The Indian markets fell over 1.5% this week as the tech stocks dragged benchmarks on the back of the tech rout across the globe.
This week, several top research houses, including Jefferies, Motilal Oswal, Nuvama Wealth Management, Axis Securities, and Citi, shared their latest recommendations, and we shortlisted 10 stocks across sectors.
Motilal Oswal on Hindalco
Motilal Oswal has maintained a ‘Buy’ rating on Hindalco with a target price of Rs 1,110, implying 22.6% upside from Rs 905.75.
The brokerage said consolidated net sales came in at Rs 66,500 crore, rising 14% year-on-year and remaining flat sequentially. Consolidated EBITDA stood at Rs 7,975 crore, broadly in line with its estimate. It said Hindalco Industries adjusted PAT stood at Rs 3,900 crore, down 20% quarter-on-quarter, largely led by weak earnings from the Novelis business.
Citi on Eicher Motors
The global brokerage house Citi maintained Buy on Eicher Motors and increased the 12-month price target to Rs 8,300 from Rs 8,200, implying an upside of 13.5% from the current market price.
The company’s outlook is very buoyant, and management noted that footfalls, bookings and conversions have seen a sharp increase post GST cuts. Eicher Motors’ management has announced a capacity expansion plan to increase capacity from 1.45 million currently to 2 million by FY28 (Rs 958 crore expected capex over two years).
Nuvama on Whirlpool India
Nuvama has a ‘Buy’ call on Whirlpool of India, with a target price of Rs 1,270. This translates into an upside potential of about 42% from current levels.
It has also reduced its target price-to-earnings ratio from 38 times to 35 times due to the overhang of promoter stake sale, resulting in a revised December 2026 target price of Rs 1,270.
At the current market price, the stock of Whirlpool of India trades at 28 times its estimated earnings per share for FY26–FY27.
The management has indicated that profitability will remain sensitive to pricing trends, regulatory costs and product mix.
Jefferies on Mahindra & Mahindra (M&M)
Jefferies has maintained a ‘Buy’ on Mahindra & Mahindra (M&M), setting a target price of Rs 4,500. This implies an upside potential of about 22% from the current market price.
According to the brokerage report, “Mahindra & Mahindra delivered 15th consecutive quarter of double-digit EBITDA growth, with Dec-Q up 27% YoY, in line with Jefferies estimates.”
Motilal Oswal on IHCL
Motilal Oswal maintained ‘Buy’ rating on IHCL, with a target price of Rs 900, looking at an upside of more than 26%. The company’s higher Food & Beverage growth was led by increased Meetings, Incentives, Conferences, and Exhibitions (MICE) activity amid a wedding season and a higher number of events during the quarter.
“We expect a similar momentum to continue in Q4, translating into double-digit revenue growth in Q4. This is in line with management’s medium-term guidance of double-digit revenue growth in FY26 and FY27,” said Motilal Oswal.
Nuvama on Apollo Hospitals
Nuvama is positive on Apollo Hospitals Enterprise, with a target price of Rs 9,090. This suggests an upside potential of about 20% from current levels.
According to the brokerage report, Apollo Hospitals is expected to deliver around 15% hospital revenue growth over FY25-28. This growth is likely to be driven by the addition of around 1,500 beds over FY26–28, along with 12–13% growth in existing hospitals.
Axis Securities on Kotak Mahindra Bank
Axis Securities has assigned a target price of Rs 515 for Kotak Mahindra Bank, indicating a potential upside of 19.9% from the current market levels. The firm notes that the bank is successfully managing sectoral challenges, particularly with the easing of stress in microfinance and personal loan portfolios.
This improvement has allowed credit costs to start a downward trend, which the brokerage firm expects to persist through the first quarter of the 2027 fiscal year. While some retail commercial vehicle stress remains, Kotak Mahindra Bank has tightened its underwriting to protect the balance sheet.
Jefferies on Lenskart
Jefferies has retained a ‘Buy’ rating on Lenskart with a target price of Rs 575. This translates to an upside of around 21%.
According to the brokerage report, “Lenskart delivered an exceptional quarter, with strong growth and smart margin expansion across India & international markets.” The brokerage highlighted that management is focusing on long-term growth rather than short-term margin maximisation.
Nuvama on Muthoot Finance
Nuvama maintained a ‘Buy’ rating on Muthoot Finance with a revised target price of Rs 4,700. Based on Rs 3,610, this suggests an upside of about 30.2%.
In its February 12 report, Nuvama said, “Muthoot reported a big beat on AUM growth, NIM and credit cost yet again.” It noted that gold assets under management expanded 12% sequentially and 50% year-on-year, while net interest margin improved by 11 basis points over the previous quarter. The brokerage also pointed out that the gross Stage 3 ratio fell by 67 basis points.
The firm stated that net interest income increased 12% quarter-on-quarter and 64% year-on-year. Pre-provision operating profit rose 79% year-on-year, and profit after tax climbed 95% year-on-year and 13% sequentially.
Axis Securities on State Bank of India
State Bank of India has got a target price of Rs 1,280, with Axis Securities projecting an upside of 7.1% based on the bank’s broad-based growth. State Bank of India’s management has upgraded its growth guidance to a range of 13% to 15%, moving up from the previous range of 12% to 14%. This optimism from the firm is based on healthy trends in retail, agriculture, and MSME segments, alongside a revival in corporate lending.
Axis Securities expects earnings to remain strong, supported by asset quality that is at its best levels in a decade. Low credit costs are aiding the bottom line, which the firm believes will allow the bank to deliver a Return on Assets (RoA) of over 1% through the 2028 fiscal year.
Conclusion
Overall, brokerages have rated companies based on their earnings performance along with visibility on order pipeline and revenue going forward.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.