As Donald Trump spoke on the Iran war, the domestic equity markets corrected once again this week. The Nifty 50 and Sensex lost significantly, dropping 1.5% and 2.5%, respectively.
However, several top research houses, including Motilal Oswal, Nomura, Jefferies, Ambit Capital, Emkay Global, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Emkay Global on Granules India
Emkay Global initiated coverage on Granules India with a ‘Buy’ rating, with a target price of Rs 800, implying an upside of 29% from the current market price. The brokerage identified Granules India as a high-conviction small-cap pick after it cracked the highly regulated US market, with new growth verticals.
The company has successfully pivoted to the highly regulated and shortage-prone US-controlled substances market, which is characterised by high margins and sticky business. Despite being a newcomer, the company has rapidly gained significant market share in products like Lisdexamfetamine (generic Vyvanse) and established its Virginia facility as a reliable supplier.
JM Financial on BHEL
JM Financial maintained a ‘Buy’ rating on Bharat Heavy Electricals (BHEL), despite declining 15.29% so far this year. It was on the back of strong power demand and easing cost pressure. They have set a target price of Rs 345, which implies an upside of around 35% from current levels.
However, JM Financial does anticipate a revenue shortfall of Rs 2,500–3,000 crore because of the Middle East conflict. This is primarily on account of the gas shortage as a result of the supply disruption around the Strait of Hormuz. The order book of BHEL is strong, which is expected to support revenue visibility over the next few years.
Emkay Global on Kalpataru Projects
Emkay Global maintained its ‘Buy’ rating on Kalpataru Projects International (KPIL). The brokerage house is benefiting from the company’s relatively low exposure to West Asia. They have set a target price of Rs 1,450, implying an upside of 36.2%.
The current crisis across West Asia is not a big worry. Just 10% of Kalpataru Projects’ overall orders have exposure in West Asia. While there are supply-related challenges for the Power Transmission & Distribution (T&D) business that may cause a $20-30 million revenue impact in Q4FY26, there is no expected impact on Gas Pipeline execution as the client, Saudi Aramco, supplies the raw materials.
Nomura on Bharat Electronics
Bharat Electronics has delivered stronger-than-expected order inflows in FY26, even as execution remains broadly in line with estimates. Nomura has retained its ‘Neutral’ stance on Bharat Electronics with a target price of Rs 454, implying an upside of 11%.
The brokerage house noted that order inflows came in at Rs 3 lakh crore against its estimate and the company guidance of Rs 2.7 lakh crore, supported by large defence contracts across avionics, radar systems and missile-related equipment.
Motilal Oswal on Marico
Motilal Oswal has a ‘Buy’ rating on Marico with a target price of Rs 900, implying an upside of about 22% from current levels. The brokerage is positive on Marico’s core business stability and the growth in its newer segments, like foods and digital brands.
According to Motilal Oswal, the India business delivered high single-digit volume growth and around 30% value growth in the first nine months of FY26. The international business of Marico, which contributes roughly a quarter of total revenue, grew about 18% during the same period. Low exposure to the MENA region, which contributes less than 5% of revenue, has further limited geopolitical risks, the report explained.
Ambit Capital on Varun Beverages
Ambit Capital has a ‘Buy’ call on Varun Beverages with a target price of Rs 501, implying an upside of 29%. The brokerage view is anchored in strong volume growth in beverages, expansion across India and Africa, and improving profitability led by scale and backward integration. The brokerage house framed the story around the company’s transformation into a large, diversified beverages player with a growing international footprint.
“Varun Beverages is evolving from a regional bottler into a diversified global F&B compounder,” the brokerage explains. It expects the company to sustain healthy revenue growth over the next few years, supported by a wider product portfolio spanning energy drinks, hydration, juices and early moves into snacks and alcoholic beverages.
Nuvama on Welspun Corp
Nuvama International Equities maintained its ‘Buy’ rating on Welspun Corp. It has raised the target price to Rs 1,082 from Rs 1,043, looking at an upside of 33%. The broker’s house said that the company’s growth story should continue with consistent, strong order execution, scaling new divisions and capacity expansion across geographies.
Welspun Corp has a robust total order book of Rs 24,700 crore, which includes a recent Rs 1,000 crore order win in the US. This substantial order book, even after Q4 dispatches, provides the company with a “clear runway” for long-term growth visibility.
Motilal Oswal on Adani Ports
Motilal Oswal has a Buy rating on Adani Ports and SEZ. It has set a target price of Rs 1,820, indicating a potential upside of around 39% from current levels. One of the key reasons highlighted in the report is improving earnings visibility.
Motilal Oswal report noted, “With improving earnings visibility and limited downside risk from ongoing geopolitical tension, Adani Ports is well-positioned to sustain growth, aided by diversified port volumes, the acquisition of NQXT, and the expansion of integrated end-to-end logistics offerings.”
Nomura on Petronet LNG
Nomura maintained its ‘Buy’ rating on Petronet LNG. The brokerage house set a target price of Rs 340, expecting a lift of 37% from the current market price over the next 12 months.
The brokerage firm noted that Petronet LNG’s stock has corrected significantly and is now trading at or below the replacement cost of new LNG terminals. Nomura estimated a replacement cost market cap in the range of Rs 35,900–43,400 crore, compared to the current market cap of approximately Rs 37,600 crore.
Ambit Capital on Astral
Ambit Capital has a ‘Buy’ call on Astral with a target price of Rs 2,024, implying an upside of 26% from the current market price, driven by expectations of stronger volume growth, improving margins and a tighter grip over its value chain.
The brokerage builds in a revenue growth trajectory for Astral supported by 17% pipe volume compound annual growth rate over FY26 to FY29 and sees overall revenue expanding at 18% compound annual growth rate during the period, aided by capacity additions, backward integration into resin manufacturing and steady demand from plumbing and adhesives.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.
