Brokerage Consensus Stocks: The Q1FY27 results season has thrown up a fresh set of brokerage-backed stock calls, with several companies drawing positive views from more than one research house after reporting their quarterly numbers. Across ‘Buy’, ‘Outperform ‘ and ‘Overweight’ ratings, brokerages such as JP Morgan, Jefferies, Morgan Stanley, BNP Paribas, HSBC, CLSA, Motilal Oswal and JM Financial have picked stocks where they see further room for gains.

The potential upside in these calls ranges from around 9% to 42%. The reasons behind the calls vary widely. Strong Q1FY27 earnings, improving margins, order-book visibility, new capacity, defence spending, rising commodity-market participation and better demand trends have featured in the brokerage reports.

Here are the stocks where multiple research houses have given positive ratings:

Top brokerage stock picks

Hindustan Aeronautics

Motilal Oswal Financial Services

Motilal Oswal has reiterated its ‘Buy’ rating on Hindustan Aeronautics with a target price of Rs 5,800, implying an upside of 16%.

The brokerage said HAL delivered a healthy Q1FY27, with margins ahead of expectations and profitability broadly in line. The company also has a substantial order pipeline for future manufacturing revenue.

LCA Mk1A and Su-30 engine programmes are expected to support production as these projects progress. Motilal Oswal expects manufacturing revenue to grow strongly through FY29. Its Rs 5,800 target represents 16% upside.

CLSA

CLSA has an ‘Outperform ‘ rating on Hindustan Aeronautics with a target price of Rs 5,481, implying an upside of 11.2%.

The brokerage sees HAL as one of the strongest listed beneficiaries of India’s military aviation requirements. It estimates an opportunity of around Rs 10.3 lakh crore over the next decade.

HAL’s existing order book is around $26 billion, while the potential pipeline includes another Rs 5.8 lakh crore of platform opportunities. CLSA sees this pipeline supporting production and revenue for several years. Its Rs 5,481 target represents 11.2% upside.

Tata Motors Commercial Vehicles

Tata Motors Commercial Vehicles is another stock with several psitive recommendations after the Q1 performance.

JP Morgan

JP Morgan has an ‘Overweight’ rating on Tata Motors Commercial Vehicles with a target price of Rs 530, implying an upside of approximately 16% from the reference price used in its report.

The brokerage expects the domestic commercial vehicle cycle to remain supportive. India CV demand, North American Class 8 trucks, defence and industrial exports are among the areas expected to support the company’s growth.

JP Morgan also sees the earnings trajectory remaining healthy despite some near-term cost pressures. Its Rs 530 target reflects an expected 16% upside.

HSBC Global Investment Research

HSBC has retained its ‘Buy’ rating on Tata Motors Commercial Vehicles and raised its target price to Rs 520, implying an upside of 13.8%.

The brokerage pointed to strong first-quarter volumes and expects double-digit growth to continue into the second quarter. The company has also managed to maintain a healthy margin despite pressure from commodities.

HSBC expects price increases and operating leverage to support profitability as volumes increase. It also sees room for a higher valuation if the company’s non-cyclical businesses continue to grow faster than the cyclical parts of the business. The Rs 520 target represents 13.8% upside.

Bharat Forge

Bharat Forge too is in focus and on the investor’s radar after its Q1.

Emkay Global Financial Services

Emkay Global Financial Services has retained its ‘Buy’ rating on Bharat Forge with a target price of Rs 2,400, implying an upside of 14.7%.

The brokerage said higher commodity and logistics costs affected margins in Q1FY27. It nevertheless expects growth to improve in the second half of the financial year.

Defence orders, manufacturing opportunities in India and a review of the company’s global operations are important parts of Emkay’s thesis. Its Rs 2,400 target represents 14.7% upside.

Morgan Stanley

Morgan Stanley has retained its ‘Overweight’ rating on Bharat Forge and raised its target price to Rs 2,469, implying an upside of 18%.

The brokerage views the weak first quarter as temporary and expects defence and aerospace to become larger contributors to revenue. It also sees opportunities in data centres and semiconductor-related manufacturing.

Morgan Stanley expects planned capital expenditure of around Rs 1,800 crore to support these businesses. Its Rs 2,469 target gives the stock 18% upside.

Apollo Hospitals Enterprise

Apollo Hospitals also attracted host of positive views after its Q1 performance.

JM Financial

JM Financial has retained its ‘Buy’ rating on Apollo Hospitals Enterprise with a target price of Rs 10,446, implying an upside of 21.5%.

The brokerage’s positive view follows a strong Q1FY27 performance. Revenue grew 21% year-on-year, while EBITDA and profit after tax increased 28% and 34%, respectively. Patient volumes and average revenue per patient supported the hospital business.

JM Financial also sees improvement in Apollo’s pharmacy and digital businesses. The expected pharmacy demerger by Q4FY27 could provide another source of value. The brokerage has therefore retained ‘Buy’ with a Rs 10,446 target and 21.5% upside.

Motilal Oswal Financial Services

Motilal Oswal Financial Services has reiterated its ‘Buy’ rating on Apollo Hospitals with a target price of Rs 10,160, implying an upside of 18%.

The brokerage said Apollo delivered an earnings beat in Q1FY27, supported by operating leverage and patient volume growth. Acute-care patient volumes increased around 11%, while an improving payor mix also supported profitability.

Motilal Oswal expects Apollo 24/7 and the online pharmacy operation to move closer to EBITDA breakeven after the company’s strategic reset. Its Rs 10,160 target represents 18% upside.

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Morgan Stanley

Morgan Stanley has an ‘Overweight’ rating on Apollo Hospitals with a target price of Rs 10,158, implying an upside of 18%.

The brokerage’s positive view follows a strong quarter in which hospital EBITDA increased around 31% year-on-year. Management also raised hospital growth guidance after the quarter.

Morgan Stanley expects new hospital capacity to support growth, with around 1,300 new beds planned. The brokerage also expects the digital HealthCo business to move towards breakeven. Its Rs 10,158 target represents 18% upside.

MCX

JP Morgan

JP Morgan has upgraded Multi Commodity Exchange of India to ‘Overweight’ and assigned a target price of Rs 3,500. Against the current price of Rs 2,950.10 supplied for this article, the target implies an upside of approximately 18.6%.

The brokerage’s positive view comes after the proposal to allow foreign portfolio investors to participate in non-agricultural commodity derivatives that are physically settled on domestic exchanges. JP Morgan expects wider participation to increase trading activity and deepen the commodity derivatives market.

The brokerage sees this as an additional volume opportunity for MCX, particularly in bullion and other actively traded contracts. Higher volumes can support transaction income and earnings, which is why JP Morgan has retained its positive view with the Rs 3,500 target and 18.6% upside.

Jefferies

Jefferies has a ‘Buy’ rating on MCX with a target price of Rs 3,600. Against the current price of Rs 2,950.10, the target represents an upside of approximately 22%.

The brokerage sees MCX’s dominant position in non-agricultural commodity derivatives as a major advantage. Jefferies expects rising participation, new products and stronger retail activity to support trading volumes and earnings.

The proposed access for FPIs adds another potential source of activity for the exchange. Jefferies expects the broader participant base to support higher volumes over time. Its Rs 3,600 target gives the stock approximately 22% upside.

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Morgan Stanley

Morgan Stanley has maintained its ‘Overweight’ rating on MCX. The brokerage also sees the opening up of commodity derivatives to a wider group of market participants as supportive for trading activity and the exchange’s earnings profile.

Morgan Stanley’s analysis points to stronger commodity trading activity as a key earnings driver for MCX. The proposed FPI access can further increase market depth and participation, particularly in the non-agricultural commodity segment.

The brokerage’s positive stance therefore sits alongside the ‘Buy’ call from Jefferies and the ‘Overweight’ call from JP Morgan, giving MCX one of the broadest positive brokerage views in the reports reviewed.

Lenskart Solutions

Lenskart’s expanding its store network helping provide access to more markets and supports demand creation.

Emkay Global Financial Services

Emkay Global Financial Services has maintained its ‘Buy’ rating on Lenskart Solutions and raised its target price to Rs 725, implying an upside of 23.7%.

The brokerage’s positive view follows strong Q1FY27 revenue and EBITDA growth. Emkay sees considerable room for organised eyewear retail to grow in India, where eyewear penetration remains around 35%.

Emkay expects this expansion to sustain revenue growth over the longer term. Its Rs 725 target represents 23.7% upside.

Motilal Oswal Financial Services

Motilal Oswal Financial Services has reiterated its ‘Buy’ rating on Lenskart with a target price of Rs 705, implying an upside of 20%.

The brokerage pointed to strong Q1FY27 growth, supported by higher volumes and premiumisation. Lenskart is also expanding internationally while continuing to add stores across India.

Motilal Oswal expects margins to improve through FY29 as the store network expands, international operations grow and in-house frame manufacturing becomes more meaningful. Its Rs 705 target represents 20% upside.

VA Tech Wabag

Va Tech Wabag’s order book has been the centre of focus after its Q1 performance.

Motilal Oswal Financial Services

Motilal Oswal Financial Services has retained its ‘Buy’ rating on VA Tech Wabag with a target price of Rs 2,529, implying an upside of 34%.

The brokerage’s case is built around the company’s order book of around Rs 19,400 crore, providing revenue visibility for the next three to four years. Its focus on higher-margin projects is expected to support profitability.

Motilal Oswal also expects stronger return ratios and free cash flow generation as the order book moves through execution. Its Rs 2,529 target represents 34% upside.

JM Financial

JM Financial has retained its ‘Buy’ recommendation on VA Tech Wabag with a target price of Rs 2,400, implying an upside of 27.3%.

The brokerage points to record order backlogs and a bid pipeline of around Rs 40,000 crore over the next 18 months. Large Middle East orders could provide another source of revenue as the company converts its pipeline.

JM Financial has also revised its revenue and margin estimates, resulting in higher earnings expectations. The brokerage sees Middle East order conversions as an important source of medium-term revenue visibility. Its Rs 2,400 target represents 27.3% upside.

SBI Life Insurance

Jefferies

Jefferies has retained its ‘Buy’ rating on SBI Life Insurance with a target price of Rs 2,600, implying an upside of around 40%.

The brokerage’s view is supported by strong new business performance, healthy VNB growth and SBI Life’s extensive distribution network. APE growth has remained strong, while protection products are becoming a more important part of the product mix.

Jefferies also expects SBI Life to retain its profitability advantage against peers. Agency expansion, new product launches and healthy VNB margins are central to its earnings view. The Rs 2,600 target represents around 40% upside.

BNP Paribas India

BNP Paribas India has retained its ‘Outperform ‘ rating on SBI Life with a target price of Rs 2,670, implying an upside of around 42%.

Analyst Santanu Chakrabarti said SBI Life’s APE grew 13% year-on-year in FY26, while VNB increased around 12.1% to Rs 6,670 crore. VNB margin stood at 27.5%, with quarterly margins improving despite the impact of GST changes.

BNP Paribas expects SBI Life to maintain mid-teen APE growth and a 27-28% VNB margin in FY27. The brokerage also sees support from participating and protection products and expects around 18% RoEV in FY27-28E. BNP Paribas continues to rate SBI Life as its top insurance pick. Its Rs 2,670 target implies approximately 42% upside.

Conclusion

The post-Q1FY27 brokerage picture is getting interesting, with several stocks drawing positive views from multiple research houses. The targets point to potential gains ranging from around 9% to 42%, but the more interesting part is what sits behind those numbers: stronger volumes, capacity-led growth and larger order visibility

The coming quarters will show whether the earnings delivery can keep pace with the expectations built into these targets.

Disclaimer: This article details target prices, ratings, and estimates issued by third-party research brokerages and institutional analysts. The content is provided solely for educational, informational, and news reporting purposes and should not be construed as investment advice, an endorsement, or a solicitation to buy or sell any stock or financial instrument. Stock market investments are subject to market risks, and price targets or financial projections may not materialize as anticipated. Readers are strongly advised to perform independent research and consult a SEBI-registered financial advisor before making any investment or trading decisions. This disclaimer has been generated using AI to support user well-being and responsible content consumption.