Arabian Sea

Jefferies rates Aditya Birla Capital a top NBFC pick, with a ₹475 target price—about 24% above its current ₹382.80. It expects loans, AUM and earnings per share to grow at 26% annually over FY26–28, with margins improving as rates rise. Stable asset quality and lower exposure to proposed insurance commission limits support its view; it forecasts credit costs of 1.06–1.10%.