Archive · 25 Aug 2026
Jefferies Recommends Four Stocks With Up To 37% Upside
Jefferies, a brokerage firm, said four Indian companies could rise in value.
It gave all four stocks a Buy rating.
Anthem Biosciences was praised for its drug-manufacturing work and future project pipeline.
IHCL was seen benefiting from its merger with Oriental Hotels and strong hotel demand.
UPL was supported by expected growth and plans to improve profitability.
Turtlemint was backed because more people are selling insurance through its technology-supported partner network.
Jefferies expects Turtlemint to have the largest possible gain among the four stocks.
However, the brokerage also warned that each company faces risks, so its target prices are estimates rather than guarantees.
Jefferies initiated coverage of Anthem Biosciences with a Buy rating and a Rs 1,050 target price, implying 17.89% upside.
IHCL retained a Buy rating with a Rs 875 target price and approximately 19.30% potential upside.
Jefferies maintained its Buy call on UPL with a Rs 715 target price, indicating 25.53% upside.
Turtlemint Fintech Solutions received a new Buy rating and a Rs 190 target price, implying 36.77% upside.
The recommendations cite growth, stronger margins, hospitality demand, manufacturing capabilities and insurance distribution, while also identifying company-specific risks.
- Who
- Jefferies issued recommendations on Anthem Biosciences, IHCL, UPL and Turtlemint Fintech Solutions.
- What
- The brokerage gave or maintained Buy ratings and set target prices implying potential gains of approximately 17.89% to 36.77%.
- When
- The recommendations were presented in Jefferies’ latest research reports; the reports refer to FY26, FY27 and FY29 projections.
- Where
- The companies and market opportunities discussed are primarily in India, with UPL also exposed to Brazil, Latin America, Africa and the United States.
- Why
- Jefferies cited growth prospects, manufacturing capabilities, hospitality demand, margin improvement, insurance distribution growth and improving profitability.
Jefferies’ Bullish View
Risks And Uncertainties
Growth potential
Jefferies’ Bullish View
Jefferies expects growth from Anthem’s commercial molecules and pipeline, IHCL’s hotel demand, UPL’s businesses and Turtlemint’s expanding insurance partner network.
Risks And Uncertainties
The projected gains depend on estimates and may be affected by weaker demand, slower execution or changing market conditions.
Profitability improvement
Jefferies’ Bullish View
The brokerage expects margin improvement at IHCL and UPL, while Turtlemint’s profitability could improve through scale, partner productivity and retention.
Risks And Uncertainties
Jefferies identified customer concentration and dependence on a Davos partnership for Anthem, El Niño and inventory losses for UPL, and commission cuts or aggressive competition for Turtlemint as risks.
- Anthem Biosciences target
- Rs 1,050; approximately 17.89% potential upside.
- IHCL target
- Rs 875; approximately 19.30% potential upside.
- UPL target
- Rs 715; approximately 25.53% potential upside.
- Turtlemint target
- Rs 190; approximately 36.77% potential upside.
- Anthem forecast
- Jefferies expects 18% revenue CAGR and 20% profit-after-tax CAGR from FY26 to FY29.
- IHCL merger
- The Oriental Hotels merger adds seven properties and 825 rooms to IHCL’s portfolio.
- UPL guidance
- UPL remains confident in full-year growth guidance of 10% to 14%.
- Turtlemint forecast
- Jefferies expects 38% revenue CAGR from FY26 to FY29 and an adjusted EBITDA margin of 10% by FY29.