MOFSL on Wednesday came out with individual reports on Anant Raj Ltd, Zee Entertainment Enterprises Ltd (ZEEL), Safari Industries Ltd, VRL Logistics Ltd and Equitas Small Finance Bank Ltd (Equitas SFB), among others. It called ZEEL's Q4 results a dismal end to a subdued FY26. Data center business is scaling well for Anant Raj, the domestic brokerage said adding that Safari's Q4 volume growth was robust and that there is room for further product price hikes. For VRL Logistics, a recovery in volumes and margin resilience is seen supporting earnings growth ahead. Equitas SFB's asset quality is holding up and the business momentum stayed heathy, MOFSL said. The domestic brokerage has 'Buy' on all the stocks, except for ZEEL. Its target prices, excluding ZEEL, suggests up to 35 per cent potential upsides.  

Anant Raj | Buy | Target: Rs 650 | Potential upside: 35%

MOFSL said Anant Raj has launched an additional phase of a group housing project in 4QFY26, with a gross development value (GDV) of Rs 1,000 crore and an area of 0.5 msf, which was largely sold out. In FY27, the company plans to launch two projects with a combined GDV of Rs 4,000-4,500 crore spanning 2 msf, which is expected to drive pre-sales.

"It expects to receive RERA registration for the Group Housing 2 (GH-2) project (Sector 63A, Gurugram) in 1QFY27. The project would have a saleable area of 0.9 msf and a GDV potential of Rs 2,000 crore. Moreover, the license for GH-3, having 1.2 msf of saleable area, is at an advanced stage; launch is expected in 2HFY27," MOFSL said.

Factoring in the launch pipeline and the balance potential in Sector 63 A, MOFSL sees Rs 3,050 crore and Rs 3,340 crore pre-sales in FY27/28E, respectively, with collections of Rs 2,020 crore and Rs 2,250 crore in the same period. Accordingly, MOFSL expects cumulative free cash worth Rs 2,000 crore from the real estate business over the next two years.

"The company plans to scale the data center capacity to 357 MW IT load by 2032, of which 117 MW is expected to be operational by FY28. Construction at the Rai facility has commenced with an initial capacity of 20 MW IT load, which would eventually be scaled to 200 MW IT load through a mix of greenfield and brownfield expansions. Of the existing 28MW, incremental 3MW colocation and 1.5MW cloud are expected to start generating revenue in FY27," MOFSL said. 

It baked in a 134 per cent CAGR in data center revenue over FY26-28E, reaching Rs 960 crore, supported by capacity ramp-up and improvement in utilization.

ZEEL | Neutral | Target: Rs 80 | Downside: 9%

MOFSL said Zee Entertainment exited a subdued FY26 on a dismal note with 7 per cent YoY decline in consolidated revenue. Its ad revenue dipped 4 per cent YoY while adjusted Ebitda plunged 51 per cent YoY, a 36 per cent miss over MOFSL estimate, due to higher A&P and other expenses. Reported profitability was even weaker due to a change in accounting of the movie rights, MOFSL said. 

"Despite a continued trend of ad revenue decline for the past several years, we have built in a 3.5 per cent CAGR in ad revenue over FY26-28E, which has downside risks from the structural shift in ad spending to the digital medium," MOFSL said.

Safari Industries | Buy | Target: Rs 2,250 | Upside: 35%

MOFSL said Safari Industries delivered in-line revenue performance in 4QFY26. Revenue grew 12.4 per cent, supported by 15 per cent YoY volume growth. Ebitda grew 1.6 per cent YoY, while PAT was largely flat YoY. Higher raw material prices impacted margins. 

As per MOFSL's channel checks, the company has taken a price hike of 5-6 per cent in April 2026 end, lower than raw material inflation of 10 per cent. MOFSL said there is a scope to take further price hikes. 

"We expect Safari's revenue momentum to outpace the industry (16 per cent CAGR), driven by the new addition of 0.15m pieces per month capacity at the Jaipur plant, while Ebitda margins are likely to be in the range of 13.5-14 per cent over the next two years," it said.

VRL Logistics | Buy | Target: Rs 300 | Upside: 23%

MOFSL said VRL delivered a steady Q4 performance, aided by disciplined pricing and recovery in volumes. Going forward, the company’s focus would be on growing tonnage as realizations would remain largely stable with a marginal hike driven by fuel price increases, MOFSL said.

"We broadly maintain our FY27 and FY28 estimates. We expect volumes to recover from FY27, supported by branch additions, regaining lost customers, and industry consolidation towards organized players. We expect VRL to clock a 7 per cent volume CAGR and a revenue, Ebitda and PAT CAGR of 9 per cent, 9 per cent and 11 per cent, respectively, over FY26-28," it said.

Equitas SFB | Buy | Target: Rs 80 | Upside: 19%

MOFSL, which met the Equitas SFB management, said the SFB is expected to grow its loan book at 18.5 per cent annually over FY26-FY28E on the back of steady growth in core vehicle finance, small business loans, and recovery in the MFI segment. The brokerage said Equitas SFB's deposit growth is likely to marginally outpace loan growth as management aims to keep the CD ratio under control after it jumped 800 bps to 92 per cent over FY26.

Equitas SFB reported a sharp uptick in margins during 4QFY26. But, MOFSL expects some near-term pressure mainly due to some uptick in funding costs. The bank has recently increased SA rates and is now offering a peak savings rate of 7 per cent for accounts with an SA balance of over Rs 25 crore.

"With stability in asset quality across portfolios, we believe the credit costs and slippages shall continue to trend lower, being the key driver for earnings reflation," MOFSL said while calling the prevailing Equitas SFB valuations as attractive.