4 ‘Buy’ recommendations by Jefferies with 18% to 37% upside potential

Jefferies’ calls are based on factors ranging from insurance distribution growth and improving profitability to hospitality demand, margin improvement and manufacturing capabilities. 

Jefferies ‘Buy’ recommendations and target prices 

Here is what the brokerage said about each stock:

Jefferies on Anthem Biosciences: ‘Buy’

Jefferies initiated coverage on Anthem Biosciences with a ‘Buy’ rating and a target price of Rs 1,050, indicating an upside of about 17.89%.

The brokerage said Anthem Biosciences was a high-growth Indian CRDMO with manufacturing capabilities across fermentation, peptides and oligonucleotides. According to Jefferies, the company combined research services with manufacturing and worked with customers from the discovery stage through commercial production.

Jefferies expected Anthem to deliver revenue and profit after tax CAGR of 18% and 20%, respectively, between FY26 and FY29. The brokerage said this growth could be supported by the scale-up of existing contracts and its late-stage project pipeline. It also noted that commercial molecules accounted for 61% of Anthem’s FY26 sales.

“Anthem is a high-growth Indian CRDMO with industry-leading manufacturing capabilities and a technocrat-led mgmt team,” Jefferies said in its report. The brokerage also noted that Anthem had the highest EBITDA margin and return on capital employed among the Indian CRDMOs in its comparison.

The brokerage’s positive view was based on Anthem’s manufacturing capabilities, expected growth from commercial molecules and its project pipeline. Jefferies also listed customer concentration and dependence on its Davos partnership among the risks.

Jefferies on IHCL: ‘Buy’

Jefferies maintained its ‘Buy’ rating on IHCL and set a target price of Rs 875, indicating an upside of about 19.30%.

The brokerage’s latest report came after IHCL’s merger with Oriental Hotels. Jefferies said the all-stock transaction would bring seven Oriental Hotels properties, including three freehold hotels, into IHCL’s standalone portfolio. The brokerage also said the transaction was expected to be EPS accretive from the first year.

According to Jefferies, Oriental Hotels added 825 rooms to the portfolio, including properties such as Taj Coromandel, Taj Fisherman’s Cove and Taj Malabar. The brokerage noted that Oriental Hotels’ EBITDA margins of about 25% to 27% were below IHCL’s standalone margins of more than 40%, leaving room for improvement in margins and revenue.

“IHCL continues its simplification journey with the merger of Oriental Hotels,” Jefferies said. The brokerage added that IHCL had delivered 14% RevPAR growth in the first quarter of FY27, while second-quarter trends were tracking at similar or higher levels.

Jefferies also said leisure demand, a strong wedding season and rising MICE activity supported the operating trend. The brokerage expected the BRICS Summit in New Delhi in September 2026 to provide an additional boost to Delhi-NCR hotels and saw the potential for double-digit RevPAR growth in FY27.

Jefferies viewed the Oriental Hotels transaction as financially positive for IHCL and said it could improve the company’s earnings profile. The brokerage also saw the potential for double-digit RevPAR growth in FY27, which it said could lead to estimates moving higher.

Jefferies on UPL: ‘Buy’

Jefferies maintained its ‘Buy’ rating on UPL with a target price of Rs 715, indicating an upside of about 25.53%.

The brokerage met UPL’s senior management and said the company remained confident about its full-year growth guidance of 10% to 14%. According to Jefferies, second-quarter growth was shaping broadly in line with this guidance despite concerns around El Niño in Brazil and Latin America.

Jefferies said UPL expected year-on-year volume growth across all four of its businesses in the second quarter. The brokerage noted that growth was being supported by a strong showing in India, Africa and the US in crop protection, along with continued double-digit growth at Advanta.

The brokerage also said UPL was rationalising unprofitable products, geographies and joint ventures or associates to improve profitability. According to Jefferies, the company had recently announced the closure of the Bioplanta joint venture in Brazil, while crop protection margins were expected to improve.

“We met with the senior management of UPL. Company is confident of full year growth guidance (10-14%) with 2Q growth shaping broadly in line,” Jefferies said in its report.

Jefferies projected 14% EBITDA growth for UPL in FY27 and maintained its ‘Buy’ rating. The brokerage also said Advanta was expected to deliver strong double-digit revenue and EBITDA growth, while the planned IPO could offer an opportunity for value unlocking.

The brokerage’s view on UPL was supported by the company’s growth guidance, expected margin improvement and projected growth at Advanta. Jefferies, however, noted that a stronger El Niño and possible inventory-related losses remained risks.

Jefferies on Turtlemint Fintech Solutions: ‘Buy’

Jefferies initiated coverage on Turtlemint Fintech Solutions with a ‘Buy’ rating and a target price of Rs 190, indicating an upside of about 36.77%, the highest among these four stocks.

The brokerage’s assessment was based on the growth of the point-of-sales-person, or POSP, channel in India’s insurance market. Jefferies said Turtlemint was the third-largest player in the segment with a 20% share and had built a partner network supported by its technology platform.

Jefferies expected Turtlemint to deliver a 38% revenue CAGR between FY26 and FY29, driven by premium growth and higher take rates. The brokerage also expected the company to add 1 lakh to 1.25 lakh partners every year during this period.

The brokerage noted that Turtlemint turned adjusted EBITDA positive in the fourth quarter of FY26. Jefferies expected its adjusted EBITDA margin to reach 10% by FY29 as the company continued to grow and improve partner productivity and retention.

“POSP is among the fastest growing insurance sales channels in India, with 6% of premiums,” Jefferies said in its report. The brokerage said growing scale, better retention and technology-driven productivity could support Turtlemint’s profitability.

Jefferies’ ‘Buy’ call was based on the expected growth of the POSP channel, expansion of the company’s partner base and improving profitability. The brokerage listed the possibility of commission cuts or caps and aggressive competition among the risks to its view.

Conclusion

From a potential upside of about 17.89% in Anthem Biosciences to nearly 36.77% in Turtlemint Fintech Solutions, Jefferies’ four ‘Buy’ calls come with very different reasons behind them From manufacturing capabilities to margin outlook, there are various triggers driving the recommendations.

Disclaimer: The views, ratings, target prices, estimates, projections and other opinions mentioned in this article are those of Jefferies, as stated in its research reports, and do not represent the views of Financial Express, its management or its editorial team. The information has been presented for informational and news purposes only and should not be treated as investment advice, a recommendation to buy or sell any security, or an offer or solicitation to make any investment.

Stock markets are subject to risks, and the prices of securities can rise or fall due to market conditions and other factors. Past performance is not necessarily indicative of future results, and brokerage estimates and target prices may change over time.

Readers should conduct their own research and carefully assess their financial position, investment objectives and risk appetite before making any investment decision. They are also advised to consult a SEBI-registered investment adviser or another qualified financial professional before investing in securities.