Brokerage consensus stock picks: As the earnings season wraps up, a handful of stocks have emerged as clear favourites across brokerages. The brokerage houses including Nuvama, JM Financial, Motilal Oswal and Jefferies have repeatedly backed the same names based on earnings strength, growth visibility, and improving margins. With projected upside ranging from 14% to over 61%, stocks such as Bharat Electronics, Apollo Hospitals, Metro Brands and Eureka Forbes have emerged as consensus picks. For investors, these are the names attracting the strongest institutional conviction heading into the coming months.
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Bharat Electronics
Nuvama
Nuvama research has maintained their ‘Buy’ rating on the stock with a 12-month price target of Rs 485, implying an upside of 17.4% from the market price. The team pointed out that the company managed to beat the street’s operating profit estimates by 10% during the final quarter of the fiscal year. This strong performance was primarily driven by robust margins which stood at 29.1% despite higher operating expenses.
JM Financial
The research team at JM Financial also carries a ‘Buy’ recommendation with an identical price target of Rs 485, looking at a potential gain of 17.4%. Their analysis emphasizes that the management guidance for order inflows remains strong, with expectations of receiving the QRSAM order worth Rs 300b in the near term. They have projected a revenue and profit after tax compound annual growth rate of 15% to 16% over the next two years. The firm believes that the recent correction in the stock price has made the risk-to-reward ratio look exceptionally favorable for those looking to enter the position now.
Motilal Oswal
Motilal Oswal has set a higher target price of Rs 510, which suggests that the stock could climb 23% from its current levels. Their report notes that the quarterly results were decent and met their internal estimates across revenue and profitability metrics. They emphasized that order inflows for the full fiscal year reached Rs 30,000 crore, which was significantly ahead of the company’s own earlier guidance. The firm expects the strong margin performance to continue as the company benefits from operating leverage and its ongoing indigenisation measures.
Jefferies
Jefferies emerged as the most optimistic among the group, assigning a ‘Buy’ rating with a target price of Rs 585, indicating an upside of 38%. They noted that the order flow visibility remains exceptionally strong and that the core capital expenditure in the national budget provided a positive surprise for the sector. Their analysis suggests that the push for local manufacturing in the defence sector will remain a massive tailwind for years. The firm values the company at 50 times its projected earnings for the 2028 fiscal year.
Apollo Hospitals
Nuvama
Nuvama retained their positive stance with a target price of Rs 9,785, which points toward a 17.4% gain. They observed that the hospital business grew by 16% year-on-year, supported by both higher pricing and increased patient volumes. The performance of mature hospital clusters in Tamil Nadu and Andhra Pradesh remained a key driver for the quarterly beat. Additionally, the firm expects return ratios to improve sharply following the planned demerger of the pharmacy distribution business.
JM Financial
JM Financial has issued a ‘Buy’ call with a target price of Rs 9,979, projecting a 20.1% increase in the share price. They noted that the quarterly revenue and profit figures were both ahead of their internal estimates. The report pointed out that the healthcare services segment is likely to sustain mid-teens growth while the digital and pharmacy business continues to see strong traction. The team believes the upcoming pharmacy demerger will be a catalyst for unlocking significant value for shareholders.
Motilal Oswal
The research team at Motilal Oswal has a target price of Rs 9,590, suggesting a potential 15% upside. They noted that the quarterly performance was better than expected across almost all segments of the business. The hospital revenue was particularly strong, growing at nearly 16% due to a favorable mix of surgical procedures and pricing adjustments. They also emphasized that the company is on track to add approximately 1,400 beds over the next 12 to 15 months, which should drive further growth.
Honasa Consumer
JM Financial
JM Financial has maintained their ‘Buy’ rating with a target price of Rs 420, indicating a potential upside of 16.3%. They noted that the profitability for the quarter was significantly ahead of expectations, with the core brand growing in the mid-teens. Their report mentioned that younger brands in the portfolio have sustained their momentum, growing at over 30% on a yearly basis. The firm believes that initiatives taken to revive the main brand are starting to show promising results in the overall revenue mix.
Jefferies
Jefferies research has provided a very optimistic outlook with a ‘Buy’ rating and a target price of Rs 565, suggesting a massive 58% upside. They stated that the company has moved past its most challenging phase of distribution realignment and is now firmly on a path to growth. The report pointed out that the margins reached their highest-ever levels during the recent quarter. They also noted that the announcement of the first dividend since listing signals management’s strong belief in the company’s cash-generating capabilities.
Lenskart
Jefferies
Jefferies researchers have assigned a ‘Buy’ rating with a target price of Rs 600, pointing toward a 22% upside. They noted that international sunglasses volumes grew by 36% in the last fiscal year, driven by specific brand momentum. The firm has raised their operating profit estimates by up to 11% for the coming two years. They anticipate that revenue will grow at a 21% annual rate while margins continue to expand through 2029.
JM Financial
JM Financial also maintains a ‘Buy’ recommendation with a target price of Rs 585, projecting a 20.1% gain. They described the recent performance as stellar, with revenue rising by 41% due to strong volume growth and benefits from premiumisation. The brokerage firm noted that the pre-tax profit doubled year-on-year, significantly beating their own expectations. They pointed out that the company’s expansion into new markets and product categories is supporting this high-growth trajectory.
Motilal Oswal
Motilal Oswal has set a target price of Rs 650, which would result in a 34% upside for shareholders. Their analysis shows that the quarterly earnings were a massive beat, driven by a 25% increase in volumes and higher average selling prices. They emphasized that the business is demonstrating strong operating discipline, which is allowing margin gains to flow through to the bottom line. The firm expects the company to continue compounding its value through sourcing efficiencies and increasing scale.
Metro Brands
JM Financial
JM Financial carries a ‘Buy’ recommendation on the footwear retailer with a target price of Rs 1,350, suggesting a 21.8% upside. They described the quarterly performance as a blockbuster, marking the fourth consecutive quarter of double-digit revenue growth. The firm noted that the company added 47 stores recently while benefiting from a stabilisation in rent costs. Their report emphasises that the company is entering a multi-year phase of expansion driven by both its core formats and newer brand partnerships.
Motilal Oswal
Motilal Oswal issued a ‘Buy’ rating with a target price of Rs 1,250, looking for a 14% increase in the share price. They noted that the company ended the fiscal year on a strong note and remains confident of delivering 15% revenue growth in the long term. The report points out that there is a large opportunity available in smaller towns where the market is moving from unorganized to organized retail. They also mentioned that strategic tie-ups with leading global brands are creating new growth opportunities for the business.
Eureka Forbes
Nuvama
Nuvama researchers have maintained their ‘Buy’ call with a target price of Rs 760, which implies a very large upside of 60.6% from the market price. They noted that the latest quarter was strong despite challenges on the cost front, with revenue expanding by 12%. The growth was primarily led by the water purifiers segment and new maintenance contract bookings. The firm pointed out that the management expects growth in the next fiscal year to be even higher than what was achieved recently.
JM Financial
JM Financial assigned a ‘Buy’ rating and a target price of Rs 660, projecting a 39.5% gain. They noted that the earnings print was broadly in line with their expectations, showing double-digit growth in core products. While they observed some pressure on margins due to input costs, they expect price hikes and efficiency programs to sustain profitability. The team believes that the current valuation of the stock is not demanding given the recent correction and the acceleration they expect in the service business.
Jubilant Foodworks
Nuvama
Nuvama carried a ‘Buy’ rating with a target price of Rs 646, suggesting an upside of 36.5%. They noted that while the recent quarterly results were somewhat weak, the outlook for margin expansion remains positive. This outlook is based on the expectation that Domino’s will see accelerating growth and that the newer Popeyes brand will soon turn the corner on its losses as it scales up. The firm maintained their stance despite trimming some short-term estimates due to rising cost pressures.
Jefferies
Jefferies researchers have assigned a ‘Buy’ rating with a target price of Rs 600, projecting a 27% increase in the share price. They noted that gross margins expanded during the quarter and that store additions are expected to support future revenue growth. Their best-case projections assume that the company will achieve an 18% annual growth in revenue and significant margin expansion through strict cost controls. The firm values the standalone India business at 35 times its projected operating profit for 2028.
Conclusion
The convergence of multiple brokerage ratings on these stocks suggests a strong institutional belief in their fundamentals and future trajectory. While each firm uses slightly different models and target prices, the recurring themes across these reports are strong order pipelines, successful segment demergers, and a transition toward higher-margin products. For those participating in the market, these consensus picks represent the names that professional analysts currently view as the most promising for capital appreciation.
Disclaimer: The investment ratings, target prices, and market projections discussed in this report are based on institutional research analysis and do not constitute direct buy, sell, or hold recommendations for retail investors. Equity investments across diverse sectors like defense, healthcare, consumer discretionary, and retail are subject to distinct regulatory changes, margin pressures, and macroeconomic variables, causing individual portfolio results to differ. Readers are strongly advised to consult a SEBI-registered investment advisor or qualified financial professional before making any specific stock allocation decisions.
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