The markets corrected 2% this week. With quarterly updates for Q3 underway, brokerages have been quick to tweak their estimates on key stocks. This week, several top research houses, including Motilal Oswal, Goldman Sachs, Nuvama Wealth Management, and JM Financial, shared their latest recommendations, and we shortlisted 10 stocks across the banking, finance, auto, and consumer sectors.
JM Financial on Eternal
JM Financial on Eternal has reiterated a ‘Buy’ rating with a target price of Rs 400, implying an upside of 54.1% from the current price. The brokerage said the December quarter marked a key milestone, with Blinkit achieving adjusted EBITDA breakeven, which it said came at least two quarters ahead of its expectations.
The report stated that Blinkit’s net order value rose 121% year on year, driven by higher order volumes and a growing transacting user base. Eternal’s food delivery growth and profitability exceeded its estimates during the quarter.
Motilal Oswal on Bandhan Bank
Motilal Oswal on Bandhan Bank has reiterated a ‘Buy’ rating on Bandhan Bank. The brokerage has set a target price of Rs 175. This implies an upside potential of about 23% from current levels.
Bandhan Bank has spent several years dealing with a stretched non-performing asset cycle, which weighed heavily on growth and profitability. The brokerage house noted, “Bandhan Bank has undergone a long-drawn NPA cycle, which significantly impacted its growth and profitability profile.”
Nuvama on United Spirits
Nuvama slashed the target price on United Spirits to Rs 1,660 from Rs 1,795, while maintaining its ‘Buy’ rating on the stock. The price target implied an upside of 25.3%. This cautious revision comes on the back of weak overall volumes, which dipped 3.2% YoY. This slowdown was primarily triggered by adverse policy changes in Maharashtra and the ‘lapping’ effect of last year’s one-time retail pipeline filling in Andhra Pradesh.
United Spirit’s management said that it remained cautiously optimistic, with Maharashtra remaining the key overhang. The broker further said that margins shall remain stable despite bulk Scotch inflation.
Motilal Oswal on Supreme Industries
Motilal Oswal maintained its ‘Buy’ on Supreme Industries, with a target price of Rs 4,200, implying an upside of over 25%. The brokerage said that despite lower-than-expected performance, Supreme Industries saw an improvement in its quarterly result, with an EBITDA growth of 7% in 3QFY26, as against a dip in the last five quarters.
The improvement was mainly driven by high overall volume growth of 13% YoY. However, Supreme Industries’ margins were flat YoY due to volatile PVC pricing in Q3, offset by a better product mix.
Goldman Sachs on Havells India
Goldman Sachs has maintained a ‘Buy’ on Havells India. The brokerage has set a target price of Rs 1,880 per share. This implies an upside potential of 30.1% from the current market price. As per the brokerage house report, the optimism is based on a combination of stabilising demand, improving business mix and signs that the earnings downgrade phase may be ending.
Havells India reported 14% year-on-year revenue growth in Q3FY26, a period that is typically seasonally weak for some of its businesses. According to the brokerage house report, growth was stronger when the Lloyd consumer durables business was excluded, with revenues rising 18% year-on-year.
Motilal Oswal on IndiGo
Motilal Oswal reiterated ‘Buy’ on IndiGo, with a target price of Rs 6,100. This implies an upside potential of nearly 24% from current levels. The brokerage believes the airline is entering a phase of moderated capacity growth, which could temper margins in the short term but bring stability later.
According to the brokerage report, “Due to capacity moderation, IndiGo is expecting a mid-single-digit growth in unit cost (ex. fuel and forex) for FY26.” IndiGo’s capacity, measured through available seat kilometres (ASK), is expected to grow by about 10% in the March quarter, largely driven by international routes.
Nuvama on JSW Infrastructure
JSW Infrastructure delivered an in-line Q3FY26 performance with operational revenue and EBITDA and PAT growing 14% and 10% and 9% YoY, respectively. The brokerage house, Nuvama, maintained a ‘Buy’ on JSW Infra, with a target price of Rs 360, implying an upside of 40% from the current market price.
Cargo growth (8% YoY) was led by Dharamtar, South West Port and overseas terminals, along with contributions from JNPA liquid and Tuticorin, while being partly offset by weaker volumes at Paradip iron ore and coal terminals, said Nuvama.
Motilal Oswal on Indian Hotels
Motilal Oswal reiterated a ‘Buy’ on Indian Hotels Company with a target price of Rs 850, implying an upside of around 30% from the current market price. The brokerage said, “IHCL’s outlook remains healthy, led by continued traction in the core as well as new and reimagined businesses.”
Motilal noted that Indian Hotels is India’s largest hospitality company with over 120 years of operating history and a presence across more than 175 locations globally, spanning luxury, upscale, mid-scale, and experiential segments.
JM Financial on LG Electronics
JM Financial initiated coverage on LG Electronics India with a ‘Buy’ rating and a price target of Rs 1,630, implying that the stock might see 19% lift over the next 12 months. The brokerage house said that LG Electronics’ market leadership, support from the parent company, breadth of manufacturing capabilities, and robust fundamentals are key factors behind starting coverage on the stock.
LG Electronics is a dominant player in the Indian consumer durables market, maintaining the top spot in offline channels across refrigerators, washing machines, and televisions, with a market share exceeding 25% (excluding ACs).
Motilal Oswal on LTIMindtree
Motilal Oswal retained a ‘Buy’ on LTIMindtree. It has set a target price of Rs 7,900, implying an upside potential of 23% from current levels. As per the brokerage report, the company reported $1.2 billion in revenue for Q3FY26. This is up 2.4% quarter-on-quarter in constant currency and is slightly above the estimated 2.2%. LTIMindtree’s earnings before interest and tax (EBIT) stood at 16.1%, while adjusted profit after tax (PAT) came in at Rs 1,400 crore.
The brokerage report added, “Momentum built over the past two quarters should carry into Q4, supported by ongoing deal ramp-ups and stabilisation in large accounts.”
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.