Ahead of Friday’s opening bell on Dalal Street on November 13, 2026, leading domestic and global brokerage houses rolled out a fresh batch of post-earnings research reports covering eight prominent Indian stocks across defense, telecom, metals, financial services, apparel, power equipment, and pharmaceuticals. For retail investors and institutional traders tracking market action from Mumbai and New Delhi-NCR to Bengaluru, Ahmedabad, Hyderabad, and Lucknow, the latest advisories highlight sharp divergence in second-quarter corporate performance. Global brokerages including HSBC, Nomura, CLSA, JP Morgan, and Citi maintained bullish stances on Hindustan Aeronautics (HAL), Hitachi Energy India, and Page Industries, while CLSA upgraded Manappuram Finance to Outperform. Conversely, weak margins and volume pressures prompted JP Morgan and Citi to issue negative ratings on state-run miner NMDC, while HSBC retained cautious Hold calls on Bharat Dynamics (BDL) and Alkem Laboratories, and Nomura stayed Neutral on Vodafone Idea.

Defense and Power Majors: Bullish Calls on HAL and Hitachi Energy, Caution on BDL

Capital goods, defense manufacturing, and power transmission stocks dominated Friday morning’s brokerage notes following their second-quarter financial disclosures. State-owned aerospace leader Hindustan Aeronautics (HAL) drew unanimous constructive commentary from three major global brokerages, with target prices spanning ₹5,625 to ₹6,350. HSBC maintained a Buy rating with a target price of ₹6,350, Nomura reiterated a Buy call with a target of ₹6,314, and CLSA kept an Outperform recommendation at ₹5,625. Analysts noted that HAL’s second-quarter revenue rose 14.9 percent year-on-year, beating market expectations, even though its EBITDA margin softened by roughly 60 to 70 basis points during the quarter. Nomura highlighted HAL’s robust order book visibility and projected approximately 19 percent compound annual earnings-per-share (EPS) growth between FY26 and FY29, while CLSA pointed to the company’s healthy cash reserves and entrenched defense positioning. Going forward, brokerages emphasized that timely commencement of LCA Tejas Mk1A fighter deliveries and execution milestones in GE engine manufacturing will serve as decisive stock catalysts.

In the power equipment space, Hitachi Energy India retained strong institutional backing after posting explosive top-line and order-book momentum. Nomura reiterated a Buy rating with a target price of ₹40,030, while JP Morgan maintained an Overweight stance with a target of ₹39,000. Both houses underscored that the company’s second-quarter order inflows surged 86 percent year-on-year to roughly ₹4,100 crore, accompanied by a 64 percent year-on-year jump in revenue. Sustained capital expenditure across India’s power grid, high-voltage direct current (HVDC) transmission projects, data centers, and export markets is expected to anchor multi-year growth, though analysts flagged quarterly margin fluctuations as a key metric to monitor. By contrast, defense PSU Bharat Dynamics (BDL) faced a target cut from HSBC, which retained a Hold rating while lowering its target price to ₹1,240. Although BDL’s second-quarter revenue climbed 45 percent year-on-year to ₹1,660 crore, its EBITDA tumbled 46 percent and EBITDA margin compressed sharply to 6.1 percent from 16.3 percent a year earlier, prompting analysts to await clearer signs of margin recovery and fresh order wins.

Telecom and Consumer Plays: Vodafone Idea Subscriber Gains and Page Industries Outlook

In the telecommunications sector, Nomura maintained a Neutral rating on Vodafone Idea with a target price of ₹13.50 per share. Evaluating the telecom operator’s second-quarter numbers, Nomura noted that revenue grew 1.7 percent quarter-on-quarter and 6.2 percent year-on-year to ₹11,880 crore, outperforming Street estimates. However, EBITDA margin dipped 1.2 percentage points to 41.9 percent. On the operational front, Vodafone Idea’s average revenue per user (ARPU) edged up marginally to ₹178, while net new customer additions climbed to 1.3 million—marking the carrier’s strongest subscriber addition pace in several years. Analysts observed that progress on debt fundraising, future tariff revisions, and network capital investments will remain critical determinants of the stock’s trajectory.

Meanwhile, innerwear and athleisure leader Page Industries retained Buy recommendations from both HSBC and Nomura, though target prices were calibrated to reflect near-term volume trends. HSBC trimmed its target price to ₹43,870, while Nomura pegged its target at ₹41,000. Second-quarter sales volume expanded by 5.5 percent, trailing broader market expectations of 10 percent growth. Even so, management reiterated guidance for double-digit volume growth for the full financial year, and both brokerages anticipate a sharp acceleration in volume during the second half. Additionally, Nomura flagged regulatory compliance under Foreign Exchange Management Act (FEMA) norms tied to the company’s online sales channel, noting that Page Industries is actively securing required government approvals and expects any financial impact to be minor.

Metals, NBFCs, and Pharma: NMDC Downgraded, Manappuram Upgraded, Alkem on Hold

Among commodity and financial counters, NMDC encountered bearish calls from two Wall Street heavyweights following an earnings miss. JP Morgan assigned an Underweight rating with a target price of ₹64, while Citi issued a Sell call with a target of ₹65. According to JP Morgan, NMDC’s second-quarter EBITDA and net profit fell 14 percent and 8 percent below its estimates, respectively. Citi pointed out that despite benefiting from higher iron ore realizations, NMDC’s EBITDA slipped 3 percent year-on-year due to subdued sales volumes and elevated operating costs, dragging EBITDA margin down to 29 percent from 36 percent in the preceding quarter. Analysts stated they will closely track production and dispatch recovery over upcoming quarters.

Conversely, gold-loan financier Manappuram Finance earned an upgrade from CLSA, which raised its rating to Outperform with a target price of ₹370. CLSA noted that the non-banking financial company’s second-quarter profit surpassed its forecast by 3 percent, propelled by healthy traction in its core gold loan portfolio. Yields on gold loans improved during the first half of the fiscal year, while the gold loan book expanded 6 percent sequentially, leading CLSA to project lower operating costs and stronger earnings momentum ahead. Finally, in pharmaceuticals, HSBC maintained a Hold rating on Alkem Laboratories with a target price of ₹5,555, noting that second-quarter earnings matched expectations as robust domestic formulations growth in India and non-US international exports offset softer performance in the United States.

Brokerage Ratings and Stock Target Prices at a Glance (November 13, 2026)

Together, Friday’s brokerage reports underscore a selective, earnings-driven market environment on Dalal Street where institutional analysts are rewarding visible order-book execution and sequential asset growth while penalizing margin compression and volume misses.