3 ‘Buy’ recommendations by Jefferies with 25% to 35% upside potential

But the reasons are very different. GMR Airports is a bet on traffic recovery and new airports. Max Healthcare is banking on new beds and capacity expansion. Aditya Birla Real Estate is being viewed as a broader pan-India real estate play.

So, what is driving the brokerage house optimism? Let’s take a look –

Jefferies on GMR Airports: Traffic recovery could change the picture

Jefferies has a ‘Buy’ rating on GMR Airports and raised its target price to Rs 135 from Rs 125, implying around 30% upside.

The company delivered a relatively steady first quarter. Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) rose 11% year-on-year to Rs 1,450 crore, while passenger growth was only 1%.

Why the gap? Airline capacity cuts and weaker traffic at Hyderabad weighed on the numbers.

Still, non-aeronautical revenue grew 12%. Jefferies expects traffic to improve in the second half of FY27 as airline capacity normalises.

The brokerage said, “Mgmt expects traffic recovery in 2HFY27 as airline capacity normalises.”

The addition of Nagpur and Bhogapuram airports also adds another growth avenue.

Jefferies on Max Healthcare: Can new beds accelerate growth?

Jefferies has retained its ‘Buy’ rating on Max Healthcare and increased its target price to Rs 1,260 from Rs 1,230. That indicates around 25% upside.

The June quarter was broadly in line. Revenue and EBITDA increased 15% year-on-year, while occupancy stood at 75%.

However, the company is dealing with delays in some expansion projects.

At the same time, the Kalinga Hospital acquisition has been completed and 202 beds at Max Smart are already operational.

Jefferies expects the impact of discontinued oncology drugs to gradually fade from December 2026.

According to the brokerage report, “Despite the cuts, Max should deliver 18% EBITDA CAGR over FY26-29E.”

Jefferies on Aditya Birla Real Estate: A bigger bet beyond Mumbai

Another recommendation by the brokerage house is Aditya Birla Real Estate, where Jefferies has initiated coverage with a ‘Buy’ rating and a target price of Rs 1,880. The target implies around 35% upside.

The brokerage believes the company has moved beyond its traditional textile roots and is building a pan-India real estate presence.

More than 75% of FY26 pre-sales came from outside the Mumbai Metropolitan Region.

Jefferies noted, “The Birla brand name and strong sales execution by management led ABREL’s pre-sales quadrupling between FY23 to FY25.”

The company’s balance sheet is another factor. After selling its non-core pulp and paper business for Rs 3,500 crore, net gearing has effectively fallen to zero.

Its Central Mumbai land bank could also support profitability over the longer term.

What investors need to watch

For GMR Airports, the key trigger is the easing of West Asia-related disruptions and recovery in passenger traffic. Jefferies said, “Key trigger is easing of the West Asia crisis.”

For Max Healthcare, new beds and acquisitions could drive the next phase of growth.

For Aditya Birla Real Estate, project launches, land acquisitions and its commercial property pipeline remain important.

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.