1 / 10Bajaj Finance, State Bank of India, Varun Beverages, HDFC Bank, Bharti Airtel, Shriram Finance, Avenue Supermarts, Lupin, Max Healthcare, Hero MotoCorp, Prestige Estates, APL Apollo, Kirloskar Brothers, Sansera Engineering and Kalpataru Projects, are the 15 stocks highlighted by Axis Securities as their top stock picks for September, for an upside potential of up to 29%. Here’s a look at their rationale behind some of their picks:
2 / 10Shriram Finance | Axis Securities has projected a 29% potential upside on Shriram Finance with a price target of ₹750 per share. Consistent growth delivery while maintaining asset quality, alongside net interest margin (NIM) improvement on expected lines should drive stock performance, the brokerage said. At current levels, it believes the risk-reward is favourable.
3 / 10State Bank of India (SBI) | Axis Securities has set a price target of ₹1,025 per share for SBI, implying a potential upside of 28%. It said India’s largest lender remains well-positioned to sustain its growth momentum, supported by its comfortable loan-to-deposit ratio (LDR), providing it with leverage to accelerate credit growth. While the near-term pressures are expected to be visible on net interest margins (NIMs), the benefit from deposit rate cuts should support its recovery and its asset quality does not pose challenges. Collectively, this should ensure a 1% return on asset (RoA) delivery over FY26-28 estimate, Axis Securities said.
4 / 10Prestige Estates Projects | Axis Securities sees a 28% upside on the stock after setting a price target of ₹2,000 per share. It said the company has set its FY26 guidance targeting pre-sales of ₹27,000 crore, coupled with a robust launch pipeline worth ₹43,000 crore in gross development value (GDV). The management too remains confident of sustaining the sales momentum. The annuity portfolio is also expected to scale up, with exit rentals projected to reach ₹4,900 crore by FY30, it added.
5 / 10Lupin | Axis Securities has projected a 27% increase in Lupin’s share price to ₹2,400 apiece. At its current market price, Lupin trades at 23.5x and 21.5x its FY26 and FY27 earnings estimates, respectively, the brokerage said.
6 / 10Max Healthcare Institute | The stock can gain another 26% to ₹1,450 apiece, as per the brokerage. It said developing hospitals are expected to ramp up gradually, driving incremental occupancy and revenue growth. The focus remains on scaling oncology and international patient business while maintaining strong return ratios, it said.
7 / 10Bajaj Finance | Axis Securities has projected a 25% upside on shares of Bajaj Finance. It has a price target of ₹1,100 per share. It said the company is set to witness improved margins, supported by faster transmission of the rate cuts in CoF and an optimal borrowing mix. While the majority of the segment continues to deliver healthy growth, emerging stress in the MSME segment could weigh on near-term growth for the company, it said. As near-term asset quality challenges subside, Axis Securities expects credit costs to gravitate to normalised levels, thereby supporting earnings.
8 / 10Bharti Airtel | Shares of Bharti Airtel can rise another 22% as per the brokerage. It has set a price target of ₹2,300 per share. Axis Securities said it maintains its “buy” rating on the stock, driven by the company’s superior margins, impressive subscriber growth and increased 4G conversions, it added.
9 / 10APL Apollo Tubes | Axis Securities has a price target of ₹1,950 per share for APL Apollo Tubes, a 22% upside from its previous closing price. With the growth drivers intact, the brokerage believes the company is well-positioned to capture India’s infrastructure growth. It has projected its EBITDA to grow at a Compounded Annual Growth Rate (CAGR) of 38% over FY25-27.
10 / 10Other Top Picks | Apart from these eight stocks, Varun Beverages (21% upside), HDFC Bank (21% upside), Avenue Supermarts (11% upside), Hero MotoCorp (16% upside), Kirloskar Brothers (20% upside), Sansera Engineering (18% upside) and Kalpataru Projects (18% upside) are some of the other top picks that Axis Securities has highlighted for the month of September.
