The global brokerage house Jefferies has identified four stocks across airports, cables, solar energy and renewables where it sees 32% to 40% upside from current levels. 

The brokerage has a ‘Buy’ rating on GMR Airports, KEI Industries, Emmvee Photovoltaic Power and JSW Energy, with separate growth triggers supporting each call.

For GMR Airports, the focus is shifting beyond passenger traffic towards retail, duty-free and real estate. KEI could benefit from rising power transmission spending and exports, while Emmvee is positioned around strong domestic solar demand. For JSW Energy, the key factor is whether the company can accelerate its planned capacity additions.

Let’s take a look at why the brokerage house is bullish on these stocks and the rationale behind this –

Jefferies on  GMR Airports: More than just passenger traffic

Jefferies has a target price of Rs 135 for GMR Airports with a ‘Buy’ rating. This implies around 40% upside from the current target price.

According to the brokerage report, GMR is moving beyond its traditional airport operations and building businesses around consumer spending and real estate. Passenger traffic remains one part of the outlook. 

Jefferies said, “Three pillars of growth: Mgmt noted GMR’s evolution from a pure-play airport operator into a three-pillar platform spanning airports, consumer businesses & real estate”

GMR currently has airport capacity of around 160 million passengers against 122 million handled in FY26. 

Jefferies expects India’s long-term passenger growth to support earnings, while the company also works on its non-aeronautical businesses and more than 3,000 acres of land.

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Jefferies on KEI: Can power transmission offset retail pressure?

For KEI Industries, Jefferies has a ‘Buy’ rating with a target price of Rs 6,150. This indicates an upside of around 32% from the current level.

The brokerage expects the company to maintain its medium-term revenue growth outlook despite possible pressure in its retail business. 

KEI’s retail segment accounts for 54% of revenue, making competition an important factor to watch.

However, power transmission cables and exports could provide another growth avenue.

“Power transmission cables should positively surprise ahead,” added the brokerage report.

According to the brokerage report, rising power transmission capital expenditure and the ramp-up of KEI’s Sanand facility could support the business. 

Exports are also expected to increase, although management has moderated its near-term target amid geopolitical tensions.

Jefferies on Emmvee: Solar demand meets limited supply

Jefferies has set a target price of Rs 440 for Emmvee Photovoltaic Power. This translates to around 34% upside from the current price.

The brokerage expects solar module demand to remain ahead of supply in FY27. Emmvee is also expanding its cell and module manufacturing capacity.

According to the brokerage report, the company plans to increase cell capacity from 2.94 gigawatts to 8.9 gigawatts and module capacity from 10.3 gigawatts to 16.3 gigawatts. Its planned backward integration into ingot and wafer manufacturing could further change its cost structure.

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Jefferies on JSW Energy: Execution becomes the key

For JSW Energy, Jefferies has a target price of Rs 720. This indicates to around 39% upside from the current market price.

The company expects to add 3 gigawatts of organic capacity in FY27. Jefferies believes faster execution could become an important trigger for the stock.

Furthermore, the brokerage house report added that JSW Energy has 32.4 gigawatts of generation capacity either operational, under construction or in the pipeline. Its renewable energy expansion, alongside pumped storage projects, could support the longer-term growth plan.

What investors need to watch 

The ‘Buy’ recommendations are based on various factors  such as passenger growth and monetisation for GMR Airports, power transmission and exports for KEI, domestic solar demand for Emmvee, and capacity execution for JSW Energy.

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.