ICICI Securities has refreshed its monthly fundamental stock basket and spread its recommendations across large, mid and small-cap names, with target upside estimates ranging from 15% to 42%. 

Hotels, capital goods, telecom, automobiles, healthcare, defence, and banking dominate the brokerage’s latest selection, while several ratings are backed by business expansion plans, sector demand visibility and valuation comfort, according to the firm’s retail research report.

Among the names in focus, ITC Hotels carries the highest potential upside at 42%, followed by Shriram Properties at 34% and Engineers India at 32%. In the large-cap basket, Mahindra & Mahindra and Bharti Airtel stand out with target upside of 28% and 27%, respectively. 

LARGE CAP

Larsen and Toubro

ICICI Securities maintained a positive stance on Larsen & Toubro and assigned a target price of Rs 4,955, implying potential upside of 23% from the reference level used in the report.

The brokerage said the engineering and construction major remains diversified across engineering, infrastructure, manufacturing and services businesses, giving it broad execution visibility.

“Overall, the company expects to achieve 10-12% YoY growth in gross revenue with a target of 16-17% ROE in the medium term,” ICICI Securities said.

Kotak Mahindra Bank

ICICI Securities placed Kotak Mahindra Bank among its preferred banking ideas and set a target price of Rs 475, indicating upside potential of 22%.

The brokerage linked its view to growth guidance, asset mix and profitability metrics.

“Guidance on higher than industry growth with focus on unsecured retail loans, resilient CASA and benign credit cost is seen to aid RoA,” ICICI Securities said.

Hindustan Aeronautics

For Hindustan Aeronautics, ICICI Securities assigned a target price of Rs 5,300 with an expected upside of 20%.

The brokerage said order visibility remains strong and execution is expected to support growth.

“Improving engine supplies, execution ramp-up in LCA Mk-1A, HTT-40 and helicopter programs are expected to drive revenue growth with stable EBITDA margins,” ICICI Securities said.

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Asian Paints

Asian Paints found a place in the large-cap list with a target price of Rs 3,055 and an estimated upside of 15%.

ICICI Securities said demand conditions and valuation support the recommendation.

“The company will benefit from a reduction in the re-painting cycle, an increase in demand for premium paints and an uptick in demand for industrial paints,” the brokerage said.

Power Finance Corporation

ICICI Securities assigned a target price of Rs 520 to Power Finance Corporation and estimated upside at 20%.

The report pointed to a long-duration opportunity linked to power infrastructure spending.

“Massive capex cycle to increase installed capacity from 520 GW to 900 GW, with focus on renewables, remains a structural growth opportunity,” ICICI Securities said.

Mahindra and Mahindra

Mahindra & Mahindra emerged as one of the stronger upside calls in the large-cap basket. ICICI Securities assigned a target price of Rs 4,000 with upside potential of 28%.

The brokerage tied its view to sustained traction in utility vehicles and product launches.

“It presents a compelling investment case driven by a rare combination of strong demand visibility and a deep product pipeline,” ICICI Securities said.

Bharti Airtel

Bharti Airtel rounded out the large-cap list with a target price of Rs 2,350 and an estimated upside of 27%.

ICICI Securities said operating strength and tariff expectations remain central to its view.

“We also expect a double-digit tariff hike in H2FY27, which will boost profitability and cash flows,” the brokerage said.

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MID CAP AND SMALL CAP

Narayana Hrudayalaya

ICICI Securities set a target price of Rs 2,245 on Narayana Hrudayalaya, implying upside of 19%.

“Aggressive capex of over Rs 3,000 crore in the next 2-3 years for capacity expansion will drive the next leg of growth in top-line and margins,” the brokerage said.

Engineers India

Engineers India received one of the highest return estimates in the report with a target price of Rs 315 and upside potential of 32%.

“We expect revenue and profit after tax compound annual growth rate of 16% and 18% over FY26 to FY28, supported by a strong consultancy-led backlog,” ICICI Securities said.

Astral

ICICI Securities assigned a target price of Rs 1,900 to Astral and estimated upside at 20%.

“Its backward integration in CPVC resin manufacturing is expected to strengthen market positioning along with margin expansion,” the report said.

ITC Hotels

ITC Hotels carried the highest upside estimate in the entire basket. ICICI Securities set a target price of Rs 220, implying upside of 42%.

The brokerage linked its call to expansion and operating leverage.

“Rise in focus on asset-light model and inorganic initiatives will help revenues and EBITDA grow,” ICICI Securities said.

Apollo Tyres

Apollo Tyres was assigned a target price of Rs 500 with upside potential of 26%.

“With a healthy balance sheet and capex plans in place, we upgrade stock to BUY,” ICICI Securities said.

South Indian Bank

ICICI Securities assigned a target price of Rs 52 to South Indian Bank with upside potential of 27%.

“Calibrated move towards high-yielding retail and MSME segment is expected to improve portfolio granularity and margins,” the brokerage said.

Indo Count Industries

For Indo Count Industries, the brokerage set a target price of Rs 400 and estimated upside at 29%.

“A de-risked business model will help achieve revenue and profit after tax growth over FY25 to FY28,” ICICI Securities said.

Zen Technologies

Zen Technologies received a target price of Rs 1,900 with upside potential of 18%.

“Inflows revived sharply, and we believe this will drive healthy revenue growth while sustaining margins,” ICICI Securities said.

Shriram Properties

Shriram Properties was another high upside pick with a target price of Rs 125 and an estimated upside of 34%.

“The company has a strong unsold residential project portfolio and additional pipeline supporting business activity ambitions by FY28,” ICICI Securities said.

Action Construction Equipment

ICICI Securities assigned a target price of Rs 1,135 to Action Construction Equipment and projected upside of 26%.

“The company targets sustaining EBITDA margins despite rising raw material costs and inflationary pressures,” the report said.

Disclaimer: The investment ratings, target prices, and market projections discussed in this monthly stock playbook are based on institutional retail research analysis and do not constitute direct buy, sell, or hold recommendations for retail investors. Equity investments across different market capitalizations—including large-cap, mid-cap, and small-cap stocks—are subject to varying degrees of liquidity risk, market volatility, regulatory shifts, and corporate execution timelines, meaning individual portfolio performance can differ significantly. Readers are strongly advised to consult a SEBI-registered investment advisor or a qualified financial professional before making specific capital allocations or stock-picking decisions.

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