Archive · 22 Aug 2026
ICICI Securities Sees Nifty Reaching 28,000, Names Five Stocks
Pankaj Pandey of ICICI Securities thinks the Nifty 50 could reach 28,000 within a year.
He says companies performed well during the latest quarter despite difficult economic conditions.
However, higher oil and commodity prices could slow profits in the next quarter.
He still expects earnings to grow strongly over the next two financial years.
Pandey recommends five stocks for investors considering a one-year holding period.
Shriram Properties has the highest suggested upside, at 60%.
The other recommendations are Vedanta Aluminium, Sportking India, NRB Bearing, and Lumax Auto Technologies.
Investors remain cautious because expensive oil could increase inflation and weaken economic growth.
Pandey also said a sustained market rally may be difficult while US-Iran tensions remain unresolved.
Pankaj Pandey of ICICI Securities retained a 12-month Nifty 50 target of 28,000 and a Sensex target of 93,000.
Nifty 50 earnings in Q1FY27 exceeded estimates, with topline growth of 18% and adjusted PAT growth of 15% year-on-year.
Pandey expects near-term earnings moderation from elevated commodity prices but sees no material threat to double-digit earnings growth through FY28E.
The five recommended stocks are Shriram Properties, Vedanta Aluminium, Sportking India, NRB Bearing, and Lumax Auto Technologies.
Target prices imply potential upside of 23% to 60%, while elevated oil prices, inflation risks, and unresolved US-Iran tensions remain market concerns.
- Who
- Pankaj Pandey, head of research at ICICI Securities, and investors in Indian equities.
- What
- Pandey retained a 12-month Nifty 50 target of 28,000 and recommended five stocks with potential upside of up to 60%.
- When
- Over the next 12 months; the earnings discussion covers Q1FY27 and estimates through FY28E.
- Where
- India’s domestic stock market.
- Why
- Pandey cited resilient earnings, expected double-digit profit growth, and company-specific growth opportunities, while noting risks from elevated oil and commodity prices.
Bullish Analyst View
Market Risk Concerns
Nifty’s one-year outlook
Bullish Analyst View
Pankaj Pandey retained a 28,000 12-month target for the Nifty 50, based on expected earnings growth and a 20-times FY28E price-to-earnings multiple.
Market Risk Concerns
The market remains in consolidation mode, and the article says higher oil prices and unresolved US-Iran tensions could prevent a sustained rally.
Earnings trajectory
Bullish Analyst View
Pandey said Q1FY27 earnings were resilient, with broad-based profit growth, and that temporary margin pressure should not derail the broader growth cycle.
Market Risk Concerns
Pandey expects Q2FY27 earnings to moderate because of the lagged effect of elevated commodity prices, while the article also cites risks from inflation, tighter monetary policy, and slower growth.
Recommended stocks
Bullish Analyst View
Pandey expects company-specific factors such as stronger pre-sales, capacity expansion, improving spreads, industrial diversification, and higher-value products to support the five recommendations.
Market Risk Concerns
The recommendations are projections rather than guaranteed outcomes, and the broader market remains exposed to commodity-price and macroeconomic risks identified in the article.
- Nifty 50 target
- 28,000 over a 12-month period.
- Sensex target
- 93,000 over a 12-month period.
- Q1FY27 Nifty earnings
- Topline growth was 18% year-on-year and adjusted PAT growth was 15% year-on-year.
- Expected earnings growth
- Nifty 50 earnings are expected to grow at nearly 16% CAGR over FY26-FY28E.
- Highest-upside recommendation
- Shriram Properties: target price ₹125 versus a previous close of ₹77.91, implying 60% potential upside.
- Other recommendations
- Vedanta Aluminium: ₹600 target and 36% upside; Sportking India: ₹273 and 28%; NRB Bearing: ₹610 and 25%; Lumax Auto Technologies: ₹2,450 and 23%.
- Key market risks
- Elevated oil prices, possible inflation, tighter monetary policy, weaker earnings, slower economic growth, and unresolved US-Iran tensions.