Brokerages Spotlight IndiGo, Ajanta Pharma, NTPC for Investment

Mumbai, India — On April 15, 2025, several brokerage firms including Motilal Oswal, Jefferies, and Investec have highlighted InterGlobe Aviation Ltd. (IndiGo), Ajanta Pharma Ltd., and NTPC Ltd. as key investment opportunities in the stock market. These recommendations come amidst shifting market dynamics and rising interest in specific sectors.

IndiGo shares surged nearly 4% to reach a new all-time high after Motilal Oswal upgraded the airline’s rating to ‘buy,’ setting a target price of ₹6,550. This target represents a 27% upside from the current market price of ₹5,151. A pivotal reason for this optimistic forecast is the revised Brent crude oil assumption of $65 per barrel for fiscal 2027, adjusted from an earlier estimate of $70. As aircraft fuel constitutes about 40% of IndiGo’s operating expenses, falling oil prices due to the unwinding of OPEC+ cuts significantly benefit the airline’s profitability.

Motilal Oswal anticipates that IndiGo’s operating income and profit after tax will grow at a compound annual growth rate (CAGR) of 28% and 38%, respectively, over the next two fiscal years. Additionally, the airline aims to increase its international capacity share to 40% by fiscal year 2030, bolstered by a record aircraft order book of 925 planes, as noted in their analysis.

On the pharmaceutical front, Jefferies has initiated coverage on Ajanta Pharma with a ‘Buy’ rating and a target price of ₹2,850. The brokerage emphasizes Ajanta’s strong positioning in the branded generic markets across India, Asia, and Africa, which collectively generate 70% of the company’s revenue. During the fiscal years 2020-2025, Ajanta’s Indian operations accounted for 31% of total revenue while exhibiting a revenue compound annual growth rate (CAGR) of 13.7%. Jefferies forecasts a continued growth trajectory, expecting a 13% revenue CAGR in India over fiscal years 2025-2027, outpacing the industry average by 3-4%.

Ajanta’s success is attributed to its strategic focus on lifestyle-related therapies, including cardiology and dermatology, and its rapid product launches that often precede competitors. Moreover, its established presence in over 30 countries with around 1,800 medical representatives is instrumental in its performance. Jefferies projects an overall revenue CAGR of 13% for Ajanta from 2025-2027, with profitability indicators improving due to the increasing contribution of branded generics.

Finally, NTPC Ltd. has not gone unnoticed by analysts as well. The broader market is particularly attentive to NTPC’s strategic moves and the potential for growth offset by energy transition initiatives. While specific recommendations were not included in this report, NTPC remains a focal point among investors eyeing utilities and sustainable energy.

As brokerages adjust their market outlooks, industry observers are keen to monitor these stocks closely. With analysts maintaining positive ratings on these companies, investors may find unique opportunities at play across the aviation and pharmaceutical sectors as 2025 unfolds.