The stock market has been going through a difficult phase, with the Nifty 50 and Sensex extending their losing streaks. For the week, the Nifty plunged 3.1%, while the Sensex fell 2.7%.
This week, brokerage reports covered companies across banking, defence, real estate, pharmaceuticals, energy and consumer businesses. Their target prices indicate potential upside ranging from around 25% to 54%.
Brokerage targets are estimates based on assumptions about earnings, valuations and business performance. Here are the 10 stocks and the factors behind the calls, arranged from the highest projected upside to the lowest.
Kotak on ONGC: 54% upside
Kotak Institutional Equities has retained its ‘Buy’ rating on ONGC with a fair value of Rs 355. This implies around 54% upside from the level considered by the brokerage.
The brokerage expects ONGC’s production outlook to improve over the medium term. Its Western Offshore partnership with BP is an important part of this outlook.
Kotak expects the partnership to help keep production broadly stable over the next decade. Improving gas contribution is another factor being tracked by the brokerage.
Motilal Oswal on Time Technoplast: 54% upside
Motilal Oswal has retained its ‘Buy’ rating on Time Technoplast with a target price of Rs 280, implying around 54% upside.
Time Technoplast operates in the plastic products segment and managed to grow despite volatility in crude oil, polymer prices, freight costs and currencies.
According to the brokerage report, revenue, EBITDA and profit after tax increased 12%, 14% and 21%, respectively, in FY26.
Nuvama on Bajaj Consumer: 51.1% upside
Nuvama has a ‘Buy’ rating on Bajaj Consumer Care with a target price of Rs 760. This represents around 51.1% upside from the current level.
The brokerage expects the Bajaj Consumer’s next phase of growth to be driven by volumes rather than only price increases.
Almond Drops Hair Oil, premiumisation and new products such as Coconut and Banjara are among the factors Nuvama is watching.
Axis Capital on DLF: 49% upside
Axis Capital has a ‘Buy’ rating on DLF with a target price of Rs 1,000, implying around 49% upside.
The brokerage’s assessment comes despite softer August housing activity in the National Capital Region. New launches in the region fell sharply during the month.
Axis Capital noted that absorption also declined, although the broader housing market continues to be supported by sustained demand across major cities.
Nomura on Dr Reddy’s Laboratories: 45% upside
Nomura has retained its ‘Buy’ rating on Dr Reddy’s Laboratories with a target price of Rs 1,740, implying about 45% upside.
The brokerage is closely tracking two upcoming milestones for the pharmaceutical company: US Food and Drug Administration clearance for its biologics facility and approval of biosimilar Abatacept.
Nomura expects the Dr Reddy’s Laboratories to launch Abatacept across more than 50 countries in the first phase if approval is received.
Nuvama on Reliance Industries: 45% upside
Nuvama has a ‘Buy’ rating on Reliance Industries with a target price of Rs 1,766, indicating around 45% upside.
The brokerage expects stronger earnings, with its oil-to-chemicals business benefiting from favourable middle-distillate cracks.
Reliance’s digital business is another earnings driver. Nuvama expects Digital EBITDA to rise 16% year-on-year, supported by average revenue per user and subscriber growth.
Jefferies on Hindustan Aeronautics: 43% upside
Jefferies has retained its ‘Buy’ rating on Hindustan Aeronautics with a target price of Rs 6,800, implying around 43% upside.
The brokerage is watching deliveries of Tejas Mk1A aircraft closely. It expects 10 aircraft to be delivered during the year, compared with its earlier estimate of five.
Jefferies expects Hindustan Aeronautics a revenue growth of 14% in FY27 and FY28, followed by 15% growth in FY29 and FY30.
Axis Capital on Prestige Estates Projects: 40% upside
Axis Capital has a ‘Buy’ rating on Prestige Estates Projects with a target price of Rs 2,060, implying around 40% upside.
The brokerage noted that housing absorption across the top seven cities remained steady despite a high base.
Sustained bookings and continued launches are important factors behind the brokerage’s view on the real estate company Prestige Estates Projects.
Nomura on HDFC Bank: nearly 32% upside
Nomura has a ‘Buy’ rating on HDFC Bank with a target price of Rs 950, implying nearly 32% upside.
With the CEO transition now decided by HDFC Bank, the focus is expected to move towards execution. Nomura is tracking deposit mobilisation, loan growth, margin recovery and return ratios.
The brokerage has also highlighted the possibility of a strategic reset under the new leadership.
UBS on LEAP India: 24.8% upside
UBS initiated coverage on LEAP India with a ‘Buy’ rating and a target price of Rs 175, implying 24.8% upside.
The brokerage expects LEAP India’s revenue to grow at a 19% compound annual growth rate between FY26 and FY31, with EBITDA expected to grow at 21%.
UBS is also looking at the relatively low level of palletisation and pallet-pooling penetration in India as a potential long-term growth opportunity.
What investors need to watch
The 10 brokerage calls cover very different businesses and sectors. The projected upside ranges from 24.8% to 54%, but these figures are based on brokerage assumptions and are not guaranteed returns.
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.