Ratings key, used consistently across every company report in this document:
| Rating | Expected total return, 12 months |
|---|---|
| BUY | 15% and above |
| HOLD | −5% to 15% |
| SELL | −5% and below |
Every rating in this series is anchored to a stated reference price and date, derived from a named multiple on a named forward year, cross-checked with a second method, and carries explicit upgrade/downgrade triggers. BUY/HOLD/SELL are an educational device for summarising public information — not a regulated recommendation. See the Notes section and each company's own report for full disclosure.
All fourteen companies now carry a formal rating, each with the full valuation exhibit described in Section 8 of the company report template — target price, scenario range, and a named methodology.
| Company | Ticker | Rating | Target | CMP (11 Sep 2026) | Upside/(downside) |
|---|---|---|---|---|---|
| Hindustan Aeronautics | HAL | BUY | ₹5,700 | ₹4,905 | +16.2% |
| Samvardhana Motherson | MOTHERSON | HOLD | ₹172 | ₹164.45 | +4.6% |
| Bharat Forge | BHARATFORG | SELL | ₹1,270 | ₹1,945 | (34.7)% |
| PTC Industries | PTCIL | SELL | ₹11,500 | ₹23,630 | (51.3)% |
| Sansera Engineering | SANSERA | SELL | ₹3,556 | ₹4,130 | (13.9)% |
| Belrise Industries | BELRISE | BUY | ₹280 | ₹228 | +22.8% |
| Azad Engineering | AZAD | SELL | ₹2,534 | ₹2,849 | (11.1)% |
| Aequs | AEQUS | HOLD | ₹215 | ₹226 | (4.9)% |
| Sigma Advanced Systems | SIGMAADV | SELL | ₹450 | ₹832 | (45.9)% |
| MIDHANI | MIDHANI | HOLD | ₹487 | ₹447 | +9.0% |
| Unimech Aerospace | UNIMECH | HOLD | ₹1,530 | ₹1,610 | (5.0)% |
| Dynamatic Technologies | DYNAMATECH | HOLD | ₹11,000 | ₹12,097 | (9.1)% |
| Raymond | RAYMOND | HOLD | ~₹950 | ₹1,003 | ~(5.3)% |
| Rossell Techsys | ROSSTECH | SELL | ₹530 | ₹1,214 | (56.3)% |
2 BUY, 6 HOLD, 6 SELL across all fourteen companies — a deliberately mixed outcome, not a uniform "the sector is a buy" call. Most SELL ratings (Bharat Forge, Azad, Sansera, Rossell Techsys, PTC Industries) reflect valuation stretch on otherwise genuinely improving businesses, not operational concerns; Sigma Advanced Systems' SELL reflects earnings-quality and listing-structure concerns specifically — see each company's own report for the distinction.
For the pure-play/identity names: any material change to customer-concentration risk (a large customer lost or won), a Nadcap or AS9100 accreditation gained or lost, or a capacity-expansion delay. For the diversified names: any disclosure that materially changes the aerospace segment's share of consolidated revenue or margin. For all fourteen: a change in disclosed order-book coverage, a promoter-holding or pledge change, or new information that inverts the qualification-progress narrative this report currently assumes.
