Archive · 21 Sep 2026
Jefferies Identifies Four Stocks With Up To 40% Upside
Jefferies is a brokerage that studies companies and gives investment opinions.
It says four Indian companies could rise significantly from their current prices.
The companies are GMR Airports, KEI Industries, Emmvee Photovoltaic Power and JSW Energy.
GMR may grow by earning more from airports, shops, duty-free stores and land.
KEI may benefit from more spending on electricity-transmission cables and stronger exports.
Emmvee is expanding its solar-cell and module factories because solar demand may be strong.
JSW Energy plans to add more power capacity, but it needs to build those projects on schedule.
These are Jefferies’ views, not guarantees, and investors are advised to do their own research.
Jefferies rated GMR Airports, KEI Industries, Emmvee Photovoltaic Power and JSW Energy ‘Buy’.
The brokerage sees approximately 32% to 40% upside across the four stocks.
GMR Airports’ growth case includes passenger traffic, consumer businesses and real estate monetisation.
KEI Industries could benefit from power-transmission spending, exports and its Sanand facility.
Emmvee’s expansion and JSW Energy’s planned capacity additions are key growth triggers.
- Who
- Jefferies, the global brokerage house, and the four companies it reviewed: GMR Airports, KEI Industries, Emmvee Photovoltaic Power and JSW Energy.
- What
- Jefferies issued ‘Buy’ recommendations and target prices implying approximately 32% to 40% upside for the four stocks.
- Where
- The recommendations concern companies and market opportunities in India.
- Why
- Jefferies cited passenger growth and monetisation, power-transmission spending and exports, solar demand and capacity expansion as the main growth drivers.
Jefferies’ Bullish Case
Risks and Conditions to Watch
GMR Airports’ growth
Jefferies’ Bullish Case
Passenger growth, consumer businesses and real estate could support earnings beyond traditional airport operations.
Risks and Conditions to Watch
The outlook depends on successfully developing non-aeronautical businesses and monetising more than 3,000 acres of land.
KEI Industries’ expansion
Jefferies’ Bullish Case
Power-transmission spending, the Sanand facility and exports could offset pressure in the retail business.
Risks and Conditions to Watch
Retail accounts for 54% of revenue, competition may pressure the segment, and geopolitical tensions have led management to moderate its near-term export target.
JSW Energy’s capacity plan
Jefferies’ Bullish Case
Renewable expansion, pumped-storage projects and a 32.4-gigawatt portfolio could support longer-term growth.
Risks and Conditions to Watch
The stock’s near-term trigger depends on whether the company can execute and accelerate its planned 3-gigawatt FY27 capacity additions.
- Brokerage
- Jefferies
- Recommendations
- ‘Buy’ ratings for GMR Airports, KEI Industries, Emmvee Photovoltaic Power and JSW Energy
- GMR Airports target
- Rs 135, implying approximately 40% upside
- KEI Industries target
- Rs 6,150, implying approximately 32% upside
- Emmvee target
- Rs 440, implying approximately 34% upside
- JSW Energy target
- Rs 720, implying approximately 39% upside
- Key execution issue
- JSW Energy plans to add 3 gigawatts of organic capacity in FY27