HDFC Institutional Equities has maintained a 'Buy' rating on Cummins India Ltd, Happiest Minds Technologies Ltd, H.G. Infra Engineering Ltd and Greenpanel Industries. While the brokerage's views on Cummins India, Happiest Minds Technologies and H.G. Infra Engineering followed their quarterly results, its rating on Greenpanel Industries came after a meeting with the company's management.

Happiest Minds Technologies Ltd
Happiest Minds Technologies delivered a muted set of Q4 results, with constant currency (CC) sales revenue growth of 0.5 per cent  QoQ and FY26 revenue growth 9.2 per cent YoY CC, slightly below the 10 per cent guidance due to the right-shifting of a few license deals. The company’s AI-first strategy is now central to its value proposition, moving from experimentation to measurable outcome, HDFC Institutional Equities said.

The company board has reiterated FY27 CC organic revenue growth guidance of 12.5 per cent YoY CC, with aspirational growth of 15 per cent, supported by a record Q4 pipeline, repeat business at 92.6 per cent, several large multiyear deal wins, new leadership for large accounts and traction across
repeatable AI platforms. 

"Operating margin is targeted to improve 100 bps in the range of 17.5 per cent to 18.5 per cent (excluding other income), driven by utilization, execution discipline, and acquisition synergies, even as investments continue in AI, sales, and talent. We maintain Buy with a target of Rs 470," HDFC Institutional Equities said. 

H.G. Infra Engineering Ltd
HDFC Institutional Equities said HG Infra's reported Q4FY26 revenue, Ebitda an profit widely missed its estimates. The revenue miss was on account of BESS order book and revenue declassification so as to avail government concession. Margins were impacted by the delay on settlement of operational claims and slippage in AD for few projects, it said.

HG Infra has given revenue guidance of Rs 6,500-7,000 crore and Ebitda margin of 14 per cent (earlier 15-16 per cent) for FY27. The moderation in guidance is attributable to delays in appointed dates and weak ordering in FY26. Debt is expected to reduce from Rs 1,620 crore to Rs 800-1,000 crore by H1FY27 as balance HAM asset monetisation proceeds of Rs 940 crore get realised on top of Rs 200 crore  received in April 2026. 

"HG has embarked upon diversification strategy into new business segments, as is evident from its OB, which now includes roads, rails, solar, T&D, and BESS, thus reducing segmental concentration risk, particularly in light of muted awards and intense competition in the road infrastructure sector. We have cut our estimates to factor in delay in project awards, cut in valuation multiple, and muted margins,"  HDFC Institutional Equities said.

Given stable order book , likely pick-up in execution, and a healthy balance sheet, it retained 'Buy' on HG Infra , with a reduced target of Rs 907. 

Cummins India Ltd
HDFC Institutional Equities suggested 'Buy' on Cummins India Ltd, citing improved financial performance on the back of Powergen Data Centre orders, with revenue, Ebitda  and adjusted profit beat in Q4 over its estimates by 6.9 per cent, 7.9 per cent and 9.7 per cent, respectively. The domestic brokerage revised its target on the stock to Rs 7,096.  

Cummins India highlighted that post the October 2025 data centre inquiry, the pipeline has improved from both colocation providers and hyperscalers and remains robust. 

"While exports were a bit muted, CIL remains positive on domestic demand whilst sounding caution on geopolitics and commodity price increases. However, the large level of localization in product line provides buffer for shocks, with some price increases being passed on to customers," HDFC Institutional Equities said.

"Despite better availability of Powergen nodes from peers and rising competitive intensity, CIL has been able to hold on to prices and maintain gross margins, owing to cost controls and mix. The company has multiple tailwinds, namely, strong data centre demand, capex cycle recovery, revival
in industrials and exports, strong upcoming real estate deliveries, and support for manufacturing policies. CIL remains a play on data centre and capex recovery," HDFC Institutional Equities said. 

Greenpanel Industries Ltd
HDFC Institutional Equities met Greenpanel Industries’ management, represented by CFO Himanshu Jindal. The brokerage said Greenpanel expects the MDF industry to grow in low double digits to mid-teens and expects its own growth in line with or ahead of the industry. On margins, the management aims to sustain or improve its Ebitda margin from the FY26 level of 9.3 per cent, supported by better capacity utilisation and operating efficiencies as it ramps up the existing capacity, HDFC Institutional Equities said. On the demand front, Greenpanel highlighted that pre-buying ahead of price hikes led to inventory stocking in March, resulting in weaker April performance, further impacted by deferred purchases following the sharp price hikes that the company took due to raw material cost inflation. 

"We expect demand to remain healthy for the MDF segment. We have built a 13% volume CAGR for the MDF segment and model a 16 per cent revenue CAGR over FY26-28E. Ebitda is projected to expand at a robust 87 per cent CAGR, primarily driven by a low base, while APAT is expected to turn positive during the period.  We retain estimates, the Buy rating, as well as the target of INR 275," HDFC Institutional Equities said.