Brokerage consensus stocks 2026: The Q3 earnings season is underway, and companies are announcing third-quarter results. There is hectic activity at the brokerage end too, as analysts delve deep into the numbers and analyse the growth triggers. Some of the companies, especially the large caps as well as many newly listed ones, are being written about by a host of brokerage houses,s including Motilal Oswal, Jefferies, JM Financial, and ICICI Direct, with multiple firms assigning ratings, price targets, and upside estimates.
Infosys , Grasim Industries, Siemens Energy India, Billionbrains Garage Ventures and Union Bank of India are among stocks where brokerages have written extensively.
Here is a compilation of some of the top brokerage reports on these stocks and what’s expected going forward.
Top analyst stock ideas 2026
Infosys
Infosys has featured in reports from JM Financial, Motilal Oswal, and Jefferies, with all four brokerages commenting on deal wins, margins, and management guidance.
Motilal Oswal assigned a target price of Rs 2,200, implying an upside of 38%, the highest among all stocks in this list. The brokerage said the guidance upgrade is a step toward what it described as an “AI services inflection,” supported by the ramp-up of the NHS deal, even as pressure persists in the Hi-Tech segment.
Jefferies reiterated a Buy rating with a target price of Rs 1,880, implying nearly 17% upside. The brokerage said December-quarter revenue of $5.1 billion beat estimates, adding that “the guidance revision appears driven by the December quarter beat rather than a stronger March quarter outlook.”
JM Financial maintained a Buy rating with a target price of Rs 1,930, implying 20.6% upside. The brokerage said the revenue beat reflects Infosys’ ability to gain market share and noted that “90% of the top 200 clients are now adopting AI.” It added that Infosys is a preferred AI partner for several large clients and expects growth to improve in FY27 as large deals ramp up.
Grasim Industries
JP Morgan and Motilal Oswal have both published positive views on Grasim Industries, focusing on the value of its non-cement businesses alongside its holding in UltraTech Cement.
JP Morgan initiated coverage with an Overweight rating and a target price of Rs 3,300, implying an upside of 17%. The brokerage said Grasim “is an efficient proxy for its largest subsidiary, UltraTech Cement,” and added that the stock is valued “almost equal to the value of its UTCEM holding.” According to JP Morgan, this means investors are effectively getting Grasim’s other businesses without paying for them separately. These include leadership in cellulosic staple fibre, its position as India’s largest chlor-alkali producer, and the decorative paints business under the Birla Opus brand. On paints, JP Morgan noted that Birla Opus is backed by a Rs 10,000 crore investment and has already become “the second-largest player by capacity and the third-largest by revenue run-rate” by late FY25.
Motilal Oswal reiterated a Buy rating with a higher target price of Rs 3,600, implying an upside of 28%. In its note, the brokerage said, “We believe Grasim has a compelling long-term case underpinned by an improving VSF earnings cycle.” It added that the viscose staple fibre business is “entering a margin recovery phase,” supported by stable pulp costs, a modest rebound in China pricing, and high utilisation.
Motilal Oswal also said the paints business, Birla Opus, “while currently in an investment-led phase, provides a scalable growth optionality in a large and under-penetrated market.”
Siemens Energy India
Siemens Energy India has featured in reports from Motilal Oswal, and ICICI Direct, with both focusing on grid infrastructure demand, transmission margins, and order book strength.
Motilal Oswal maintained a Buy rating with a target price of Rs 3,800, implying an upside of 27%. The brokerage highlighted strong pricing power in the transmission segment and said around 26% of revenue comes from high-margin services. It added that nearly 55% of India’s large steam turbines use Siemens technology, supporting recurring service revenue.
ICICI Direct identified Siemens Energy India as a key beneficiary of grid expansion and power transition requirements. The brokerage highlighted the company’s leadership in High Voltage Direct Current technology, noting that it is “one of only three global providers.” ICICI Direct pointed to the National Electricity Plan, which estimates grid strengthening requirements of Rs 9.2 lakh crore, as a major demand driver. It assigned a target price range of Rs 3,450 to Rs 3,920, implying an upside of 10% to 13%.
Groww
Groww has featured in reports from Motilal Oswal and Jefferies, with both brokerages highlighting growth in newer revenue streams beyond core equity broking.
Motilal Oswal initiated coverage with a Buy rating and a target price range of Rs 185 to Rs 190, implying an upside of 16% to 19%. The brokerage said Groww has emerged as India’s largest retail broking platform by active clients and has expanded into a full-stack investment platform. It highlighted that the margin trading facility book reached Rs 2,310 crore in the December quarter, while more than 80% of customers are acquired organically.
Jefferies reiterated a Buy rating with a target price of Rs 195, implying about 20% upside. The brokerage said December-quarter results beat expectations, with “revenue/adjusted PAT beat (12%/14%) led by higher-than-expected commodity & MTF revenues.”
Union Bank of India
Union Bank of India has been covered by Anand Rathi and Motilal Oswal, with both commenting on earnings and asset quality.
Motilal Oswal noted a strong earnings beat driven by margin expansion and lower credit costs but maintained a Neutral rating with a target price of Rs 180, citing the need for sustained execution.
Anand Rathi maintained a Buy rating with a target price of Rs 208, implying an upside of about 15.5%. The brokerage highlighted a return on equity of 15%, stable asset quality, and said the bank deliberately ran down around Rs 40,000 crore of high-cost bulk deposits.
Conclusion
Across IT services, diversified industrials, energy infrastructure, digital platforms, and public sector banking, multiple brokerages are publishing overlapping views on the same set of stocks. Taken together, these reports show where brokerage confidence is clustering as we tread through the markets in 2026.