Vijay Kedia, Mukul Agrawal stocks see brokerage initiations; check target prices

Select stocks, which are part of marquee investors like Vijay Kedia and Mukul Mahavir Agrawal, have attracted fresh brokerage interest, which have initiated coverage on these stocks. Analysts continued to remain positive on them and see up to 26 per cent upside in these counters.

Elecon Engineering Company saw initiation from Dalal & Broacha. Vijay Kishanlal Kedia, who owned 23,50,000 equity shares, or 1.05 per cent stake, in the company as of March 31, 2025. He sold 1 lakh equity shares of the company between January-March 2025 period. His stake in the company is currently valued at Rs 128.10 crore.

Elecon Engineering presents an attractive opportunity, supported by its strong growth prospects, technological differentiation, and global presence across high-demand regions. The company has clocked an impressive revenue ad ebitda and profit CAGR of 22.5 per cent, 30.2 per cent and 43.65 per cent between FY 23-25, said Dalal Broacha.

"The stock is currently trading at a P/E of 26.6 times and 22.9 times on FY26E and 27E earnings. We initiate coverage with a ‘buy on dips’ rating at a target price of Rs 630 valuing it at a P/E of 26 times FY27E," it added. However, the brokerage has cited that Elecon operates in a highly competitive industry, where pricing pressures and new entrants pose risks to market share and profitability.

Order inflows saw healthy growth of 16 per cent YoY in Q4FY2, despite an orderbook decline of 14 per cent QoQ, due to faster execution. Gears inflows grew 21 per cent YoY, while MHE inflows inched up 3 per cent YoY. The company expects inflow momentum to continue in FY26, and it has set up new capacity from March 2025 to cater to higher demand, said Elara Capital.

"Management also expects to increase asset turnover from 1 times currently to 1.2-1.3 times by FY27, as new capacity gets fully operationalized. FY26 outlook looks positive. Margin expanded led by a favorable segment-wise mix, growth in contribution of the services segment during Q4, and robust MHE performance along with operating leverage benefits," Elara added but not rating it.

Similarly, Mukul Mahavir Agrawal-backed Onesource Specialty Pharma also initiated by JM Financial. Agrawal sold more than 1.30 lakh equity shares of the company to bring his stake to 15,00,000 equity shares, or 1.31 per cent as of March 31, 2025. His stake in the company is valued at Rs 243.50 crore.

OneSource’s DDC business is set to benefit disproportionately from the surge in generic GLP-1 demand, with commercialisation beginning in 1QFY26. Beyond GLP1s, the company has built strong footholds in softgel oral formulations, sterile injectables, and biologics. Each vertical is expected to deliver strong double-digits growth, led by capacity additions and new customer-wins, said JM Financial.

"It has robust infrastructure, experienced management, early mover advantage in GLP-1 CDMO, and aggressive capex plans. We expect Onesource to be the fastest growing CDMO over FY25-27 amongst the listed peers. We project revenue, Ebitda and profit CAGR of 35 per cent, 52 per cent and 129 per cent over FY25E-27E, respectively," JM said with a 'buy' and a target of Rs 2,049.

OneSource can also emerge as important players in the emerging GLP-1s manufacturing landscape, said Nuvama Institutional Equities. "Onesource has GLP-1 drug development and sterile fill-finish capacity in India. The company has raised INR8bn, with part of the proceeds to be used for cartridge filling capacity," it added without rating the stock.