5 Stocks to Sell: Brokerges flag PNB, Indus Towers and others with upto 15% downside risk; check full list

Sell rating has been maintained on RailTel Corporation of India Ltd by ICICI Securities Limited, citing concerns around margin pressure and cash flow despite strong earnings growth. The brokerage noted that RailTel’s Q4 FY26 net profit rose 24.9 per cent year-on-year, driven by its telecom services segment. However, growth in project revenues did not translate into EBIT expansion as margins remained under pressure. A rise in working capital requirements also weighed on free cash flow generation. The brokerage has set a target price of Rs 300 on the stock, compared to its current level of Rs 343.15, indicating potential downside of 12.57%.

     

Sell rating has been maintained on PCBL Chemical Ltd by ICICI Securities Limited, even as the company reported a steady operational performance in Q4 FY26. The brokerage noted that PCBL posted growth in domestic carbon black volumes along with stabilisation in gross profit per kg during the quarter. Looking ahead, the company remains optimistic about achieving high single-digit volume growth and double-digit EBITDA growth in its carbon black business for FY27, supported by US tariff reductions, improved power realisations and ongoing cost optimisation efforts. Demand tailwinds are also being aided by restocking trends linked to the West Asia crisis. Despite these positives, ICICI Securities has set a target price of Rs 270 on the stock, compared to the current market price of Rs 305.85, indicating a potential downside of nearly 12 per cent from current levels.

 

Sell rating has been maintained on Indus Towers Ltd by ICICI Securities Limited, citing moderate growth outlook and a weaker-than-expected dividend payout. The brokerage noted that Indus Towers’ Q4 FY26 EBITDA performance was impacted by multiple one-off factors and higher seasonal maintenance costs, leading to softer reported growth. While the operational performance was affected in the quarter, the brokerage remains cautious on the stock, assigning a target price of Rs 350 compared to the current market price of Rs 408.30, implying a downside of around 14.3 per cent from current levels.

 

Sell rating has been maintained on Kajaria Ceramics Ltd by ICICI Securities Limited, even as the company reported a healthy operational performance in Q4 FY26. The brokerage noted that Kajaria posted 12.4 per cent year-on-year growth in consolidated revenue, supported by tiles volume growth of 11.3 per cent on a low base, along with a strong sequential uptick. However, ICICI Securities remains cautious on the outlook, citing demand uncertainties despite the recent growth momentum. The brokerage has set a target price of Rs 1,072 on the stock, compared to the current market price of Rs 1,110.80, implying a marginal downside of around 3.5 per cent from current levels.

 

Sell rating has been maintained on Punjab National Bank by Citi, with the target price cut to Rs 103 from Rs 115, implying 6.4 per cent downside from the current market price of Rs 110. The brokerage noted that net interest margins (NIMs) continued to contract, though provision write-backs and recoveries supported return on assets (RoA). Management’s FY27 guidance of 2.6–2.7 per cent suggests only a modest recovery ahead. Asset quality trends also showed some pressure, with slippages rising sequentially, leading to the creation of additional floating provisions. On the growth front, loan expansion remained below the system average, weighed down by weaker retail performance, while MSME and overseas segments provided some support.