The Indian markets were hammered this week as conflict across West Asia sent crude prices to a four-year high. The Nifty 50 and Sensex slipped 2.47% and 2.79%, respectively. Almost every sector ended in the red. You may be wondering what’s a good stock to buy at this juncture.
This week, several top research houses, including Jefferies, Motilal Oswal, Nomura, Anand Rathi Research, and Axis Securities, shared their latest recommendations, and we shortlisted 10 stocks across sectors.
Jefferies on Reliance Industries
Jefferies expects Reliance Industries to be relatively resilient despite market volatility. The brokerage maintained a ‘Buy’ rating on the stock with a price target of Rs 1,750, implying around 26% upside from the current levels.
Jefferies said Reliance Industries’ oil-to-chemicals (O2C) business is currently benefiting from supply disruptions in the Middle East, which have pushed up refining and petrochemical spreads. However, the brokerage has also trimmed some estimates for the telecom business due to a delay in expected tariff hikes.
Motilal Oswal on JSW Infrastructure
Motilal Oswal has a ‘Buy’ on JSW Infrastructure, with a target price of Rs 360, suggesting about 39% upside from the current price. The brokerage believes the company is approaching a period where investments in port capacity and logistics infrastructure will translate into stronger earnings growth by the financial year 2028.
JSW Infrastructure currently operates a network of ports and terminals across both coasts of India and continues to expand its presence through new projects and acquisitions. Motilal Oswal expects the company’s cargo volumes, revenue and operating profit to grow steadily as port capacity increases and the logistics segment gains scale.
Anand Rathi on Emmvee Photovoltaic Power
Anand Rathi has initiated coverage on Emmvee Photovoltaic Power with a ‘Buy’ rating and a target price of Rs 307, indicating an upside of 49.6%. The firm is noted for its technological advantage, being one of the first in India to commission a 2,900 MW Tunnel Oxide Passivated Contact cell facility in September 2024.
Emmvee Photovoltaic plans to scale this capacity to 8,900 MW by the 2028 fiscal year while increasing its module capacity to 16,300 MW.
Jefferies on Star Health and Allied Insurance
Jefferies initiated a ‘Buy’ on Star Health and Allied Insurance, with a price target of Rs 660, implying about 44.4% upside, pointing to improving profitability and sustained growth in health insurance premiums.
The brokerage expects gross premiums to expand at roughly 16% annually between FY26 and FY28 as distribution investments and product additions help expand the business. “Star Health is the leading private health insurer in India with dominance in the retail health segment supported by its proprietary distribution,” Jefferies wrote.
Anand Rathi on Waaree Energies
Anand Rathi has a ‘Buy’ rating on Waaree Energies, with a target price of Rs 3,849, representing a potential upside of approximately 44.9%. The company stands as the undisputed market leader with a massive module capacity of 22,800 MW, which includes 1,600 MW in the United States.
The firm notes that Waaree Energies is aggressively scaling up its operations with plans to reach 28,400 MW of modules and 15,400 MW of cell capacity by the 2027 fiscal year. Its unexecuted order book currently stands at Rs 60,000 crore, providing strong revenue visibility for the next few years.
Jefferies on Coal India
Jefferies kept a ‘Buy’ rating on Coal India and increased the price target to Rs 485 from Rs 450 with an 11% upside based on Jefferies estimates. Jefferies has also increased its earnings per share estimates by 1- 4% for FY26-FY28. The brokerage said improving electricity demand, stronger global coal prices and steady domestic consumption could support earnings growth ahead.
Coal India’s profit trajectory weakened during the past two financial years as dispatch volumes slowed and auction premiums declined.
Motilal Oswal on VA Tech Wabag
Motilal Oswal has a ‘Buy’ on VA Tech Wabag, with a target price of Rs 1,900. This implies nearly 48% upside from the current share price. Though there are concerns about its Middle East exposure, the stock is also in focus after it secured a contract worth more than Rs 1,000 crore from the Chennai Metropolitan Water Supply and Sewerage Board (CMWSSB) to refurbish a 45 million litres per day (MLD) Tertiary Treatment Reverse Osmosis (TTRO) plant in Chennai.
With the latest contract win, VA Tech Wabag continues to maintain a strong order pipeline. The company’s order book currently stands at over Rs 16,300 crore, which is around five times its FY25 revenue.
Axis Securities on Voltas
Axis Securities has Buy on Voltas and set a target price of Rs 1,628. This implies a 10% upside potential from current levels. Axis Securities pointed out that the current heat wave, recovery in pent-up demand in RAC, and increasing market share for Voltas Beko are the key triggers.
Summers are setting in early in many parts of the country, with mercury rising significantly despite it being just the second week of March. “With channel inventory largely normalised and pre-buying confidence visible, we believe Voltas can outperform the industry with a positive trend in the market share,” said Axis Securities.
Jefferies on IndiGo
Jefferies maintained its ‘Buy’ on InterGlobe Aviation with a price target of Rs 6,140, implying roughly 45% upside from the current price of Rs 4,236.
The brokerage argues that IndiGo’s operating discipline, scale and promoter oversight have allowed the airline to maintain continuity during past leadership transitions. Co-founder Rahul Bhatia has stepped in to run the airline on an interim basis while the board begins the search for a permanent successor.
Motilal Oswal on Jio Financial Services
Motilal Oswal initiated coverage on Jio Financial Services with a ‘Buy’ rating on the back of the ecosystem-led operating advantage. The brokerage house believes that leveraging Jio’s subscriber base of over 500 million and the extensive retail footprint of the Reliance Group is a key positive.
Motilal Oswal has set a target of Rs 320 per share. This implies nearly 36% upside for the share price of Jio Financial Services from current levels. The brokerage house believes that Jio Financial Services represents a “long-term platform opportunity in India’s evolving financial services landscape, supported by strong parentage, a robust balance sheet, and access to a large digital and consumer ecosystem.”
Overall, despite the intense volatility triggered by geopolitical tensions and surging energy prices, these top brokerage picks highlight a clear theme: resilience and domestic structural growth.
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.