The Indian domestic indices ended the week on a negative note as crude continued its surge above $100 and the 10-year yield in the US maintained its steep upward trajectory. The Sensex and the Nifty 50 closed the week with 2% losses each.

Is this an opportunity to buy into value plays? Several leading brokerages, including Jefferies, Macquarie, JM Financial, JPMorgan, Morgan Stanley and Motilal Oswal, have issued fresh recommendations on key stocks. Based on their latest calls, we have shortlisted 10 stocks across sectors for investors to watch.

CLSA on IRB Infrastructure

CLSA rated IRB Infra ‘Outperform’ with a target price of Rs 34.50, implying around 74.9% upside. The company had an order backlog of around Rs 21,373 crore at the end of the first quarter of FY27, up 2% from a year earlier. CLSA has also placed IRB Infrastructure among its preferred names in the broader infrastructure capital expenditure theme.

The focus here is largely on the size of the existing order pipeline and the potential for this backlog to support future revenue.

CLSA on J.Kumar Infra

J.Kumar Infraprojects also features among CLSA’s higher-conviction infrastructure calls. It has an ‘Outperform’ rating and a Rs 765 target price, implying around 57% upside.

The company had an order backlog of Rs 15,074 crore at the end of the June quarter.

Macquarie on GE Vernova

GE Vernova T&D India has an ‘Outperform’ rating from Macquarie and a Rs 5,470 target price, indicating around 29.6% upside.

Macquarie expects sales to grow at around 29% annually between FY26 and FY29. The brokerage sees the order backlog and execution pipeline supporting revenue visibility, while contractual mechanisms for passing on commodity costs could help protect margins.

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Jefferies on HAL

HAL is Jefferies’ defence pick with highest-upside. The brokerage has a ‘Buy’ rating and a Rs 6,800 target price, implying around 39% upside.

The company’s order book is equivalent to around 7.7 times FY26 revenue, according to Jefferies. The brokerage expects execution of existing orders to improve as production scales up.

It expects revenue to rise from Rs 33,089 crore in FY26 to Rs 43,106 crore by FY28. HAL also remains linked to several defence platforms highlighted by Jefferies, including the Sukhoi-30 fighter and BrahMos missile programme.

Jefferies on Polycab

Jefferies retained a ‘Buy’ on Polycab India with a Rs 11,100 target, implying around 34% upside.

The call comes after Polycab shares fell nearly 10% over five trading sessions following UltraTech Cement’s entry into cables and wires.

Jefferies believes the industry has enough room to accommodate the new entrant. The brokerage said, “Thus, we believe there is enough headroom to accommodate a new entrant, without notably disrupting key incumbents.”

Polycab’s exposure to cables is another factor. Around 70-75% of its cables and wires business comes from cables, where some products require lengthy qualification processes.

Jefferies on Vodafone Idea

Jefferies initiated coverage on Vodafone Idea with a ‘Buy’ rating and a Rs 20 target, implying around 30% upside.

The brokerage expects subscriber stabilisation, higher tariffs and operating leverage to drive a turnaround. It estimates that a 10% tariff increase could potentially lead to around 34% upside in equity value.

However, the turnaround depends on execution and fresh funding, making this one of the higher-risk calls in the list.

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Motilal Oswal on Adani Enterprises

Motilal Oswal has a ‘Buy’ on Adani Enterprises with a Rs 3,880 target, implying around 25% upside. The brokerage is focusing on the company’s airport business after Adani Airport Holdings raised around Rs 9,800 crore from global investors.

The money will support airport expansion, mixed-use development and other businesses around the airport ecosystem.

Motilal Oswal said, “The portfolio is moving from capital deployment to value creation, with airports, new energy, and data centers entering the scale-up phase and mature businesses generating cash.”

Motilal Oswal on Coforge

Motilal Oswal has retained its ‘Buy’ rating on Coforge with an Rs 2,200 target, implying around 19% upside.

The stock has been under scrutiny following the resignation of O. P. Bhatt as chairman. Motilal Oswal, however, sees limited impact on the underlying business for now.

The brokerage said, “We see limited implications for the underlying business as of now and await more clarity on the permanent appointment of the new chair.”

Motilal Oswal on Lenskart

Motilal Oswal has retained its ‘Buy’ rating on Lenskart and raised its target to Rs 800 from Rs 705, implying around 16% upside.

The brokerage expects faster store additions and better operating leverage to support growth. It estimates revenue, pre-Ind AS EBITDA and adjusted profit after tax to grow at 27%, 46% and 59% CAGR, respectively, between FY26 and FY29.

Disclaimer: This article is based on research reports from one or more brokerage firms and is for informational purposes only. The views, target prices, and recommendations expressed are those of the respective brokerage firms and do not reflect the official policy or position of Financial Express. This 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 before making any investment decisions.