It’s been a week of strong gains, some losses and many new listings. The Nifty closed the week above 26,000, while the Sensex surged more than 400 points in the past five trading sessions. There was big action in several individual stocks. Throughout the week, top brokerage houses such as Nomura, Nuvama, Jefferies, JM Financial, Motilal Oswal, and others shared their latest recommendations, and we shortlisted the 10 best recommendations for you.
Using data from FinancialExpress.com screener, we identified the BSE and NSE top gainers and selected stocks based on their market capitalisation to emphasise those that had the most significant influence during the week.
Jefferies on Mahindra & Mahindra (M&M)
Global brokerage Jefferies has given a target price of Rs 4,500 on M&M as the company’s strong product pipeline puts it at the top in the SUV space. The target price implied 21% upside for M&M from current levels.
According to the brokerage report, the firm is upbeat about M&M’s strong product pipeline in both electric and internal combustion engine (ICE) SUVs. Jefferies believes that the company’s bets on export markets, low-cost mobility, aerospace, and hospitality could unlock significant long-term value.
Bernstein on Home First Finance
The international brokerage house, Bernstein, retained its ‘Outperform’ rating on Home First Finance and set a target price of Rs 1,650, implying about 38% upside.
The brokerage said the lender is one of the more durable plays in the affordable housing finance segment despite a soft second quarter. The brokerage argued that stronger margins and an improving fee mix outweigh the slowdown in disbursements and a mild rise in early delinquencies.
Bernstein is bullish on Home First Finance and said the latest quarter showed a business holding its ground in a tricky demand patch, even if loan growth and credit costs need closer tracking over the next few quarters.
Motilal Oswal on Reliance Industries
The brokerage firm kept the rating unchanged on oil-to-chemicals behemoth, Reliance Industries, at ‘Buy’. The brokerage sees an upside of 16% at a target price of Rs 1,765. On a sum of the parts (SoTP) basis, the brokerage has an equity valuation of Rs 585 per share to RJio and Rs 625 per share to Reliance Retail (factoring in the stake sale), as well as Rs 174 per share to the New Energy business. The reason why Motilal Oswal is positive on RIL includes the focus on new energy business. It is all set to scale up in FY27.
Jefferies on Bharti Airtel
Bharti Airtel is Jefferies’ preferred pick among the telecom sector stocks. This is because the September 2025 quarter showed some trends from rising Average Revenue Per User (ARPU) to stronger margins. Jefferies noted that the July–September 2025 quarter recorded an 11% year-on-year rise in overall revenues for the top three telecom operators. The gain came mainly from higher Average Revenue Per User (ARPU), with Reliance Jio and Bharti Airtel growing faster than others.
UBS on Axis Bank
UBS upgraded Axis Bank to ‘Buy’ with a revised price target of Rs 1,500 from Rs 1,300. This implies 17% upside from current levels for the Axis Bank share price. The brokerage said the bank is entering a phase where liability pressure is easing, asset quality concerns are stabilising, and sector liquidity is turning supportive, resetting the risk-reward in favour of the stock, especially after Axis Bank’s muted 12-month stock performance.
Jefferies on Adani Enterprises
Jefferies has a Buy rating on Adani Enterprises after the company received the approval from the Committee of Creditors for its Rs14,500 crore resolution plan for Jaypee Associates. The brokerage believes this could strengthen its presence across cement, power, real estate and roads. Jefferies kept the price target of Rs 2,940, indicating about 20% upside for the Adani Enterprises share price. The brokerage said the acquisition offers a rare mix of assets that fit naturally across the Adani group’s verticals and improves long-term earnings visibility.
Motilal Oswal on Lodha Developers
Motilal Oswal has turned more optimistic on Lodha Developers after a stronger-than-expected demand outlook and improving balance sheet visibility. The brokerage set a target price of Rs 1,888, implying about 58% upside for Lodha Developers. It said the company is positioned to benefit from a multi-year upcycle in branded housing, led by higher affordability in key cities and a faster shift toward large developers.
JM Financial on Adani Green Energy
JM Financial has initiated coverage on Adani Green Energy. The big triggers for the ‘Buy’ rating on Adani Green Energy include the company’s scale, strategic positioning, operational excellence, financial outlook, and predictable revenue streams. The brokerage has kept the target price at Rs 1,289 per share, implying an upside of 21% over the next 12 months. The company has demonstrated a strong execution track record, increasing its operational capacity to 16.7GW as of September 2025 from 2GW in FY18.
Jefferies on Torrent Power
Jefferies has given a ‘Buy’ recommendation for Torrent Power and set a target price of Rs 1,485. This indicates an upside potential of around 15% from current market levels. According to Jefferies’ report on Torrent Power, the company stands out for its stable growth, strong return on equity, and comparatively lower debt. The report noted that “Torrent Power is unique in listed Indian power utilities with its steady growth, high ROE (Return on Equity) and relatively low debt levels.”
Jefferies on WeWork India
Jefferies initiated coverage on WeWork India with a ‘Buy’ rating and a target price of Rs 790. The brokerage said the company’s premium position in the flexible workspace market, strong enterprise client mix and sustained demand from GCCs support a clear multi-year growth cycle. At the current price of Rs 639.80, the target implies nearly 23% upside for the WeWork India share price.
Jefferies has a Buy on WeWork India on the back of several factors. The brokerage report listed that it is now the largest flex-workspace operator in the country by revenue, generating nearly 40% more than its closest peer in FY25.