Nuvama Institutional Equities has retained ‘Buy’ recommendations on four stocks after assessing the March quarter performance and near-term outlook across sectors. While earnings delivery remained mixed, the brokerage stayed constructive where it saw stronger operating traction, expansion plans and earnings visibility sustaining over the next few years.
The latest set of recommendations spans healthcare, cement, building materials and paints. Fortis Healthcare, JK Cements, Century Plyboards and Indigo Paints continued to find favour in Nuvama’s coverage universe, with the brokerage retaining positive ratings and target prices despite cost pressures and investment cycles in some businesses.
Nuvama on Fortis Healthcare: ‘Buy’
Nuvama retained its ‘Buy’ rating on Fortis Healthcare and set a target price of Rs 1,145, indicating upside of around 18%.
The brokerage said the latest quarter reinforced its positive stance as the hospital business delivered healthy growth while diagnostics continued to improve.
According to Nuvama, hospital revenue expanded 19% year on year and was led by higher patient volumes, while margins remained at 22%. Diagnostic arm Agilus also delivered 12% growth during the quarter.
Nuvama expects around 1,800 additional beds over the next three to four years, with a large share coming through brownfield expansion. It also pointed to improving performance across Jaipur, Mulund and other facilities as support for future margin expansion.
Nuvama said, “Fortis is well-positioned to deliver revenue and EBITDA CAGR of 15% and 23% over FY26 to FY28E, driven by strategic bed expansion plan with most additions via brownfield projects, operational turnaround in existing hospitals and continued recovery and growth momentum at Agilus.”
The brokerage added, “Fortis’s proactive pursuit of merger and acquisition opportunities remain an upside trigger.”
Nuvama on JK Cements: ‘Buy’
Nuvama maintained its ‘Buy’ recommendation on JK Cements and revised the target price to Rs 7,034 from Rs 7,438 earlier, suggesting upside of nearly 29%.
Nuvama said the commissioning of a 3 million tonne per annum split grinding unit in Bihar increased total grey cement capacity to 32.3 million tonnes annually.
Although the brokerage lowered EBITDA estimates for FY27 and FY28 due to higher cost assumptions linked to geopolitical developments, it continued to back the company’s longer term operating profile.
Nuvama said, “JKC’s consistent volume growth, efficiency improvement and superior RoEs make it an attractive bet.”
The brokerage added, “Management is targeting double-digit volume growth in FY27E.”
Nuvama expects ongoing expansion projects across Rajasthan, Punjab and Jaisalmer to support the next phase of growth.
Nuvama on Century Plyboards: ‘Buy’
Nuvama retained ‘Buy’ on Century Plyboards (India) and increased the target price to Rs 1,096 from Rs 1,027, indicating upside of around 41%.
The brokerage said Century Plyboards delivered broad based growth across segments while also announcing another phase of capital expenditure.
The brokerage also noted recovery in laminate profitability and improvement in plywood margins, although medium density fibreboard continued to face pressure from higher raw material costs.
Century Plyboards announced fresh expansion plans in Odisha across plywood and particle board operations, with flexibility to adjust deployment depending on market conditions at commissioning.
Nuvama said, “We believe with fresh capex coming up, Century is poised for growth and eventual market share gains.”
Nuvama said the investment cycle remains central to its positive outlook on the company.
Nuvama on Indigo Paints: ‘Buy’
Nuvama retained its ‘Buy’ rating on Indigo Paints and set a target price of Rs 1,440, indicating upside of around 44%.
The brokerage said the March quarter marked the strongest operating momentum for the company in two years as demand improved across categories.
Nuvama said demand recovery has remained intact since November 2025 and pricing measures helped absorb inflationary pressure in raw materials.
At the same time, the brokerage acknowledged that a larger sales organisation and higher advertising spending could weigh on margins during the investment phase. It increased revenue estimates for FY27 and FY28 while reducing earnings estimates modestly.
The brokerage also pointed to the strengthening of leadership after the appointment of Aishwarya Pratap Singh as Chief Business Officer.
Nuvama said, “The company enters FY27 with renewed aggression on sales growth.”
Conclusion
Nuvama’s latest preferred stock calls after the March quarter point to a common theme across sectors. The brokerage continues to favour companies where growth is being supported by expansion, operating improvement and execution rather than short-term earnings surprises.
Fortis Healthcare remains backed by hospital additions and diagnostics recovery. J K Cements continues to gain support from capacity expansion and volume growth. Century Plyboards stays tied to an investment cycle aimed at strengthening scale, while Indigo Paints enters FY27 with a sharper focus on growth despite near-term margin pressure.
Disclaimer: The stock ratings, target prices, and growth projections discussed in this report are based on institutional research analysis and do not constitute direct buy, sell, or hold recommendations for retail investors. Equity investments across diverse sectors—including healthcare, cement, building materials, and consumer paints—are subject to distinct regulatory frameworks, commodity price cycles, capital expenditure execution timelines, and margin pressures, causing individual stock performance to vary. Readers are strongly advised to consult a SEBI-registered investment advisor or qualified financial professional before making any specific equity or sector-specific allocation decisions.
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