2025 is about to end, and the last 1 week has been rather muted for the market. Yet, the Nifty has been able to keep its head above the 26,000 mark. The next week will be a new beginning for the equity markets. 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 JM Financial, Jefferies, Nomura, Nuvama Wealth Management, and Motilal Oswal, shared their latest recommendations, and we shortlisted 10 stocks across the banking, finance, auto, and consumer sectors.
Jefferies on Cholamandalam Finance
Jefferies recommended a Buy rating with a target of Rs 1,980 per share, implying an upside of nearly 18% from current levels. Jefferies elaborated that Cholamandalam Investment is among their top picks in the segment. The brokerage sees 30%+ EPS growth in FY27, led by stabilisation/pickup in autos, revival of growth in MSME book, further NIM expansion & lower credit costs. According to estimates by Jefferies, Cholamandalam Investment is trading at 4.1x FY27 BV estimates and 21x FY27 PE estimates.
Motilal Oswal in Hero MotoCorp
Motilal Oswal reiterated Buy on Hero MotoCorp, with a target price of Rs 6,782. This indicates an upside of around 18%. The brokerage expects steady volume growth driven by new launches and exports. It estimates that Hero MotoCorp will deliver a volume compound annual growth rate of around 6% between the financial year 2025-2028.
The brokerage noted that improving rural sentiment, supported by a good monsoon and better farm economics, could benefit the company. The report also pointed out that exports to emerging markets remain a large opportunity and noted that the company recorded strong year-on-year growth in overseas sales in the financial year 2025.
Nuvama on Awfis Space Solutions
Nuvama has a Buy on Awfis Space with a price target of Rs 1,013, implying an upside of about 47%. The brokerage is positive on the growing gap between demand and supply for Grade A managed office spaces, where Awfis Space continues to add 30,000–40,000 seats every year. Around 61% of occupancy comes from large enterprises and multinational companies, which lends stability to revenues.
Jefferies on Pine Labs
The global brokerage firm Jefferies initiated coverage on Pine Labs with a ‘Buy’ rating and a target price of Rs 300, implying an upside potential of 28%. Jefferies estimates that non-cash payments may drop to just 20% by FY30 from 55% in FY25, and as a result, Pine Labs is seen as a key beneficiary. The Indian digital payment funnel is expanding at a breakneck pace. In just five years, the number of merchants accepting digital payments has jumped from 4.5 crore to 6.3 crore, with total payments to merchants rising fourfold to Rs 1.17 lakh crore.
Motilal Oswal on Kajaria Ceramics
Motilal Oswal retained ‘Buy’on Kajaria Ceramics. The brokerage has also maintained its target price of Rs 1,252 on the stock, which implies more than 19% upside over the next 12 months. The brokerage has retained its rating after Kajaria Ceramics disclosed that a financial fraud was conducted by Dilip Maliwal, Chief Financial Officer of Kerovit Global, a wholly-owned subsidiary of Kajaria Bathware and a step-down subsidiary of Kajaria Ceramics.
Emkay Global on Waaree Energies
Waaree Energies’ share price has delivered 6% gains so far this year, but Emkay Global is bullish about the stock going forward. It has retained its ‘Buy’ rating on Waaree Energies and sees as much as a 41% increase over the next 12 months. They have set the target price at Rs 4,260. Waaree Energies announced the acquisition of United Solar Holding Inc (USH) for $30 million for 5.37 million Series B Preferred Shares.
Jefferies on Groww
The international brokerage house Jefferies recommends Buy on Billionbrains Garage Ventures (Groww) and sets the target price at Rs 180. This valuation suggests a potential upside of 26% over the next 12 months. Jefferies pointed out that though Groww is India’s biggest broker by active users with a 26% market share, it faces a massive revenue gap. Nearly half of the money sitting on the platform, which is about Rs 1.13 lakh crore held in mutual funds currently, brings in zero revenue
Motilal Oswal on InterGlobe Aviation
The brokerage house Motilal Oswal maintained a ‘Buy’ on InterGlobe Aviation, the parent company of IndiGo, with a target price of Rs 6,300. This implies an upside of about 22% from current levels. The brokerage believes the recent disruption needs to be viewed in the context of a much larger, multi-year aviation growth cycle.
According to the brokerage report, short-term challenges have dented near-term numbers, but the broader aviation opportunity for India and IndiGo’s position within it remains intact.
Nomura on Shriram Finance
As the promoter stake dilutes to 20% from 25% post the issuance, the Japanese bank might bring expertise in various aspects of Shriram Finance’s operations and business model. Even though MUFG Bank will be classified as a public shareholder, it gets to nominate up to two non-independent directors on the board of the company. Therefore, Nomura sees this as a positive. “As we lift FY28 AUM growth (expectations) to 20% from 17% earlier and trim the cost of funds by 24 bps, our net profit estimate is up 22%,” said Nomura. The brokerage reiterated its Buy call on Shriram Finance, while raising the target price to Rs 1,140, implying an upside of 26.4%. Nomura prefers both Shriram Finance and M&M Financial Services among its NBFC coverage.
Motilal Oswal on Nykaa
The brokerage house Motilal Oswal on FSN E-Commerce Ventures initiated coverage with a Neutral rating. The brokerage has set a target price of Rs 280. This implies an upside potential of about 11% from current market levels. Motilal Oswal believes Nykaa is well placed to benefit from the ongoing shift in India’s retail market. As per the brokerage report, “We see Nykaa as a beneficiary of India’s shift from offline to online retail and from unorganised to organised formats, particularly in the BPC segment.”
Overall, the Buy ratings include stocks across a range of stocks from capital markets to consumer goods. The upside projections are for 12 months and are based on the fundamental triggers driving the share prices.