The global investment bank Jefferies has given ‘Buy’ ratings to a select group of companies across different sectors. The stocks include companies from diverse industries, ranging from coal production to port operations.

Jefferies has a ‘Buy’ rating on Max Financial Services, Coal India and Adani Ports and Special Economic Zone, with potential upside ranging from 19% to 41% based on its target prices.

The reasons behind the three calls are very different. For Max Financial, the focus is on regulatory changes and growth. For Coal India, it is rising power demand and low coal inventories. For Adani Ports, the spotlight is on Vizhinjam port.

Here is what Jefferies sees in each stock –

Jefferies on Max Financial: Can regulatory concerns fade?

Jefferies has a target price of Rs 2,050 against its current price, implying 41% upside.

Max Financial Services has faced pressure since the Insurance Regulatory and Development Authority of India’s (IRDAI) distribution consultation paper. The stock has fallen 7%, with investors concerned that tighter Expense of Management (EOM) requirements could slow Annualised Premium Equivalent (APE) growth.

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Jefferies, however, believes these concerns may be overstated.

According to the report, Max Financial’s EOM ratio was 23% in FY26 and needs to fall to 15% by FY29 and 12.5% by FY32.

Jefferies estimates that group funds expansion, changes to the commission structure and cost rationalisation could help reduce the ratio.

“We believe Max Financial can achieve the FY29 target through a combination of group funds expansion (c.300bps benefit), new commission structure (c.400bps), and cost rationalization (c.100bps),” added Jefferies report.

The brokerage also pointed to the company’s past performance after regulatory changes. Jefferies report added, “History suggests Max Financial has consistently surprised positively”

Jefferies on Coal India: Is low inventory the next volume trigger?

Jefferies has a Rs 500 target price on Coal India, implying 19% upside.

Coal India’s case is linked to a very different factor – coal stocks at power plants.

According to Jefferies, inventories have fallen to just seven days, compared with the 10-year average of 15 days. At the same time, power demand has picked up.

India’s power consumption rose 9% year-on-year between April and August, compared with just 1% growth in FY26.

Lower inventories could force power generators to replenish their coal stocks, potentially supporting Coal India’s dispatch volumes.

“Low coal stocks amid rising power demand provide further tailwind for Coal’s volumes,” added the report.

Jefferies expects Coal India’s earnings trajectory to improve, with a projected 6% Earnings Per Share (EPS) Compound Annual Growth Rate (CAGR) between FY26-29.

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Jefferies on Adani Ports: Why Vizhinjam is in focus

Jefferies has retained its ‘Buy’ rating with a Rs 2,160 target price. This translates to an 19% upside.

For Adani Ports and Special Economic Zone, Jefferies’ thesis centres on Vizhinjam port in Kerala.

According to the report, the port accounted for 4% of Adani Ports’ domestic volumes in FY26. Jefferies expects this share to double by FY31.

The port is located close to the East-West shipping route and can handle ultra-large container vessels. Its first phase has a capacity of 1.6 million Twenty-foot Equivalent Units (TEUs), while the second phase is expected to take total capacity to 5.7 million TEUs by December 2028.

The report also highlighted automation, crane productivity and the partnership with Terminal Investment, the terminal investment arm of MSC Group.

What investors need to watch

Jefferies’ three calls are based on different developments. For Max Financial Services, the key question is whether the company can meet the new regulatory requirements without significantly slowing growth. For Coal India, the focus is on power demand, low coal inventories and the resulting impact on dispatch volumes. For Adani Ports, Vizhinjam’s volume ramp-up and capacity expansion remain important triggers.

Disclaimer: This article is based on research reports from one or more brokerage firms and is for informational purposes only. The views, target prices, and recommendations expressed are those of the respective brokerage firms and do not reflect the official policy or position of Financial Express. This 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 before making any investment decisions.