Nuvama Institutional Equities has turned positive on four stocks across renewable energy, information technology (IT), logistics and biotechnology. According to the brokerage report, each company sits at a different stage of growth, but all carry clear triggers that could play out over the next few years.
Let’s take a look at what Nuvama is saying and why it believes these stocks could deliver meaningful upside for investors –
Nuvama on Suzlon Energy
Nuvama has upgraded Suzlon Energy to a ‘Buy’ rating with a revised target price of Rs 60. The upside potential works out to nearly 15.38%.
According to the brokerage report, the upgrade follows “price correction” in the stock and improved clarity after the company’s ‘Fiscal Year 2026 Manufacturing Day’ at its Puducherry plant. The report highlighted several trends shaping Suzlon’s medium-term outlook.
One of the key takeaways is that “India wind installations to be 6/8/10 gigawatts in FY26/27/28.” Nuvama added that any slowdown in tendering during the second half of FY26 will be cushioned by strong pending orders and commercial & industrial (C&I) demand.
The brokerage also noted, “Full utilisation of expanded 4.5 gigawatt capacity by FY29–30 (data centre/exports’ demand an added optionality).” As India’s power demand grows at an estimated 5% compound annual growth rate (CAGR), the need for renewable energy additions remains strong. This includes demand from electric vehicles (EVs), green hydrogen and data centres – segments expected to form nearly 30% of future electricity needs.
Nuvama on Coforge
Coforge also stays on Nuvama’s ‘Buy’ list, with the brokerage retaining its target price of Rs 2,250. The upside potential stands at 15.33% .
According to the brokerage report, the company has “delivered strong results consistently and pacified earlier concerns around margins and cash flows.” Management commentary also played a role in shaping Nuvama’s view. As per the report, “IT spending is not shrinking, but is being reinvented,” with customers willing to invest in technology transformation rather than routine Request for Proposal (RFP)-based work.
Coforge aims to expand in areas such as artificial intelligence (AI)-led engineering, data and ServiceNow-based services. Nuvama noted, “Management expects to achieve USD 2 billion revenue run-rate by Q4 FY26.” The brokerage also sees stable earnings before interest and taxes (EBIT) margins above 14%, supported by strong deal activity and a robust order pipeline.
Nuvama on JSW Infrastructure
JSW Infrastructure has received a ‘Buy’ call from Nuvama with a target price of Rs 360. The upside potential stands at 37.4%.
The brokerage report stated that the company’s latest acquisition – JSW Rail, JSW Minerals Rail Logistics and JSW South Rail gives the firm immediate access to key government logistics schemes. As per the report, “Management expects Rs 1.5 billion EBITDA by FY27, thus implying a reasonable 8.1x EV/EBITDA valuation.”
The deal also supports long-term logistics ambitions. Nuvama highlighted that JSW Infrastructure plans to increase its rail rake fleet from 25 immediately after acquisition to 45 by FY27 and eventually to 110 by FY30. For now, however, the brokerage is not including these numbers in its official estimates until shareholder approval and deal closure.
Nuvama on Biocon
Biocon receives a ‘Buy’ rating from Nuvama with a target of Rs 480. The upside potential stands at 25%.
According to the brokerage report, the company’s decision to buy out the remaining 23.3% minority stake in Biocon Biologics is a strategic step. The report noted, “We view the merger as a strategic value unlock for Biocon shareholders, eliminating the holdco discount while driving operational synergies through fungible facilities.”
Nuvama does caution, however, that the share swap valued at around USD 773 million will increase the company’s share count by nearly 280 million shares. But it also adds, “Once closed, fundamentals would drive the stock price,” supported by better biosimilar traction and new product launches. The brokerage expects stronger revenue and EBITDA growth over the next three years, especially from its contract research, development and manufacturing (CRDMO) business.
