Its been a rather muted end to the week for the markets. The Nifty closed below the crucial 25,500 mark. Can investors still find value? With companies posting a mix of strong profits and sharp misses, brokerages have been quick to fine-tune their outlook on key stocks. This week, several top research houses, including Goldman Sachs, Nomura, Nuvama, Axis Securities, Jefferies, and Motilal Oswal, shared their latest recommendations and we shortlisted 10 stocks across the banking, finance, auto, and consumer sectors.
Over the past week, FinancialExpress.com tracked several key brokerage reports and stock movements. Here’s a quick look at the top ideas that stood out. Using BSE and NSE top gainers’ data, the stocks were shortlisted based on market capitalisation to highlight those that made the biggest impact during the week.
The top 10 brokerage report this week
Nuvama and Nomura on Mahindra & Mahindra
According to Nuvama and Nomura, Mahindra & Mahindra remains firmly in the growth lane. Both brokerages have maintained their Buy ratings on the auto major. Nuvama has pegged a target price of Rs 4,200, expecting the company’s auto revenue to grow at a compound annual rate of 15% over FY25–FY28. It believes new model launches and consistent demand for existing SUVs will continue to drive volumes.
Nomura shares a similar view, with a higher target of Rs 4,355, implying an upside of around 21%. The brokerage said in its note that Mahindra’s SUV growth is likely to outpace the industry over the next three years, aided by premiumization and a robust model cycle.
Goldman Sachs on Titan Company
Goldman Sachs continues to hold a positive stance on Titan Company, maintaining a Buy call with a target price of Rs 4,350, indicating nearly 14% upside. The brokerage house expects continued momentum in wedding and studded-jewellery sales, supported by an expanding retail network. It noted that steady double-digit growth in key segments provides a strong earnings visibility for the coming quarters for the Titan share price.
Axis Securities on Bajaj Finance
Axis Securities has reaffirmed its Overweight rating on Bajaj Finance. The brokerage has set a target price of Rs 1,160, implying around 11% potential upside. According to Axis Securities, the company’s strategy of tapping low-cost bank borrowings and bonds will help it maintain funding costs near 7.6–7.65%. Net interest margins are projected to stay between 8.9–9% through FY26–FY28, while credit costs are expected to stabilise below 2%.
Goldman Sachs on Reliance Industries
Goldman Sachs has reiterated its Buy call on Reliance Industries, with a target price of Rs 1,795. This indicates about 12% upside from recent levels. According to the brokerage report, the company is seeing broad-based growth across energy, retail, and telecom, supported by improving petrochemical spreads and higher Jio ARPUs.
Motilal Oswal, Axis Securities and Anand Rathi on State Bank of India
State Bank of India (SBI) continues to attract bullish calls from brokerages such as Motilal Oswal, Axis Securities and Anand Rathi. Motilal Oswal has reiterated a Buy with a target of Rs 1,075 per share, suggesting an upside of 13%. The brokerage noted improvement in asset quality, with slippages easing and credit costs remaining low at 39 bps.
Axis Securities has also raised its target to Rs 1,135, pointing to a 19% upside. The brokerage described the September quarter as a “beat across all key metrics,” led by higher net interest income of Rs 43,000 crore. Meanwhile, Anand Rathi has maintained a Buy at Rs 1,104, valuing the lender at 1.3 times its FY27 book value. The brokerage said loan growth remains healthy at 12–14%, supported by steady demand across business segments.
Axis Securities and Jefferies on Shriram Finance
Shriram Finance also featured on the radar of analysts this week, with both Axis Securities and Jefferies maintaining their bullish stance. Axis Securities has an Overweight rating with a target of Rs 860, indicating a 15% upside, while Jefferies has pegged its target slightly higher at Rs 880, implying 18% potential upside.
According to the brokerage reports, Shriram Finance’s diversified asset base, strong margins and disciplined underwriting continue to support its earnings momentum.
Motilal Oswal on Tata Consumer Products
Motilal Oswal sees steady growth ahead for Tata Consumer Products, maintaining a Buy rating with a target of Rs 1,450. This indicates an upside potential of about 21%. According to the brokerage report, the company’s profitability is set to improve in the coming quarters as margins expand on the back of lower tea prices and a richer product mix. The brokerage also expects faster growth from Tata Consumer’s “new-age” portfolio, including ready-to-drink beverages, Tata Sampann and Capital Foods.
Nuvama on Adani Ports and SEZ
The brokerage has maintained a Buy rating on the Adani Ports and SEZ with a target price of Rs 1,900, suggesting nearly 31.5% potential upside over the next year. It added that the company’s strong cash flow and stable balance sheet provide room for future expansion and possible acquisitions. As per the Nuvama report on Adani Ports and SEZ, the company is positioned to benefit from India’s growing trade activity, supported by its diversified port network and balanced cargo mix.
Axis Securities on HDFC Bank
Axis Securities believes HDFC Bank’s growth trajectory remains steady. The brokerage expects margins to improve through FY26 as rate transmission kicks in and merger-related costs ease. With credit costs under control and asset quality remaining stable, Axis has placed an Overweight rating on the stock with a target price of Rs 1,170, implying about 19% upside potential.
Motilal Oswal on Waaree Energy
Motilal Oswal has initiated coverage on Waaree Energies with a Buy rating, setting a target price of Rs 4,000 per share, which suggests a potential upside of about 19% from current levels. The brokerage noted that the solar cell and module manufacturer is well positioned to benefit from the ongoing momentum in the renewable energy sector, where Waaree Energies’ share price has already surged over 26% in the past six months
