Jefferies has reiterated its ‘Buy’ ratings on six Indian companies after reviewing December-quarter results, execution progress, and policy developments. In its latest research notes, the brokerage said near-term earnings volatility has not altered its medium-term view on companies where execution visibility, balance-sheet support, and earnings growth remain intact.
Based on Jefferies’ target prices and recalculated upside percentages, Jefferies sees return potential ranging from the mid-teens to nearly 59% in select stocks.The stocks where Jefferies has maintained a ‘Buy’ rating are JSW Energy, Kotak Mahindra Bank, UltraTech Cement, Adani Green Energy, Paytm, and Nuvama Wealth Management, as per its published reports.
Jefferies on JSW Energy: ‘Buy’
Jefferies has retained its ‘Buy’ rating on JSW Energy despite a weaker December quarter, stating that execution momentum and capacity expansion continue to support its positive view. The brokerage said December-quarter EBITDA was 19% below estimates due to lower renewable generation, though EBITDA still rose more than two times year-on-year.
In its report, Jefferies said, “We believe JSW Energy will deliver 41% EBITDA CAGR in FY25–28E on execution uptick.” The brokerage highlighted that installed capacity increased 65% year-on-year to 13.3 GW, with recently acquired assets contributing significantly to earnings.
Jefferies reduced its FY26–28 EBITDA estimates by 2–4% and lowered its target price to Rs 660, citing balance-sheet leverage and a higher tax rate. Even after this revision, Jefferies’ target implies an upside of about 53%, supported by expectations of promoter infusion improving the balance sheet and funding future capacity additions.
Jefferies on Kotak Mahindra Bank: ‘Buy’
Jefferies maintained its ‘Buy’ rating on Kotak Mahindra Bank after assessing its December-quarter performance, which it described as broadly in line with peers. The brokerage pointed out that loan growth of 16% and deposit growth of 15% were ahead of peers, even though net interest income growth lagged due to margin pressure.
According to Jefferies, “We thus view performance as on par with peers.” The brokerage added that asset quality trends are stabilising, with improvement in delinquency behaviour and expectations of lower credit costs going ahead.
Jefferies kept its target price at Rs 530 and said the valuation remains reasonable despite earnings tweaks. Based on this target, the brokerage sees an upside of about 30%, with management commentary suggesting lower distraction risk from large acquisitions and continued focus on core banking operations.
Jefferies on UltraTech Cement: ‘Buy’
Jefferies retained UltraTech Cement as a ‘Buy’ and its preferred stock in the cement space following a strong December-quarter performance. The brokerage said EBITDA beat its estimates by 9%, supported by higher volumes and operating leverage, with EBITDA rising 35% year-on-year.
In its note, Jefferies said, “UTCEM’s Dec qtr was a 9% beat to JEFe with EBITDA higher 35% YoY.” The brokerage highlighted that industry demand improved during the quarter and management indicated pricing improvement in January.
Jefferies marginally raised its FY26–28 EBITDA estimates and maintained its target price of Rs 14,750. At this level, the brokerage sees an upside of about 16%, supported by cost controls, higher renewable power usage, and ongoing capacity expansion.
Jefferies on Adani Green Energy: ‘Buy’
Jefferies reiterated its ‘Buy’ rating on Adani Green Energy even after cutting earnings estimates following a weak December quarter. The brokerage said EBITDA was 21% below expectations due to solar power curtailment and lower wind utilisation.
However, Jefferies noted, “Absolute EBITDA rose 19% YoY driven by 35% YoY generation growth.” Installed capacity rose 49% year-on-year to 17.2 GW, with 3 GW added in the first nine months of FY26.
Jefferies lowered its target price to Rs 1,260 but retained the ‘Buy’ rating, citing long-term power purchase agreements, promoter equity infusion of Rs 9,350 crore, and execution visibility at the Khavda project. Based on the revised target, Jefferies sees an upside of about 59%.
Jefferies on Paytm: ‘Buy’
Jefferies maintained its ‘Buy’ rating on One97 Communications after cutting estimates following the non-renewal of the RBI’s Payments Infrastructure Development Fund scheme. The brokerage said incentive income from the scheme had contributed meaningfully to adjusted EBITDA and its removal would affect near-term profitability.
However, Jefferies said, “In core terms, Paytm is seeing good traction, so ‘Buy’ stays.” The brokerage highlighted scope for partial offset through higher device subscription fees and cost controls.
Jefferies reduced its target price to Rs 1,450. Based on this target, the brokerage sees an upside of about 28%, supported by continued traction in the core payments and financial services business.
Jefferies on Nuvama Wealth Management: ‘Buy’
Jefferies retained its ‘Buy’ rating on Nuvama Wealth Management after the company reported a profit beat in the December quarter despite a revenue miss. The brokerage attributed the earnings beat to strong cost control.
In its report, Jefferies said revenue growth was impacted by weaker investment banking and institutional equities performance, while wealth management flows remained broadly in line with guidance. It also noted that the capital markets cost-to-income ratio fell to an all-time low.
Jefferies has set a target price of Rs 1,700 on the stock, which implies an upside of about 35%, supported by operating leverage and scale in the wealth management business.
Conclusion
Across power, banking, cement, renewables, fintech, and wealth management, Jefferies has maintained its ‘Buy’ ratings despite earnings volatility and estimate cuts in select cases. The brokerage’s analysis shows its positive stance is driven by execution visibility, balance-sheet support, and medium-term earnings growth rather than short-term quarterly outcomes. All targets, estimates and assessments cited are based solely on Jefferies’ published research reports.