Archive · 6 Sep 2026
Brokerages Back Five Indian Stocks With Up To 54% Upside
Several brokerage firms think five Indian companies could see their share prices rise.
The companies are HDFC Bank, UltraTech Cement, Reliance Industries, Siemens Energy India and Sterlite Technologies.
HDFC Bank is expected to improve its earnings and continue having strong asset quality.
UltraTech could benefit from growing cement capacity and a larger market share.
Reliance may gain from refining, petrochemicals, retail, digital services and new-energy projects.
Siemens Energy India is expected to benefit from more spending on electricity networks and power infrastructure.
Sterlite Technologies could grow because artificial-intelligence data centres and telecom networks need more fibre.
The possible gains mentioned by the brokerages range from 22% to 54%, but these are forecasts rather than guarantees.
Motilal Oswal and Jefferies rate HDFC Bank a Buy, with targets implying 22% to 28% upside.
UltraTech Cement has Buy ratings from Motilal Oswal and Jefferies, with projected upside of 22% to 24%.
Nuvama and Jefferies expect Reliance Industries to benefit from refining, petrochemicals, digital, retail and new-energy businesses.
Siemens Energy India has Buy ratings from Motilal Oswal and Jefferies, with cited upside ranging from 28% to 48.5%.
Sterlite Technologies has the highest projected upside, at 46% from CLSA and 54% from Nuvama, supported by data-centre and telecom demand.
- Who
- HDFC Bank, UltraTech Cement, Reliance Industries, Siemens Energy India and Sterlite Technologies, as assessed by Motilal Oswal, Jefferies, Nuvama and CLSA.
- What
- Multiple brokerages have issued positive recommendations and target prices for the five stocks.
- When
- In the latest brokerage consensus calls described in the article, covering estimates through fiscal years 2027 to 2029.
- Where
- India’s stock market and the companies’ businesses in banking, cement, energy, telecommunications and infrastructure.
- Why
- The brokerages cite expected earnings recovery, capacity expansion, power-sector investment, refining margins, new-energy growth and data-centre demand.
- Stocks covered
- HDFC Bank, UltraTech Cement, Reliance Industries, Siemens Energy India and Sterlite Technologies
- Brokerages
- Motilal Oswal, Jefferies, Nuvama and CLSA
- Highest cited upside
- 54% for Sterlite Technologies, based on Nuvama’s Rs 1,100 target
- HDFC Bank targets
- Rs 925 from Motilal Oswal and Rs 880 from Jefferies
- Reliance Industries targets
- Rs 1,766 from Nuvama and Rs 1,710 from Jefferies
- Siemens Energy India targets
- Rs 4,000 from Motilal Oswal and Rs 4,800 from Jefferies
- Sterlite Technologies order book
- Above US$2 billion according to Nuvama; CLSA cited Rs 18,600 crore in 1QFY27
- UltraTech Cement capacity outlook
- Jefferies expects capacity to reach about 241 MTPA by FY28, including recent mergers and acquisitions