Nuvama has reiterated a positive view on several listed companies. In a series of result updates, the brokerage retained ‘Buy’ ratings across sectors such as agri commodities, consumer goods, real estate, capital goods, and financial services, with upside potential up to 70%.
According to Nuvama, while margin pressure, cost inflation, or weather-related disruptions affected near-term performance for some companies, long-term business drivers remain intact.
Nuvama on AWL Agri Business: ‘Buy’
Nuvama has maintained a ‘Buy’ rating on AWL Agri Business with a target price of Rs 360, implying an upside of about 69% based on the price cited in the report.
According to Nuvama, “AWL Agri Business posted Q3FY26 revenue growth of 10.3% YoY, ahead of our/Street estimates led by strong growth in edible oil segment (volume/value grew 8%/12% YoY).” The brokerage noted that overall volumes rose 3% YoY, higher than its initial estimate.
Nuvama highlighted margin pressure, stating that “EBITDA was down 30% YoY due high base of 57% YoY,” while gross and EBITDA margins contracted by 289 basis points and 172 basis points YoY, respectively. Foods and FMCG volumes declined 4% YoY due to weakness in the wheat business, while industry essentials volume and value fell 8% YoY.
The report added that branded food adoption supports long-term growth. “Branded products in India are growing faster than unorganised players and loose products,” Nuvama noted, adding that AWL’s leadership in edible oil, wheat flour and basmati rice, along with its push to raise the share of food and FMCG, remains a key driver.
Nuvama on Aditya Birla Lifestyle Brands: ‘Buy’
Nuvama has raised its target price on Aditya Birla Lifestyle Brands to Rs 179, indicating an upside of about 58%.
The brokerage said, “ABLBL reported 9.6% YoY revenue growth, driven by stable growth of 9% YoY in Lifestyle brands and strong 13% YoY growth in emerging brands.” Wholesale revenue rose 21% YoY, supported by strong secondary sales.
Profitability improved sharply. According to Nuvama, “ABLBL reported revenue/EBITDA/adjusted PAT growth of 9.6%/24%/83% YoY,” aided by recovery in emerging brands.
Nuvama said management has resumed store expansion and guided for higher capital spending. “Management has guided for capex of Rs 33 crore in FY26 and plans to add 150 EBOs,” the report stated, with a longer-term goal of 12–15% revenue CAGR.
Nuvama on Saregama India: ‘Buy’
Nuvama has maintained a ‘Buy’ rating on Saregama India with a target price of Rs 500, implying an upside of about 52% based on the price cited in the report. The brokerage said Q3FY26 numbers were affected by a high base, but core segments continued to deliver strong growth.
According to Nuvama, “Saregama’s Q3FY26 revenue plunged 46% YoY, 7% ahead of our estimate while EBITDA grew 9% YoY, 36% above our estimate.” The brokerage clarified that the sharp decline in revenue was largely due to the absence of one-off live events revenue that was present in the base quarter.
Nuvama highlighted that the core music business remained strong during the quarter. “Music Licensing & Artist Management revenue surged 29% YoY, accelerating from 12% growth in H1FY26,” the report said. Growth was led by successful titles such as Dhurandhar along with traction in regional music content.
The brokerage reiterated its long-term confidence in the business model. “SIL has an overarching objective of monetising its IP portfolio for years and hence plans to invest Rs 1,000 crore in content over FY25–27E,” Nuvama said.
Nuvama on DOMS Industries: ‘Buy’
Nuvama has retained a ‘Buy’ rating on DOMS Industries and raised its target price to Rs 3,555, implying an upside of about 51%. The brokerage said the company continued its strong operating performance in Q3FY26.
According to Nuvama, “DOMS continued with its good results sequence,” with Q3FY26 revenue, EBITDA and PAT rising 18%, 18% and 13% YoY, respectively. Growth was led by kits and combos as well as office supplies, which remained the fastest-growing categories.
Nuvama noted that margins held steady despite cost pressures. “EBITDA margins remained flat at 17.5%, supported by favourable raw material costs but hurt by ESOP expenses,” the report said. Higher depreciation weighed on profitability, although lower interest costs helped offset part of the impact.
On capacity expansion, Nuvama said, “The greenfield expansion is progressing well and is likely to be commissioned by Q2FY27.” The brokerage added that DOMS has spent Rs 230 crore in 9MFY26 and expects total FY26 capex of Rs 250 crore.
Nuvama on Coromandel International: ‘Buy’
Nuvama has maintained a ‘Buy’ rating on Coromandel International with a target price of Rs 3,291, implying an upside of about 49%. The brokerage said Q3FY26 performance was impacted by adverse weather and higher input costs.
According to Nuvama, “Coromandel reported a decent Q3FY26 following excessive rainfall in Q2FY26 impacting fertiliser volumes.” NPK volumes were flattish YoY, while profitability was affected by a sharp rise in sulphur and ammonia prices along with depreciation of the rupee.
Nuvama stated that “EBITDA per tonne was Rs 4,387, down 3.4% YoY,” though strong performance in the crop protection business helped offset weakness in fertilisers. The brokerage also pointed out that fertiliser consumption in India declined around 7% due to delayed monsoon withdrawal and unseasonal rains in key states.
Despite near-term pressure, Nuvama retained its positive view. “Assuming near-term triggers flowing in from backward integration with long-term growth drivers from NACL’s synergies compel us to retain ‘’Buy’’,” the report said.
Nuvama on Brigade Enterprises: ‘Buy’
Nuvama has retained a ‘Buy’ rating on Brigade Enterprises with a target price of Rs 1,080, implying an upside of about 46%. The brokerage said Q3FY26 was weak due to lower launch activity.
According to Nuvama, “Brigade Enterprises delivered Q3FY26 pre-sales of Rs 1,750 crore, down 30% YoY.” The company launched one project during the quarter with a gross development value of around Rs 1,600 crore, while collections stood at Rs 1,760 crore.
Nuvama highlighted the upcoming launch pipeline. “Q4FY26E planned launches are likely to have GDV of Rs 5,400 crore,” the brokerage said, adding that this should support booking momentum going forward. The company has added projects spanning around 14 million square feet with GDV of approximately Rs 16,000 crore.
The brokerage also pointed to stability in the leasing business. “Lease rentals were Rs 320 crore, up 15% YoY, while office and retail occupancy was around 93%,” Nuvama noted.
Nuvama on Capri Global Capital: ‘Buy’
Nuvama has retained a ‘Buy’ rating on Capri Global Capital with a target price of Rs 240, implying an upside of about 45%. The brokerage highlighted strong balance sheet growth and profitability in Q3FY26.
According to Nuvama, “Capri Global delivered a robust Q3FY26 performance with AUM up 47.2% YoY and 12.5% QoQ.” Net interest income grew 47.8% YoY, while profit before provisions nearly doubled due to tight cost control.
Nuvama said asset growth was led by high-yield segments. “AUM growth was driven by strong disbursal growth of 86.3% YoY,” with gold loans and construction finance showing sharp expansion. Profit after tax rose to Rs 255 crore, up 99.4% YoY.
The brokerage added that management expects improvement in funding costs. “Management expects a 25–50 basis point reduction in cost of funds,” Nuvama said. It added, “Management guided for AUM of Rs 43,000 crore by FY27 and Rs 55,000 crore by FY28.”
Nuvama on CDSL: ‘Buy’
Nuvama has maintained a ‘Buy’ rating on Central Depository Services (India) with a target price of Rs 1,660, implying an upside of about 34%. The brokerage said Q3FY26 performance was mixed due to lower market activity.
According to Nuvama, “Revenue grew 9.4% YoY to Rs 304 crore, but declined 4.6% QoQ.” The sequential decline was attributed to weaker other operating income and lower IPO and corporate action charges.
Nuvama highlighted rising costs during the quarter. “Higher-than-expected technology cost drove total expense up 1.9% QoQ,” the report said, leading to EBIT margin of 47.3%. EBIT declined to Rs 144 crore, down 10.9% QoQ.
The brokerage pointed out divergence across revenue streams. “Annual issuer charges rose 39.5% YoY to Rs 113 crore,” while transaction charges grew only 1.7% YoY due to softer retail participation.