Archive · 23 Sep 2026
Brokerage Sets 20–24% Upside Targets for Four Stocks
MOFSL is a brokerage that has given positive opinions about four companies.
It believes Tata Steel could benefit from stronger steel prices and growing demand in India.
It set a target price of Rs 220 for Tata Steel.
It also expects Solar Industries to grow as it makes more defense products, including ammunition and rockets.
Its target for Solar Industries is Rs 23,000.
Mahindra & Mahindra Financial Services could benefit from faster digital lending and more business through its branches.
MOFSL also said IDFC First Bank is improving its controls, asset quality and profits.
However, Tata Steel’s European business still depends on regulations, energy costs and steel-price spreads.
MOFSL retained a Buy rating on Tata Steel with a Rs 220 target, implying 20% upside.
MOFSL initiated coverage on Solar Industries with a Buy rating and a Rs 23,000 target, implying 24% upside.
Mahindra & Mahindra Financial Services received a reiterated Buy rating with a Rs 430 target and 21% upside potential.
MOFSL said IDFC First Bank’s controls, asset quality and profitability trends are improving, with GNPA and NNPA estimated to moderate by FY28E.
The brokerage cited steel-price strength, defense-product expansion, digital lending tools and improving bank metrics as key drivers, while noting risks around Tata Steel Europe and cost inflation.
- Who
- MOFSL, Tata Steel, Solar Industries, IDFC First Bank and Mahindra & Mahindra Financial Services.
- What
- MOFSL issued or reiterated positive stock views and price targets, while providing operating forecasts for IDFC First Bank.
- When
- The article refers to estimates through FY28E; no publication date is specified.
- Why
- MOFSL cited stronger steel prices, defense-manufacturing expansion, digital lending improvements and better banking metrics as reasons for its outlook.
- Tata Steel target
- Rs 220; Buy rating and 20% upside potential
- Solar Industries target
- Rs 23,000; Buy rating and 24% upside potential
- Mahindra & Mahindra Financial Services target
- Rs 430; Buy rating and 21% upside potential
- IDFC First Bank asset quality
- GNPA/NNPA estimated to moderate to 1.4%/0.4% by FY28E
- Tata Steel valuation
- Trading at 6.8 times FY28 EV/EBITDA and 1.8 times FY28 book value, according to MOFSL
- Mahindra & Mahindra Financial Services forecasts
- Projected PAT CAGR of 23% over FY26-FY28E, with FY28E RoA/RoE of 2.4%/14.5%