Archive · 25 Sep 2026
Jefferies Picks Five Stocks With Up To 54% Upside
Jefferies, an investment research firm, selected five Indian stocks that it rates ‘Buy.’
Vishal Mega Mart had the biggest possible gain listed, at 54% based on Jefferies’ target price.
Jefferies thinks the retailer can grow by opening many more stores and selling more private-label products.
It also sees potential from renovating stores and trying smaller formats.
The other four companies are banks.
Their outlooks depend on profitability, share valuations and how new insurance rules might affect fees.
Axis Bank and IndusInd Bank have more exposure to bancassurance income than State Bank of India and ICICI Bank.
Jefferies still rates all five stocks ‘Buy,’ but the stated gains are not guaranteed returns.
Jefferies rates Vishal Mega Mart ‘Buy’ with a Rs 160 target and 54% stated upside.
Vishal Mega Mart’s growth case centers on store expansion, refurbishment, private labels and new retail formats.
Axis Bank has a ‘Buy’ rating, a Rs 1,700 target and 36% stated upside despite relatively high bancassurance exposure.
State Bank of India and ICICI Bank have lower bancassurance exposure, with stated upsides of 33% and 31%, respectively.
IndusInd Bank has a Rs 1,250 target and 30% stated upside, though it has the highest bancassurance exposure among the banks discussed.
- Who
- Jefferies and the five companies it covers: Vishal Mega Mart, Axis Bank, State Bank of India, ICICI Bank and IndusInd Bank.
- What
- Jefferies issued ‘Buy’ recommendations with stated upside potential ranging from 30% to 54%.
- When
- The research reports were dated September 23–24, 2026.
- Where
- The recommendations concern Indian consumer and banking companies.
- Why
- Jefferies cited company-specific growth catalysts, profitability, valuations and differing exposure to proposed insurance-distribution changes.
Jefferies’ Buy Case
Risks and Constraints
Retail growth
Jefferies’ Buy Case
Vishal Mega Mart could benefit from store additions, refurbished locations, private-label sales and new formats.
Risks and Constraints
The retailer is investing in quick commerce, RFID, artificial intelligence, warehouse automation and new formats, which could affect operating leverage and execution.
Insurance-distribution rules
Jefferies’ Buy Case
Jefferies continues to rate all four banks ‘Buy,’ supported by profitability and valuations.
Risks and Constraints
Proposed Insurance Regulatory and Development Authority of India changes could reduce commissions and affect bancassurance income, particularly for banks with greater exposure.
Bank exposure
Jefferies’ Buy Case
State Bank of India and ICICI Bank have relatively low bancassurance exposure, while Jefferies still sees value across the banking picks.
Risks and Constraints
IndusInd Bank has the highest stated exposure among the banks discussed, and Axis Bank also has relatively higher exposure than some peers.
- Highest stated upside
- Vishal Mega Mart: 54%
- Vishal Mega Mart target
- Rs 160
- Axis Bank target and upside
- Rs 1,700; 36% stated upside
- State Bank of India target and upside
- Rs 1,320; 33% stated upside
- ICICI Bank target and upside
- Rs 1,750; 31% stated upside
- IndusInd Bank target and upside
- Rs 1,250; 30% stated upside
- Store expansion
- Vishal Mega Mart operates 833 stores and sees a path toward around 2,000 stores over time