Archive · 12 Sep 2026
Brokerages Identify Nine Buy-Rated Stocks With Up To 75% Upside
Indian stock markets had a difficult week, with two major indexes falling about 2%.
Higher oil prices and rising US interest rates worried investors.
Several brokerages still identified companies they believe could rise in value.
Their picks included infrastructure, defence, cables, telecommunications, airports, technology services and eyewear businesses.
IRB Infrastructure and J.Kumar Infraprojects were highlighted for their large project backlogs.
Jefferies expected potential gains in HAL, Polycab India and Vodafone Idea, though Vodafone Idea was described as higher risk.
Motilal Oswal remained positive on Adani Enterprises, Coforge and Lenskart.
The article lists nine stocks even though its headline refers to ten.
Brokerage targets are opinions, not guarantees, and investors are advised to conduct independent research.
Indian benchmark indices fell about 2% each as crude prices rose above $100 and US 10-year yields climbed.
CLSA gave IRB Infrastructure and J.Kumar Infraprojects ‘Outperform’ ratings, citing large order backlogs and potential revenue visibility.
Jefferies rated HAL, Polycab India and Vodafone Idea ‘Buy’, with targets implying roughly 30% to 39% upside.
Macquarie rated GE Vernova T&D India ‘Outperform’, while Motilal Oswal recommended Adani Enterprises, Coforge and Lenskart.
The article says ‘top 10’ stocks but lists nine companies; the recommendations remain subject to execution, funding and market risks.
- Who
- CLSA, Macquarie, Jefferies and Motilal Oswal, along with the companies covered in their research reports.
- What
- Brokerages issued Buy or Outperform recommendations on nine listed companies, with projected upside ranging from about 16% to 75%.
- When
- During the week covered by the article, with some company data referring to the June quarter and FY26-FY29 forecasts.
- Where
- The recommendations concern Indian-listed companies and Indian equity markets.
- Why
- The brokerages cited factors including order backlogs, expected growth, business expansion, tariffs, operating leverage and potential value creation.
Brokerage Bull Case
Risks And Reservations
Infrastructure growth
Brokerage Bull Case
CLSA sees IRB Infrastructure and J.Kumar Infraprojects benefiting from substantial order backlogs and infrastructure capital spending.
Risks And Reservations
The article does not provide a contrary brokerage target, but future returns depend on executing the existing project pipelines.
Vodafone Idea turnaround
Brokerage Bull Case
Jefferies expects subscriber stabilisation, higher tariffs and operating leverage to improve Vodafone Idea’s prospects; a 10% tariff increase could potentially raise equity value by about 34%.
Risks And Reservations
The turnaround depends on execution and fresh funding, making Vodafone Idea one of the higher-risk recommendations.
Company-specific concerns
Brokerage Bull Case
Jefferies believes Polycab can accommodate UltraTech Cement’s entry into cables and wires, while Motilal Oswal sees limited immediate impact from Coforge chairman O. P. Bhatt’s resignation.
Risks And Reservations
Polycab shares fell nearly 10% over five trading sessions after UltraTech’s entry, and Coforge investors are awaiting clarity on the permanent chairperson.
- Market performance
- The Sensex and Nifty 50 each fell about 2% during the week.
- Highest projected upside
- IRB Infrastructure had a CLSA target of Rs 34.50, implying about 74.9% upside.
- Lowest projected upside
- Lenskart had a Motilal Oswal target of Rs 800, implying about 16% upside.
- Infrastructure backlogs
- IRB Infrastructure reported an order backlog of about Rs 21,373 crore, while J.Kumar Infraprojects reported Rs 15,074 crore at the end of the June quarter.
- Defence recommendation
- Jefferies rated HAL ‘Buy’ with a Rs 6,800 target, implying about 39% upside.
- Telecom risk
- Jefferies initiated coverage on Vodafone Idea with a ‘Buy’ rating and Rs 20 target, but said the turnaround depends on execution and fresh funding.
- Article discrepancy
- The headline refers to 10 stocks, but the article names nine companies.