Goldman Sachs, in its latest report, said India remains “one of the strongest structural stories in Asia,” backed by a mix of industrial capacity expansion, premium consumption, and accelerating digital adoption. The latest APAC Conviction List has 6 Indian stocks. These include PTC Industries, Solar Industries, Havells India, Titan Company, Reliance Industries, and MakeMyTrip. The international brokerage house projected as much as 43 per cent upside in some of these counters.
Here is a detailed list of the investment rationale for the top picks from India-
Goldman Sachs on PTC Industries: ‘Buy’
Goldman Sachs reiterated its Buy rating on PTC Industries with a target price of Rs 24,725, implying a 43 per cent upside from current levels. The brokerage called the company a rare aerospace-materials play poised for a multi-year earnings surge.
Amit Dixit, India Industrials Analyst at Goldman Sachs Research, said PTC’s “three Cs, including capabilities, contracts, and capacity, put it in a league of its own.” He expects earnings to compound more than 100 per cent annually through FY28, with margins crossing 40 per cent by FY29 as new forging and electron-beam facilities become fully operational.
Goldman Sachs on Solar Industries: ‘Buy’
Goldman Sachs maintained its Buy on Solar Industries India, assigning a target price of Rs 13,889, which implies around 20 per cent upside. The brokerage highlighted the company’s leadership in high-energy materials and global defence orders that underpin steady earnings.
Dixit, who also covers Solar, wrote that the company’s “backward integration and export scale give it one of the most resilient earnings profiles in the industrials space.” Goldman expects margin expansion and stable cash generation through FY27 as international operations scale up.
Goldman Sachs on Havells India: ‘Buy’
Goldman Sachs reaffirmed its Buy call on Havells India and set a price target of Rs 1,740, suggesting about 15 per cent potential upside. The brokerage said Havells “delivered a decent performance in a disrupted quarter” and remains well-positioned for a cyclical upswing in housing and consumer demand.
Pulkit Patni, India Consumer Discretionary Analyst at Goldman Sachs Research, said the company is “well placed for a steady demand recovery supported by brand strength and an improving product mix.” He added that lower commodity costs and operating leverage should lift margins through FY26.
Goldman Sachs on Titan Company: ‘Buy’
Goldman Sachs kept its Buy on Titan Company with a target price of Rs 4,350, implying roughly 14 per cent upside. The brokerage said Titan continues to deliver resilient growth across jewellery and watches despite a high base.
According to the brokerage house, Titan is “one of India’s most consistent consumer compounders.” He noted sustained double-digit growth in wedding and studded-jewellery demand, along with strong network additions, which continue to support long-term earnings visibility.
Goldman Sachs on Reliance Industries: ‘Buy’
Goldman Sachs reiterated its Buy recommendation on Reliance Industries with a target price of Rs 1,795, indicating a 12 per cent upside from recent levels. The brokerage cited “broad-based growth across all key businesses”, energy, telecom and retail as evidence of a renewed earnings uptrend.
Analysts at Goldman Sachs Research said, “Reliance is back to strong growth across all key businesses,” highlighting rising petrochemical spreads, higher Jio ARPUs, and robust retail throughput. He added that steady cash flows and balance-sheet discipline will support further value creation as the company scales its new-energy ventures.
Goldman Sachs on MakeMyTrip: ‘Buy’
Goldman Sachs reaffirmed its Buy rating on MakeMyTrip with a target price of $94, implying about 16 per cent upside. The brokerage said the travel platform remains a key digital beneficiary of India’s post-pandemic leisure recovery.
According to the international brokerage house, MakeMyTrip’s strong hotel and air-booking momentum, rising app engagement, and improved operating leverage continue to lift profitability. “Performance is tracking ahead of our prior estimates,” the report added.
While Goldman Sachs remained structurally bullish on India’s long-term growth story, it cautioned that near-term volatility cannot be ruled out. The brokerage flagged execution timelines for industrials, input-cost swings for consumer names, and policy uncertainty in energy and telecom as key watch points.
