Stocks to Watch: Adani Power, Bajaj Finance, Waaree Energies, L&T, Brigade Enterprises, Emcure Pharma Among Key Stocks in Focus

Adani Power - Strong earnings-led momentum

Adani Power witnessed an excellent quarter in Q4 FY26, driven by its operational efficiencies in the power industry. The company posted a consolidated revenue growth of 14.2% year-over-year, recording ₹14,223 crore against ₹12,451 crore recorded in the corresponding period last year. The consolidated EBITDA margin grew 11.7%, reaching ₹4,732 crore, even though it saw some deterioration in its margins from 34.03% to 33.27%. However, the most prominent aspect of the quarter was the significant 62% rise in net income, which stood at ₹4,017 crore from ₹2,479.6 crore.

Bajaj Finance - Stable growth with leadership change

Bajaj Finance has shown sustainable growth in its lending operations in Q4 FY26 as well. Total income saw a year-on-year rise of 18% to ₹21,607 crore, while its net profit was ₹5,465 crore. Operating profit pre-provision increased by 21% to ₹9,408 crore, whereas net interest income grew to ₹11,781 crore. Its asset quality has stayed stable, with gross NPA at 1.01% and net NPA at 0.41%.

On the governance front, a significant development includes the stepping down of Rajiv Bajaj from his position of Non-Executive Director.

Waaree Energies - Exceptional growth with expansion plans

The company, Waaree Energies Ltd., has done exceptionally well with its fourth quarter financial results for FY26 due to an increase in demand for renewable energy. The revenue rose by nearly double to ₹8,480 crore compared to ₹4,004 crore in the previous year period. There was also a significant increase in EBITDA by 70.9%, which was ₹1,577 crore. The net income surged 71.4% to ₹1,061 crore despite reduced margins at 18.6% from 23%. 

Apart from the financial achievements, the company is planning to raise up to ₹10,000 crore by equity/debt.

Larsen & Toubro - Strategic divestment move

Larsen & Toubro made a major announcement regarding the next important move towards restructuring, as the company decided to sell out completely from its holdings in L&T Metro Rail Hyderabad for a total sum of ₹1,461 crore. Once the sale is complete, L&T Metro Rail Hyderabad will no longer remain a subsidiary of Larsen & Toubro.

Indian Hume Pipe - Strong order inflow

Indian Hume Pipe received an order of ₹459 crore from the government of Telangana for a water supply project. Such an order is definitely going to help the company with its pipeline execution as well as provide visibility on its financial performance in the coming quarters.

Brigade Enterprises - Major real estate expansion via JV

The Brigade group has formed a joint venture with Bain Capital on a major project in Bengaluru. The project consists of approximately 2 million square feet at a total cost of ₹2,200 crore. This joint venture demonstrates increasing institutional participation in real estate development in India and will help to increase the number of projects for Brigade.

Zuari Agro Chemicals - Regulatory overhang

There was a lot of pressure on Zuari Agro Chemicals after they were served a notice by the Goa Water Authority demanding ₹296 crore in regard to outstanding dues in water and sewage. This represents new regulatory risk for the company, which could be watched for in the coming period.

MPS - Tax demand impact

According to MPS, it received a demand for income tax amounting to ₹21.78 crore. Although this is a fairly small sum in relation to the organization’s size, regulatory demands of this nature usually persist until settled.

Lloyds Metals & Energy - Fundraising consideration

LME has informed that the company’s board of directors will review a proposal for raising funds amounting to a maximum of ₹2,500 crore on May 5. This would help in expanding the business and improving the financial position of the firm, provided that the details are worked out accordingly.

Emcure Pharma - Institutional block deal activity

Emcure Pharma has shown some prominent activity in terms of institutional deals as BC Investments has sold 18 lakh shares at ₹1,608, while Norges Bank purchased an equal number of shares at ₹1,608. This is clearly indicative of robust institutional rotation and consistent interest of foreign funds in the pharma sector.

Conclusion

The broad approach would continue to be stock-specific, supported by healthy financial performance from stocks like Adani Power, Bajaj Finance, and Waaree Energies, structural steps such as divestitures at L&T, and fund flows in stocks like Emcure Pharma. Nevertheless, regulatory issues surrounding stocks like Zuari Agro Chemicals and MPS would make investors selective in some stocks.