Archive · 23 Sep 2026
Bank of America Names 22 Indian Stocks With Upside
Bank of America studied 22 Indian companies and said their shares could rise significantly.
It gave every company a ‘Buy’ rating.
Godrej Consumer Products had the largest possible increase in the report, at 41.4%.
ONGC and Godrej Properties also had expected increases of nearly 40%.
The companies operate in areas such as banking, electricity, cars, consumer products, hospitals and technology.
Some companies may benefit from India building more infrastructure and using more electricity.
Others may benefit from stronger loans, better sales or higher commodity prices.
However, these predictions could change if demand, costs, interest rates or project execution disappoint.
The price targets are forecasts, not guarantees.
Bank of America has rated 22 Indian companies ‘Buy’, with potential upside ranging from 10.2% to 41.4%.
Godrej Consumer Products has the highest projected upside at 41.4%, followed by ONGC at 39.2% and Godrej Properties at 38.9%.
The picks span banking, infrastructure, power, energy, consumer goods, autos, healthcare and technology.
Key investment themes include loan growth, data-centre-driven electricity demand, infrastructure spending, commodity prices and earnings recovery.
The targets depend on company-specific factors including execution, interest rates, demand, margins and commodity-price movements.
- Who
- Bank of America analysts and the 22 Indian companies identified as key picks.
- What
- Bank of America issued ‘Buy’ recommendations and price targets for 22 Indian stocks.
- When
- The report was dated September 14, with forecasts covering periods including FY26 to FY28.
- Where
- India, across companies operating in banking, infrastructure, power, energy, consumer goods, autos, healthcare and technology.
- Why
- The brokerage cited expected improvements in growth, earnings, power demand, infrastructure spending, margins, valuations and company execution.
- Number of picks
- 22 Indian stocks
- Brokerage view
- All 22 companies received a ‘Buy’ rating
- Highest projected upside
- Godrej Consumer Products: 41.4%
- Second-highest projected upside
- ONGC: 39.2%
- Third-highest projected upside
- Godrej Properties: 38.9%
- Lowest projected upside
- Titan Company: 10.2%
- Major power theme
- Data-centre expansion and rising consumer-durables penetration are expected to support electricity demand
- Core risks
- Commodity prices, interest rates, demand conditions and execution