubilant Ingrevia: ‘Buy’
Nuvama has retained its ‘Buy’ call on Jubilant Ingrevia with a target price of Rs 975, which suggests an upside of about 71%.
The brokerage’s view is anchored in a large innovator contract where supplies are set to begin from March 2026. It sees this as a key earnings driver, alongside a steady build-up in the specialty chemicals and contract development and manufacturing pipeline. The company is also working on multiple new opportunities that are expected to add to revenue over time.
Nuvama estimates the incremental revenue potential of about Rs 700 crore from new opportunities, including around Rs 500 crore linked to the innovator contract and another Rs 200 crore from projects being scaled up. It added that a broader set of opportunities across fine chemicals and contract manufacturing provides further visibility.
At the same time, the brokerage noted pressure in commodity-linked segments such as acetic derivatives due to weak demand and excess supply in Asia. Even so, it expects the specialty chemicals portfolio to remain steady due to contract-based pricing.
“The structure of the agreement provides meaningful assurance through a commercial mechanism that spans the five-year tenure of the contract. While risks around counterparty ownership need to be watched, the contract provides comfort that the economic value remains protected,” Nuvama said.
Nuvama on Embassy Office Parks REIT: ‘Buy’
Nuvama has maintained its ‘Buy’ rating on Embassy Office Parks REIT with a target price of Rs 485, indicating an upside of about 14%.
The brokerage expects office demand to remain strong, led by global capability centres and continued leasing activity in key markets. It sees occupancy improving to about 95% from around 90% at present, supported by rent escalations and completion of ongoing projects.
Nuvama estimates that these factors together could lift net operating income to around Rs 5,500 crore, marking a sharp increase from current levels. It also pointed to a pipeline of assets available for acquisition, which could add to growth over time.
The brokerage noted that India’s office market continues to see strong demand, with leasing activity staying ahead of supply and vacancy levels easing. Bengaluru remains a key market for the company, given its strong demand base.
“Demand continues to be strong despite the recent geopolitical and macroeconomic situation and expects CY26 to clock best-ever gross leasing with a continued reduction in vacancies, enabling an increase in market rents. GCCs continue to account for a large share of leasing owing to the availability of the right talent mix,” Nuvama said.
Nuvama on Marico: ‘Buy’
Nuvama has reiterated its ‘Buy’ call on Marico with a target price of Rs 900, implying an upside of about 20%.
The brokerage’s view follows its interaction with management, where it noted steady growth across key segments along with an improving margin outlook as input costs ease. It expects international business to maintain double-digit growth, while overall earnings growth is seen in the mid-teens over the next few years.
A key driver is the value-added hair oil segment, which has been reporting strong growth. The brokerage also expects improvement in foods and better traction in core brands such as Parachute and Saffola. Lower copra prices are likely to support margins once pricing actions are taken.
Nuvama added that the company’s push into premium categories and digital-first brands is likely to contribute meaningfully over time, with several acquisitions already scaling up.
“Copra correction has not been passed on yet, but a calibrated price cut is likely soon. Bangladesh’s political situation is now stable and growth momentum shall sustain, while international business is expected to maintain strong growth,” Nuvama said.
Conclusion
Nuvama’s latest notes point to earnings visibility across three different sectors, with each company backed by specific growth drivers. Jubilant Ingrevia is tied to contract-led revenue, Embassy REIT to leasing demand in office spaces, and Marico to consumption trends and portfolio expansion. The brokerage has retained its ‘Buy’ stance on all three, supported by its assessment of business momentum and future earnings potential.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to ‘Buy’ or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.