Brokerage consensus stock picks: HDFC Bank, UltraTech Cement, Reliance Industries, Sterlite Technologies and Siemens Energy India have received bullish calls from more than one brokerage house, making them some of the key stocks to watch in the latest brokerage consensus stock picks. Motilal Oswal, Jefferies, Nuvama and CLSA have backed these companies with positive ratings and target prices, with the expected upside ranging from 22% to 54% across the calls.
Top stock recommendations
HDFC Bank
Motilal Oswal
Motilal Oswal has retained a ‘Buy’ rating on HDFC Bank with a target price of Rs 925, implying 28% upside. Its valuation uses a sum-of-the-parts approach, with the core bank valued at 1.8 times March 2028 estimated adjusted book value and separate valuations assigned to HDFC Bank’s financial-services subsidiaries.
The report also points to the leadership overhaul, with the appointment of a new management team expected to help improve sentiment as growth and earnings recover. The brokerage’s case also rests on an improvement in the bank’s earnings trajectory and operating metrics. Motilal Oswal expects RoA to improve to 1.8% and RoE to 14% by FY28, while asset quality is expected to remain benign.
Jefferies
Jefferies has a ‘Buy’ rating on HDFC Bank with a target price of Rs 880, implying 22% upside. The brokerage values the core bank at 1.6 times September 2028 adjusted book value and also factors in its holdings in HDFC Life, HDB Financial Services, HDFC AMC, HDFC Ergo and HDFC Securities.
Jefferies has cut its target from Rs 1,050 to Rs 880 after trimming FY27-FY29 earnings estimates by 3% each, but it has retained its ‘Buy’ call. The brokerage says asset quality remains strong and sees loan growth of about 13% over FY26-FY29, with NIMs averaging around 3.3%. It also sees scope for stronger deposits, cross-selling and merger-related synergies to support the bank’s longer-term growth.
UltraTech Cement
Motilal Oswal
Motilal Oswal has a ‘Buy’ rating on UltraTech Cement with a target price of Rs 13,800, implying 22% upside. The brokerage’s call places the country’s largest cement producer among its preferred cement names, with the target supported by its expectations for earnings growth and the company’s expanding capacity base.
Motilal Oswal’s supplied research material also points to UltraTech’s earnings trajectory, with the brokerage’s estimates showing continued growth in revenue, EBITDA and earnings. Its target therefore remain central to the ‘Buy’ call, while the company’s scale and capacity expansion provide the operating base for the expected growth.
Jefferies
Jefferies has a ‘Buy’ rating on UltraTech Cement with a target price of Rs 14,065, implying 24% upside. The brokerage values the stock at 18 times FY28 estimated EV/EBITDA and sees UltraTech as well placed to gain market share as India’s cement industry consolidates.
Jefferies expects UltraTech’s capacity to reach about 241 MTPA by FY28, including recent M&A, while its volume market share is expected to rise further. The brokerage also points to the company’s network expansion, capacity additions and cost advantages. UltraTech’s entry into wires and cables adds another potential earnings stream, although Jefferies says the pace of revenue and profitability ramp-up in that business will need to be watched.
Reliance Industries
Nuvama
Nuvama has a ‘Buy’ rating on Reliance Industries with a target price of Rs 1,766, implying 36% upside. Its investment case rests on the combination of Reliance’s established O2C, digital and retail businesses and the potential contribution from its new-energy investments.
A major part of Nuvama’s thesis is the potential scale of Reliance’s new-energy business. The brokerage estimates that the company’s solar module business alone could add around Rs 34 billion to PAT at 75% utilisation of its initial 10 GW facility. Nuvama also sees potential for a valuation re-rating as the new-energy business scales, with its 20 GW integrated solar equipment facility potentially carrying an enterprise value of about US$15 billion at peer-like valuation multiples.
Jefferies
Jefferies has retained a ‘Buy’ rating on Reliance Industries with a target price of Rs 1,710, implying 33% upside. The brokerage expects the O2C business to support earnings as global refinery disruptions tighten fuel supplies and push refining margins higher. It also expects consolidated EBITDA to grow at a 10% CAGR between FY26 and FY29.
Jefferies sees an additional benefit from Reliance’s Jamnagar refinery because most of its refining capacity sits in the SEZ and is not subject to the current windfall taxes. The brokerage also points to stronger petrochemical spreads and low global fuel inventories as near-term support for O2C earnings. Reliance’s valuation, meanwhile, remains more than one standard deviation below its long-term EV/EBITDA average, according to the call.
Siemens Energy India
Motilal Oswal
Motilal Oswal Financial Services Ltd. has a ‘Buy’ rating on Siemens Energy India with a target price of Rs 4,000, implying 28% upside. The brokerage’s case is built around the improving transmission order environment, with ordering gradually picking up as grid strengthening, grid flexibility and data-centre requirements create fresh demand.
Power transmission is the biggest growth driver in the Motilal Oswal thesis. The brokerage expects transmission revenue and order-book growth to remain strong, with the order book at Rs 11,135 crore and fresh opportunities coming from STATCOM, transmission, data centres and exports. It also expects power generation to grow steadily, supported by demand for gas turbines, servicing and refurbishment of the installed base.
Jefferies
Jefferies has a ‘Buy’ rating on Siemens Energy India with a target price of Rs 4,800, implying 48.5% upside. The brokerage expects EPS to compound at 43% through FY28, driven by operating leverage and India’s power-capex pipeline. Its June-quarter order book stood at Rs 19,100 crore, up 16% year on year and equivalent to 2.5 times FY25 sales.
Jefferies expects the company’s operating leverage to translate into a 475-basis-point expansion in margins to 24% by FY28. As the business scales, fixed costs are expected to decline as a percentage of sales, providing a further lift to profitability. The combination of a large order book, strong power-sector spending and expanding margins forms the basis for the Rs 4,800 target and 48.5% upside.
Sterlite Technologies
Nuvama
Nuvama has a ‘Buy’ rating on Sterlite Technologies with a target price of Rs 1,100, implying 54% upside. The brokerage raised its target from Rs 770 after Sterlite unveiled its FY29 ‘Lakshya’ plan, which targets Rs 20,000 crore of revenue and more than 27% EBITDA margin.
Nuvama sees a strong growth opportunity from AI and data-centre infrastructure, alongside traditional fibre demand from 5G, FTTH and BharatNet. Sterlite’s order book is above US$2 billion, while the company plans to increase annual capex to Rs 1,000 crore and expand capacity across glass preform, optical fibre and optical fibre cable manufacturing by 50%. Nuvama expects these factors to support higher utilisation, better product mix and operating leverage.
CLSA
CLSA has retained an ‘Outperform’ rating on Sterlite Technologies with a target price of Rs 950, implying 46% potential upside. The brokerage’s bullish view is driven by the sharp rise in Sterlite’s order book, which jumped 155% quarter on quarter to Rs 18,600 crore in 1QFY27, helped by a US hyperscaler order and new business from international and domestic telecom customers.
CLSA also sees data centres becoming a much larger part of Sterlite’s business, with their revenue contribution rising to 21% in 1QFY27 from 1% in FY26. The brokerage expects revenue and EBITDA to grow at CAGRs of 14% to 21% between FY27 and FY29, while AI data-centre demand in the US and India could provide another source of order growth. It also cites a US$210 million international telecom order and a Rs 960 crore domestic telecom order as additions to the company’s growth pipeline.
Conclusion
The brokerage calls point to a small set of stocks where optimism is shared across research houses, rather than resting on a single recommendation. The reasons vary, from stronger bank earnings and cement demand to power spending, refining margins and the rapid build-out of data-centre infrastructure.
Among these names, Sterlite Technologies and Siemens Energy India stand out for the size of the upside cited by the brokerages, while HDFC Bank, UltraTech Cement and Reliance Industries offer a broader mix of established businesses and earnings-led triggers. The overlap in brokerage views makes these five stocks worth watching as fresh research calls and target-price revisions emerge.