Macquarie has rejigged its India Super 6s basket, removing Shree Cement and adding GE Vernova T&D India while retaining 18 stocks across three categories. The brokerage has maintained an ‘Outperform’ rating on all 18 stocks, with its latest target prices indicating potential total shareholder returns of up to 65% in select entities.
Macquarie’s India Super 6s is divided into three categories: ‘Stars’, which are its core ideas; ‘Hitters’, which are tactical ideas with a three-to-six-month horizon; and ‘Rising Stars’, which comprise companies with market capitalisation below $10 billion, thematic optionality and a three-year horizon.
Macquarie India Super 6s: Target price and upside
| Category | Stock | Target price (Rs) | Upside / total shareholder return |
| Stars | Divi’s Laboratories | 10,200 | 20% |
| Titan | 5,600 | 11% | |
| TVS Motors | 4,325 | 1% | |
| JSW Steel | 1,393 | 10% | |
| Bharti Airtel | 2,220 | 16% | |
| ICICI Bank | 1,700 | 22% | |
| Hitters | Marico | 965 | 14% |
| Dixon Technologies | 16,000 | 14% | |
| Bharat Electronics | 550 | 34% | |
| Cipla | 1,675 | 15% | |
| Ashok Leyland | 192 | 11% | |
| GE Vernova T&D India | 5,470 | 27% | |
| Rising Stars | Delhivery | 570 | 22% |
| Lenskart Solutions | 625 | 5% | |
| UNO Minda | 1,383 | 12% | |
| Tata Communications | 2,200 | 26% | |
| Phoenix Mills | 2,100 | 11% | |
| Lemon Tree Hotels | 180 | 65% |
Source: Macquarie Research, August 2026. All stocks are rated ‘Outperform’. Target prices and total shareholder return estimates are from Macquarie’s August 14 report.
Stars: Macquarie’s core ideas
Macquarie’s six Stars are Divi’s Laboratories, Titan, TVS Motors, JSW Steel, Bharti Airtel and ICICI Bank. The brokerage describes these as its core ideas.
Divi’s Laboratories remains among Macquarie’s preferred stocks after strong results prompted earnings upgrades. The brokerage sees further upside, saying the market has yet to fully reflect the earnings inflection from capex monetisation.
“Improving asset utilisation and operating leverage should support a sustained acceleration in earnings growth,” Macquarie said.
Macquarie has a target price of Rs 10,200 for Divi’s Laboratories, implying a 20% total shareholder return. The brokerage expects revenue and EPS to compound at 23% and 33%, respectively, between FY26 and FY28.
Titan has a target price of Rs 5,600, implying an 11% total shareholder return. TVS Motors has a target of Rs 4,325, implying 1%, while JSW Steel has a target of Rs 1,393, implying 10%.
Bharti Airtel is another core idea where Macquarie expects further improvement. The brokerage expects ARPU upside from effective price hikes for entry-level plans and sees “material ROIC improvement across our modelling scenarios.”
Macquarie has a target price of Rs 2,220 for Bharti Airtel, implying a 16% total shareholder return.
ICICI Bank has been a drag on the Stars basket following the RBI’s dovish policy stance. Macquarie said expectations for further rate hikes this year have largely faded, reducing the prospect of incremental NIM expansion.
“Still, the longer-term investment case remains intact, underpinned by strong book value compounding, healthy loan growth and sustained earnings generation,” the brokerage said.
Macquarie has a target price of Rs 1,700 for ICICI Bank, implying a 22% total shareholder return, the highest among its six Stars.
Hitters: Tactical ideas for 3-6 months
Macquarie’s Hitters are tactical ideas with a three-to-six-month horizon. The brokerage has removed Shree Cement from this basket and added GE Vernova T&D India.
Shree Cement was down 8% since its inclusion in the Super 6s basket and had underperformed the MXIN index by 9%. Macquarie said it had “cut losses” on the stock.
“Performance was dragged by expectations of persistent near-term margin weakness against our view of a recovery on better pricing,” the brokerage said.
GE Vernova T&D India has been added on expectations of stronger growth.
“We expect a meaningful growth acceleration driven by a stronger order pipeline, improving exports and margin recovery, with new capacity commissioning through FY27,” Macquarie said.
The brokerage has a target price of Rs 5,470 for GE Vernova T&D India, implying a 27% total shareholder return. It expects revenue and EPS to compound at 28% and 23%, respectively, between FY26 and FY28.
Bharat Electronics remains another key tactical idea. Macquarie said its positive performance was driven by rising confidence in a potential large order win and improving sentiment around BEL’s participation in the upcoming 5th-generation fighter aircraft programme.
Macquarie has a target price of Rs 550 for Bharat Electronics, implying a 34% total shareholder return, the highest among its Hitters.
Dixon Technologies has a target price of Rs 16,000, implying a 14% total shareholder return. Macquarie expects revenue and EPS to compound at 37% and 53%, respectively, between FY26 and FY28.
The other Hitters are Marico, Cipla and Ashok Leyland. Macquarie has target prices of Rs 965, Rs 1,675 and Rs 192 for the three stocks, implying total shareholder returns of 14%, 15% and 11%, respectively.
Rising Stars: 3-year thematic opportunities
Macquarie’s Rising Stars category comprises companies with market capitalisation below $10 billion, thematic optionality and a three-year horizon. The six stocks are Delhivery, Lenskart Solutions, UNO Minda, Tata Communications, Phoenix Mills and Lemon Tree Hotels.
Delhivery has delivered the strongest performance among the Rising Stars since inclusion. The stock has gained 95%, while its relative performance against MXIN stands at 81%.
Macquarie said the June quarter delivered further market share gains and robust volume growth, although margins were temporarily impacted by fuel cost pass-through timing and statutory wage increases.
The brokerage has a target price of Rs 570 for Delhivery, implying a 22% total shareholder return. Its FY26-28 revenue and EPS CAGR estimates are 19% and 67%, respectively.
Lenskart Solutions Ltd. has a target price of Rs 625, implying a 5% total shareholder return. Macquarie expects revenue and EPS to compound at 29% and 54%, respectively, between FY26 and FY28.
The brokerage said a strong June quarter reinforced its confidence in the premiumisation opportunity in India and the runway for large-format store expansion.
“The quarter also highlighted international markets as a potentially meaningful incremental growth driver,” Macquarie said.
Lemon Tree Hotels Ltd. has the highest implied upside across the entire 18-stock Super 6s basket. Macquarie has a target price of Rs 180, implying a 65% total shareholder return.
The brokerage said the June quarter was largely in line and management remained constructive on a second-quarter recovery, although investors continued to seek evidence of delivery against guidance.
“We are increasingly confident in the margin recovery trajectory and have raised our earnings estimates,” Macquarie said.
UNO Minda has a target price of Rs 1,383, implying a 12% total shareholder return. Tata Communications has a target of Rs 2,200, implying 26%, while Phoenix Mills has a target of Rs 2,100, implying 11%.
Super 6s: Which stocks have delivered the most?
Macquarie’s performance table shows Divi’s Laboratories has gained 31% since inclusion in the Stars basket, followed by Titan at 30% and TVS Motors at 25%. JSW Steel is up 14%, while Bharti Airtel and ICICI Bank have declined 3% and 4%, respectively.
Among the Hitters, Dixon Technologies has gained 18% since inclusion and Marico is up 14%. Bharat Electronics and Cipla have both declined 1%, while Ashok Leyland is unchanged. Shree Cement has declined 8%.
The Rising Stars have delivered mixed returns. Delhivery has surged 95%, followed by Lenskart Solutions at 16%. UNO Minda Ltd. has gained 4% and Tata Communications 3%. Phoenix Mills has declined 3%, while Lemon Tree Hotels is down 14%.
Macquarie Super 6s: Performance snapshot
| Category | Stock | Performance since inclusion | Relative performance vs MXIN |
| Stars | Divi’s Laboratories | 31% | 34% |
| Stars | Titan | 30% | 33% |
| Stars | TVS Motors | 25% | 22% |
| Stars | JSW Steel | 14% | 15% |
| Stars | Bharti Airtel | -3% | -1% |
| Stars | ICICI Bank | -4% | -5% |
| Hitters | Marico | 14% | 16% |
| Hitters | Dixon Technologies | 18% | 15% |
| Hitters | Bharat Electronics | -1% | 2% |
| Hitters | Cipla | -1% | 0% |
| Hitters | Ashok Leyland | 0% | 0% |
| Hitters | GE Vernova T&D India | New | New |
| Rising Stars | Delhivery | 95% | 81% |
| Rising Stars | Lenskart Solutions | 16% | 13% |
| Rising Stars | UNO Minda | 4% | 6% |
| Rising Stars | Tata Communications | 3% | 3% |
| Rising Stars | Phoenix Mills | -3% | -6% |
| Rising Stars | Lemon Tree Hotels | -14% | -28% |
Source: FactSet, Macquarie Research, August 2026. Performance data based on August 14.
Full list of Macquarie’s India Super 6s
| Category | Macquarie’s stocks |
| Stars | Divi’s Laboratories, Titan, TVS Motors, JSW Steel, Bharti Airtel, ICICI Bank |
| Hitters | Marico, Dixon Technologies, Bharat Electronics, Cipla, Ashok Leyland, GE Vernova T&D India |
| Rising Stars | Delhivery, Lenskart Solutions, UNO Minda, Tata Communications, Phoenix Mills, Lemon Tree Hotels |
Source: Macquarie Research, August 2026. All 18 stocks are rated ‘Outperform’.
Conclusion
Macquarie’s latest reshuffle leaves its six core Stars unchanged while making one change to the tactical Hitters basket. Shree Cement has been removed and GE Vernova T&D India has been added, while the Rising Stars remain unchanged.
The report, describes the India Super 6s as Macquarie India research teams’ “bottom-up best ideas” organised across three categories: Stars, Hitters and Rising Stars.
Disclaimer: The stock targets, ratings, and return projections cited above are based on third-party brokerage research by Macquarie and are presented purely for informational and educational purposes. This report does not constitute a personal buy, sell, or hold recommendation, nor an offer or solicitation to trade in any financial instruments. Stock investments involve significant market risks, including the potential loss of principal; readers are strongly advised to consult a SEBI-registered investment advisor before making any financial decisions.
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