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HDFC Bank- Target ₹1,110; Upside 14% | SBI Securities expects HDFC Bank to rebound strongly, projecting loan growth of 10% in FY26 and 13% in FY27. Robust deposit growth and a balanced funding mix are set to fuel its next expansion phase.
2 / 15TVS Motor- Target ₹3,975; Upside 13.2% | TVS Motor is positioned to benefit from rural recovery and export strength. The brokerage cites GST 2.0 and capacity leverage as key margin drivers through FY26–27.
3 / 15Apollo Hospitals- Target ₹8,675; Upside 13.2% | Apollo Hospitals’ earnings visibility remains strong, backed by higher occupancy, digital expansion, and asset-light growth. SBI Securities maintains a positive long-term outlook.
4 / 15Indian Bank- Target ₹875; Upside 15.4% | Indian Bank is expected to post steady growth across NII, PPOP, and PAT, each clocking around 10% CAGR. The stock trades attractively at 1.1x FY27 book value, the brokerage said.
5 / 15Ashok Leyland- Target ₹170; Upside 23.2% | SBI Securities sees margin improvement at Ashok Leyland, led by lower input costs, favorable mix, and pricing discipline. The stock trades at 20.5x FY27 earnings, offering solid upside potential.
6 / 15Jubilant FoodWorks- Target ₹720; Upside 15.5% | The brokerage expects GST rationalisation to boost consumption and QSR demand. Lower input costs and stronger same-store sales could enhance growth momentum for Jubilant FoodWorks.
7 / 15NALCO- Target ₹260; Upside 19.7% | SBI Securities sees operational efficiency and production growth driving NALCO’s performance. The stock trades at 6.1x FY27 EV/EBITDA, with strong demand recovery prospects.
8 / 15NSDL- Target ₹1,380; Upside 15.2% | NSDL is seen as a proxy play on market revival, with revenue and PAT projected to grow at 5% and 14% CAGR through FY27, according to SBI Securities.
9 / 15Azad Engineering- Target ₹2,105; Upside 22.5% | SBI Securities expects Azad Engineering to deliver 42.7% PAT CAGR through FY27. The company’s strong order book and growth in aerospace and energy components underpin optimism.
10 / 15Oswal Pumps-Target ₹970; Upside 25.2% | Oswal Pumps is projected to post over 30% CAGR in revenue and profit till FY27. Strong expansion plans and operating efficiency support the highest upside potential in the list.
11 / 15Subros Ltd- Target ₹1,355; Upside 21.2% | Subros is expected to gain from the PV/CV industry upcycle and GST cuts, driving higher volumes. Supportive monetary policy adds further tailwinds.
12 / 15Indian Metals & Ferro Alloys- Target ₹1,415; Upside 21.7% | IMFA aims to ramp up ferrochrome production under its Kalinganagar expansion. The stock trades at a modest 12x FY27 P/E, with steady growth visibility.
13 / 15Fiem Industries- Target ₹2,340; Upside 22.5% | Fiem Industries is set to benefit from the two-wheeler recovery and LED lighting transition. Entry into the PV segment offers additional growth drivers.
14 / 15Swaraj Engines- Target ₹5,112; Upside 24.2% | GST cuts on tractors are expected to spur replacement demand. With a dividend yield of 3% and high payout ratio, Swaraj Engines offers both growth and income appeal.
15 / 15Pondy Oxides & Chemicals- Target ₹1,530; Upside 23.4% | POCL’s diversified recycling business and upcoming Phase-2 expansion support strong growth. Entry into lithium-ion recycling aligns with its 20%+ CAGR Vision 2030.
