Jefferies has issued ‘Buy’ calls on 5 stocks across the real estate, hospitality, aviation, energy and infrastructure. The brokerage’s latest reports highlight a mix of expansion-led growth, resilient earnings and improving business visibility. Based on current market prices, Jefferies sees up to 46% upside potential in select stocks over the next 12 months.
Here’s a detailed analysis of the brokerage’s investment rationale.
Jefferies on Indian Oil Corporation (IOCL): ‘Buy’
Indian Oil Corporation has received a Buy recommendation with a target price of Rs 185, which implies an upside of around 13%.
The brokerage notes improvements in profitability, steady refining operations and an expected pick-up in marketing margins. Jefferies believes the company’s stronger balance sheet and capex visibility underpin its constructive stance on the stock.
Jefferies on Adani Enterprises: ‘Buy’
Adani Enterprises has a Buy rating as well with a target price of Rs 3,200, indicating the highest upside potential of around 46% from its closing price.
The brokerage points to a multi-year expansion cycle across new energy, airports, data centers and infrastructure. Jefferies believes the company’s diversified growth engines and long-term capacity build-out create a strong runway for value creation.
Jefferies on InterGlobe Aviation (IndiGo): ‘Buy’
InterGlobe Aviation has been rated Buy with a target price of Rs 7,025, indicating an upside of 25% according to the latest rating and price target history chart dated 28 November 2025.
The shares currently sit below the brokerage’s valuation, leaving room for potential upside depending on market conditions. Jefferies obsereved IndiGo’s scale, strong domestic leadership, and cost competitiveness as key pillars of its long-term outlook.
Jefferies on Mindspace Business Parks REIT: ‘Buy’
Jefferies has assigned a Buy rating to Mindspace REIT with a target price of Rs 503, implying an upside of about 5%.
According to the brokerage, Mindspace continues to benefit from strong tenant retention, healthy leasing momentum and stable rental escalations. A disciplined balance sheet and room for incremental acquisitions further support steady cash flow and distribution growth.
Jefferies on Chalet Hotels: ‘Buy’
Chalet Hotels carries a Buy rating with a target price of Rs 1,070, which suggests an upside of nearly 18%.
Jefferies notes that the company is entering a significant expansion cycle, with new rooms, brownfield upgrades and commercial real estate additions in the pipeline. These upcoming projects are expected to improve margins and support sustained earnings growth over the medium term.