The global brokerage firm Jefferies has three Indian companies on its radar and maintained a firm ‘Buy’ on all of them. Spread across consumer electronics, pharmaceuticals and automobiles, these stocks now come with an upside potential of up to 21%, according to the brokerage report.
Let’s take a look at what the brokerage say on LG Electronics India, Lupin, and Mahindra & Mahindra, and the rationale driving its ‘Buy’ call on these stocks.
Jefferies on LG Electronics India
Jefferies has initiated coverage on LG Electronics India, one of the most recently listed consumer durable companies. The brokerage has set a target price of Rs 1,980. This implies an upside of 21% from current market price.
According to the brokerage report, the company’s varied product mix gives it a strong foothold in India’s discretionary spending space. Jefferies noted that, “We view LG Electronics as a strong play on India discretionary, given its diversified mix.”
The firm highlighted the company’s competitive advantages, stating that its market leadership, deep distribution network and backward integration continue to support operational strength. The brokerage also noted, “Strong moats, i.e., market leadership in multiple products, premium brand recall, new launches, entrenched distribution and backward integration result in industry-leading margins and high return ratios.”
LG Electronics return ratios for the financial year 2025 stand out in its peer group, with return on equity (RoE) at 45% and return on capital employed (RoCE) at 55%. Capacity utilisation at its Noida and Pune plants is high, and the upcoming Sri City facility marks its next phase of expansion.
But not everything has been smooth. Operating profit margins for September 2025 fell by 350 basis points as demand in summer-linked categories weakened. Even so, Jefferies expects a rebound later in the financial year, stating that, “Growth is est to revive in H2FY26e, with normalizing channel inventory, premiumization and price hikes of 1.5-2.0% in refrigerators and washing machines.”
Jefferies on Lupin
The brokerage has given a ‘Buy’ on Lupin, with a target price of Rs 2,300. This translates to a potential upside of 16% from current levels.
It noted that the company expects to end financial year 2026 with over USD 1 billion in U.S. revenue, saying, “Lupin remains confident of sustaining US$1bn revenue even in FY27.”
The company also aims to significantly accelerate product launches over the next few years, particularly in complex generics. Jefferies stated that Lupin is targeting more than 100 launches by financial year 2030, with nearly two-thirds of them coming from complex categories.
In India, the brokerage highlighted that Lupin’s prescription (Rx) business is expected to outperform the domestic pharmaceutical market by 200–300 basis points, with chronic therapies becoming a much larger part of the business by 2030.
Jefferies on Mahindra & Mahindra
Jefferies has also retained its ‘Buy’ rating on Mahindra & Mahindra (M&M), with a target price of Rs 3,716. This translates up to 21% upside.
The brokerage pointed out that the company has revised its long-term tractor industry outlook, expecting faster growth between financial years 2025 and 2030. It added that M&M continues to expand its sport-utility vehicle (SUV) pipeline across electric and internal combustion engine (ICE) models.
The report added that the company is also scaling up its new businesses, noted, “MM was also positive on value creation potential in its upcoming business (growth gems) with strong growth outlook across businesses including Last Mile Mobility (electric three-wheelers), Mahindra Aerospace and Mahindra Holidays.”
