The brokerage house Axis Securities has released its latest list of top stock ideas. The firm noted that the coming months could remain volatile due to global developments, but selective opportunities continue to emerge across sectors such as banking, telecom, real estate, healthcare and consumer retail.
The brokerage has refreshed its list of preferred stocks, identifying several large-cap, mid-cap and small-cap companies where it sees potential upside from current market levels.
Let’s take a look at the brokerage top picks and the rationale behind it –
Axis Securities top picks
The brokerage firm has released its latest top stock picks. In its report, it has highlighted several large-cap, mid-cap and small-cap companies where it sees potential upside from current levels.
The brokerage has identified opportunities across sectors such as financials, telecom, real estate, materials and consumer discretionary.
Among large-cap names, Bajaj Finance features on the list with a target price of Rs 1,150, indicating a potential upside of about 15% from the current market price. Another financial heavyweight, State Bank of India, has been assigned a target price of Rs 1,350, suggesting an upside potential of around 12%.
Private sector lender HDFC Bank also finds a place in the brokerage’s large-cap picks. Axis Securities has set a target price of Rs 1,190, implying a potential upside of about 34% from the current levels.
In the telecom space, Bharti Airtel is another preferred pick. The brokerage has given the stock a target price of Rs 2,530, which reflects an upside potential of nearly 35%.
Within the consumer segment, retail operator Avenue Supermarts that operates DMart has a target price of Rs 4,450, indicating a possible upside of around 16%. Healthcare player Max Healthcare Institute is also on the list with a target price of Rs 1,250, suggesting an upside potential of about 14%.
Axis Securities has also included LG Electronics India among its preferred large-cap picks. The brokerage has set a target price of Rs 1,815, which implies an upside of roughly 14%.
In the mid-cap segment, real estate developer Prestige Estates Projects has a target price of Rs 1,900, translating into an upside potential of about 36%. Cement manufacturer Dalmia Bharat is another mid-cap pick, with the brokerage assigning a target price of Rs 2,520, indicating a possible upside of around 26%.
Among small-cap ideas, city gas distributor Mahanagar Gas has been given a target price of Rs 1,540, implying an upside potential of about 26%. The brokerage also sees opportunity in Ujjivan Small Finance Bank, where it has set a target price of Rs 74, suggesting an upside potential of nearly 27%.
Hospitality sector player Chalet Hotels is another small-cap idea from the brokerage. Axis Securities has set a target price of Rs 1,120, indicating an upside potential of around 39%, the highest among the picks.
Auto component manufacturer Minda Corporation also features on the list with a target price of Rs 710, suggesting an upside potential of about 28%.
In the chemicals space, Navin Fluorine International has a target price of Rs 7,400, which indicates an upside potential of roughly 18%.
Finally, infrastructure engineering company Kalpataru Projects International is also included among the small-cap picks with a target price of Rs 1,450, implying an upside potential of about 17%.
Markets shift toward an earning driven phase
According to the brokerage report, Indian equities are gradually transitioning toward an earnings led cycle after a period dominated by liquidity and macroeconomic factors.
“Indian equities enter March 2026 in a transitional phase,” the report said, adding that markets are moving from macro and liquidity-driven volatility toward an earnings-focused environment.
The brokerage house further in its report noted that stabilising global bond yields, manageable commodity prices and improving earnings visibility are supporting the broader outlook.
However, it also highlighted that geopolitical tensions and global technology disruptions could still trigger short-term uncertainty.
What the latest earnings trends show
As per the brokerage house report, the corporate earnings growth has started to recover, although performance remains uneven across sectors.
“Nifty earnings trends suggest gradual normalisation with 7% year-on-year growth for Nifty 50, while Nifty 500 and Nifty Small Cap 250 growth stood at 13% and 29% respectively,” the brokerage noted.
The report pointed out that financial companies continue to show stable performance because of strong credit demand and relatively healthy asset quality. Capital goods and infrastructure companies have also reported strong order inflows.
At the same time, consumption related sectors are showing early signs of improvement, particularly in rural-linked demand segments.
Risks remain despite constructive outlook
Although, the brokerage firm maintains a constructive medium-term outlook, it also highlighted several factors that could influence market direction.
“The recent escalation in the US-Iran conflict has materially increased global uncertainty, particularly in the commodities space,” the report noted.
The brokerage added that the technology sector has also faced pressure after a sharp correction.
“The Nifty Information Technology index has experienced a severe correction in February 2026, marking its worst monthly performance since the 2008 global financial crisis,” it said.
Strategy for investors
According to the Axis Securities report, markets may remain range-bound in the near term as investors track global developments, oil prices and foreign investment flows.
“March 2026 is likely to remain consolidation-oriented, with stock-specific performance driving returns rather than broad index expansion,” the report said.
For the broader market outlook, the brokerage house continues to maintain its benchmark projection. “We maintain the December 2026 Nifty target at 28,080,” the report stated, while noting that geopolitical tensions, crude oil prices and currency movements could influence market sentiment in the shorter term.
Disclaimer: This article provides factual analysis only and is not, and 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.