India’s next set of stock-market winners is getting harder to fit into the old playbook of banks, information technology and consumer companies. Jefferies’ September 10, India Equity Strategy report, prepared ahead of its fifth India Forum, brings together companies across a wide range of sectors and points to a much broader set of earnings opportunities.
The forum will bring together 133 companies representing about $2.1 trillion of market capitalisation and 54% of the MSCI India weight. Jefferies says the domestic growth backdrop has remained resilient despite the Middle East conflict, higher energy and freight costs and currency volatility.
The report’s sector matrix also shows where the earnings expectations are concentrated. The table below uses Jefferies’ FY28 estimates and is meant to show the relative growth and valuation setup rather than simply reproduce ratings or target prices.
| Sector | Stock emerging as the key name | FY28e P/E | FY28e EV/EBITDA | FY28e P/B |
| Autos | Eicher Motors | 28x | 26x | 6x |
| Banks | ICICI Bank | 15x | nm | 2x |
| Building materials, consumer durables & EMS | Polycab India | 32x | 22x | 7x |
| Capital goods | Hitachi Energy India | 62x | 45x | 16x |
| Cement | UltraTech Cement | 27x | 15x | 4x |
| Chemicals | Navin Fluorine | 42x | 28x | 8x |
| Consumer discretionary | Trent | 54x | 27x | 13x |
| Consumer staples | Tata Consumer Products | 43x | 26x | 4x |
| Healthcare | Mankind Pharma | 33x | 21x | 4x |
| Internet | Eternal | 78x | 48x | 8x |
| IT | Coforge | 27x | 15x | 4x |
| Metals | Hindustan Zinc | 14x | 9x | 6x |
| NBFCs | Shriram Finance | 15x | 16x | 2x |
| Non-lending financials | SBI Funds Management | 28x | 23x | 13x |
| Oil & Gas | Reliance Industries | 18x | 10x | 2x |
| Power | JSW Energy | 30x | 11x | 3x |
| Real estate | Godrej Properties | 15x | 24x | 2x |
| Telecom | Bharti Airtel | 22x | 9x | 6x |
| Transport & logistics | Adani Ports | 21x | 15x | 3x |
| Travel | Indian Hotels | 38x | 24x | 6x |
The “key name” is a synthesis from the companies discussed in the September 10 report and its latest notes, not a separate Jefferies rating category. “nm” means not meaningful.
Eicher Motors is riding a stronger premium motorcycle cycle
Eicher Motors stands out in autos because Royal Enfield is operating in the part of the two-wheeler market where demand has been strongest. Jefferies notes that industry growth accelerated sharply in the second half of FY26 and has remained strong in FY27, while the share of 125cc-plus motorcycles has continued to rise.
The company is also expanding capacity and international operations, giving the premium motorcycle franchise more room to grow. Its commercial-vehicle joint venture adds another leg through medium and heavy commercial vehicles.
Jefferies’ latest note on the company is titled “Cruising Despite Cost Headwinds.”
The questions around Eicher are now less about whether premium motorcycles have demand and more about how large the middle-weight opportunity can become, whether exports can scale and how the electric motorcycle strategy develops.
ICICI Bank combines loan growth with a strong deposit franchise
ICICI Bank is positioned as one of the clearest large-bank beneficiaries because Jefferies sees strength across retail, corporate and small and medium enterprise lending.
The bank’s diversified financial-services ecosystem and strong deposit franchise give it a broader base than simply faster loan growth. Jefferies also notes that corporate lending has picked up while retail demand remains healthy in mortgages and personal loans.
The report describes ICICI Bank as a “core beneficiary of India’s long-term financial sector growth.”
The key discussion for the forum is whether the current credit cycle can remain strong without compromising margins or asset quality, particularly if higher crude prices and inflation begin putting pressure on borrowers.
Polycab is positioned where power, housing and capital expenditure meet
Polycab offers exposure to several parts of the domestic investment cycle through cables, wires, electrical products and related businesses.
Jefferies notes that the company has steadily increased its share of India’s organised cables-and-wires market and has maintained double-digit sales growth in that business. Its revenue mix is also spread across business-to-business, business-to-consumer, government, exports and fast-moving electrical goods, reducing dependence on a single customer segment.
The report calls Polycab “a play on power, capex and housing.”
The next question is how the company handles volatile copper prices while capturing demand from the industries expected to drive cables-and-wires growth over the next five years.
Hitachi Energy sits at the centre of the transmission build-out
The capital-goods opportunity is increasingly tied to electricity transmission. Hitachi Energy has one of the strongest order-book positions in Jefferies’ coverage, with large high-voltage direct-current orders providing visibility.
The brokerage expects operating leverage to become more important as revenue scales, making execution as important as order wins.
Its earlier company assessment points to a 4.0x order book to FY26 sales, with two large domestic high-voltage direct-current orders already secured.
The risk is equally specific: weak power demand could slow the capex cycle, while execution delays on major projects could create cost overruns and limit margin expansion.
UltraTech Cement is using scale to stay ahead of the industry
UltraTech is already operating at a scale that few competitors can match, and Jefferies’ September 10 report focuses on what that scale means for the next phase of consolidation.
The company has crossed 200 million tonnes per annum of domestic capacity and is targeting more than 235 million tonnes per annum by FY28. Its current national market share is around 30%.
Jefferies’ latest note is titled “UTCEM Jun-Q: Staying Ahead of the Pack.”
The next phase is not just about adding cement capacity. The brokerage is also examining the company’s cost-reduction programme, renewable power, waste-heat recovery, alternative fuels, logistics and its move into adjacent building-material categories such as wires and cables.
Navin Fluorine has exposure to several new manufacturing businesses
Navin Fluorine is one of the more interesting names because its business is spread across refrigerant gases, pharmaceutical contract development and manufacturing, agrochemical custom synthesis and advanced materials.
That gives it links to several of the newer manufacturing themes running through the Jefferies report, including semiconductors, data centres and defence.
Jefferies says the company has entered “long term service contracts across verticals”, which support its growth outlook.
The important issue for the next phase is whether its growth remains sustainable as new molecules, contract-development projects and refrigerant capacity ramp up.
Trent remains the standout in discretionary consumption
The discretionary opportunity is being driven by organised retail and premiumisation rather than simply higher consumer volumes.
Trent is the clearest name in the sector because its expansion is built around organised retail formats and increasing consumer penetration. Jefferies also tracks Kalyan Jewellers, Vishal Mega Mart and several other retail and consumer businesses in the same space.
The valuation matrix shows that the market already assigns a premium to the faster-growing discretionary names. The central question is whether their growth can remain high enough to justify those valuations.
Tata Consumer Products has multiple routes into rising consumption
Consumer staples are not being treated as a simple defensive trade. Jefferies is looking at whether demand can remain firm while premiumisation, rural recovery and input-cost pressures play out.
Tata Consumer Products has exposure across beverages, foods and newer consumption categories, giving it more than one route to participate in changing consumer preferences.
The sector matrix places Tata Consumer at a materially higher earnings multiple than ITC, while also assigning it a stronger growth profile.
That makes execution and the ability to convert category expansion into sustained profit growth the key issues for the company.
Mankind Pharma benefits from a stronger domestic pharmaceutical market
Healthcare is another sector where Jefferies is being selective.
Mankind Pharma is positioned around India’s domestic pharmaceutical market, where larger companies have been gaining share as chronic therapies continue to grow and acute therapies recover.
The report’s healthcare section also covers Torrent Pharmaceuticals, Cipla, Lupin, Ajanta Pharma, Sai Life Sciences and others, reflecting the very different earnings drivers within the sector.
Mankind’s appeal comes from the combination of domestic scale and the continuing consolidation of the Indian pharmaceutical market.
Eternal is the biggest internet growth story, but valuation is the catch
Eternal remains the largest company in the internet group covered by the forum matrix and has one of the highest earnings multiples in the report.
The company’s opportunity comes from the continuing expansion of online consumption and its multiple consumer platforms. But the high valuation means execution has to remain strong.
Jefferies’ matrix puts Eternal’s FY28 P/E at 78x, compared with 48x for Info Edge and 39x for Lenskart.
That makes Eternal a classic growth-versus-valuation story, with the market already assigning substantial value to future earnings.
Coforge is the IT name with a visible growth ambition
Coforge stands apart from the broader IT-services discussion because its growth ambition is materially higher than the mature sector’s historical pace.
The company is targeting $5 billion of revenue by FY30, which Jefferies says implies about 19% compound annual growth, including roughly 15% organic growth.
The brokerage is also focusing on the company’s large-deal pipeline, cross-selling opportunities from Encora and the scope for margin improvement. Its latest note is “Strong growth with margin upsides | BUY.”
The key risk is that the growth story increasingly depends on execution across the enlarged business while management also works to improve margins and reduce acquisition-related leverage.
Hindustan Zinc in focus lowest valuation in the group
Metals are represented by JSW Steel, Hindustan Zinc, Hindalco and Jindal Stainless in the September 10 matrix.
Hindustan Zinc stands out on valuation, with its FY28 P/E materially below the other three names. The company also offers direct exposure to zinc prices and domestic metals demand.
The broader metals discussion includes questions around import competition, raw-material security, energy costs and capacity expansion. For JSW Steel, Jefferies is tracking the proposed increase in capacity to 80 million tonnes per annum by FY32.
That leaves the sector sensitive to global prices and supply, even as domestic demand remains an important support.
Shriram Finance: Room to expand beyond traditional vehicle-finance base
Shriram Finance is still heavily linked to commercial vehicles, but its growth strategy is becoming broader.
Jefferies notes that the company is targeting faster growth in new commercial-vehicle financing and small and medium enterprise lending. The funding-cost benefit from the MUFG equity infusion and merger-led diversification also changes the economics of the franchise.
The key issue is whether the company can accelerate growth without giving up the asset-quality discipline that has supported its returns.
SBI Funds Management: Betting on household savings
The asset-management opportunity is tied to the gradual movement of household savings towards financial products.
SBI Funds Management is one of the companies Jefferies has included in its forum universe, alongside HDFC Asset Management, ICICI Prudential Asset Management and other financial platforms.
The broader forum discussion is focused on whether loan growth remains sustainable, how deposit and funding conditions evolve and how continued financialisation of household savings can expand the opportunity for asset managers and other financial intermediaries.
Reliance Industries remains the large energy name with multiple earnings levers
Reliance is the only company in the forum’s oil-and-gas category in the matrix.
The investment case is not confined to refining. Jefferies is also examining petrochemical margins and the performance of the retail business, while global crude and gas conditions remain important to the energy portfolio.
The latest forum questions include the potential earnings impact of changes in crude sourcing and the outlook for petrochemical margins.
That makes the earnings trajectory dependent on several businesses moving in the right direction at the same time.
JSW Energy is positioned for faster private-sector power growth
Jefferies expects private power generation to grow substantially faster than the overall industry through FY30.
JSW Energy is one of the companies positioned to capture that growth, alongside Adani Power, Torrent Power and Adani Green Energy.
The power matrix shows JSW Energy at a higher growth trajectory than the overall industry, while the broader report focuses on capacity additions, renewable generation and the transmission build-out as the main sources of sector expansion.
The opportunity comes with the capital intensity of the sector, making funding and execution important alongside demand.
Godrej Properties is benefiting from a still-strong housing cycle
Real estate remains a smaller part of the overall market, but Jefferies sees a healthy operating backdrop for major developers.
Godrej Properties has the largest pre-sales franchise among the developers discussed and has delivered rapid growth over recent years. Jefferies notes that pre-sales rose at a 41% compound annual growth rate between FY23 and FY26, with the company targeting another 14% increase in FY27.
Its latest notes are titled “Strong ops, Financials jump ahead” and “FY27 Outlook – Growth and Cashflow Confidence.”
The key test is whether housing demand can remain strong across cities and segments after a multi-year upswing.
Bharti Airtel has the strongest combination of pricing and cash-flow potential
Telecom is one of the more structurally attractive sectors in the report because subscriber premiumisation and potential tariff increases can lift average revenue per user while the capital-spending cycle becomes less intensive.
Bharti Airtel is the dominant name in the sector matrix and is trading at a significantly lower enterprise-value-to-EBITDA multiple than many consumer companies despite strong expected earnings growth.
Jefferies’ broader telecom analysis points to “strong growth and improving ROCEs” as potential drivers of a re-rating.
The combination of pricing power, operating leverage and lower capital intensity gives the company one of the cleaner long-term earnings profiles in the report.
Adani Ports is turning the port business into a broader logistics platform
The ports opportunity is moving beyond cargo volumes.
Adani Ports and Special Economic Zone and JSW Infrastructure are the two principal names in the forum universe. Their expansion increasingly includes logistics, terminals and connectivity, allowing them to capture more value from the movement of goods.
Jefferies is also tracking the role of ports in India’s broader infrastructure and manufacturing expansion, particularly as trade flows and domestic industrial activity grow.
Indian Hotels: Betting on changing dynamics in travel sector
Travel demand is broad, but the earnings quality differs sharply between airlines, hotels, airports and travel technology.
Indian Hotels has a relatively established operating base and exposure to the continued growth of domestic travel and hotel demand. The September 10 matrix places it alongside GMR Airports, ITC Hotels, TBO Tek and other travel names.
The sector’s opportunity is therefore not simply more passengers. It is also about room rates, occupancy, new properties and operating leverage.
The six 2030 themes could create entirely new stock winners
The most striking part of the broader Jefferies framework is that several emerging industries are being built alongside the existing economy.
Its 2030 framework identifies space, semiconductors, data centres, electronics, solar manufacturing and aerospace as major new opportunities. The September 10 forum material connects these themes to companies such as Astra Microwave, Kaynes Technology, Larsen & Toubro, Adani Enterprises, Dixon Technologies, Premier Energies, Emmvee Photovoltaic Power and Hindustan Aeronautics.
These are not six isolated themes. Data centres increase power demand. Semiconductor manufacturing increases demand for specialised materials and electronics. Solar manufacturing creates a domestic equipment and component ecosystem. Aerospace and defence create opportunities for precision manufacturing and advanced electronics.
| 2030 theme | Jefferies’ stated opportunity | Stock linked to the theme |
| Space | 5x expansion of space economy to $45 billion | Astra Microwave |
| Semiconductors | $20 billion investment already; new $13 billion incentive plan | Kaynes Technology |
| Data centres | Capacity rising towards 10GW | Larsen & Toubro, Adani Enterprises |
| Electronics | Up to 50% of mobile-component value chain | Dixon Technologies, Kaynes Technology |
| Solar manufacturing | 90% of manufacturing chain localised | Premier Energies, Emmvee |
| Aerospace | Around $2 billion current exports to Boeing/Airbus | Hindustan Aeronautics, Azad Engineering |
What makes this cycle different
The September 10 report is less about finding one replacement for the traditional Indian market leaders and more about identifying where the next layer of economic activity is being built.
Jefferies’ forum itself is designed around that question. It will cover semiconductor and artificial intelligence, renewable energy, internet and fintech, consumption, healthcare and real estate, while companies across energy, auto components, airlines, information technology, pharmaceuticals, contract development and manufacturing, metals and ports are also part of the programme.
The result is a market where the opportunity set is becoming much wider. Some winners are tied to household consumption, others to credit and financialisation, and an increasingly important group is tied to India’s investment in power, manufacturing, defence, digital infrastructure and new technologies.
Conclusion
Jefferies’ September 10 India Forum report points to a market being reshaped from several directions at once. Eicher Motors, ICICI Bank, Polycab India, Hitachi Energy India, UltraTech Cement, Navin Fluorine, Trent, Mankind Pharma, Coforge, JSW Energy, Bharti Airtel and other established names sit alongside newer opportunities in semiconductors, data centres, electronics, solar, space and aerospace. The common thread is not one sector but the creation of new capacity, stronger domestic demand and deeper participation in global supply chains.
Disclaimer: This article is based solely on Jefferies’ India Equity Strategy report dated September 10, 2026, including the information, company discussions, estimates, sector observations and 2030 thematic framework contained in that report. The selection of “winner” or “key name” in each sector is an editorial synthesis based on the companies and opportunities discussed by Jefferies and does not represent a separate Jefferies rating category. The information is provided solely for informational and educational purposes and should not be considered investment advice, a recommendation to buy, sell or hold any security, or a substitute for independent financial research. Brokerage estimates, earnings forecasts, valuation assumptions and long-term projections are subject to change and may differ materially from actual outcomes. Stock market investments are subject to market risks, including the possible loss of principal. Past performance does not guarantee future returns, and projected earnings, valuations or sector growth may not materialise because of changes in economic conditions, company performance, demand, competition, interest rates, regulations, commodity prices, currency movements, geopolitical developments, capital expenditure and execution. Readers should independently assess the information, consider their own financial circumstances, investment objectives and risk tolerance, and consult a qualified financial adviser before making any investment decision. Neither the author nor the publication assumes responsibility for any financial loss arising from reliance on the information presented in this article.