Antique Stock Broking on Monday came out with reports of several individual stocks including BEML Ltd, Bharat Dynamics Ltd (BDL), Linde India,Hi-Tech Pipes td and Bajel Projects Ltd. The domestic brokerage kept its 'Buy' on the five stocks, even as BDL, Linde India and BEML disappointed a bit on earnings front.

BEML Ltd
Antique Stock Broking said BEML reported its highest-ever quarterly revenue in the March quarter, which was broadly in line with trend, but 3 per cent below its estimate. BEML's Q4 gross margins contracted 382 basis points (bps) YoY to 47.1 per cent. Ebitda margins also contracted 1,043 bps YoY to 15.1 per cent, led by a sharp rise in other expenses. Consequently, profit declined 37.7 per cent, well below Antique's estimate, impacted by margin
compression. 

Antique expects BEML to deliver strong operational performance over FY25-28E, supported by the execution of the Vande Bharat order and strong metro order book that it has developed over the last two years. It is baking in 17 per cent revenue compounded annual growth rate (CAGR) over FY26-28E, while earnings are expected to grow 99 per cent CAGR over FY26-28. 

"We continue to retain BUY with an unchanged target price of Rs 2,245. We value the company at 32x its FY28E EPS (same as earlier)," Antique said.

Linde India Ltd
Antique Stock Broking said Linde India Ltd reported a weaker-than-expected performance in 4QFY26, with revenue, Ebitda and profit coming in below its estimates. Topline growth was modest, owing to lower-than-expected revenue booking in the Projects Engineering segment, the brokerage said adding that gross margin contracted for Linde India by 400 basis points YoY to 76.5 per cent, Ebitda margin also witnessed 740 bps YoY decline to 28.1 per cent and was largely impacted due to lower margins across both the segments.  

"Linde India continues to remain the market leader in the Industrial gases space which can see a potential uptick given government's investment in to green hydrogen sector, thus benefitting the company in the long run. Although valuations are rich, we continue to maintain the HOLD rating on the stock with a revised target of Rs 6,355 (earlier Rs 5,803), based on a valuation of 75x (earlier 68x multiple) FY28 earnings," Antique said.

Bharat Dynamics Ltd
Antique Stock Broking said Bharat Dynamics' 4QFY26 results were below its expectations, with revenue falling significantly short of expectations due to the deferment of product deliveries. The domestic brokerage said BDL's  revenue reflected execution delays rather than any deterioration in
underlying demand, adding that a 532 bps YoY contraction in Ebitda margins was due to under absorption of fixed overheads. PAT for the quarter declined 58.5 per cent YoY, well below Antique's estimate. 

"Given the nature of business, which requires multiple approvals and procedural clearances, volatility in execution remains inherent. However, with a strong order book, providing six years of revenue visibility and a promising order pipeline of QR-SAMs, Astra, and Akash Missiles, the outlook remains
sanguine," Antique said.

The brokerage suggested 'Buy' rating on the stock with a revised target of Rs 1,558 against Rs 1,729 earlier. 

Hi-Tech Pipes Ltd
Antique said Hi-Tech Pipes reported strong Q4 consolidated revenue growth of 101.8 per cent YoY, aided by higher trading sales. Sales volume increased 26.8 per cent YoY, it said adding that Ebitda per ton came in at Rs 3,148, up 4.6 per cent YoY. 

During the quarter, the company commissioned Sikandrabad facility (unit-III), adding 120 KTPA capacity and strengthening its presence in North and Central India. Management targets FY27 sales volume of around 650-700 KT, with margins expected to improve through increased operational efficiency and product mix improvement, Antique said. 

"In line with FY26 performance and management guidance, we revise our  estimates factoring in better realization and higher costs (including higher interest cost), leading to an 8.3 per cent/ 4.9 per cent cut in our FY27/ 28
EPS estimates. We maintain Buy rating with a revised target of Rs 106 at a target P/E multiple of 14 times FY28E earnings," the domestic brokerage said.

Bajel Projects Ltd
Antique Stock Broking said Bajel Projects delivered a healthy FY26 performance, marked by steady improvement in operational execution and profitability. FY26 revenue grew 7 per cent YoY, while Ebitda margin rose 120 bps YoY to 3.5 per cent, it said.  

"Bajel has now strategically shifted from scale-driven growth to a quality-focused approach emphasizing selective project acquisition, better execution, and sustained margin expansion. Despite macro-economic challenges, the power transmission industry will continue to remain resilient," Antique said. 
The broker said Bajel is on the cusp of a healthy growth trajectory, backed by a strong tender pipeline across power transmission, renewable energy integration and green energy infrastructure and will continue to pursue well-priced opportunities from both domestic
and international markets. 

"With minor tweaks in FY27E/28E estimates, we retain our Buy rating on the stock with unchanged target of Rs 270, valuing it at unchanged PE multiple of 18x FY28E earning," it said.