6 ‘Buy’ recommendations by Nomura, with up to 33% upside potential
Nomura remains bullish on six Indian stocks, including Bajaj Finance, Piramal Finance and UltraTech Cement, with potential upside of up to 32.7%. Here are the brokerage’s target prices and key growth drivers.
Nomura has maintained ‘Buy’ ratings on a range of Indian stocks across financial services, cement, real estate and aviation, with its latest research pointing to potential gains of up to 33%. Bajaj Finance, Piramal Finance and UltraTech Cement lead the list, supported by expectations of loan growth, improving asset quality, resilient cement demand and better pricing. The brokerage’s reports published between October 17 and 20 also favour ICICI Bank, Oberoi Realty and InterGlobe Aviation.
The investment cases differ, with lenders banking on growth and profitability, real estate companies relying on project execution and recurring income, and the cement maker looking for price increases to offset higher fuel costs. Nomura’s six ‘Buy’ stocks with the highest upside StockNomura ratingTarget priceUpside potentialBajaj Finance‘Buy’Rs 1,27032.7%Piramal Finance‘Buy’Rs 2,55030.8%UltraTech Cement‘Buy’Rs 13,70028.6%InterGlobe Aviation‘Buy’Rs 6,00025.6%Oberoi Realty‘Buy’Rs 2,09024.7%ICICI Bank‘Buy’Rs 1,74024.6% Source: Nomura research reports published between October 17 and 20, 2026.
Upside figures are as stated in the respective reports. Nomura on Bajaj Finance: ‘Buy’ Nomura retained its ‘Buy’ rating on Bajaj Finance after the company reported September-quarter profit growth in line with the brokerage’s estimate. It raised its full-year loan growth guidance, while flagging some pressure on net interest margins from higher interest rates. The brokerage expects growth across lending segments to remain healthy, with newer businesses such as gold loans adding to the portfolio.
It expects the company to deliver a return on assets of 4.2% and return on equity of 19.9% over FY28-FY29. Nomura has set a target price of Rs 1,270 for Bajaj Finance, implying an upside potential of 32.7%. The brokerage cited strong profit growth, continued reduction in the legacy loan book and healthy expansion in retail assets under management. Nomura noted that management remained confident about reaching a return on assets under management of around 2.5% by the fourth quarter of FY27.
It also said the company’s credit costs remained contained, although stress persisted in a portion of the mortgage portfolio. Nomura has set a target price of Rs 2,550 for Piramal Finance, implying an upside potential of 30.8%. Nomura on UltraTech Cement: ‘Buy’ Nomura retained its ‘Buy’ rating on UltraTech Cement despite higher fuel and operating costs weighing on profitability per tonne in the September quarter.
The brokerage expects price increases to provide some relief in the following quarter. It expects cement demand to remain firm, supported by data centres, private capital expenditure, metro extensions and urban housing. However, the brokerage noted that a weaker monsoon could soften rural demand in FY28, while fuel costs remain a risk. Nomura has set a target price of Rs 13,700 for UltraTech Cement, implying an upside potential of 28.6%.
Nomura on InterGlobe Aviation: ‘Buy’ Nomura maintained its ‘Buy’ rating on InterGlobe Aviation, the operator of IndiGo, despite uncertainty over proposed government rules on airfares. The brokerage’s base case assumes limited direct intervention in fares, with greater oversight and transparency instead. It cautioned that if increased regulatory oversight leads to a sharper decline in yields, earnings could come under pressure, although stronger passenger load factors may partly offset the impact.
Nomura has set a target price of Rs 6,000 for InterGlobe Aviation, implying an upside potential of 25.6%. Nomura on Oberoi Realty: ‘Buy’ Nomura retained its ‘Buy’ rating on Oberoi Realty, citing its residential project pipeline, strong cash generation and growth in rental and hotel income. The brokerage expects pre-sales to grow strongly over FY26-FY28 and sees further support from new commercial and hospitality assets.
The key risk is the legal uncertainty surrounding the company’s 360 North project in Gurugram. Nomura has also factored in some project launches moving into FY28 because of delays in approval clearances. Nomura has set a target price of Rs 2,090 for Oberoi Realty, implying an upside potential of 24.7%. Nomura on ICICI Bank: ‘Buy’ Nomura reiterated its ‘Buy’ rating on ICICI Bank after stronger-than-expected earnings and robust balance-sheet growth.
It raised its earnings estimates for FY27 and FY28, citing healthy underlying loan growth and the expected deployment of funds raised through foreign currency non-resident bank deposits. The brokerage expects ICICI Bank to deliver a return on assets of around 2.3% and return on equity of about 17% over FY27-FY28. It also sees the bank as relatively less exposed to a potential reduction in insurance distribution commissions because bancassurance contributes a small share of its profit before tax.
Nomura has set a target price of Rs 1,740 for ICICI Bank, implying an upside potential of 24.6%. 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.
