The markets are poised precariously and amid rising geopolitical tension and a stronger domestic capital expenditure cycle, several Indian companies across defence manufacturing, electronics, infrastructure, cement and financial services have got ‘Buy’ recommendation by multiple brokerage houses. Higher defence allocations from the Union government, expanding export opportunities for military equipment and steady demand from infrastructure spending have prompted multiple research houses to reiterate positive calls on a select set of stocks.
Brokerages including Motilal Oswal, Jefferies, JP Morgan, Nomura and JM Financial point to strong earnings visibility backed by large order books, production ramp-ups and capacity expansion plans.
Top stock recommendations by various brokerages
Here are 5 companies that have received Buy or Overweight ratings from more than one brokerage firm along with target prices and the key factors driving those calls.
Hindustan Aeronautics (HAL)
Jefferies
Jefferies has set a target price of Rs 6,220 for Hindustan Aeronautics, indicating a potential upside of about 55%. The brokerage notes that the company sits at the centre of India’s military aviation ecosystem and is gradually building the capabilities required to function as a global defence original equipment manufacturer. Hindustan Aeronautics currently holds an order book worth Rs 1,89,000 crore, which is more than six times its FY25 revenue, providing strong revenue visibility over the next several years. Jefferies believes that deliveries of the Tejas Light Combat Aircraft and high-margin services income will support sustained double-digit growth.
“Hindustan Aeronautics is India’s leader in airforce defence equipment and joint venture agreements with global stalwarts like GE and Safran puts it in a position to transform itself into a leading defence OEM,” said Jefferies.
Motilal Oswal
Motilal Oswal has maintained a Buy rating on Hindustan Aeronautics as well. They have set a target price of Rs 5,500, implying an upside of around 38%. The brokerage expects growth momentum to strengthen as the company begins deliveries of the Tejas Mk 1A Light Combat Aircraft and continues to secure new defence aviation contracts.
According to Motilal Oswal, recent orders, including the Dornier 228 aircraft, Dhruv helicopters and ALH Mk III variants, provide a strong production pipeline for the coming years. The brokerage also believes that rising global defence spending amid geopolitical tensions is creating a favourable environment for domestic defence manufacturers.
Billionbrains Garage Ventures (Groww)
JP Morgan
JP Morgan initiated coverage on Billionbrains Garage Ventures, the company behind the Groww investment platform, with an Overweight rating and a target price of Rs 210, implying an upside of around 30%.
The brokerage believes the platform has emerged as the most profitable consumer internet platform listed in India due to its strong engagement among retail investors and its ability to scale across multiple financial services products. According to the brokerage, Groww’s rapid growth in active users and its expanding product ecosystem provide significant revenue potential over the coming years.
“Most lucrative India-listed consumer internet platform; initiate coverage at Overweight,” stated JP Morgan in its note.
Jefferies
Jefferies has given Billionbrains Garage Ventures a ‘Buy’ rating with a target price of Rs 195, indicating an upside of about 26%. The brokerage points out that Groww has emerged as the largest brokerage platform in India in terms of active clients with a market share of nearly 28%. Jefferies expects the company to deliver revenue growth of around 29% compound annual growth rate between Financial Year 2026 and Financial Year 2028 as client assets expand and new services are introduced.
The brokerage also notes that the company’s expansion into margin trading facilities, commodities and wealth management allows it to cross sell products to its large mutual fund customer base.
“Groww is the largest broker with respect to active clients with 28% market share; this is a function of its mutual fund funnel, easy to use UI and strong word of mouth,” said Jefferies in its report.
Ambuja Cements
JM Financial
JM Financial has maintained a ‘Buy’ rating on Ambuja Cements with a target price of Rs 635, which indicates an upside of about 36%. The brokerage’s assessment is based on the company’s ongoing transition toward a unified cement platform with defined capacity expansion and cost optimisation plans. JM Financial Institutional Securities Limited believes the company’s expansion strategy will strengthen its position in the domestic cement industry while improving operating efficiencies.
Motilal Oswal
Motilal Oswal has also issued a ‘Buy’ rating on Ambuja Cements Limited with a target price of Rs 600, implying an upside of around 33%. The brokerage points to the company’s strong balance sheet and efficient cost structure as key advantages within the cement sector.Motilal Oswal expects steady demand from infrastructure and housing construction to support volume growth and pricing power for the company in the coming years.
“Ambuja Cements One Cement platform; capacity and cost levers well defined,” stated Motilal Oswal in its report.
JSW Infrastructure
JP Morgan
JP Morgan has given JSW Infrastructure an ‘Overweight’ rating with a target price of Rs 310, suggesting an upside of about 26%. The brokerage notes that valuations for the company have moderated after a correction from the highs seen in mid 2024, making the stock more attractive relative to its earnings outlook. The firm expects growth in cargo volumes and improved operational efficiency to support earnings expansion.
Motilal Oswal
Motilal Oswal has reiterated a ‘Buy’ rating on JSW Infrastructure with a target price of Rs 360, which indicates an upside of around 39%. The brokerage expects the company to strengthen its market position in the port and logistics segment with a projected volume growth of about 13% compound annual growth rate between Financial Year 2025 and Financial Year 2028.
The firm also expects strong growth in logistics revenues, which together could drive a 33% increase in total revenue and a 28% expansion in operating profits during the same period. Strategic infrastructure projects such as the Keni Port in Karnataka and the Odisha slurry pipeline are expected to support long term capacity growth.
Dixon Technologies (India)
Nomura
Nomura has maintained a ‘Buy’ rating on Dixon Technologies (India) with a target price of Rs 14,678, suggesting an upside of nearly 49.7%. The brokerage values the company at about 45 times its estimated Financial Year 2028 earnings per share.
Nomura notes that while the company currently depends heavily on a few large mobile phone clients, it continues to add new customers across segments including information technology hardware manufacturing.
The brokerage also believes government incentives under the production linked incentive scheme will continue to support growth.
Motilal Oswal
Motilal Oswal has also maintained a ‘Buy’ rating on Dixon Technologies (India) with a target price of Rs 16,700, implying an upside of about 55%. The brokerage expects strong earnings momentum driven by the rapid expansion of India’s electronics manufacturing services industry.
Motilal Oswal estimates that the company’s earnings per share could grow by about 54% by Financial Year 2028 as it expands into additional product categories and focuses on higher value electronics manufacturing.
Conclusion
Across sectors such as defence manufacturing, cement, ports, electronics manufacturing and financial technology, several brokerages see strong earnings visibility for a group of companies supported by large order pipelines, infrastructure demand and manufacturing expansion.
Jefferies, Motilal Oswal, JP Morgan, Nomura and JM Financial expect these companies to maintain growth momentum over the coming years, with their target prices indicating meaningful upside from current levels.
