Global brokerage firm Nomura has reaffirmed Buy ratings on six stocks across defence, ports, consumer and digital commerce in a series of reports released recently, with target prices indicating upside potential of up to 62%.
The calls come even as some companies face near term pressures ranging from supply chain delays to geopolitical disruptions, with the brokerage maintaining that earnings visibility and business momentum remain intact. Hindustan Aeronautics, Adani Ports & Special Economic Zone, Dabur India, Marico, FSN E-Commerce Ventures and Godrej Consumer Products feature in the list, backed by factors such as strong order pipelines, steady volume growth, improving demand and margin resilience.
Nomura on Hindustan Aeronautics: ‘Buy’
Nomura has retained a ‘Buy’ rating on Hindustan Aeronautics with a revised target price of Rs 5,954, implying an upside of 62.2%.
The brokerage points out that while provisional FY26 revenue came in below its estimates due to supply chain bottlenecks, the long term growth picture remains intact. The company’s order book stands at Rs 2,54,000 crore, giving strong visibility on execution over the next few years. A large portion of this pipeline comes from programmes such as Light Combat Aircraft and helicopters, which are expected to drive manufacturing revenues.
Nomura has adjusted its earnings estimates to account for delays in engine supplies, particularly from General Electric, which has slowed aircraft deliveries. Even so, it continues to build in a healthy earnings trajectory over FY26 to FY28, supported by gradual normalisation of supplies and ramp up in deliveries.
“The robust order book provides long term execution growth visibility,” Nomura says.
The brokerage adds that valuation comfort also plays a role, with the stock trading below its historical multiples, which supports the positive stance despite near term hiccups.
Nomura on Adani Ports and Special Economic Zone: ‘Buy’
Nomura has maintained its ‘Buy’ rating on Adani Ports and Special Economic Zone with a target price of Rs 1,850, implying an upside of 34.3%.
The firm notes that cargo volumes grew 11% year on year in FY26, led by strong container traffic. While geopolitical tensions in the Middle East affected some cargo flows, the diversified mix across ports and geographies helped cushion the impact.
Nomura expects the company to deliver steady earnings growth over the next few years, with an estimated 17% compound annual growth in earnings before interest, tax, depreciation and amortisation between FY26 and FY28. Capacity additions, integrated logistics offerings and operating efficiency are seen as key contributors.
“Diversified cargo mix is likely to provide a strong hedge against war induced headwinds,” Nomura adds.
The brokerage also points to the company’s leadership position in India’s port sector and expects incremental capacity commissioning to support volume growth going ahead.
Nomura on Dabur India: ‘Buy’
Nomura has reiterated its ‘Buy’ call on Dabur India with a target price of Rs 600 leaving a possibility of around 44%/
The brokerage highlights that the company’s fourth quarter performance is expected to remain modest, with consolidated revenue growth in mid single digits. Weakness in healthcare and beverages continues to weigh on overall performance, although home and personal care has done better than expected.
Nomura believes domestic demand is showing signs of recovery, which could support growth in the coming quarters. It also points to the strength of the company’s brand portfolio and distribution network as key long term positives.
“The company saw steady momentum in the domestic India business and expects a progressive recovery in domestic demand,” Nomura says.
While near term triggers remain limited, the brokerage notes that valuations have corrected meaningfully, which supports its continued positive stance.
Nomura on Marico: ‘Buy’
Nomura has maintained a ‘Buy’ rating on Marico with a target price of Rs 900 indicating an upside of 20%.
The brokerage expects the company to report strong revenue growth in the fourth quarter, driven by volume expansion and improving demand trends. Growth in key segments such as value added hair oils and foods has come in ahead of expectations.
At the same time, falling copra prices are expected to support margins, even as price cuts in certain products may moderate revenue growth in the near term. Nomura believes the company’s investments in distribution and premium segments will continue to drive growth.
“Consolidated revenue growth in low twenties with double digit EBITDA growth,” Nomura notes in its update.
The brokerage also points to medium term growth drivers including expansion in foods and digital first brands, alongside distribution initiatives such as Project Setu.
Nomura on FSN E Commerce Ventures: ‘Buy’
Nomura has reiterated a ‘Buy’ rating on FSN E Commerce Ventures with a target price of Rs 305, indicating an upside of 24%. This is the parent firm for xxx
The brokerage highlights strong growth momentum across both beauty and personal care as well as fashion segments. Revenue growth in the fourth quarter is expected to remain in the high twenties, supported by customer acquisition and improved conversion.
Fashion has emerged as a key driver, with faster growth compared to previous quarters, while the core beauty business continues to expand steadily. Margins are also expected to improve gradually over the coming years.
“Healthy revenue growth momentum across segments is a positive and in line with our estimate,” Nomura adds.
Nomura believes consistent improvement in margins and scale benefits will act as key earnings drivers going forward.
Nomura on Godrej Consumer Products: Buy
Nomura has maintained its ‘Buy’ rating on Godrej Consumer Products with a target price of Rs 1,525 indicating an upside of 49%.
The brokerage expects revenue growth in the fourth quarter to come in close to double digits, supported by strong volume growth in India. While input cost pressures remain, the company has outlined multiple levers including pricing actions and cost savings to protect margins.
Nomura notes that the company remains confident of sustaining profitability and accelerating growth in the next financial year, even if commodity prices stay elevated.
“The company remains confident in its ability to offset cost headwinds,” Nomura says.
The brokerage also highlights structural improvements in operations and a growing portfolio of newer categories as factors that could support long term growth.
Conclusion
Nomura’s latest set of reports presents a mix of stories where near term pressures coexist with steady earnings visibility. Defence continues to stand out with Hindustan Aeronautics backed by a strong order pipeline, while Adani Ports offers steady growth tied to trade volumes and logistics integration. Consumer names such as Dabur, Marico and Godrej Consumer Products reflect varied demand trends but retain long term comfort. on brands and distribution. FSN E Commerce Ventures adds a digital consumption angle with consistent growth across categories.
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.