Dixon, HDFC Life to Kotak Bank: Why brokerages are bullish on these 7 stocks with 15% to 41% upside

The latest targets from domestic and global brokerages point to potential gains of 15% to 41%, backed by expectations of steady earnings growth, improving margins and sustained business momentum.

Top stocks to buy 

Here is a look at the latest Buy calls, the highest targets on Dalal Street and the factors driving those recommendations.

Dixon Technologies

HSBC

HSBC upgraded Dixon Technologies to Buy from Hold and raised its target price to Rs 16,000, implying an upside of about 19% from prevailing levels. The brokerage increased its valuation multiple to 48x from 40x after revising margin estimates higher following the government’s Mobile Phone Manufacturing Scheme.

According to HSBC, the new scheme removes one of its biggest concerns. Under the earlier Production Linked Incentive (PLI) programme, Dixon passed on most of the incentive to customers while retaining only a small portion, which supported margins. Since that scheme expired in March 2026, HSBC had earlier built in lower margin assumptions for FY27. The newly announced MPMS, which offers incentives ranging from 2.25% to 5% on eligible sales along with additional benefits linked to domestic sourcing and design, is expected to keep margins healthy over the next five years.

JM Financial

According to JM Financial, rising smartphone average selling prices (ASPs) are offsetting the impact of weaker industry volumes, easing concerns over a sharp revenue slowdown. The brokerage expects Dixon to achieve its guidance of around 33 million ex-Vivo smartphone units in FY27 and sees a sharp increase in volumes over FY28 and FY29 as the Vivo joint venture and export opportunities under PLI 2.0 gather pace. It raised its target price to Rs 14,200 from Rs 11,200, implying an upside of 17.5% from the prevailing market price of Rs 12,086, while upgrading the stock to ‘Buy’ from ‘Add’.

HDFC Asset Management Company

JM Financial

JM Financial has maintained a Buy recommendation on HDFC Asset Management Company with a target price of Rs 3,300, implying an upside of 20.9%. The firm says the company is well placed to deliver healthy earnings growth over the next few years, supported by a strong franchise and disciplined cost management.

The brokerage expects earnings to grow at 19-20% between FY26 and FY29. It says management has consistently protected yields while keeping operating costs under check, with the cost-to-core revenue ratio likely to remain in the 20-22% range. JM Financial believes these factors should help the company sustain its industry-leading profitability.

Antique Stock Broking

Antique Stock Broking has a Buy call on the stock with a target price of Rs 3,270, indicating an upside of 20%. The firm says HDFC AMC is well positioned to deliver industry-leading growth in assets under management while maintaining healthy profitability.

The brokerage expects average assets under management to grow at 17% through FY29. It also sees the company’s wide distribution network and strong operating margins supporting earnings, while forecasting net profit to grow at a 16% compound annual rate over the medium term as equity market participation remains healthy.

Nomura

Nomura has reiterated its Buy recommendation with a target price of Rs 3,130, implying an upside of 14.7%. The firm says the company’s growth prospects remain intact, backed by its distribution strength and consistently superior profitability.

The brokerage has rolled forward its valuation to a June 2028 basis and notes that the stock continues to trade at reasonable valuations relative to its long-term earnings outlook. While it has made minor adjustments to account for employee stock option costs, Nomura says its core earnings expectations remain largely unchanged.

Motilal Oswal

Motilal Oswal has maintained a Buy rating on HDFC AMC with a target price of Rs 3,250, suggesting an upside of 19%. The brokerage says the company continues to generate strong returns while adapting well to changes in the regulatory environment.

The firm expects earnings per share to rise to Rs 85.7 by FY28 and believes operating yields will remain resilient despite regulatory changes. It also expects return on equity to stay above 33% over the next few years, supported by efficient capital allocation and disciplined cost control.

ICICI Prudential Life Insurance

Nuvama Institutional Equities

Nuvama Institutional Equities has retained a Buy recommendation on ICICI Prudential Life Insurance with a target price of Rs 700. The brokerage says the target offers meaningful upside from current levels as business momentum continues to improve.

The firm expects the value of new business to grow 6.7% in FY27 and says the current valuation provides an attractive margin of comfort. Nuvama has also increased its estimates for future business margins, citing a gradual recovery in growth and better profitability across product categories.

Antique Stock Broking

Antique Stock Broking has maintained a Buy call with a target price of Rs 740, implying an upside of 41%. The brokerage says the company is entering a phase of stronger operating performance after delivering an encouraging start to the financial year.

The firm expects the value of new business to grow at a 16% compound annual rate through FY29, while embedded value is projected to increase at 14% annually during the same period. Antique says improving product mix and expanding margins should support steady earnings growth over the medium term.

Morgan Stanley

Morgan Stanley has an Overweight rating, equivalent to a Buy, with a target price of Rs 600, indicating an upside of 22%. The firm says the company is well placed to benefit from improving business trends and a favourable base.

The brokerage expects earnings per share to reach Rs 15.9 by FY28. Morgan Stanley says healthy traction in the group insurance business and improving profitability should support earnings growth, while its residual income valuation model continues to indicate room for further gains.

HDFC Life Insurance

Nuvama Institutional Equities

Nuvama Institutional Equities has maintained a Buy recommendation on HDFC Life Insurance with a target price of Rs 790. The brokerage says recent quarterly numbers were mixed, but the underlying business continues to perform well across key product segments.

The firm points to 42% growth in retail protection and 135% growth in annuity products during the latest quarter. It believes these businesses will contribute a larger share of profits going forward, providing support to earnings growth and valuations.

Antique Stock Broking

Antique Stock Broking has retained its Buy call with a target price of Rs 730, implying an upside of 29%. The brokerage says management is prioritising business growth over near-term margin expansion as it works to strengthen market share.

The firm expects embedded value to grow at a 14% compound annual rate through FY29, while the value of new business is projected to expand at an 18% CAGR over the same period. Antique says steady execution and improving product mix should support long-term earnings.

Motilal Oswal

Motilal Oswal has maintained a Buy recommendation with a target price of Rs 720, suggesting an upside of 30%. The brokerage says HDFC Life remains well placed to benefit from improving trends in the bancassurance channel.

The firm expects net profit to reach Rs 1,110 by FY28, while return on equity is projected to improve to 14.8%. Motilal Oswal says stable distribution, disciplined execution and better business quality should support consistent earnings growth over the coming years.

Polycab India

Nuvama Institutional Equities

Nuvama Institutional Equities has reiterated its Buy recommendation on Polycab India with a revised target price of Rs 10,510. The brokerage says the revision follows a stronger-than-expected performance in the fast-moving electrical goods (FMEG) business, which exceeded its estimates and reinforced confidence in the company’s earnings outlook.

The firm expects Polycab to deliver an 18% compound annual growth in earnings through FY29. It says continued market share gains across key product categories, supported by a wider distribution network and healthy demand, should help the company sustain its growth momentum over the medium term.

JM Financial

JM Financial has maintained a Buy call with a target price of Rs 10,700, implying an upside of 16.1%. The brokerage says the latest quarterly performance once again reflected the company’s ability to deliver ahead of expectations despite a demanding base.

The firm says value-led growth across product categories and healthy volume expansion in the cables and wires business continue to support earnings. JM Financial also believes Polycab’s execution strength and expanding presence across electrical products should help it maintain its leadership position.

Motilal Oswal

Motilal Oswal has reaffirmed its Buy recommendation with a target price of Rs 11,900, indicating an upside of 29%. The brokerage says the company’s long-term growth story remains intact, supported by its dominant position in the cables and wires market and emerging opportunities in newer businesses.

The firm expects revenue and profit to grow at nearly 19% annually over the next few years. It says the solar business is emerging as another important growth contributor after recording a sharp jump in revenue, while continued investments across electrical infrastructure should support demand.

Piramal Finance

JM Financial

JM Financial has maintained its Buy recommendation on Piramal Finance with a target price of Rs 2,535, implying an upside of 15.9%. The brokerage says the company’s execution continues to improve, prompting it to raise its price target after stronger asset growth.

The firm points to a nearly 43% year-on-year rise in net interest income, which has strengthened its earnings outlook. JM Financial says the company’s expanding retail franchise and improving asset mix should continue to support profitability over the coming years.

Nomura

Nomura has reiterated its Buy rating with a target price of Rs 2,550, suggesting an upside of 16.6%. The brokerage says the company remains on track to achieve its profitability targets by the end of FY27 following a better-than-expected start to the current financial year.

The firm has increased its net profit estimates by up to 9% for the coming years after reviewing recent performance. Nomura values the lending business at 1.7 times book value and says stronger earnings visibility supports its positive stance on the stock.

Motilal Oswal

Motilal Oswal has retained its Buy call with a target price of Rs 2,620, offering one of the highest targets on the Street for the stock. The brokerage expects the company to continue delivering strong growth as its retail lending business gains further scale.

The firm projects the retail loan book to expand at a 27% compound annual rate through FY28, while assets under management are expected to grow at 26% CAGR during the same period. Motilal Oswal says the continued reduction in legacy wholesale exposure should also lead to an improvement in return ratios.

Kotak Mahindra Bank

Antique Stock Broking

Antique Stock Broking has maintained a Buy recommendation on Kotak Mahindra Bank with a target price of Rs 470, implying an upside of 24%. The brokerage says the bank continues to deliver stable operating performance and remains well placed to improve profitability over the next few years.

The firm expects net profit to reach Rs 19,370 crore by FY28 while return on assets is projected to remain around 2%. Antique also expects return on equity to improve steadily as the bank expands higher-yield lending while maintaining healthy asset quality.

Jefferies

Jefferies has a Buy rating on Kotak Mahindra Bank with a target price of Rs 450. The brokerage says its valuation incorporates the strength of the bank’s core lending business as well as the value of its subsidiaries in life insurance, securities and asset management.

The firm expects earnings per share to grow at around 15% annually over the coming years. Jefferies says healthy capital levels, a diversified financial services franchise and improving consumer demand should support consistent earnings growth.

Motilal Oswal

Motilal Oswal has maintained its Buy recommendation with a target price of Rs 470, implying an upside of 25%. The brokerage says the bank is well positioned to benefit from improving trends in unsecured lending and business credit.

The firm expects return on equity to improve to 12.4% by FY27. Motilal Oswal also says the bank’s strong capital position and ample liquidity provide sufficient room to accelerate growth without compromising balance sheet quality.

Conclusion

The latest brokerage calls show that conviction is concentrated in companies with visible earnings growth, improving profitability and consistent execution across business cycles. 

Across the seven stocks, brokerage target prices imply potential upside ranging from 15% to 41%.

 Although price targets differ, the common expectation is that these companies are well placed to deliver steady earnings growth over the next few years.

Disclaimer: Investment views, target prices, and brokerage consensus figures compiled in this report are for informational purposes only and do not constitute direct buy, sell, or hold recommendations by this publication or an offer or solicitation to invest. Under SEBI regulations, readers are strongly advised to consult a certified financial advisor or a SEBI-registered research analyst before making any capital commitments or investment decisions based on these third-party consensus targets. Market performance, corporate earnings projections, and sector trends are inherently subject to market risks, and past track records do not guarantee future valuation growth.

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