Antique Stock Broking has released its latest research notes on May 7, 2026, detailing revised target prices and ratings for a selection of Indian companies. The firm provided fresh perspectives on Godrej Consumer Products Ltd (GCPL), Shree Cement Ltd, Birlasoft Ltd, Kansai Nerolac Paints Ltd, CESC, and Shoppers Stop, offering insights into their financial performance and future outlook.
Godrej Consumer Products Ltd (GCPL)
Antique maintained a 'Buy' rating for GCPL but slightly lowered its target price to Rs 1,314 (from Rs 1,345). The company reported an 11% year-on-year consolidated sales growth and 6% volume growth, with strong momentum in household insecticides, air fresheners, and fabric care segments contributing to market share gains. However, the personal care segment experienced seasonal pressures affecting hair colour sales. The brokerage anticipates near-term margin pressure due to a 7-9% inflation in raw material costs.
Shree Cement Ltd
The brokerage reiterated its 'Buy' rating for Shree Cement, keeping the target price unchanged at Rs 28,800. Shree Cement's Q4 consolidated EBITDA saw a 3% year-on-year decline, which aligned with Antique's estimates. The company expects elevated cost pressures, particularly from West-Asia conflicts, projecting an overall inflation of Rs 200 per ton in Q1, which it plans to offset with price hikes. Management aims to balance volume and value, targeting growth ahead of the industry in FY27. Antique believes the company's sustained industry-leading profitability could narrow its valuation discount against larger competitors.
CESC
CESC received a 'Buy' rating, with Antique increasing its target price to Rs 212. The company concluded its financial year strongly, reporting a 19% year-on-year consolidated PAT growth in Q4. For the full FY26, consolidated PAT grew 13%, driven by record-low Transmission and Distribution (T&D) losses in Kolkata (6.11%), robust performance from key subsidiaries, and reduced losses at Malegaon. Distribution volumes expanded across all circles, and renewable energy initiatives accelerated, including new projects won by Purvah Green and the commissioning of a 300 MW solar project. Key catalysts for the stock include ongoing efficiency gains, accretion of regulated equity, expansion of renewable capacity from FY27, and potential benefits from discom privatization.
Kansai Nerolac Paints
Antique upgraded Kansai Nerolac Paints to a 'Buy' rating, significantly raising its target price to Rs 302 (from Rs 191). The Q4 performance exceeded expectations, primarily due to a sustained recovery in the decorative paint segment over the past five months. This upgrade reflects an improving demand outlook, easing competitive pressures, strong operational execution, and stable margins.
Birlasoft Ltd
Birlasoft was assigned a 'Hold' rating with a target price of Rs 355. The company experienced a 3.7% sequential decline in constant currency revenue for Q4, attributed to specific client issues in the Life Sciences sector and a strategic decision to exit certain low-margin businesses. Despite the revenue dip, EBIT margin surpassed expectations at 17%, bolstered by one-time benefits like the reversal of performance-linked compensation provisions, lower leave encashment, and equity-linked payouts, alongside favorable currency movements. Antique has adjusted its organic revenue growth assumptions downwards but kept margin estimates largely intact.
Shoppers Stop
The brokerage maintained a 'Buy' recommendation for Shoppers Stop, increasing its target price to Rs 436 (from Rs 424). Shoppers Stop's Q4 results exceeded Antique's forecasts, with revenue growing 9.3% year-on-year, driven by premiumization trends and a favorable base effect. The company showed early signs of demand recovery during the quarter. Continued focus on its premium portfolio and private brands is contributing to higher throughput. The EBITDA margin contraction was less severe than the gross margin contraction due to lower operational expenses. Antique noted favorable valuations as a key factor for maintaining its 'Buy' rating.