Archive · 17 Sep 2026
Jefferies Sees 31%-50% Upside in Three Indian Stocks
Jefferies, a brokerage firm, chose three Indian companies it thinks could perform well.
The companies are Hitachi Energy India, State Bank of India and UltraTech Cement.
Jefferies gave each stock a Buy rating.
It expects Hitachi Energy India to benefit from growing demand for electricity transmission.
It expects SBI to grow by increasing loans and expanding newer banking services.
It expects UltraTech Cement to benefit from construction and infrastructure demand.
The brokerage also identified risks, such as project delays, higher banking costs and expensive fuel or transport.
These views are research opinions, so investors are advised to conduct their own checks and seek advice from a registered financial adviser.
Jefferies has issued Buy ratings on Hitachi Energy India, SBI and UltraTech Cement.
Hitachi Energy India has a Rs 45,790 price target, implying 50% potential upside.
SBI has a Rs 1,320 price target, implying 36% potential upside.
UltraTech Cement has a Rs 14,065 price target, implying 31% potential upside.
Key risks include execution delays, credit costs, wage expenses and higher input costs.
- Who
- Jefferies issued recommendations on Hitachi Energy India, State Bank of India and UltraTech Cement.
- What
- The brokerage gave all three companies Buy ratings and price targets implying 31% to 50% potential upside.
- When
- The article does not specify when the recommendations were issued; it refers to FY26-29 estimates and the next three to five years for cement-industry growth.
- Where
- The recommendations concern companies operating in India.
- Why
- Jefferies cited rising power-transmission needs, SBI loan and service growth, and sustained cement demand from construction and infrastructure.
Bullish Case
Risks to Watch
Hitachi Energy India
Bullish Case
Rising electricity demand, a large order book, two major domestic HVDC orders and potential demand from storage, data centres, renewables and electric vehicles could support growth.
Risks to Watch
Project-execution delays and weaker power demand could affect performance.
State Bank of India
Bullish Case
Loan growth, self-employed and professional lending, retail current-account deposits, wealth management and digital services could support expansion.
Risks to Watch
Credit costs and wage-related expenses could put pressure on results.
UltraTech Cement
Bullish Case
Housing, roads, railways, ports, irrigation and private-sector capital expenditure are supporting cement demand, while expanded capacity could improve volumes and utilisation.
Risks to Watch
Higher costs for coal, petcoke and freight could weigh on the company.
- Hitachi Energy India target
- Rs 45,790, implying 50% potential upside
- State Bank of India target
- Rs 1,320, implying 36% potential upside
- UltraTech Cement target
- Rs 14,065, implying 31% potential upside
- Hitachi Energy order book
- Around Rs 32,200 crore
- SBI loan-growth target
- 13% to 15%
- UltraTech domestic capacity
- Around 200 million tonnes per annum, with utilisation of about 80%