Indian equity markets closed the week sharply lower, logging their worst 3-day loss since mid-March. The Nifty 50 and Sensex fell 2%, each, for the week.
During the week, several top research houses, including Motilal Oswal, Nomura, Jefferies, Nuvama Institutional Equities, Elara Capital, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Motilal Oswal on Delhivery
Motilal Oswal has a ‘Buy’ rating on Delhivery and is among the top picks, with a target price of Rs 570, indicating up to 27% upside.
According to the brokerage report, “We estimate the Express segment revenue to clock a 16% CAGR over FY25–28, aided by healthy e-commerce volumes and industry consolidation.”
Motilal Oswal, in its report, highlighted that Delhivery’s growth is expected not just from rising volumes but also from improving profitability. It noted that the company’s sales are expected to grow around 14% each year, while its operating profit (EBITDA) may rise faster at about 44% annually, and net profit (PAT) could grow even stronger at around 52% per year between FY25-FY28.
JM Financial on PNB Housing Finance
JM Financial has a ‘Buy’ rating on PNB Housing Finance and raised its target price to Rs 1,150 from Rs 950, which implies an upside of 17.5% from the current market price. The company reported a strong quarter. It finds the valuation of PNB Housing Finance attractive at the P/B ratio of 1x for FY28, offering upside for.
“We believe that the re-entry into construction or developer finance, along with a rising share of affordable plus emerging segments (management expects 50% of the book over the next 2-3 years), should aid yields, while sustained recoveries could further aid profitability,” said JM Financial.
Motilal Oswal on Radico Khaitan
Motilal Oswal has a ‘Buy’ rating on Radico Khaitan and highlighted it as its preferred pick. According to the brokerage report, “Radico Khaitan remains our preferred name in the liquor space.” The brokerage has a target price of Rs 3,850, indicating potential upside 20% from current levels.
Motilal Oswal, in its report, noted that the Karnataka government’s draft excise policy announced in March 2026 is a key development that could influence the sector going forward. The report noted, “The revised excise framework marks several changes to Karnataka’s alcohol taxation, including the implementation of an Alcohol-in-Beverage (AIB) tax system.”
This means that liquor will now be taxed based on how much alcohol content it has, rather than just its price.
Nomura on Mahindra & Mahindra
Nomura has retained a ‘Buy’ call on Mahindra & Mahindra with a target price of Rs 4,662, implying an upside of 44%. The brokerage builds its case around strong demand visibility across utility vehicles and a rising contribution from electric offerings, alongside steady execution in tractors and subsidiaries.
The valuation is based on a sum of parts approach, assigning value to the core automotive business as well as listed and unlisted investments. Dealer feedback cited in the report shows robust demand for M&M’s models such as Scorpio N and Bolero, with supply constraints still visible in certain variants, indicating a healthy order pipeline.
Motilal Oswal on Sunteck Realty
Motilal Oswal has given a ‘Buy’ rating to Sunteck Realty with an upside potential of nearly 48% from current levels. The brokerage has set a target price of Rs 530. The brokerage believes the company is entering a strong growth phase driven by new project launches and an expanding portfolio.
As per the brokerage report, “Given the favourable base and healthy launch pipeline, we expect Sunteck Realty to deliver a 23% pre-sales CAGR (Compound Annual Growth Rate) over FY26-FY28.” In FY26, Sunteck Realty added projects with a Gross Development Value (GDV) of around Rs 5,000 crore, while its launch pipeline is estimated at Rs 6,000-7,000 crore.
Jefferies on Groww
Jefferies has a ‘Buy’ on Billionbrains Garage Venture, and raised the target price to Rs 225 from Rs 210, implying an upside of over 15% from the current market price, while
The brokerage believes that the product velocity in Groww is similar to that of its US peer, Robinhood. Despite regulatory changes and weak markets over the last year, Groww has shown more resilience, greater ability to cross-sell and better profitability relative to its peer, Angel One.
Nuvama on Nestle India
Nuvama maintained a ‘Buy’ rating on Nestle India with a target price of Rs 1,640, implying an upside of about 18.8% from Rs 1,380. The firm said Nestle India delivered its third straight quarter of strong performance, with revenue rising 23% to Rs 6,747.8 crore in the March quarter of financial year 2026 from Rs 5,503.9 crore a year ago. EBITDA grew 28% to Rs 1,771.6 crore from Rs 1,388.3 crore, while adjusted profit rose 29.5% to Rs 1,147.1 crore from Rs 885.9 crore.
The brokerage noted that volume growth stayed in strong double digits, far ahead of expectations, and operating margin improved to 26.3% from 25.2% a year ago, even as advertising spending jumped sharply.
Nomura on Hyundai Motor India
Nomura has a ‘Buy’ rating on Hyundai Motor India, with a target price of Rs 2,698, suggesting an upside of 43%. Nomura values the company at 25 times its estimated earnings for FY28, supported by a strong product pipeline and steady premiumisation across its portfolio. The brokerage expects Hyundai Motor India to benefit from upcoming launches in both internal combustion engine and electric segments, including premium EV models that could lift margins over time.
“Government policy direction is expected to remain supportive as seen from recently announced drafts, which will likely support EV penetration,” Nomura said.
Motilal Oswal on Cyient DLM
Motilal Oswal maintains a ‘Buy’ rating on Cyient DLM with a target price of Rs 470, implying a 31% upside. The brokerage says revenue declines to Rs 370 crore in Q4FY26 from Rs 430 crore in Q4FY25, reflecting a 14% drop due to a high base and disruptions in defence and aerospace orders, while margins also contract due to operating leverage.
Motilal Oswal points to a strong order book, which expands sharply and supports future growth. The brokerage expects Cyient DLM improvement from the next financial year, supported by new client additions and higher-margin orders, particularly in defence-linked electronics manufacturing.
Elara Capital on Sagility India
Elara Capital has a ‘Buy’ rating on Sagility India, with a target price of Rs 54, looking at an upside of 26% from the current market price. The brokerage said that industry tailwinds, scale-up potential of top accounts, and many other factors contributed to the rating of the stock.
Sagility India has strong connections with major clients, servicing seven of the top 10 US healthcare payers with an average tenure of 18 years for its top-five accounts. Elara expects the revenue from these top-five accounts to have the potential to double through further account mining and service expansion.
Conclusion
From the 48% upside potential projected for Sunteck Realty to a strong order book, which expands sharply and supports future growth for Cyient DLM, these recommendations highlight a diverse landscape of value across sectors and stocks.
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.
