Top Stocks to Watch: Kotak, HSBC, and More

UBS has downgraded MCX to neutral, raising the target price to Rs 3,600 from Rs 3,200. Analysts note that the bourse's peak earnings momentum may have passed due to recent commodity volatility. Despite healthy volumes in Q1FY27, the stock trades at 50x its one-year forward P/E, about 10% above its historical average.

Ashok Leyland's Resilient Demand

Morgan Stanley maintains an equal-weight on Ashok Leyland with a target price of Rs 180. The company's Q4FY26 EBITDA exceeded estimates by 4%, with margins at 14.6%, down 40 basis points YoY. Despite commodity and diesel price challenges, demand remains strong. Recent price hikes of 1-1.5% aim to offset inflation.

Siemens' Steady Capex Cycle

HSBC holds a rating on Siemens with a target price of Rs 3,540. Strong order inflows and execution are noted, though higher material costs impacted March quarter earnings. The capex cycle remains steady, but margin recovery is expected to be gradual.

GMR Airports' Growth

Jefferies recommends buying GMR Airports with a target price of Rs 125. Q4FY26 EBITDA was slightly below expectations at Rs 1,480 crore, yet 47% higher YoY. The company's net profit improved significantly, marking a full-year positive PAT after several years.

"GMR's platform continues to scale up with near 2x EBITDA YoY in FY26," analysts noted.

Varroc Engineering's Challenges

Kotak Securities suggests reducing Varroc Engineering with a target price of Rs 550, down from Rs 590. Q4FY26 was weak, with EBITDA 6% below estimates. Domestic revenue growth is expected to slightly outpace industry growth, but FY27-28 EPS estimates are cut by 5-6%.

These stock recommendations reflect the current market dynamics and provide insights into potential investment strategies.