Brokerage consensus stocks: A handful of stocks have found favour with more than one brokerage, with analysts backing them on the strength of defence spending, credit growth, quick commerce, port infrastructure and expanding business opportunities.

Bharat Electronics, Adani Ports & Special Economic Zone, Eternal, Solar Industries India and ICICI Bank are the five names that feature repeatedly with a ‘Buy’ or ‘Outperform’ recommendation in the brokerage reports reviewed.

Bharat Electronics 

Bharat Electronics has received positive recommendations from both Macquarie and Goldman Sachs. Both brokerages see the defence electronics major benefiting from India’s growing focus on domestic defence manufacturing and procurement.

Macquarie

Macquarie has an ‘Outperform’ rating on Bharat Electronics with a target price of Rs 550, implying an upside of approximately 33.2%.

The brokerage has named Bharat Electronics among its preferred picks in the Indian industrials space. Its positive view is tied to continued spending on defence, power infrastructure and domestic manufacturing, where the company has a strong presence across several strategic product categories.

Macquarie expects the broader capital expenditure cycle to remain supportive, with defence and power among the key areas of opportunity. Bharat Electronics’ position in defence electronics, communication systems and other advanced equipment forms an important part of the brokerage’s case for the stock.

The brokerage also sees sustained demand for locally manufactured defence systems as India increases procurement from domestic companies, providing a favourable backdrop for Bharat Electronics’ order inflows and earnings.

Goldman Sachs

Goldman Sachs has a ‘Buy’ rating on Bharat Electronics with a 12-month target price of Rs 445, implying an upside of approximately 7.7%.

The brokerage expects Bharat Electronics to benefit from India’s continued push towards defence indigenisation and higher procurement of domestically produced military equipment. It sees the company as one of the important beneficiaries of spending on electronic warfare, radar systems and next-generation defence technologies.

Goldman Sachs has also pointed to Bharat Electronics’ potential role in indigenous air-defence programmes, including Mission Sudarshan Chakra. The company’s presence across several critical defence technology segments gives it exposure to a wider pool of upcoming procurement opportunities.

According to Goldman Sachs, rising defence expenditure, localisation and greater demand for advanced military technology should support Bharat Electronics’ order pipeline and longer-term earnings growth.

Adani Ports & SEZ

Adani Ports & SEZ has attracted positive calls from Bernstein and PL Capital. While Bernstein has taken a positive ‘Buy’ / ‘Outperform’ view, PL Capital has maintained its ‘Buy’ recommendation and raised its target price.

Bernstein

Bernstein has added Adani Ports & SEZ to its India portfolio with a positive ’Outperform’ view.

The brokerage’s positive stance is based on the company’s healthy balance sheet, pricing power and growing international business. Bernstein also sees the company’s operating performance as resilient despite uncertain global conditions.

Adani Ports’ diversified network gives it exposure to India’s growing trade volumes, while its overseas operations provide an additional source of business growth. The brokerage believes these factors strengthen the company’s earnings profile.

Bernstein also sees the recent correction in the stock as improving the attractiveness of the opportunity and has turned positive on the company as part of its India portfolio.

PL Capital

PL Capital has maintained a ‘Buy’ rating on Adani Ports & SEZ and raised its target price to Rs 2,123, implying an upside of approximately 17.3%.

The brokerage’s positive view follows the company’s agreement to sell a 49% stake in Adani Vizhinjam Port to Terminal Investment Limited, the terminal operating arm of Mediterranean Shipping Company. The transaction values the port at $2.85 billion, with Terminal Investment Limited expected to invest around $1.4 billion through the stake acquisition and its share of the second phase of expansion.

PL Capital believes the partnership will secure long-term cargo visibility for Vizhinjam’s expanded capacity while allowing Adani Ports to retain management control. The arrangement could also help the company fund future expansion without putting unnecessary pressure on its balance sheet.

The brokerage expects Adani Ports to deliver volume and earnings before interest, taxes, depreciation and amortisation, or EBITDA, compound annual growth rates of 12% and 15%, respectively, over FY26 to FY28. It has also cited the company’s strong balance sheet, cash flow profile and business resilience as reasons for maintaining the positive call.

Eternal

Eternal has received positive recommendations from Bernstein and Emkay. Both brokerages are constructive on the company’s position in quick commerce and the continued momentum in its Food Delivery business.

Bernstein

Bernstein has added Eternal to its portfolio with a positive ‘Buy’ / ‘Outperform’ view.

The brokerage believes Eternal is overcoming concerns around competition in quick commerce and has strengthened its position in the segment. It has pointed to healthy growth in earnings and net operating value, along with management commentary, as signs of improving business performance.

Bernstein has also highlighted the Food Delivery business, which it expects to continue providing steady growth and support to the broader business. The company’s position in quick commerce remains central to the brokerage’s positive thesis.

The brokerage also sees potential support from developments in digital payments, which could improve payment economics and eventually contribute to earnings growth.

Emkay

Emkay has retained a ‘Buy’ rating on Eternal with a target price of Rs 400, implying an upside of 40.8%.

The brokerage said Eternal’s quarterly performance exceeded expectations, with Blinkit’s net operating value growing 19.1% quarter-on-quarter. Strong growth in monthly transacting users and increased order frequency helped the quick-commerce business maintain momentum despite heightened competition.

Food Delivery net operating value rose 20.1% year-on-year, while adjusted EBITDA increased 34.4%. The improvement was supported by higher business density, stronger monetisation and margin expansion.

Emkay expects competition to remain intense, particularly during the festive period, but believes Blinkit’s execution and ability to retain market share while maintaining profitability put Eternal in a strong position. The brokerage raised its estimates for Quick Commerce net operating value and increased its target price to Rs 400 from Rs 370.

Solar Industries India

Solar Industries India has received ‘Buy’ calls from both Goldman Sachs and Elara Capital. The common theme across the two reports is the company’s growing defence business and its expansion beyond commercial explosives.

Goldman Sachs

Goldman Sachs has a ‘Buy’ rating on Solar Industries India with a 12-month target price of Rs 20,180, implying an upside of approximately 1.4%.

The brokerage’s investment case centres on Solar Industries’ increasing exposure to India’s defence sector. Goldman Sachs expects the company to benefit as the government continues to prioritise domestic defence manufacturing and procurement.

Solar Industries has expanded beyond its traditional explosives business into propellants, missile and rocket-related products and other defence applications. Goldman Sachs believes this diversification could make defence a much larger contributor to the company’s future growth.

The brokerage has also cited the company’s healthy defence order book and its plans to expand capacity across high-margin defence products. Growing opportunities in international non-defence markets provide another avenue for business growth, according to Goldman Sachs.

Elara Capital

Elara Capital has initiated coverage on Solar Industries India with a ‘Buy’ rating and a target price of Rs 15,450 implying upside of xx% from current levels

The brokerage expects Solar Industries to deliver a revenue compound annual growth rate of 25% and an earnings compound annual growth rate of 28% between FY25 and FY28. Its positive view is based on the company’s expansion across defence, commercial explosives and the mining value chain.

Elara Capital expects defence revenue to grow at a compound annual growth rate of 66% over FY25 to FY28, with the segment’s contribution rising to 42% of total revenue by FY28. The brokerage believes Solar Industries is well placed to benefit from rising domestic defence expenditure and demand for locally manufactured defence equipment.

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The company is also expanding its presence in drones, unmanned aerial vehicles, counter-drone systems, ammunition and other defence products. Elara Capital has further cited Solar Industries’ international explosives operations and a planned Rs 22 billion capital expenditure programme over FY26 to FY28 as additional growth drivers.

ICICI Bank

ICICI Bank has received ‘Buy’ calls from both Goldman Sachs and Anand Rathi. Both brokerages are positive on the bank’s credit growth, margins, profitability and relatively resilient asset quality.

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Goldman Sachs

Goldman Sachs has a ‘Buy’ rating on ICICI Bank with a target price of Rs 1,935, implying an upside of 37%.

The brokerage expects the bank’s loan growth to accelerate at a pace above the broader banking system, supporting growth in core pre-provision operating profit. It also expects ICICI Bank’s net interest margins to remain resilient.

Goldman Sachs believes the combination of stronger loan growth and stable margins can support healthy earnings growth. The bank’s operating performance and ability to grow faster than the system form the basis of the brokerage’s positive recommendation.

The firm’s target price of Rs 1,935 places ICICI Bank among the stocks in this list with the higher upside potential based on the brokerage calls reviewed.

Anand Rathi

Anand Rathi has maintained a ‘Buy’ rating on ICICI Bank with a sum-of-the-parts-based target price of Rs 1,746, implying an upside of approximately 20.9%.

The brokerage said ICICI Bank’s credit growth accelerated to 19.9% year-on-year, with broad-based momentum across rural, business and corporate banking. Retail banking also returned to double-digit growth after several quarters of slower expansion.

Despite faster loan growth, the bank’s net interest margin expanded by 4 basis points sequentially to 4.36%. Anand Rathi believes ICICI Bank’s stronger liquidity position gives it an advantage in sustaining superior credit growth and margins compared with several peers.

The brokerage also pointed to resilient asset quality, with credit costs at 32 basis points. Stable margins, healthy fee income, improved operating leverage and moderate credit costs are expected to keep the bank’s return on equity above 15% over FY27 and FY28.

Conclusion

The views on the stocks backed by more than one research house with a positive recommendation.

The reasons behind the recommendations vary. Bharat Electronics and Solar Industries are backed by growing defence opportunities, Adani Ports is supported by its expanding infrastructure network and strategic partnerships, Eternal is riding the growth of quick commerce and food delivery, while ICICI Bank has drawn support for its credit growth, margins and profitability. 

What brings them together is a positive call from more than one brokerage, making them the stocks where the consensus across the reports reviewed is firmly on the bullish side.

Disclaimer: The stock recommendations, target prices, and analyst views provided above belong entirely to the respective brokerages cited and do not constitute direct financial advice or investment recommendations. Equity investments carry market risks. Always conduct independent analysis or consult a certified financial advisor before making investment decisions.