HDFC Institutional Equities has issued 'Buy' ratings for four prominent Indian companies: Happiest Minds Technologies Ltd, H.G. Infra Engineering Ltd, Cummins India Ltd, and Greenpanel Industries. The recommendations come after a review of their latest quarterly results and, in Greenpanel's case, a meeting with management, leading to updated share price targets.
Happiest Minds Technologies Ltd: Buy Rating, Target Rs 470
Happiest Minds Technologies reported muted Q4 results, with constant currency (CC) sales revenue growth of 0.5 percent quarter-on-quarter and FY26 revenue growth of 9.2 percent year-on-year CC, slightly below its 10 percent guidance. Despite this, the company's AI-first strategy is gaining traction, and the board has reiterated an FY27 CC organic revenue growth guidance of 12.5 percent, with an aspirational target of 15 percent. This is supported by a strong Q4 pipeline, high repeat business (92.6 percent), and new leadership for large accounts. HDFC Institutional Equities maintains its 'Buy' rating with a target price of Rs 470, anticipating an operating margin improvement of 100 basis points to 17.5-18.5 percent.
H.G. Infra Engineering Ltd: Buy Rating, Target Rs 907
H.G. Infra Engineering's Q4FY26 revenue, EBITDA, and profit significantly missed HDFC's estimates, primarily due to BESS order book and revenue reclassification. Margins were also impacted by delays in operational claim settlements. The company has moderated its FY27 revenue guidance to Rs 6,500-7,000 crore and EBITDA margin to 14 percent (from an earlier 15-16 percent). However, debt is expected to reduce substantially by H1FY27. H.G. Infra is diversifying into new segments like roads, rails, solar, T&D, and BESS to mitigate concentration risk. HDFC has retained a 'Buy' rating but reduced the target to Rs 907, citing a stable order book and expected execution pickup.
Cummins India Ltd: Buy Rating, Target Rs 7,096
Cummins India delivered a strong financial performance in Q4, with revenue, EBITDA, and adjusted profit surpassing HDFC's estimates by 6.9 percent, 7.9 percent, and 9.7 percent, respectively. The company benefits from robust Powergen Data Centre orders, with its pipeline improving significantly. Despite muted exports, Cummins India remains positive on domestic demand, citing strong data centre demand, a recovering capex cycle, and revival in industrials. HDFC Institutional Equities revised its target on the stock to Rs 7,096, maintaining a 'Buy' rating.
Greenpanel Industries Ltd: Buy Rating, Target INR 275
Following a meeting with Greenpanel Industries' management, HDFC Institutional Equities noted that the company expects the MDF industry to grow in low double-digits to mid-teens, with Greenpanel aiming to match or exceed this growth. Management targets to sustain or improve its EBITDA margin from the FY26 level of 9.3 percent through better capacity utilization and operating efficiencies. While demand was temporarily impacted by pre-buying and subsequent price hikes, HDFC anticipates healthy demand for the MDF segment. The brokerage projects a 13 percent volume CAGR for MDF and a 16 percent revenue CAGR over FY26-28E, with EBITDA expanding at a robust 87 percent CAGR. HDFC retains its 'Buy' rating and a target of INR 275.