Jefferies retained or initiated ‘Buy’ ratings on 6 stocks across jewellery, power, logistics, pharmaceuticals, automobiles and consumer durables, with its price targets indicating 15% to 39% upside in select stocks.
Kalyan Jewellers represents the highest potential upside, followed by Torrent Power, Gateway Distriparks, Emcure Pharma, Maruti Suzuki India and LG Electronics India.
| Company | Jefferies rating | Target price | Upside |
| Kalyan Jewellers | ‘Buy’ | Rs 830 | 39% |
| Torrent Power | ‘Buy’ | Rs 1,780 | 26% |
| Gateway Distriparks | ‘Buy’ | Rs 74 | 23% |
| Emcure Pharma | ‘Buy’ | Rs 2,320 | 20% |
| Maruti Suzuki India | ‘Buy’ | Rs 16,500 | 16% |
| LG Electronics India | ‘Buy’ | Rs 1,810 | 15% |
Upside percent is based on the prices and target prices stated in the respective Jefferies reports.
Jefferies on Kalyan Jewellers: ‘Buy’
Jefferies initiated coverage on Kalyan Jewellers India Ltd. with a ‘Buy’ rating and a Rs 830 price target, implying 39% upside. The brokerage said India’s jewellery market, estimated at more than $115 billion, remained around 60% unorganised, leaving room for organised players to gain market share.
“Regulatory push & rising consumer preference for trusted brands continue to drive formalisation,” Jefferies said.
The brokerage estimated Kalyan’s revenue to grow at a 23% compound annual growth rate over financial year 2026 to financial year 2029, while earnings per share were expected to rise at around a 21% compound annual growth rate. It pointed to the company’s more than 500-showroom network, around 7% share in India’s organised jewellery market and its expansion strategy outside South India.
Jefferies also said the Franchise-Owned Company-Operated model could support faster expansion. Under this model, franchise partners funded inventory and store capital expenditure, while Kalyan retained control over operations, pricing and customer experience.
The brokerage valued Kalyan at 38 times September 2028 estimated earnings for its base-case target of Rs 830. Its bull-case target was Rs 1,000, implying 67% upside, while the bear-case target was Rs 500, implying 16% downside.
Jefferies on Torrent Power: ‘Buy’
Jefferies retained its ‘Buy’ rating on Torrent Power Ltd. and raised its price target to Rs 1,780 from Rs 1,700, implying 26% upside.
The brokerage said Torrent’s renewable-energy expansion would be a major earnings driver. It estimated the company to deliver a 13% compound annual growth rate in earnings before interest, taxes, depreciation and amortisation over financial year 2026 to financial year 2030, with renewable-energy earnings before interest, taxes, depreciation and amortisation expected to grow at a 36% compound annual growth rate.
“RE capacity to rise at least 3x by FY30E,” Jefferies said.
Torrent had added 70 megawatts of renewable capacity in the June quarter, taking its renewable capacity to 2.1 gigawatts. Jefferies noted that the company was targeting 10 gigawatts of renewable capacity by 2030.
The brokerage also pointed to Torrent’s distribution business, which accounted for more than 60% of earnings before interest, taxes, depreciation and amortisation, and expected that business to grow at a steady 5% compound annual growth rate over financial year 2026 to financial year 2030. It also cited the company’s balance sheet and regulated-return distribution operations as supporting factors.
Jefferies’ bull-case target was Rs 2,000, implying 42% upside, while its downside-case target was Rs 1,190, implying 16% downside.
Jefferies on Gateway Distriparks: ‘Buy’
Jefferies retained its ‘Buy’ rating on Gateway Distriparks Ltd. and raised its price target to Rs 74 from Rs 73, implying 23% upside.
The brokerage’s investment case centred on the expected shift of cargo from road to rail, supported by Dedicated Freight Corridor connectivity and capacity additions. It estimated rail volumes to grow at an 11% compound annual growth rate over financial year 2026 to financial year 2030.
“Capacity additions and DFC will lead to 11% CAGR in rail volumes,” Jefferies said.
Gateway’s June-quarter volumes had declined 2% year-on-year, while earnings before interest, taxes, depreciation and amortisation per twenty-foot equivalent unit had fallen 4%. Jefferies attributed the near-term pressure partly to Middle East tensions and changes in business mix.
The brokerage expected Gateway’s multimodal logistics park at Ankleshwar to begin export-import operations from September 2026 and its Indore inland container depot to commence operations by 2028. It identified competitive intensity and delays in capacity expansion as key risks.
Jefferies’ bull-case target was Rs 86, implying 43% upside, while the downside-case target was Rs 49, implying 18% downside.
Jefferies on Emcure Pharma: ‘Buy’
Jefferies retained its ‘Buy’ rating on Emcure Pharmaceuticals Ltd. and raised its price target to Rs 2,320 from Rs 2,100, implying 20% upside.
The call followed a strong June-quarter performance. Revenue of Rs 25.8 billion had come in 10% above Jefferies’ estimate, while earnings before interest, taxes, depreciation and amortisation of Rs 5.1 billion was 12% ahead and profit after tax of Rs 2.9 billion was 25% above its estimate.
“Growth momentum continues across key markets,” Jefferies said.
India revenue had grown 10% year-on-year, while Europe had grown 33%, North America 25% and the rest-of-world business 45%. Jefferies said management remained confident about reaching the upper end of its financial year 2027 guidance for low-to-mid-teens sales growth and 70-100 basis points of earnings before interest, taxes, depreciation and amortisation margin expansion.
The brokerage raised its financial year 2027 to financial year 2029 earnings-per-share estimates by 6% and estimated more than 22% compound annual growth in profit after tax over financial year 2026 to financial year 2029.
Its bull-case target was Rs 2,590, implying 34% upside, while the downside-case target was Rs 1,780, implying 8% downside.
Jefferies on Maruti Suzuki India: ‘Buy’
Jefferies retained its ‘Buy’ rating on Maruti Suzuki India and its Rs 16,500 price target, implying 16% upside, despite cutting its financial year 2027 earnings-per-share estimate by 16% and its financial year 2028-29 estimates by 6%.
The brokerage said the immediate pressure was on margins. June-quarter earnings before interest, taxes, depreciation and amortisation had declined 7% year-on-year and had come in 23% below its estimate, while the earnings before interest, taxes, depreciation and amortisation margin had contracted 3.5 percentage points sequentially to 8.2%.
“We still believe that margins are the easier problem to solve among the three,” Jefferies said.
At the same time, the brokerage expected passenger-vehicle demand to remain supportive. It estimated industry passenger-vehicle volumes to grow 12% in financial year 2027 and at an 8% compound annual growth rate over financial year 2027 to financial year 2029. Maruti’s total volumes were expected to grow 13% in financial year 2027 and at an 8% compound annual growth rate over financial year 2027 to financial year 2029.
Jefferies also pointed to signs of stabilisation in Maruti’s market share. Its registration share had fallen from 49% in financial year 2021 to 41% in financial year 2023 and had subsequently remained around 40-41% through the first quarter of financial year 2027.
The brokerage valued Maruti at 27 times estimated financial year 2028 price-to-earnings. Its bull-case target was Rs 18,200, implying 28% upside, while the downside-case target was Rs 12,500, implying 12% downside.
Jefferies on LG Electronics India: ‘Buy’
Jefferies retained its ‘Buy’ rating on LG Electronics India and raised its price target to Rs 1,810 from Rs 1,750, implying 15% upside. The brokerage also identified the company as its key pick.
“Premium diversified mix, price hikes, new launches, backward integration (compressor), industry-leading margins and return ratios are key drivers,” Jefferies said.
The company had retained market leadership across several key categories in financial year 2026, with a 28.8% share in refrigerators, 31.5% in washing machines, 18.7% in inverter air conditioners and 26.1% in panel televisions, according to the report.
Jefferies estimated 25% compound annual growth in earnings per share over financial year 2026 to financial year 2028, supported by premiumisation and utilisation of new capacity. The Sri City plant was expected to start compressor production in December 2026 and room air-conditioner production in April 2027.
Conclusion
The 6 stocks covered different parts of the Indian market, from jewellery formalisation and renewable energy to logistics infrastructure, pharmaceutical exports, passenger vehicles and consumer-electronics premiumisation. Jefferies’ estimates and price targets remained based on the earnings, growth and valuation assumptions detailed in its reports.
Disclaimer: The stock recommendations and price targets mentioned in this article are based on research reports published by Jefferies and do not constitute personal investment advice or a direct offer or solicitation to buy or sell any security. Market investments are subject to market risks, and price targets or potential returns are projections that may not materialize. Readers are advised to evaluate their own financial goals, risk tolerance, and individual circumstances, and to consult a SEBI-registered investment advisor before making any financial or investment decisions.
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