Brokerage houses have retained positive ratings on select large-cap names across information technology, insurance, hospitality, and fast-moving consumer goods.
In their latest report cards, suggesting that despite some global uncertainty, companies in the IT, insurance, and hospitality sectors are holding their ground quite well.
These brokerages have looked closely at recent quarterly performances and future earnings potential to set these new price targets.
Top brokerage recommendations
Tech Mahindra
Motilal Oswal has reiterated a ‘Buy’ rating on Tech Mahindra with a target price of Rs 2,350, implying an upside of 53%. The brokerage expects margins to recover as global technology spending stabilises, especially in the communication and enterprise verticals.
Nomura Global Equity Research has also maintained a ‘Buy’ rating but with a lower target price of Rs 1,810. Based on the recent market price of Rs 1,634, this implies an upside of about 10.8%. The valuation is based on 23 times estimated earnings per share of around Rs 78.3 for the first half of FY2027–28 forecast.
SBI Life Insurance
Motilal Oswal has a ‘Buy’ rating on SBI Life Insurance with a target price of Rs 2,570, suggesting a 27% upside. The brokerage expects the company to benefit from its wide distribution network and strong position in the life insurance segment.
It has projected earnings per share of Rs 27.9 by FY28 estimated and a steady return on equity of around 18.6%. In its sector note, it said, “Life Insurance: Industry-leading growth trajectory continues.”
Nomura has reiterated its ‘Buy’ rating with a target price of Rs 2,455, implying an upside of about 21.2% from recent closing levels. Although the brokerage noted that January 2026 growth in annualised premium equivalent was modest at 3–4% year-on-year, it continues to rate the stock as its top pick in the life insurance space.
Indian Hotels Company
Motilal Oswal Financial Services has issued a ‘Buy’ rating on Indian Hotels Company with a target price of Rs 900, implying a 26% upside. The brokerage expects continued traction in both the core Taj portfolio and newer brands such as Ginger and Qmin. It has built in a compound annual growth rate of 18% in earnings before interest, tax, depreciation and amortisation over FY2024–25 to FY2027–28, supported by favourable demand-supply conditions and rising meetings, incentives, conferences and exhibitions activity across India.
Nomura has maintained its ‘Buy’ rating with a target price of Rs 830. It has valued the core hotel business at 26 times enterprise value to earnings before interest, tax, depreciation and amortisation for FY27–FY28 forecast and the Taj Sats business at 25 times enterprise value to earnings before interest, tax, depreciation and amortisation for FY2027–28 forecast under a sum-of-the-parts approach.
Britannia Industries
Motilal Oswal Financial Services has reiterated a ‘Buy’ rating on Britannia Industries with a target price of Rs 7,150, implying a 19% upside. The brokerage said revenue growth in the third quarter of FY2025–26 came in at 9.5%, slightly below expectations due to goods and services tax-related trade disruptions in October.
The firm expects a 12% compound annual growth rate in revenue and 14% compound annual growth rate in profit after tax through FY2027–28. It said, “GM expanded sharply by 450bp YoY/160bp QoQ to 43.3% (beat), driven by relatively stable commodity prices.”
Nomura has maintained a ‘Buy’ rating and retained the stock as a top pick with a target price of Rs 7,275, implying an upside of 20.9%. It noted that volume growth of 4.5% in the third quarter of FY2025–26 was better than its estimates and expects high single-digit volume growth in the fourth quarter as price-point competition stabilises after the return to standard Rs 5 and Rs 10 packs.
Max Financial Services
Motilal Oswal Financial Services has maintained a ‘Buy’ rating on Max Financial Services with a target price of Rs 2,200, implying a 21% upside. The brokerage said Max Life delivered 30% year-on-year growth in annual premium equivalent in the recent quarter. It noted that the company is moving towards higher-margin traditional products, which is supporting value of new business margins.
Nomura has reiterated its ‘Buy’ rating with a target price of Rs 1,935, implying an upside of 11.6%. The brokerage described the recent quarter as a “positive surprise,” with value of new business margins at 24.1% in the third quarter of FY2025–26, 190 basis points above its estimate despite goods and services tax cuts. It expects the company to record the fastest annual premium equivalent and value of new business growth among its covered life insurers in FY2025–26 forecast at around 20%.
Conclusion
Across sectors, both Motilal Oswal Financial Services and Nomura have retained ‘Buy’ calls on these five stocks, though target prices and upside estimates vary.
The reports broadly point to earnings growth over the next few years, supported by margin improvement, distribution strength and steady demand across segments.