The domestic equity markets ended the week on a cautious note as crude oil prices once again surged to trade above $90 a barrel. The Nifty 50 closed the week 0.23% lower, while the BSE Sensex ended the week 0.13% lower.
Several top research houses, including Jefferies, Macquarie, JM Financial, JP Morgan, Morgan Stanley, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
Motilal Oswal on ICICI Pru AMC
Motilal Oswal has retained its ‘Buy’ rating on ICICI Prudential Asset Management Company (AMC) and maintained the 12-month price target at Rs 3,800, implying an upside of over 23% from the current market price. The brokerage house stated that the company has multiple long-term growth drivers, which support earnings compounding.
ICICI Pru AMC’s revenue yields remain best-in-class, driven by its leadership in higher-yield active equity and hybrid assets. Recent regulatory changes regarding Total Expense Ratio (TER) caps have been fully passed through to distributors with minimal impact on profitability.
Jefferies on Emmvee Photovoltaic Power
Jefferies has retained a ‘Buy’ rating on Emmvee Photovoltaic Power with a target price of Rs 440. This implies around 38% upside from the current market price. According to the Jefferies report, Emmvee’s early adoption of Tunnel Oxide Passivated Contact (TOPCon) solar cells, strong order book and focus on the solar photovoltaic value chain could support profitability.
The Emmvee Photovoltaic Power stock has corrected around 15% recently. Jefferies believes this has improved the risk-reward equation and values the company at 10 times forward Enterprise Value to Earnings Before Interest, Tax, Depreciation and Amortisation (EV/EBITDA).
Macquarie on Divi’s Laboratories
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. Macquarie has a target price of Rs 10,200 for Divi’s Laboratories, implying a 20% total shareholder return.
“Improving asset utilisation and operating leverage should support a sustained acceleration in earnings growth,” Macquarie said. The brokerage expects revenue and EPS to compound at 23% and 33%, respectively, between FY26 and FY28.
Jefferies on TVS Motor Company
Jefferies has a ‘Buy’ rating on TVS Motor Company and a target price of Rs 5,425, which indicates around 24% upside from the current market price. The brokerage expects TVS to deliver 13% volume CAGR and 24% earnings per share (EPS) CAGR between FY26 and FY29.
One area Jefferies is watching closely is TVS Motor’s rising investment in subsidiaries. According to the report, investments in subsidiaries increased at a 29% CAGR between FY21 and FY26 to Rs 11,300 crore, equivalent to around 44% of standalone assets.
JM Financial on Voltas
JM Financial has an ‘Add’ rating on Voltas, and raised the price target marginally to Rs 1,400 from Rs 1,390. This surge came on the back of 45% YoY growth in secondary volumes and an inch-up in secondary market share to 17.3% as of June 2026 compared to 15.9% as of March 2026.
Intending to secure its supply chain, Voltas entered into a 50:50 JV with Atomberg to develop and manufacture RAC compressors, aspiring to initially kick off with a capacity of 2.8 million units, with commercial production being 18 months away.
Jefferies on Larsen & Toubro
Jefferies has a ‘Buy’ rating on Larsen & Toubro and a target price of Rs 5,000, implying 23% upside. Jefferies expects the engineering and construction major to benefit from the revival in India’s capex cycle.
L&T’s June-quarter order flow rose 14% YoY, while international orders increased 25% YoY. Its E&C margin remained stable at 7.6%, and FY27 guidance for flat margins was retained. Jefferies said L&T has “strong visibility with conservative guidance should drive upside.”
Motilal Oswal on Hindustan Aeronautics
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.
Jefferies on Patanjali Foods
Jefferies has given a ‘Buy’ call on Patanjali Foods and sees room for it to rally close to 60% from current levels as the brokerage has set the price target of Rs 560, which implies a 59% upside.
Patanjali Foods trades at 23 times its estimated earnings for the next year. This is a common way analysts compare how “expensive” a stock is relative to its profits. Jefferies expects PAT to grow at a compound annual growth rate (CAGR) of 23% between FY26-29. It also expects return on capital employed (ROCE) to improve by about 590 basis points to 18% over the same period.
JP Morgan On Tata Motors
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 Tata Motors CV earnings trajectory remaining healthy despite some near-term cost pressures.
Morgan Stanley on Bharat Forge
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 Bharat Forge’s planned capital expenditure of around Rs 1,800 crore to support these businesses.
Conclusion
The recommendations point toward strong business fundamentals, quarterly performance, sector-specific growth drivers, and a change in business model.
As broader market sentiments are turning, leading brokerages identified opportunities across sectors such as defence, automobile, FMCG, consumer durables, AMC, and others.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.