Archive · 20 Sep 2026
Brokerages See Upside in HDFC Bank, Coforge, GMR Airports
HDFC Bank received positive ratings from four brokerages, with target prices implying up to 62% upside.
Brokerages linked HDFC Bank’s outlook to its CEO succession process and proposed senior-management changes.
Coforge retained positive ratings as brokerages highlighted its AI strategy, order book and margin guidance.
GMR Airports received Buy and Outperform ratings, supported by airport monetisation and improving profitability.
The target prices are brokerage estimates, not guaranteed returns, and remain subject to market and company-specific risks.
- Who
- HDFC Bank, Coforge and GMR Airports, along with the brokerages that issued ratings on them.
- What
- Brokerages issued Buy or Outperform ratings and target prices for the three stocks.
- When
- The reports refer to FY26, FY27 and 12-month target horizons; HDFC Bank’s current CEO term ends on October 26.
- Where
- The companies and their operations are in India, including HDFC Bank, Coforge and GMR Airports’ airport portfolio.
- Why
- Analysts cited CEO succession planning, AI-led growth, order-book visibility, airport commercial expansion and improving profitability.
Continuity-focused view
Change-focused view
HDFC Bank CEO succession
Continuity-focused view
Jefferies and Nomura said an internal appointment could provide continuity, reduce disruption and rely on familiarity with the bank’s operations.
Change-focused view
Nomura said a credible external candidate could provide a longer runway and more scope to reassess strategy; Macquarie said the final appointment remains the key development.
- HDFC Bank ratings
- Buy from Jefferies and Nomura; Outperform from Bernstein and Macquarie.
- HDFC Bank target prices
- Rs 880, Rs 950 and Rs 1,150, with the highest target implying about 62% upside.
- Coforge target range
- Rs 1,860 to Rs 2,200 across Nomura, Jefferies and Motilal Oswal.
- Coforge FY27 guidance
- Consolidated EBITDA margin of 20.5%-21%, consolidated EBIT margin of at least 15.5%, and 100%+ free-cash-flow-to-PAT conversion.
- Coforge long-term aspiration
- The company has retained its goal of reaching around $5 billion in revenue.
- GMR Airports rating
- Buy from Emkay and Outperform from Macquarie, both with a Rs 120 target price.
- GMR Airports platform revenue
- Revenue from the standalone GAL platform rose to Rs 4,200 crore in FY26 from Rs 1,300 crore in FY25, according to Emkay.