Brokerage consensus stocks: Quarterly earnings have produced plenty of differing views across Dalal Street, but a small group of stocks have emerged with support from multiple brokerages. The latest research from Jefferies, Bernstein, CLSA, Morgan Stanley, Macquarie, Nomura and Nuvama Institutional Equities shows seven companies attracting more than one positive recommendation, with target prices implying upside of as much as 72%.
The companies come from sectors including banking, telecom, information technology, internet, automobiles and consumer goods, where analysts continue to see earnings growth and valuation support despite recent market volatility.
Top brokerage recommendations
Nuvama
Nuvama has maintained a ‘Buy’ rating on Radico Khaitan with a target price of Rs 5,285, implying an upside of about 27%.
The brokerage says the company delivered a strong start to the financial year, with net sales rising 12% and EBITDA increasing 50% during the June quarter. It also points to management raising premium portfolio volume growth guidance to more than 25%, up from the earlier expectation of 20%.
Nuvama says premiumisation continues to gather pace, with premium and above brands contributing more than 76% of revenue. The brokerage has raised its earnings estimates for the next three years by about 11%, citing a richer product mix and expectations of EBITDA margins remaining around 20% during the current financial year.
Jefferies
Jefferies has retained a ‘Buy’ rating on Radico Khaitan with a target price of Rs 5,200, indicating an upside of about 21%.
The brokerage expects revenue to grow at nearly 15% CAGR over the next few years, supported by premiumisation across the portfolio. It also forecasts EBITDA margin expansion of around 410 basis points and expects earnings per share to grow at 28% annually through FY29.
Jefferies says Radico’s brand portfolio, particularly Magic Moments vodka, and its nationwide distribution network continue to support earnings growth despite policy-related disruptions in some states.
Brokerage views on Eternal
Jefferies
Jefferies has maintained an ‘Overweight’ rating on Eternal with a target price of Rs 415, implying an upside of about 45%.
The brokerage expects stronger discretionary consumption and continued digital adoption to support the company’s business. It also sees improving average order values and better unit economics across food delivery operations.
Jefferies says the grocery business is adding another growth engine while the company’s market leadership provides the scale required to improve profitability over time.
Morgan Stanley
Morgan Stanley has retained an ‘Overweight’ rating on Eternal with a target price of Rs 373, implying an upside of about 20%.
The brokerage says Eternal continues to execute well in food delivery while expanding its quick commerce business. It expects improving profitability and believes new business segments could add further earnings support.
Morgan Stanley says its valuation assumes sustained earnings growth from food delivery alongside an increasing contribution from quick commerce, while the company’s market position continues to support the investment case.
Brokerage views on Swiggy
Nuvama
Nuvama has maintained a ‘Buy’ rating on Swiggy with a target price of Rs 444, implying an upside of about 72%.
The brokerage says revenue increased 37% year-on-year, while Instamart achieved contribution margin breakeven during May 2026. Management expects the quick commerce business to reach EBITDA breakeven after scaling to around three times its current size.
Nuvama says EBITDA losses continue to narrow and believes the market is not fully pricing in the company’s long-term earnings potential.
Bernstein
Bernstein has maintained an ‘Outperform’ rating on Swiggy with a target price of Rs 430, indicating an upside of 71% for the share price
The brokerage says management remains confident about gross order value growth and expects margins to improve steadily. It also notes that the company’s recent fund raising has strengthened its balance sheet.
Bernstein believes Swiggy continues to execute well in food delivery while defending market share despite intense competition.
Brokerage views on Coforge
Jefferies
Jefferies has retained a ‘Buy’ rating on Coforge with a target price of Rs 2,040, implying an upside of about 21%.
The brokerage expects the company’s executable order book to support mid-teen organic revenue growth during the current financial year. It also forecasts EBIT margins improving to 16.3% by FY29 through operational efficiencies and integration benefits from the Cigniti acquisition.
Jefferies says continued large deal wins and favourable currency movements provide additional support for earnings growth.
CLSA
CLSA has maintained its ‘High-Conviction Outperform’ rating on Coforge with a target price of Rs 2,170, implying an upside of about 26.8%.
The brokerage says mid-tier IT companies currently offer a better risk-reward profile than larger peers. It also believes Coforge’s exposure to managed services provides some protection from pricing pressure linked to artificial intelligence adoption.
CLSA says the company’s earnings quality, attractive valuation and strong execution continue to support its positive recommendation.
Brokerage views on Bharti Airtel
Jefferies
Jefferies has maintained a ‘Buy’ rating on Bharti Airtel with a target price of Rs 2,350, implying an upside of about 23%.
The brokerage says the Indian mobile business accounts for the majority of the company’s valuation and expects continued revenue growth alongside expanding EBITDA margins.
Jefferies also expects Airtel to benefit from telecom industry consolidation while digital services, data centres and other businesses provide additional earnings support.
Bernstein
Bernstein has retained an ‘Outperform’ rating on Bharti Airtel with a target price of Rs 2,150, implying an upside of about 13% from the reference price of Rs 1,904.
The brokerage says improving returns on capital employed as 5G investments mature and the potential value of Airtel Africa continue to support its valuation.
Bernstein also expects home broadband and enterprise services to contribute alongside the core mobile business.
Brokerage views on HDFC Bank
Macquarie
Macquarie has maintained an ‘Outperform’ rating on HDFC Bank with a target price of Rs 1,150, implying a projected total shareholder return of about 56.8%.
The brokerage says the conclusion of the internal review into alleged irregularities has removed an overhang on the stock and expects this to pave the way for stability in management.
Macquarie also expects operating expenses to grow slower than the loan book, supporting earnings growth over the coming years.
Bernstein
Bernstein has also maintained an ‘Outperform’ rating on HDFC Bank with a target price of Rs 1,150. This implies xx% upside.
The brokerage says the stock is trading at around 16 times earnings, well below its historical average of about 20.5 times, and believes this valuation gap is unlikely to persist.
Bernstein expects healthy deposit growth and stable profitability to support a recovery in valuation over time.
Brokerage views on Hyundai Motor India
Nomura
Nomura has maintained a ‘Buy’ rating on Hyundai Motor India with a target price of Rs 2,498, implying an upside of about 23.8% from the current market price of Rs 2,018.
The brokerage says first-quarter margins exceeded its expectations despite cost pressures. It expects domestic volumes to improve as new model launches gather pace and exports recover over the next two financial years.
Nomura also expects earnings per share to grow as the company expands its product portfolio with new internal combustion engine and electric vehicle launches.
CLSA
CLSA has assigned an ‘Outperform’ rating to Hyundai Motor India, which it defines as an expectation of at least a 10% total stock return.
The brokerage says the company remains one of its preferred automobile names because of its position as India’s second-largest passenger vehicle manufacturer and its extensive sales and service network.
CLSA believes continued product innovation, the backing of its global parent and a focus on profitable growth support its positive recommendation, although the source material does not provide a target price or upside percentage for CLSA.
Conclusion
The latest earnings season has produced a relatively small group of companies where multiple brokerages are aligned in their recommendations. Consumer, internet, banking, telecom, information technology and automobile stocks dominate the list, with analysts pointing to earnings visibility, stronger margins, healthy order books, premium products and valuation support as the common themes behind their positive calls.
While target prices differ across firms, these companies stand out because more than one brokerage continues to back them with positive recommendations after reviewing their latest quarterly performance.
Disclaimer: The stock ratings, target prices, and brokerage commentaries from Jefferies, Bernstein, Nuvama, CLSA, Morgan Stanley, Macquarie, and Nomura cited above are compiled strictly for educational and informational purposes and do not constitute individual investment advice, a portfolio recommendation, or a solicitation to trade securities. Equity investments are subject to market risks, and target upside projections derived from brokerage reports are speculative and subject to rapid change based on quarterly earnings, macroeconomic conditions, and company-specific developments. Readers should conduct their own independent research and consult a certified, SEBI-registered financial advisor before making any investment or sector allocation decisions.