Big Stocks: Analysts have upgraded these shares after their Q3 results

Several stocks have seen rating upgrades from brokerage firms following their third quarter earnings announcement.

CLSA upgraded Dr Reddy's Laboratories to 'Hold' and raised its price target to ₹1,210 after the company delivered a beat on both revenue and earnings.

The brokerage said strong growth in emerging markets and India, which partly offset a decline in the US business due to lower Revlimid sales.

CLSA expects the US business, excluding Revlimid, to grow at a single-digit pace, while other geographies are likely to clock double-digit growth.

It also mentioned semaglutide as a potential new revenue driver, with the drug receiving India approval and targeted for launch on March 21. A review response has been submitted in Canada with a goal date of May 2026, while filings are planned across around 80 markets.

CLSA believes India and emerging markets are well placed to deliver sustained growth.

HSBC upgraded Rallis India to 'Buy'’ with a price target of ₹300, citing a stronger-than-expected Q3FY26 performance.

Adjusted profit after tax came in ahead of estimates, with all business segments delivering despite a challenging operating environment.

The brokerage said the company's business transformation is now showing results beyond the domestic crop protection segment, extending to seeds and exports, where it sees signs of revival.

The upgrade also factors in a sharp 35% correction in the stock over the past six months, along with improved earnings visibility.

CLSA also upgraded Gujarat Gas to 'Hold' and raised its price target to ₹375. The company's standalone Q3 profit was broadly in-line with expectations, as stronger unit margins offset a marginal miss on volumes.

Unit EBITDA margin surprised positively, although overall volumes declined sequentially due to a sharp drop in industrial demand.

Management indicated that volumes in Morbi have recovered following the January price cut, rising to around 2.2 mmscmd from about 1.7 mmscmd in Q3, and are expected to increase further to 3.0-3.2 mmscmd by February-March.

The company reiterated that its scheme of arrangement with GSPL and GSPC remains on track for completion by early FY27, subject to final approvals.

CLSA has built in higher volumes for Q4, raising its FY26 EPS estimate by 10% and increasing FY27 and FY28 EPS by 2% and 4%, respectively.