The domestic equity markets ended the week on a lower note after crude oil prices jumped sharply to trade near $80 a barrel. The Nifty 50 closed the week 0.60% lower, while the BSE Sensex ended the week 0.74% higher.
Several top research houses, including Nomura, Jefferies, Goldman Sachs, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
JM Financial on Dr Reddy’s Laboratories
JM Financial maintained a ‘Buy’ recommendation on Dr Reddy’s Lab, with a revised target price of Rs 1,561, down 2.2% from the previous target of Rs 1,596. The new price target still sees an upside of 23% from the current market price. The brokerage believes that the stock is attractive at its current valuation, citing upcoming growth catalysts such as the Abatacept opportunity in FY28.
Dr Reddy’s has announced a delay in the commercial supply of semaglutide because certain validation batches of the active pharmaceutical ingredient (API) were found to be out of specification.
Motilal Oswal on Vedanta Aluminium
Motilal Oswal initiated coverage on Vedanta Aluminium with a ‘Buy’ rating and a target price of Rs 540 per share. This indicates an upside potential of around 20% from the current market price.
According to the Motilal Oswal report, Vedanta Aluminium is at an important stage of its growth journey following the demerger of Vedanta. The company, now operating as Vedanta Aluminium Metal (VAML), has emerged as India’s largest pure-play primary aluminium producer and the third-largest aluminium producer globally, excluding China.
Nomura on Bajaj Finance
Nomura reiterated its ‘Buy’ rating on Bajaj Finance and said the company remains its preferred diversified NBFC. The brokerage expects Bajaj Finance to report 24% year-on-year AUM growth to Rs 5.47 lakh crore in the June quarter, while net profit is projected to increase 24% to Rs 5,897 crore. Net interest income is expected to rise 21% year-on-year to Rs 12,385 crore.
Nomura believes asset quality should remain resilient, with credit costs broadly stable at 1.7%, although higher funding costs are likely to result in modest margin compression.
Motilal Oswal on TCS
Motilal Oswal retained its ‘Buy’ rating on Tata Consultancy Services, with a target of Rs 2,350 per share. This implies about 15% upside from current levels.
TCS expects the demand to improve in Q2, supported by a pent-up technology backlog and stronger client conversations. While Motilal Oswal expects “Q2 to be better, we believe evidence around demand improvement is scant. The pent-up demand narrative has been around for some time, while geopolitics, tariff uncertainty and cautious discretionary spending continue to weigh on decision-making.”
They “continue to expect FY27 demand to remain muted.” The commentary, however, is better than what they expected.
Goldman Sachs on Piramal Pharma
Goldman Sachs has maintained its ‘Buy’ rating on Piramal Pharma, with a target price of Rs 225, implying an upside of about 26%, the highest among its preferred pharma names.
The brokerage continues to view Piramal Pharma as a turnaround play and believes improving execution across its businesses could drive earnings growth over the coming years. Goldman Sachs expects revenue to grow 14% in FY27, followed by 18% in FY28 and 14% in FY29, while EBITDA margins are projected to improve from 12.8% in FY27 to 19.9% by FY29.
Nomura on Indus Towers
Nomura has maintained its ‘Buy’ rating on Indus Tower, and retained its confidence in the company’s fundamental value and strategic position despite concerns with regards to tenancy renewals from Jio Platforms. The brokerage house also maintained its 12-month price target at Rs 505.
Nomura addressed the market nervousness around the renewal of large tenancies from Jio Platforms, which were signed almost a decade ago. Despite an 11% correction in Indus Towers share price due to these concerns, the analysts’ base case assumes no major shake-up in Jio’s tenancies.
Jefferies on PB Fintech
Jefferies has retained its ‘Buy’ rating on PB Fintech with a target price of Rs 1,950, implying an upside of around 23%.
The brokerage believes the recent valuation correction has created a disconnect between the stock price and the company’s earnings trajectory. PB Fintech is currently trading at 53 times FY27 estimated EV/Adjusted EBITDA, even as Jefferies expects EBITDA to more than double between FY27 and FY29.
Motilal Oswal on Kalyan Jewellers
Motilal Oswal has retained a ‘Buy’ rating on Kalyan Jewellers with a target price of Rs 525. This translates to an upside potential of around 47% from the current market price.
As per the Motilal Oswal report, Kalyan Jewellers reported around 38% year-on-year consolidated sales growth during the first quarter of the financial year 2026-27. Although the growth was slightly lower than the brokerage’s estimate of 45%, the company continued to expand its retail network.
Goldman Sachs on Cohance Lifesciences
Goldman Sachs has maintained its ‘Buy’ rating on Cohance Lifesciences with a target price of Rs 500, implying an upside of around 10%. The brokerage continues to prefer the company for its complex manufacturing capabilities but lowered its earnings estimates after incorporating a slower-than-expected ramp-up in its CDMO business.
“Cohance Lifescience: We cut our FY27-29 EPS by up to 45% to primarily factor in a relatively slower product ramp-up in the CDMO business, especially in the near term,” Goldman Sachs said.
Motilal Oswal on PN Gadgil Jewellers
Motilal Oswal has maintained a ‘Buy’ rating on PN Gadgil Jewellers with a target price of Rs 700. This indicates an upside potential of around 22%. The company delivered 41% year-on-year revenue growth during the first quarter of FY27. The report added, “The Retail segment’s revenue surged 56% YoY in Q1FY27.”
It also added that “Same Store Sales Growth stood at 46% for Q1FY27.” According to the brokerage report, the contribution of studded jewellery continued to improve, while recently opened stores in northern and central India are seeing better customer response than expected.
Conclusion
The recommendations point toward strong business fundamentals, sector-specific growth drivers, and a change in business model. While broader market sentiment remained weak, leading brokerages continue to identify opportunities across sectors such as gems & jewellery, pharma, fintech, telecom, IT, and others.
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.
