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Jefferies highlights stock picks across 20 sectors as capex accelerates
Jefferies studied many Indian companies to find where future growth might come from.
It highlighted companies in 20 different sectors, not just banks, technology firms and consumer businesses.
Some companies could benefit from stronger spending on power, roads, factories, housing and digital infrastructure.
Others could benefit from people borrowing more, buying more products or traveling more.
The report also identified newer areas such as semiconductors, solar equipment, space and aerospace.
Companies such as Eicher Motors, ICICI Bank, Polycab India and Bharti Airtel were among the names discussed.
However, some of these stocks already have high prices compared with their expected profits.
Their results could also be hurt by higher costs, weaker demand or problems completing large projects.
The report is an analysis of possible opportunities, not a guarantee or personal investment recommendation.
Jefferies’ September 10, 2026 India Equity Strategy report identifies leading stock names across 20 sectors as investment and domestic demand broaden.
The India Forum will feature 133 companies representing about $2.1 trillion in market capitalization and 54% of the MSCI India weight.
Eicher Motors, ICICI Bank, Polycab India, Hitachi Energy India, UltraTech Cement, Trent, Mankind Pharma and Coforge are among the highlighted names.
Newer opportunities include space, semiconductors, data centers, electronics, solar manufacturing and aerospace, linked to companies such as Kaynes Technology and Hindustan Aeronautics.
The report also emphasizes risks including valuations, commodity prices, funding costs, demand weakness, execution delays and global market conditions.
- Who
- Jefferies and the 133 companies participating in its India Forum, including the highlighted companies across 20 sectors.
- What
- Jefferies identified sector-leading stock names and emerging investment themes as India’s consumption, infrastructure and manufacturing opportunities broaden.
- Where
- India, with opportunities linked to domestic markets and global supply chains.
- When
- The analysis is based on Jefferies’ India Equity Strategy report dated September 10, 2026; the forum is scheduled to bring together the participating companies.
- Why
- Jefferies sees resilient domestic growth, accelerating capital expenditure, financialization, new manufacturing capacity and expanding demand in power, technology and consumption.
Growth opportunities
Risks and constraints
Capital expenditure cycle
Growth opportunities
Investment in electricity transmission, power generation, housing, manufacturing and logistics could support companies such as Polycab India, Hitachi Energy India, JSW Energy and Adani Ports.
Risks and constraints
Weak power demand, funding pressures, higher energy costs or delays in major projects could slow growth and limit margin expansion.
High-growth valuations
Growth opportunities
Companies such as Eternal, Trent and Coforge could justify premium valuations if online consumption, organized retail and earnings growth remain strong.
Risks and constraints
High multiples increase the risk of disappointment if execution weakens or projected earnings growth does not materialize.
Domestic financial growth
Growth opportunities
ICICI Bank, Shriram Finance and SBI Funds Management could benefit from loan growth, broader financial services and the shift of household savings toward financial products.
Risks and constraints
Higher crude prices, inflation, funding pressures or weaker borrower conditions could affect margins, asset quality and the pace of financial growth.
Key facts
- Forum scale
- 133 companies representing about $2.1 trillion in market capitalization and 54% of the MSCI India weight.
- Sector coverage
- The matrix identifies a key name across 20 sectors.
- FY28 valuation example
- Eternal is listed at 78x FY28 estimated P/E, the highest multiple among the names shown.
- Cement capacity
- UltraTech Cement has crossed 200 million tonnes per annum of domestic capacity and is targeting more than 235 million tonnes by FY28.
- Telecom outlook
- Bharti Airtel is associated with subscriber premiumization, possible tariff increases, operating leverage and improving return on capital employed.
- Real estate growth
- Godrej Properties’ pre-sales grew at a 41% compound annual rate between FY23 and FY26, with a further 14% increase targeted for FY27.
- 2030 themes
- Jefferies highlights space, semiconductors, data centers, electronics, solar manufacturing and aerospace.
Sources
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