As brokerage houses prepare their outlook after Q3 results, a smaller set of stocks are emerging repeatedly across research reports from Indian and global firms. JM Financial, Motilal Oswal, Jefferies, Yes Securities, Elara Securities, and others have published views on key financial services companies after the earnings, assigning ratings, price targets, and upside potential.
Top brokerage recommendations
ICICI Bank
As brokerages reviewed Q3 earnings, ICICI Bank emerged as one of the most consistently recommended large cap banking stocks. Despite a post-results dip driven by one-off regulatory provisions, analysts across domestic brokerages remain constructive on the bank’s core fundamentals, citing stable margins, steady loan growth, healthy asset quality, and strong capital buffers. Most see the recent correction as an entry opportunity rather than a structural concern.
Motilal Oswal reiterated a Buy rating with a target price of Rs 1,750, implying an upside of around 28%. The brokerage said Q3 earnings were impacted by one-time regulatory provisions, but underlying business trends remain intact. It highlighted consistent loan growth, controlled asset quality, and strong return ratios as key positives.
JM Financial maintained a Buy call with a target price of Rs 1,725, indicating an upside of about 26%. The brokerage said that adjusted for the one-off hit, earnings would have been in line with expectations. It remains positive on ICICI Bank’s liability franchise and sustainable RoA trajectory.
Anand Rathi reiterated a Buy rating and set a target price of Rs 1,713, implying roughly 25% upside. The brokerage noted that net interest margins remain resilient and asset quality continues to be among the best in the sector, supporting steady earnings growth.
Nuvama maintained a Buy rating with a target price of Rs 1,670, indicating an upside of around 22%. The brokerage attributed the earnings miss largely to temporary factors and said core operating performance remains solid, with healthy growth visibility.
ICICI Prudential Life Insurance
ICICI Prudential Life Insurance Company has featured in reports from Motilal Oswal, JM Financial to Jefferies, with all reports focusing on margins, product mix, and protection growth.
Motilal Oswal Financial reiterated a Buy rating with a target price of Rs 800, implying an upside of 17%. The brokerage said value of new business margins expanded by 320 basis points year-on-year and beat its estimates, driven by higher contribution from non-linked savings and retail protection products.
JM Financial identified ICICI Prudential Life as its top pick in the insurance space, assigning a target price of Rs 880, which implies an upside of about 29.1%, the highest for this stock among brokerages. JM Financial said margins are expected to improve gradually and noted that the stock trades at a discount to peers.
Jefferies reiterated a Buy rating with a target price of Rs 820, implying around 20% upside. The brokerage said the December-quarter value of new business of Rs 600 crore was ahead of estimates, with margins “tad above” expectations, helped by better product mix and cost control.
Elara Securities maintained an Accumulate rating with a target price of Rs 730, implying an upside of 7%. The brokerage said retail protection grew 40.8% year-on-year, supported by GST changes, while the value of new business margins remained at 24.4% for the first nine months of FY26.
Yes Securities set a target price of Rs 775, indicating 14% upside. The brokerage said margins “held up well at 24.4%,” offsetting headwinds from GST changes and wage code adjustments. YES Securities added that annual premium equivalent growth is “turning a corner” after several quarters of contraction.
ICICI Lombard General Insurance
ICICI Lombard General Insurance has been covered by Yes Securities, JM Financial, Motilal Oswal, and Jefferies, with all four highlighting growth in retail health insurance.
JM Financial has a Buy rating with a target price of Rs 2,333, indicating an upside of 25.5%. The brokerage said recent results were affected by higher expenses, including a one-off provision, but added that fundamentals remain strong, supported by what it described as “consistent 80%+ growth” in retail health.
Motilal Oswal set a target price of Rs 2,260, implying an upside of 20%. The brokerage said revenue growth was driven by retail health after GST cuts, while reported combined ratios were affected by one-off wage code costs.
Jefferies reiterated a Buy rating with a target price of Rs 2,400, implying about 27% upside. Jefferies said retail health premiums grew 86% year-on-year and added that “growth recovery could drive re-rating” as competition eases.
Yes Securities maintained a Buy rating with a target price of Rs 2,300, implying an upside of 22%. The brokerage said retail health premiums rose sharply, while the company chose to protect underwriting discipline in the motor segment.
HDFC Asset Management Company
HDFC Asset Management Company has been covered by JM Financial, Motilal Oswal, and Jefferies, with all three commenting on AUM growth, margins, and regulatory changes.
JM Financial maintained an ADD rating with a target price of Rs 2,900, implying 13.5% upside. The brokerage said the company reported 20% year-on-year PAT growth, supported by equity AUM expansion. It added that the impact of new TER regulations has so far been limited.
Motilal Oswal maintained a Buy rating with a target price of Rs 3,200, indicating an upside of 25%. The brokerage said operating revenue grew 15% year-on-year and closing AUM rose 19%, driven by equity schemes and higher retail participation.
Jefferies kept a Buy rating with a target price of Rs 3,120, implying about 22% upside. The brokerage said December-quarter profit rose 20% year-on-year, supported by higher other income and controlled costs, and added that TER changes should remain manageable.
HDB Financial Services
HDB Financial Services has featured in reports from JM Financial, Motilal Oswal, and Jefferies, with all three focusing on margins, asset quality, and recovery in disbursements.
JM Financial upgraded HDB Financial Services to ADD with a target price of Rs 810, implying 6% upside. The brokerage said disbursement growth rebounded to 10% year-on-year and profit rose 36% year-on-year after five quarters of decline.
Motilal Oswal maintained a Neutral rating with a target price of Rs 815, implying about 7% upside. The brokerage said net interest margins expanded to 8.1%, while credit costs moderated, but added that operating efficiency still lags peers.
Jefferies retained a Buy rating with a target price of Rs 920, implying an upside of about 20%. The brokerage said December-quarter profit rose 36% year-on-year and would have grown faster excluding a one-off provision, adding that improving asset quality should support earnings.
Conclusion
Across life insurance, general insurance, asset management, and non-bank lending, multiple brokerages are publishing overlapping views on the same set of financial services stocks. Together, these reports show where brokerage confidence is clustering within the financial sector based strictly on their stated analysis, numbers, and risk assessments.