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Jefferies names four healthcare stocks with earnings upside
Jefferies, a brokerage, chose four healthcare companies it believes could perform well.
The companies are Emcure Pharma, Fortis Healthcare, Dr Agarwal’s Healthcare and Gland Pharma.
Emcure may benefit from selling more products overseas and using its factories more efficiently.
Fortis plans to add hospital beds, which could increase its business.
Dr Agarwal’s plans to open more eye-care centres in India.
Gland Pharma’s problems at Cenexi have reportedly eased, while its US business has started growing again.
Jefferies gave each company a Buy rating or kept that rating.
The brokerage also set share-price targets that suggest possible gains of 17% to 26%, but these are not guaranteed.
Jefferies’ four small- and mid-cap healthcare picks are Emcure Pharma, Fortis Healthcare, Dr Agarwal’s Healthcare and Gland Pharma.
Emcure received a Rs 2,100 target price, implying 26% upside, with export growth expected to support revenue and margins.
Fortis received a Rs 1,125 target price, implying 24% upside, as planned bed additions are expected to drive growth.
Jefferies upgraded Dr Agarwal’s Healthcare to Buy and set a Rs 1,150 target price, implying 18% upside.
Gland Pharma was upgraded to Buy with a Rs 3,350 target price, implying 17% upside, as Cenexi’s turnaround and US growth improve its outlook.
- Who
- Jefferies and the four healthcare companies it selected: Emcure Pharma, Fortis Healthcare, Dr Agarwal’s Healthcare and Gland Pharma.
- What
- Jefferies identified four small- and mid-cap healthcare stocks with expected earnings growth and potential upside.
- Where
- The companies operate across healthcare markets including India, the United States, Europe, Canada and other international markets.
- When
- The brokerage report was dated September 1, 2026, with forecasts focused mainly on FY27 and FY26-FY29.
- Why
- Jefferies cited factors including export growth, hospital-bed additions, new eye-care centres, operational improvements and potential earnings upgrades.
Key facts
- Top potential upside
- Emcure Pharma, with 26% upside to Jefferies’ Rs 2,100 target price.
- Fortis target
- Rs 1,125, representing 24% potential upside.
- Dr Agarwal’s target
- Rs 1,150, representing 18% potential upside.
- Gland Pharma target
- Rs 3,350, representing 17% potential upside.
- Expected EBITDA growth
- Jefferies expects the four companies to deliver 16%-23% EBITDA growth in FY27.
- Fortis expansion
- Fortis plans to add around 400 beds in FY27 and more than 1,700 beds over four to five years.
- Dr Agarwal’s expansion
- The company plans to add 60 centres by March 2027, taking its India network to about 350 centres.
Sources
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