Nomura has released recent research on major Indian companies across telecommunications, consumer electronics, paints and electronics manufacturing, detailing its latest ratings and target prices.
The brokerage has maintained positive ratings on select firms where it sees growth visibility supported by exports, policy support and improving margins.
Nomura on LG Electronics India: ‘Buy’
Nomura has maintained a ‘Buy’ rating on LG Electronics India with a target price of Rs 1,836, implying a 17.1% upside.
The brokerage said the company is focusing on growth across both affordable and premium product segments and expects exports to remain a key structural driver.
“Growth recovery remains the key priority and it is working across multiple levers to drive growth and gain market share,” Nomura said.
It added, “Exports will remain a structural growth driver. Target of doubling exports in FY27E will add 6% incremental growth.”
Nomura expects margin recovery to be supported by price hikes, operating leverage and higher localisation, along with increasing contribution from premium products and business-to-business services. The brokerage reiterated that LG Electronics India remains its preferred pick in the consumer durables space.
Nomura on Kansai Nerolac Paints: ‘Buy’
Nomura has maintained a ‘Buy’ rating on Kansai Nerolac Paints with a target price of Rs 285, implying a 42.5% upside.
The brokerage said the company’s transformation journey in auto and industrial paints is progressing well, with both segments growing faster than the market. While decorative paints face increased competition from new entrants, Nomura noted that the company is working to maintain stability in that segment.
“Management believes that the India growth story is intact and the current growth rates in paints do not depict its true long term potential,” Nomura said.
It further stated, “premiumization initiatives and operational efficiency in SG&A spends should help drive 200bp OPM improvement over the medium term.”
Nomura expects around 10% earnings per share growth over FY26–FY28.
Nomura on Dixon Technologies India: ‘Buy’
Nomura has maintained a ‘Buy’ rating on Dixon Technologies India with a target price of Rs 14,678, implying a 45.1% upside.
The brokerage said the government is in talks with smartphone makers to roll out PLI 2.0 as the current scheme ends in March 2026. “The extension of the PLI scheme will improve visibility and confidence in a further ramp-up.”
Nomura added that backward integration will be a key aspect for manufacturers to claim incentives and noted that approval of the Vivo joint venture remains an important monitorable for the stock.
Nomura on Bharti Airtel: ‘Buy’
Nomura has reiterated its ‘Buy’ rating on Bharti Airtel with a target price of Rs 2,300 indicating an upside of 19%.
The brokerage reported that the company plans to invest Rs 0.20 lakh crore (Rs 20,000 crore) in financial services over time through Airtel Money, deploying 10–15% in the first year.
It also stated that the company intends to adopt a progressive dividend policy as free cash flow strengthens and may increase its ownership in Indus Towers and Airtel Africa.
“The company will adopt a progressive dividend policy going forward as FCF generation accelerates,” Nomura said.
Nomura added that Bharti Airtel trades at 9.3x FY27F EV/EBITDA.
Conclusion
Nomura remains positive on Dixon Technologies India, LG Electronics India, Kansai Nerolac Paints and Bharti Airtel, citing policy support, export growth, premiumisation and margin expansion as key drivers. The brokerage has maintained ‘Buy’ ratings across these companies in its latest research updates.