Jefferies reiterated positive calls on Godrej Properties, HDFC Bank and ICICI Bank after recent updates and March quarter numbers, pointing to improving collections, steady credit growth and stable asset quality. Target prices set by the brokerage indicate upside ranging from 24% to 38%, with Godrej Properties offering the highest potential gain based on current market prices.
Jefferies said recent management interactions and quarterly trends reinforced confidence in execution and earnings visibility across these names. The brokerage continued to back companies where growth is supported by operating discipline, scale benefits and improving cash flows, while maintaining ‘Buy’ ratings with meaningful upside potential.
Jefferies said recent management interactions and quarterly trends reinforced confidence in execution and earnings visibility across these names. The brokerage continued to back companies where growth is supported by operating discipline, scale benefits and improving cash flows, while maintaining ‘Buy’ ratings with meaningful upside potential.
Jefferies on Godrej Properties: ‘Buy’
Jefferies maintained a ‘Buy’ rating on Godrej Properties with a target price of Rs 2,420, implying an upside of 38%.
Customer collections rose to Rs 20,000 crore in FY26 from Rs 17,100 crore in financial year 2025, marking a 17% increase, while pre-sales grew to Rs 34,100 crore from Rs 29,600 crore over the same period, up 16%. The brokerage expected collections growth to remain above 20%, supported by higher construction activity and improving conversion of sales into cash flows.
It also pointed to a strong pipeline, with gross development value of about Rs 1,35,000 crore, providing visibility for the next few years. The brokerage expected return on equity to move towards 20% by FY28 as deliveries accelerated.
“Promoter’s 5% stake increase in GPL from open market showed confidence in biz. fundamentals and strong potential to create shareholder wealth,” Jefferies said.
| Company | Rating | Target (₹) | Upside |
| Godrej Properties | Buy | 2,420 | 38% |
| HDFC Bank | Buy | 1,050 | 31% |
| ICICI Bank | Buy | 1,670 | 24% |
Jefferies on HDFC Bank: ‘Buy’
Jefferies retained a ‘Buy’ rating on HDFC Bank with a target price of Rs 1,050, indicating an upside of 31%.
Net profit came in at Rs 19,200 crore in the March quarter of financial year 2026 from Rs 17,600 crore in the same quarter last year, up 9%. Deposit growth improved to 14% year on year, supporting loan growth of 12% during the period.
The brokerage expected earnings growth to be supported by stable margins, improving deposit traction and controlled operating costs, and built in a 15% compound annual growth in profit before tax excluding treasury income over financial years 2026 to 2029.
“Softer topline growth, compensated by operating efficiencies,” Jefferies said, noting that cost discipline and synergies supported profitability.
Jefferies on ICICI Bank: ‘Buy’
Jefferies maintained a ‘Buy’ call on ICICI Bank with a target price of Rs 1,670, implying an upside of 24%.
Net profit stood at Rs 13,700 crore in the March quarter of financial year 2026 from Rs 12,600 crore in the same period last year, rising 8%. The improvement came on the back of lower credit costs, aided by recoveries in corporate loans and reduced slippages in unsecured segments.
Loan growth improved to 16% in the March quarter of financial year 2026 from 12% in the December quarter, while deposits increased 11% over the same period. The brokerage expected loan growth momentum to remain steady at around 15% from financial year 2027.
“Pickup in loan growth to 16% is encouraging, aided by deposit growth of 11% and headroom in Loan-to-Deposit Ratio (LDR),” Jefferies said.
Conclusion
Jefferies’ latest notes pointed to steady earnings visibility across these names, backed by execution and balance sheet strength. Godrej Properties remained driven by sales growth and cash flow traction, while HDFC Bank and ICICI Bank continued to benefit from stable asset quality and consistent credit demand.
The brokerage maintained its positive stance as earnings growth remained on track over the coming years.
Disclaimer: The investment targets and ratings mentioned in this report are based on findings by Jefferies and do not constitute an offer or solicitation by this publication. Equity investments are subject to market risks, and price targets are projections that may not be realized. Readers are advised to consult a SEBI-registered investment advisor before making any financial decisions based on these brokerage views.
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