Antique Stock Broking has released updated reports and share price targets for several prominent Indian companies, including BEML Ltd, Bharat Dynamics Ltd (BDL), Linde India, Hi-Tech Pipes Ltd, and Bajel Projects Ltd. Despite some firms reporting fourth-quarter (Q4FY26) earnings below the brokerage's estimates, Antique has largely maintained 'Buy' ratings, citing strong long-term fundamentals and strategic shifts.
BEML Ltd: Strong Order Book Fuels Growth
BEML reported its highest-ever quarterly revenue in Q4FY26, though it was slightly below Antique's forecast. The company experienced significant margin contraction, with gross margins falling 382 basis points (bps) year-on-year to 47.1% and EBITDA margins contracting 1,043 bps to 15.1%, leading to a 37.7% decline in profit. However, Antique anticipates a robust operational performance for BEML between FY25-FY28, driven by the execution of Vande Bharat train orders and a substantial metro order book. The brokerage projects a 17% revenue compounded annual growth rate (CAGR) and an impressive 99% earnings CAGR over FY26-FY28. Antique retains a 'Buy' rating with an unchanged target price of Rs 2,245, valuing the company at 32x its FY28E EPS.
Linde India Ltd: Green Hydrogen Potential
Linde India's Q4FY26 performance was weaker than expected, with revenue, EBITDA, and profit falling short of Antique's estimates. Topline growth was modest due to lower revenue booking in the Projects Engineering segment. Gross margins contracted by 400 bps year-on-year to 76.5%, and EBITDA margins saw a 740 bps decline to 28.1%, primarily due to lower margins across both segments. Despite the recent performance, Antique highlights Linde India's position as a market leader in industrial gases, poised to benefit from government investments in the green hydrogen sector in the long run. The brokerage maintains a 'Hold' rating on the stock, revising its target price to Rs 6,355 (from Rs 5,803), based on a valuation of 75x its FY28 earnings.
Bharat Dynamics Ltd (BDL): Execution Delays Amidst Robust Pipeline
Bharat Dynamics also reported Q4FY26 results below expectations, with revenue significantly impacted by the deferment of product deliveries. Antique attributed the revenue shortfall to execution delays rather than a deterioration in underlying demand. EBITDA margins contracted by 532 bps year-on-year due to under-absorption of fixed overheads, and profit after tax (PAT) declined by 58.5%. While acknowledging the inherent volatility in execution due to procedural clearances, Antique maintains a positive outlook, citing BDL's strong order book providing six years of revenue visibility and a promising pipeline of QR-SAMs, Astra, and Akash Missiles. The brokerage recommends a 'Buy' rating with a revised target of Rs 1,558 (down from Rs 1,729).
Hi-Tech Pipes Ltd: Capacity Expansion Drives Revenue
Hi-Tech Pipes delivered strong Q4FY26 consolidated revenue growth of 101.8% year-on-year, primarily boosted by higher trading sales. Sales volume increased by 26.8% year-on-year, and EBITDA per ton rose 4.6% to Rs 3,148. During the quarter, the company commissioned its Sikandrabad facility (Unit-III), adding 120 KTPA capacity and strengthening its presence in North and Central India. Management targets FY27 sales volume of approximately 650-700 KT, with expected margin improvements through enhanced operational efficiency and product mix. Antique revised its FY27/FY28 EPS estimates downwards by 8.3% and 4.9% respectively, factoring in better realization and higher costs. The brokerage maintains a 'Buy' rating with a revised target of Rs 106, based on a target P/E multiple of 14 times FY28E earnings.
Bajel Projects Ltd: Strategic Shift Towards Quality Growth
Bajel Projects demonstrated a healthy FY26 performance, marked by steady improvements in operational execution and profitability. FY26 revenue grew 7% year-on-year, and EBITDA margins expanded by 120 bps to 3.5%. Antique notes that Bajel has strategically shifted from scale-driven growth to a quality-focused approach, emphasizing selective project acquisition, better execution, and sustained margin expansion. Despite macroeconomic challenges, the power transmission industry is expected to remain resilient. The brokerage believes Bajel is on the cusp of a healthy growth trajectory, supported by a strong tender pipeline across power transmission, renewable energy integration, and green energy infrastructure. Antique retains its 'Buy' rating on the stock with an unchanged target of Rs 270, valuing it at an 18x PE multiple of FY28E earnings.