The Indian stock market has extended its seventh consecutive week of losses, marking its longest losing streak since 2020. Rising global yields, higher crude oil prices and continued foreign fund outflows have kept investors cautious.
Brokerages continue to see potential in several individual stocks. Recent reports from Jefferies, Kotak Institutional Equities, Bank of America, Macquarie, Ambit Capital, Motilal Oswal, UBS and Emkay have highlighted companies across retail, insurance, consumer goods, capital markets, infrastructure, energy, finance and defence.
Here are 10 names where their target prices indicate potential upside ranging from 23% to 54%.
Jefferies on Vishal Mega Mart: ‘Buy’ with 54% upside
Jefferies retained its ‘Buy’ rating on Vishal Mega Mart with a target price of Rs 160, implying around 54% upside based on the price cited in the brokerage report.
According to the brokerage report, the Vishal Mega Mart currently operates 833 stores and sees room for a much larger store network. Management is targeting double-digit same-store sales growth in FY27.
The company is also testing smaller stores in towns with populations of 40,000-50,000 in Uttar Pradesh and Haryana. According to Jefferies, these formats could eventually expand Vishal Mega Mart’s long-term store opportunity to around 4,000 outlets.
Kotak on SBI Life Insurance: ‘Buy’ with 45% upside
Kotak Institutional Equities has a ‘Buy’ rating on SBI Life Insurance with a fair value of Rs 2,550, indicating around 45% upside based on the valuation in its report.
According to the brokerage report, SBI Life’s overall commission rate stood at 10.6% in FY26, below several private-sector peers.
Kotak said, “SBI Life, the lowest cost and commission-paying player (Exhibit 19) is best placed. Although HDFC Life has large credit-protect business, it may gain counter share at the parent bank, in the absence of uncapped commissions.”
The brokerage expects value of new business to rise from Rs 6,670 crore in FY26 to Rs 10,270 crore by FY29.
BofA on Godrej Consumer Products: ‘Buy’ with 41% upside
BofA has a ‘Buy’ rating on Godrej Consumer Products with a price objective of Rs 1,230, which implies around 41.4% upside from the price cited in the report.
According to the brokerage report, the Godrej Consumer Products’ core businesses could provide steady growth, while changes in its product portfolio could offer another growth avenue.
Bank of America expects revenue and earnings per share to grow at compound annual growth rates of 11% and 13%, respectively, between financial year 2026 and financial year 2028.
Jefferies on GMR Airports: ‘Buy’ with 40% upside
Jefferies has a ‘Buy’ rating on GMR Airports with a target price of Rs 135, implying around 40% upside according to the brokerage report.
The GMR Airports is looking beyond its traditional airport business, with consumer businesses and real estate forming additional areas of focus.
According to the Jefferies report, passenger traffic remains an important part of the business outlook.
Jefferies said, “Three pillars of growth: Mgmt noted GMR’s evolution from a pure-play airport operator into a three-pillar platform spanning airports, consumer businesses & real estate”
Ambit Capital on Suzlon Energy: ‘Buy’ with 40% upside
Ambit Capital has retained ‘Buy’ rating on Suzlon Energy with a target price of Rs 59, indicating around 40% upside according to its valuation table.
According to the brokerage report, Suzlon’s business is closely linked to the wind-power cycle. The key concern is the pace of future wind capacity additions.
Ambit Capital said, “Slowing growth in wind addition. Continued slowdown in power demand could mean lower wind capacity additions, thereby impacting order books.”
The brokerage is valuing Suzlon through a discounted cash flow approach, with its target corresponding to 31 times financial year 2028 earnings.
BofA on Oil and Natural Gas Corporation (ONGC): ‘Buy’ with 39% upside
BofA has a ‘Buy’ rating on ONGC with a price objective of Rs 330, implying around 39.2% upside from the price cited in its report.
According to the brokerage report, the outlook for the state-owned oil and gas producer ONGC remains closely linked to crude prices.
BofA expects higher crude prices to support oil and gas realisations. However, gas realisations under the administered price mechanism are expected to remain capped at a crude price of US$70 a barrel in FY27.
Macquarie on Groww: ‘Outperform’ with 37% upside
Macquarie has an ‘Outperform’ rating on Billionbrains Garage Ventures, the parent company of Groww, with a target price of Rs 260, representing around 37% potential return according to the brokerage’s valuation table.
According to the brokerage report, customer acquisition, cross-selling and margin expansion are key factors behind its expectations.
“Groww is our preferred broker, supported by its customer-acquisition engine, cross-sell opportunity, margin-expansion runway and free-cash-flow potential,” Macquarie said.
The brokerage expects revenue to grow at a compound annual growth rate of 25% between financial year 2026 and financial year 2030.
Motilal Oswal on SPR Auto Technologies: ‘Buy’ with 37% upside
Motilal Oswal initiated coverage on SPR Auto Technologies with a ‘Buy’ rating and a target price of Rs 6,150, implying around 37% upside based on the current market price cited by the brokerage.
According to the brokerage report, the SPR Auto Technologies is trying to reduce its dependence on its traditional piston business by expanding into other automotive components.
Its acquisitions include Antolin, Takahata, TGPEL and EMFi, which are part of its broader mobility-focused expansion.
UBS on L&T Finance: ‘Buy’ after upgrade
UBS upgraded L&T Finance to ‘Buy’ and raised its target price to Rs 380 from Rs 350. According to the brokerage report, the company could see stronger loan growth, particularly through personal loans and higher-yielding segments.
UBS expects loan growth of 25% in FY27 and 24% in FY28.
“L&T Finance has had strong loan growth acceleration from 14% in FY25 to 25% in FY26, with further acceleration in Q1FY27. That has been driven by a strong pick-up in personal loan growth, with a partnership model and new AI initiatives aiding overall agility across products,” UBS said.
Emkay on Hindustan Aeronautics: ‘Buy’ with 23% upside
Emkay has initiated coverage on Hindustan Aeronautics with a ‘Buy’ rating and a target price of Rs 5,950, implying around 23% upside from the current market price.
According to the brokerage report, execution of the Light Combat Aircraft Tejas Mk1A order is expected to support the company’s operational performance.
Emkay expects earnings to grow at a compound annual growth rate of 13% between FY26-29.
“HAL is our top pick in the sector,” Emkay said, while also highlighting the company’s long-term earnings visibility and return ratios.
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.