Brokerage consensus stock picks spotlight Adani Energy Solutions, Hindustan Unilever, Max Financial Services, GMR Airports, Bajaj Auto and Jio Platforms. Here is a look at brokerage Buy recommendations, share price targets and potential upside.
Brokerage consensus stock picks: Brokerages see further upside in several stocks spanning power transmission, consumer goods, financial services, airports, automobiles and telecom, with multiple firms assigning Buy ratings to the same companies. Adani Energy Solutions, Hindustan Unilever, Max Financial Services, GMR Airports, Bajaj Auto and Jio-Platforms feature in the reports, with target prices pointing to different levels of potential gains.
The reasons vary by company, from stronger operating performance and expanding business segments to earnings growth and improving demand. Top brokerage recommendations Adani Energy Solutions Jefferies Jefferies maintained its ‘Buy’ rating on Adani Energy Solutions with a target price of Rs 1,980, implying an upside of around 62% from the reference price used in its report. The brokerage’s valuation incorporates its earnings estimates for the company’s transmission and smart metering businesses.
The report said quarterly EBITDA came in 19% above estimates, supported by the trading business. Jefferies raised its FY27 EBITDA estimate by 6%, while cutting its FY28 to FY30 estimates by 4% to 5% because of lower expected spending on transmission and smart meters. It continued to expect EBITDA to grow at more than 25% annually between FY26 and FY30. Elara Securities Elara Securities maintained its ‘Buy’ rating on Adani Energy Solutions with a target price of Rs 1,747, indicating an upside of around 35%.
According to the report, revenue increased 53% year on year to Rs 10,075 crore. Transmission revenue grew 52%, while smart-metering revenue rose 111%. EBITDA increased 35.5% to Rs 3,101 crore. The report also cited an order book of Rs 87,220 crore, more than 15 projects and the addition of two new transmission projects. Hindustan Unilever Jefferies Jefferies retained its ‘Buy’ rating on Hindustan Unilever with a target price of Rs 2,350, implying an upside of around 29%.
The brokerage’s report described the quarterly performance as a slight beat against expectations. Its valuation was based on 42 times estimated December 2028 earnings. The report also identified raw-material costs, competitive pressure and demand conditions as risks to its outlook. 64 lakh crore semiconductor push Nomura Nomura maintained its ‘Buy’ rating on Hindustan Unilever with a target price of Rs 2,100, indicating an upside of approximately 15.6%.
The report said underlying sales grew 15% year on year, ahead of Nomura’s estimate of 11%. Gross margin fell 395 basis points to 47.6%, while operating margin stood at 22.4%. The brokerage discussed core volume growth, new product performance and input costs as factors relevant to the company’s earnings outlook. JM Financial JM Financial maintained its ‘Buy’ rating on Hindustan Unilever with a target price of Rs 2,225, implying an upside of around 22.5%.
The report put revenue at Rs 17,157 crore, up 15% year on year, and EBITDA at Rs 3,775 crore, an increase of 5.1%. Adjusted profit after tax stood at Rs 2,688 crore, up 6%. Gross margin declined to 48.6% from 52.1%, while EBITDA margin fell to 22% from 23.7%. Axis Securities Axis Securities upgraded Hindustan Unilever from Hold to ‘Buy’ and set a target price of Rs 2,120, indicating an upside of approximately 17%.
Its report recorded revenue of Rs 17,157 crore, up 15.2% year on year and 5.4% sequentially. EBITDA stood at Rs 3,959 crore, up 4.9%, while adjusted profit after tax rose 5.8% to Rs 2,844 crore. The report also noted a 394-basis-point decline in gross margin to 46% and an EBITDA margin of 21.8%. Six stocks with up to 66% upside, say brokerages StockTop Target Price (₹)Maximum Potential UpsideAdani Energy Solutions1,98062%Hindustan Unilever2,35029%Max Financial Services2,05066%GMR Airports13552%Bajaj Auto14,30037.6%Jio Platforms1,35021% Max Financial Services Nomura Nomura maintained its ‘Buy’ rating on Max Financial Services with a target price of Rs 2,000, implying an upside of 62.5%.
The report said Axis Max Life’s value of new business (VNB) margin reached 27% in the September quarter, beating Nomura’s estimate by 130 basis points. The improvement was attributed to a favourable product mix, including 119% year-on-year growth in annuity business and 20% growth in group protection, along with a lower operating expense ratio and improved product-level profitability. Nomura raised its FY27 VNB margin estimate to 26% and projected 19% VNB growth for the year.
It also noted that Axis Max Life aims to reduce its expense-of-management ratio from 25% to 16% to 17.5%, while identifying proposed distribution reforms as a key concern for the business. Jefferies Jefferies maintained its ‘Buy’ rating on Max Financial Services with a target price of Rs 2,050, implying an upside of around 66%. The report projected annualised premium equivalent growth of 15% between FY26 and FY29.
It also cited the recruitment of 67,000 net agents over the previous two years and the potential contribution from improved agent productivity. Jefferies discussed the Axis Bank distribution channel, credit life business and a projected 130-basis-point improvement in VNB margin by FY29. It expected VNB to grow at a 17% rate over three years. GMR Airports Jefferies Jefferies maintained its ‘Buy’ rating on GMR Airports with a target price of Rs 135, indicating an upside of approximately 51%.
The report said revenue rose 11.6% year on year to Rs 4,095 crore in the September quarter, while EBITDA declined 2.2% to Rs 1,476 crore. Operating expenses increased 21.2%. For its valuation, Jefferies applied 10 times FY28 EBITDA to the aviation business and 35 times FY28 EBITDA to the non-aviation business. Airport tariff regulation, passenger traffic and capital expenditure were among the risks identified in the report.
Elara Securities Elara Securities maintained its ‘Buy’ rating on GMR Airports with a target price of Rs 132, indicating an upside of around 52%. The brokerage reduced its revenue estimates for FY27, FY28 and FY29 by 1%, 2% and 3%, respectively. It also cut EBITDA estimates by 3%, 1% and 1% for the same years, while lowering its FY28 and FY29 profit estimates by approximately 5%. Despite these revisions, Elara retained its target price.
9% margin, 1 clocks 52% profit; Which stock stands out? Emkay Emkay maintained its ‘Buy’ rating on GMR Airports with a target price of Rs 120, implying an upside of 36.4%. The report said EBITDA reached Rs 1,480 crore, up 2% year on year and 6% above Emkay’s estimate. Revenue grew 12%, supported by non-aeronautical income and the commissioning of Nagpur and Vizag airports. Revenue per passenger at Delhi Airport increased, while non-aeronautical income per passenger rose 12% sequentially to Rs 772.
Emkay expected passenger traffic to improve in the second half of FY27, supported by seasonal demand and airline slot requirements, and expected non-aeronautical income to remain resilient. It reduced its FY27 to FY29 EBITDA estimates by 1% to 3% after revising passenger traffic assumptions for Hyderabad and Goa airports, but retained its target price. Bajaj Auto Nomura Nomura maintained its ‘Buy’ rating on Bajaj Auto with a target price of Rs 11,855, implying an upside of around 14.1%.
The report put revenue at Rs 20,000 crore, up 34% year on year, and EBITDA at Rs 4,170 crore, an increase of 37%. Nomura discussed the contribution of exports, electric vehicles and domestic product launches to the company’s performance. Input costs and rural demand were among the risks identified in its assessment. JM Financial JM Financial maintained its ‘Buy’ rating on Bajaj Auto with a target price of Rs 12,797, indicating an upside of approximately 23.2%.
The report put profit after tax at Rs 3,350 crore, up 35% year on year and 6% above the brokerage’s estimate. Higher realisations, operating income and production-linked incentive benefits contributed to the performance. The report also discussed new launches, exports and electric vehicles in its assessment of the company. Motilal Oswal Motilal Oswal maintained its ‘Buy’ rating on Bajaj Auto with a target price of Rs 12,180, implying an upside of around 17%.
The brokerage’s report discussed export momentum and demand for electric vehicles, including the Chetak range. It also cited Bajaj Auto Credit as part of its assessment of the business. These factors formed part of its outlook for the company. Anand Rathi Anand Rathi maintained its ‘Buy’ rating on Bajaj Auto with a target price of Rs 14,300, implying an upside of approximately 37.6%. The report cited EBITDA of Rs 4,170 crore, up 37% year on year, and said export growth in Africa and Latin America was outperforming the industry.
It also pointed to the traction seen by new launches during the festive period, alongside export performance and demand for electric scooters. Commodity costs remained a risk to the outlook. Jio Platforms Nomura Nomura assigned Jio Platforms a ‘Buy’ rating with a target price of Rs 1,340, implying an upside of approximately 19.7% from the IPO price used in the report. The brokerage’s assessment cited Jio’s position in wireless services, high data usage and low customer churn.
It also noted that long-duration plans are discounted compared with monthly plans, which could delay the effect of tariff increases on average revenue per user. Home broadband was another area discussed in the report. Motilal Oswal Motilal Oswal assigned Jio Platforms a ‘Buy’ rating with a target price of Rs 1,350, implying an upside of around 21% from the IPO price used in the report. The report cited a subscriber base of approximately 533 million and the company’s presence in broadband, cloud, enterprise communications, Internet of Things and managed services.
Motilal Oswal projected revenue, EBITDA and profit after tax compound annual growth rates of 14%, 15% and 20%, respectively, between FY26 and FY29. It also expected free cash flow generation and a net-cash position by FY29. Conclusion The brokerage reports offer a range of views on where these companies could head next, but their expectations rest on different business drivers. Analysts point to transmission and smart-metering growth at Adani Energy Solutions, sales and margins at Hindustan Unilever, new-business profitability at Max Financial Services, airport income at GMR Airports, exports and electric vehicles at Bajaj Auto, and subscriber growth and digital services at Jio Platforms.
Differences in target prices also show that brokerages do not share identical earnings estimates or valuation assumptions. Their ratings and price targets remain estimates, and actual performance will depend on how each company’s business develops. 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.
