The Indian markets surged 0.4% this week as a fall in the tech stocks cut gains. This week, several top research houses, including Jefferies, Motilal Oswal, Nuvama Institutional Equities, Axis Securities, and Nomura, shared their latest recommendations, and we shortlisted 10 stocks across sectors.
Motilal Oswal on Lenskart
Motilal Oswal has initiated coverage with ‘Buy’ on Lenskart. They have set a target of Rs 600 per share. This implies nearly 27% upside from current levels. As per the estimates by the brokerage house, they see a DCF-implied valuation of 55x FY28 earnings. Though they pointed out this is “at a premium to other leading retailers,” they are betting on the growth potential.
As per their estimates, Lenskart trades at “18% premium to other large retailers in India, though we believe the multiples are justifiable, given its superior growth profile, limited organised competition in the eyewear category and long growth runway.”
Axis Securities on LG Electronics
Axis Securities has initiated coverage on LG Electronics India with a ‘Buy’ recommendation and a target price of Rs 1,815 a share, which implies an upside of 16% from the current level. Axis Securities believes the company is well-positioned for sustained profitability and growth supported by its leading market share, brand equity and deep distribution network.
LG Electronics India has typically enjoyed a significant market share across the home appliance categories. The increasing share in premium segments and leadership in Side-by-Side refrigerators are additionally supporting the Buy call by Axis Securities.
Jefferies on Hindustan Zinc
Even after trimming its price target to Rs 700 from Rs 750, Jefferies maintains ‘Buy’ on Hindustan Zinc. Though revised downward, the target still implies nearly 20% upside from the current market price.
Though revised downward, the target still implies nearly 20% upside on Hindustan Zinc from the current market price. As per the global silver industry body, The Silver Institute (TSI), “the global silver market is expected to remain in deficit for the sixth consecutive year in 2026.”
Motilal Oswal on Tata Steel
Motilal Oswal upgraded the target for Tata Steel. The brokerage firm maintained its ‘Buy’ rating on the stock and set a target price of Rs 240. This implies an upside potential of about 15% from the current market price.
According to the brokerage house, the positive stance on Tata Steel is based on a mix of strong domestic demand, policy-led price support, expansion plans in India and gradual improvement in European operations.
Nuvama on Lupin
Nuvama has ‘Buy’ on Lupin and set a target price of Rs 2,550, which indicates a potential upside of 16% from the current price level.
According to the analysis by the brokerage firm, the company is benefiting from a very strong performance in the United States and India markets, supported by a healthy launch pipeline that includes complex generics.
Nuvama notes that Lupin’s margins have improved due to better product mix and cost optimisation efforts that are now yielding visible results.
Nomura on ECL
Nomura has assigned ‘Buy’ on ECL and set a target price of Rs 350. This implies an upside potential of about 60.6% from the current market price. According to the brokerage report, ECL’s recent quarterly performance and medium-term growth plans support this optimistic view. Nomura stated that EPL delivered double-digit revenue growth of 13.3% YoY in Q3FY26. This was higher than both Nomura’s and Bloomberg’s consensus estimates.
Jefferies on Infosys
Jefferies maintained ‘Buy’ on Infosys, with an unchanged target price of Rs 1,880, which looks at an upside of over 38%. Infosys aims “not only to capture new demand from AI-first services but also to augment its existing service lines to increase wallet share,” Jefferies pointed out. The company pointed out that it has 3 key ingredients for executing this plan.
“First, Infosys has built its AI platform, Infosys Topaz Fabric, to help clients scale AI initiatives faster. Second, expand its partnerships across the tech stack and follow a joint go-to-market approach with partners. Third, overhauling its talent strategy to not only re-skill existing talent but also hire specialists with an enhanced focus on domain expertise,” Jefferies highlighted.
Motilal Oswal on Indigo Paints
Motilal Oswal has ‘Buy’ on Indigo Paints, with a target price of Rs 1,400, which indicates an upside of 42% from current levels. The brokerage firm explained that demand has seen consistent improvement since November 2025, with double-digit value growth recorded in recent months.
Motilal Oswal pointed out that raw material prices have finally reached levels seen before the pandemic, which helped the company increase its discounts to customers.
Jefferies on Go Digit
Jefferies has a ‘Buy’ on Go Digit with a target price of Rs 430. This implies around 33% upside from the current market price. According to the brokerage report, the company’s recent Analyst Day highlighted how it is trying to control risk and fraud while keeping costs in check. The report noted that “Go Digit’s Analyst Day focused on its underwriting capabilities.”
One important point flagged was that “distributor incentives are being linked to claims.” This means that the people selling policies are rewarded not just for selling more, but for selling better-quality policies that do not result in excessive claims.
Nomura on IHCL
Nomura maintained its ‘Buy’ rating on IHCL, and sees an upside of 16.6% at an unchanged target price of Rs 830. As per the Nomura report, IHCL posted a resilient set of numbers in Q3FY26. The positive outlook on the stock is on the back of three main reasons. First, IHCL has high visibility on ADR growth driven by constrained hotel supply, strong demand, and a low ADR base (in dollar terms).
Second, the company has a better quality of earnings (improving ROIC) as IHCL expands largely through management fees and capital-light Ginger models. Lastly, IHCL appears well-positioned to achieve or, for that matter, exceed its 2030 targets for revenue, ROCE, and portfolio hotels.
Conclusion
The brokerage upgrades are based on overall visibility in terms of order flow and execution potential. The growth opportunities highlighted by the management during the Q3 earnings have also been taken into account by the brokerage houses.
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.