Indian equity markets, after several years of strong gains, saw a prolonged period of consolidation in 2025. The market performance in 2025 remained largely rangebound, allowing corporate earnings to gradually catch up with elevated valuations. But what surprise does 2026 bring with it?
Here are the top 5 stock picks by Religare Broking with upside potential of almost 24% over the next 12 months in select counters.
Religare’s 2026 picks: Mahindra & Mahindra
The very first pick of Religare Broking is Mahindra & Mahindra. It initiated coverage on M&M with a ‘Buy’ rating. The brokerage has a target price of Rs 4,161, implying an upside of 15.4%. M&M’s medium-to-long-term outlook remains robust, driven by product innovation, operational efficiency, and strong market positioning. New SUV launches, GST-led affordability, and a diversified portfolio across SUVs, tractors, and LCVs are expected to sustain strong demand and revenue stability.
Religare’s 2026 picks: Kotak Mahindra Bank
Religare Broking has a ‘Buy’ rating, with a target price of Rs 2,487, an upside of 15.2%. The brokerage thinks Kotak Mahindra Bank is well placed for steady, risk-adjusted growth, supported by its shift towards secured and flow-led lending, stabilising asset quality and a strong granular liability franchise. Margin pressures are expected to ease as the rate cycle matures, while improving credit trends enhance earnings visibility. With valuations now below long-term averages after a prolonged time correction, the risk-reward is favourable.
Religare’s 2026 picks: Lupin
Religare Broking has initiated coverage on Lupin with a ‘Buy’ rating. The brokerage has a target price of Rs 2,508, implying an upside of 18.1%. Lupin is well-positioned for medium-to-long-term growth, driven by global expansion, an improving product mix, and a focus on high-value therapies. Regulatory approvals in the US and Europe, along with traction in emerging markets, provide stable revenue visibility.
Religare’s 2026 picks: ICICI Prudential Life Insurance
The brokerage house has maintained a Buy rating on ICICI Prudential Life Insurance Company, with a target price of Rs 800. This implies an upside of 23.2% from the current market price. ICICI Prudential Life Insurance’s growth strategy of protection-led product mix, multi-channel distribution expansion, and operational discipline positions it well for sustainable earnings growth. Plus, operating leverage, cost efficiency, and strong solvency provide earnings visibility, while a stable product mix reduces sensitivity to capital market volatility.
Religare’s 2026 picks: JK Lakshmi Cement
The last stock on which Religare Broking is betting is JK Lakshmi Cement. JK Lakshmi Cement’s growth strategy of calibrated capacity expansion, premiumisation and operational discipline positions it well for sustained earnings growth, as per Religare Broking. EBITDA margins should expand as capacity utilisation improves from current levels and management initiatives on fuel optimisation and green power usage lower costs.
The brokerage has a ‘Buy’ rating at a target price of Rs 979, expecting the stock to rally 23.6% from the current market price.