Equity benchmark Nifty is down more than 11% year-to-date, largely due to concerns over elevated crude oil prices on India’s growth-inflation dynamics. Oil prices have been up for most of the year due to the US-Iran conflict, raising the risk of an inflation flare-up and aggressive monetary tightening by global central banks.
The US Federal Reserve increased rates by 25 basis points in its September policy meeting, and markets expect at least one more hike this year as the West Asian conflict remains unresolved.
Anticipation of further rate hikes and growing concerns over a deteriorating macroeconomic outlook have led US bond yields to surge, putting pressure on equities.
Experts expect the domestic market to remain range-bound as long as the conflict between the US and Iran is unresolved.
While the market outlook remains hazy, stock-specific opportunities persist. SEBI-registered independent market expert Ambareesh Baliga expects select stocks to deliver healthy double-digit returns in the short term.
Let’s take a look at five stock recommendations by Baliga. The current market price of each stock is the closing price of each stock on 25 September 2026 on the NSE.
Himadri Speciality Chemical | Current market price: ₹678.75 | Target price: ₹840 | Upside potential: 24%
Baliga underscored that Himadri has transformed itself from a coal tar pitch manufacturer to a complete carbon value chain organisation serving diverse industrial segments like tyres, aluminium, infrastructure, electronics and pharma.
He added that a huge expansion is ongoing, especially in lithium-ion batteries, and they are setting up an LFP plant, the first plant globally outside China.
Himadri is also setting up another 6000 tons of super speciality carbon black plant, which will be India’s first Carbon Nano Tube plant, said Baliga.
Q1 earnings were excellent, with a 28% revenue growth and a 26% PAT growth YoY. Himadri has also increased its stake in Sicona Batteries Technologies, and the Birla Tyres turnaround is expected in the next four quarters, Baliga added further.
“The company has projected ₹30,000 crores of additional revenue from these expansions. FY28 expected EPS is ₹24,” said Baliga.
Borosil Renewables | Current market price: ₹455.15 | Target price: ₹580 | Upside potential: 27%
Borosil Renewables is a leading manufacturer of solar glass, part of the Borosil Group.
Baliga underscored that the company is expanding its capacity by 60% to 1600 TPD by March 2027. Its capacity increase will support 10.5 GW of solar panel manufacturing.
“We expect demand to continue to exceed the production capacity, since dumping from China and Malaysia has been protected with anti-dumping and countervailing duties,” said Baliga.
The company has a global presence in Europe, the US, Canada, South America, Africa and Russia. Besides, the increase in solar’s share of renewable power is positive for the company.
“This industry has huge barriers that act as a MOAT for Borosil. Direct entry into rooftop solar systems for customers is a great opportunity for the company, given the government’s push in this direction. Expected EPS for FY28 is ₹29,” Baliga said.
Endurance Technologies | Current market price: ₹2,645.90 | Target price: ₹3,420 | Upside potential: 29%
Endurance Technologies is one of India’s leading automotive component manufacturers, with a dominant position in aluminium diecasting.
Baliga pointed out that Electric Vehicles use lightweight aluminium components extensively, making the Endurance business future-proof.
“The company has quite a few EV-specific products, which include Maxwell Energy Systems, which they acquired and is into EV Battery management systems. It has recently ramped up capacity and diversified beyond two-wheelers, with a focus on four-wheelers and non-auto requirements. Expected EPS for FY28 is around ₹95,” said Baliga.
Archean Chemical Industries | Current market price: ₹482.55 | Target price: ₹660 | Upside potential: 37%
Archean Chemical is a leading speciality marine chemicals manufacturer and the largest exporter of bromine and industrial salt, with around 98% of industrial salt by volume exported.
“The company has 36 global customers in 15 countries and 41 domestic customers. Exports are around 78% of revenue. There are huge entry barriers in this business, which is a moat for Archean,” said Baliga.
“Its EBITDA bounced back to 21% in Q1 and is expected to cross 30% by FY28. Archean has also entered the semiconductor space through its subsidiary SiCSem. Expected revenue CAGR in the next 3 years is expected to be 20%, and EBITDA CAGR of 42%. Expected EPS for FY28 is ₹22,” Baliga said.
Urban Company | Current market price: ₹169 | Target price: ₹210 | Upside potential: 24%
Urban Company is a leader in India’s online home services market. Baliga expects demand for skilled and dependable manpower to continue to rise.
“Urban Company recently launched InstaHelp and has been able to achieve daily orders of 1 lakh. Although the contribution is negative due to heavily discounted rates, the opportunity is significant. Other services like beauty and home repairs have been profitable,” said Baliga.
“The company launched operations in the UAE, Singapore and Saudi Arabia and has been quick to shut geographies where scaling up was difficult. The shift from unorganised to organised is a huge opportunity for the company in the years ahead,” Baliga said.
Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of the expert, not Mint. The stock recommendations are not exclusive to Mint and may have been shared by the expert on other platforms. Investors are advised to consult certified financial advisors before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.
