The markets have priced in the Bihar Election results, and all eyes are on the Fed and its interest decision. As the Nifty contuinues to struggle around its key resistance zone, the big question is what stocks should you bet on? Jefferies has reiterated three ‘Buy’ calls with as much as 71% upside potential over its standard 12-month investment horizon.
According to the recent reports based on Q2 performances, Samvardhana Motherson, Jubilant Foodworks, GMR Airports, and Eicher Motors show improving demand traction even though the broader backdrop remains uneven. The brokerage said these companies have entered FY26 with clearer earnings visibility, steadier margins and expansion plans that are now beginning to influence forward estimates.
Jefferies on Samvardhana Motherson: ‘Buy’
Jefferies kept its Buy call on Samvardhana Motherson and lifted the target price to Rs 130 from Rs 110, implying 19% upside from the last close of Rs 109.15. The brokerage said the company is “regaining momentum,” with a steadier operating print and early signs that macro concerns around global auto build are easing.
The report indicated that global light-vehicle production rose 3% in the September quarter, supporting suppliers after a volatile stretch. SAMIL commissioned two greenfield plants, with 10 more scheduled by 1QFY28, and continued to build scale in its electronics and aerospace businesses, which now carry an order book of about $3 billion.
Among recent deals, Jefferies pointed to Japan’s Yutaka Giken, a roughly $1.2-billion topline business (foreign currency, no conversion needed). The brokerage raised FY26–28 EPS estimates by 3–4% and valued the stock at 25x Sep-27 earnings.
Jefferies on Jubilant Foodworks: ‘Buy’
Jefferies reaffirmed its Buy rating on Jubilant Foodworks with a target price of Rs 1,000, indicating a substantial 71% upside from the recent close of Rs 584.80. The brokerage said the quarter shows a gradual strengthening in operating metrics across both Dominos and the company’s international units.
Standalone EBITDA grew 16% year-on-year, ahead of Jefferies’ estimate. Same-store sales strengthened to about 7%, outpacing several QSR peers. Delivery volumes rose 17% YoY, broadly in line with food-delivery platforms, and monthly active users climbed 22% YoY to 16 million.
Domino’s added 81 net stores during the quarter, entering 16 new cities, while Popeyes added eight stores to reach 68.
Jefferies expects operating margins to expand by up to 200 basis points over the next three years, supported by operating leverage, a steadier raw-material basket and mid-teens revenue growth.
Jefferies on Eicher Motors: ‘Buy’
Jefferies retained its Buy stance on Eicher Motors with a target of Rs 8,000, which translates into 17% upside from Rs 6,830.80. The brokerage said the company delivered “strong growth but a slight EBITDA miss” as Royal Enfield returned to meaningful volume expansion.
Royal Enfield shipments rose 43% YoY, and consolidated EBITDA increased 39% YoY, broadly matching Jefferies’ forecast. EBITDA margin came in at 24.9%, down 20 basis points sequentially. VECV volumes rose 5% YoY, with EBITDA up 21%.
Jefferies said the company has clearly entered a renewed growth cycle. Registration data shows 29% growth between April and October, while exports rose 52% over the same period. Management is expanding Royal Enfield’s capacity from 1.2 million to 1.35 million units through debottlenecking.
Jefferies models 15% EPS CAGR over FY25–28 and expects Royal Enfield margins to remain between 24.9–25.6% over the forecast period. Competitive risks from Harley-Davidson and Triumph have “largely receded,” the brokerage said. Valuation is based on 34x Sep-27 EPS for Royal Enfield and 5x book for VECV.
Jefferies on GMR Airports: ‘Buy’
Jefferies has reiterated its Buy rating on GMR Airports Infrastructure with a target price of Rs 108, signalling a 13% upside from the last close of Rs 95.40, after the company delivered a September-quarter operating performance that the brokerage described as a “broad-based EBITDA surge” despite a dip in passenger volumes.
EBITDA rose to Rs 1,508 crore, up 74% YoY and 16% QoQ, against Jefferies’ estimate of Rs 1,300 crore. The beat, the brokerage said, was driven by the new tariff implemented at Delhi International Airport (DIAL), the pickup in non-aero revenues and stronger traction across adjacent airport businesses. This came even as total passenger traffic fell 4% YoY, weighed down by airlines cutting capacity and refurbishment-linked disruption at Delhi.
Jefferies on corporate India: Demand stabilising, but delivery remains the differentiator
Jefferies said the September quarter shows a steadying demand environment across premium mobility and branded food services. The brokerage added that while the macro environment remains inconsistent, companies with clear volume cycles and disciplined execution continue to offer meaningful forward visibility.
It noted that deeper penetration into new cities, rising replacement demand and improving international contributions are giving these companies a stronger base for FY26. Across the set of reports, Jefferies said the competitive landscape will matter less than operating delivery in determining relative stock performance.
