The US and Iran agreed on a two-week ceasefire, and this offered some breathing space for the investors. Indian equity markets closed the week with 6% plus gains, and the benchmark indices reclaimed key psychological levels. The Nifty 50 and Sensex surged significantly, rising 6.42% and 6.5%, respectively, for the week.
During the week, several top research houses, including Nomura, Jefferies, HSBC, Nuvama Institutional Equities, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Nomura on TCS
Nomura has a ‘Buy’ rating on Tata Consultancy Services and raised the target price to Rs 2,930, from Rs 2,840, implying an upside of 13.2% from the current market price. The brokerage said that strong deal bookings improve growth visibility, and a growth bounce-back is likely in FY27. TCS’s Q4 FY26 revenue at $7,621 million was marginally ahead of the Bloomberg consensus. Growth included a 40-basis-point inorganic component. International business grew +1.2%.
Based on the deal pipeline and recent deal wins, TCS believes the revenue growth in international markets would be higher in FY27 compared to FY26. The caveat is any significant deterioration in macro or second-order impact from a prolonged war in the Middle East.
Jefferies on HDFC Asset Management Company
Jefferies has a ‘Buy’ call on HDFC Asset Management Company, with a target price of Rs 2,960, which indicates a 26% upside potential for shareholders. The broker’s house forecasts a 20% growth in assets under management, led by healthy net flows of 12% to 14% and market gains of 7% to 8%. With a stable core cost-to-income ratio, the earnings per share are expected to grow at a compound annual rate of 14%.
The brokerage believes that large asset management companies will continue to command healthy valuations due to the structural opportunity provided by the low penetration of equity investments in India.
HSBC on Ambuja Cements
HSBC has a ‘Buy’ on Ambuja Cements and a target price of Rs 590, implying a 44.8% upside. The brokerage expects earnings to strengthen as recently added capacities stabilise and utilisation improves.
Ambuja Cements has expanded significantly in recent years, and HSBC believes the benefits of that investment phase will begin to show more clearly in the coming years. Management commentary around a greater focus on returns rather than just expansion is seen as a positive. This approach, HSBC argues, should support better margins.
JM Financial on HAL
JM Financial initiated coverage on Hindustan Aeronautics. The brokerage has a ‘Buy’ rating and said that the ‘risk-reward seems favourable at this stage’ and sets a target price of Rs 4,875, implying an upside of 25% from the current levels.
The analysts expect that HAL will see significant revenue growth driven by a massive “induction wave,” as the Indian Air Force (IAF) attempts to fill up a depleting fleet and address a multi-billion dollar order pipeline.
Jefferies on Lodha Developers
Lodha Developers has received a ‘Buy’ rating from Jefferies with a target price of Rs 1,215, suggesting an upside of about 54% from the current market price. The brokerage’s analysis points to a strong combination of steady residential growth and a fast-emerging data centre business at its Palava township, which could drive both land value gains and long-term rental income.
Jefferies believes government policy support, low power costs, and rising demand from global cloud players will accelerate this business from FY27, creating a new revenue stream alongside Lodha Developers’ core housing operations.
Nomura on Adani Ports & SEZ
Nomura has maintained its ‘Buy’ rating on Adani Ports and Special Economic Zone with a target price of Rs 1,850, implying an upside of 34.3%.
The firm notes that cargo volumes grew 11% year on year in FY26, led by strong container traffic. While geopolitical tensions in the Middle East affected some cargo flows, the diversified mix across ports and geographies helped cushion the impact.
Nomura expects Adani Ports to deliver steady earnings growth over the next few years, with an estimated 17% compound annual growth in earnings before interest, tax, depreciation and amortisation between FY26 and FY28.
HSBC on Nuvoco Vistas
HSBC has a ‘Buy’ rating on Nuvoco Vistas and a target price of Rs 420, implying a 45% upside from the current price of Rs 289.60.
The brokerage’s investment case is centred on a recovery in East India, where Nuvoco derives a large part of its business. For years, the region has faced excess capacity, keeping prices weak and limiting earnings growth. HSBC now expects that cycle to reverse as fresh capacity additions slow sharply over the next few years.
Jefferies on Max Financial
Jefferies has rated Max Financial ‘Buy’ with a target price of Rs 2,125, representing an upside of 42%. The company has expanded its market share over the last three years due to heavy investments in agency and direct distribution channels. Jefferies expects industry-leading growth in annualised premium equivalents as fifty-five thousand new agents become more productive and new initiatives take hold at Axis Bank.
There is also a significant opportunity for Max Financial to expand in categories where it has a limited presence, such as credit life insurance. Margins are projected to expand to 26%, leading to growth in the value of new business that outpaces the average of its private sector peers. A closer partnership with Axis Bank and the scale-up of the protection business remain the primary catalysts for the company.
JM Financial on JSW Infrastructure
JM Financial has a ‘Buy’ rating on JSW Infrastructure with a target price of Rs 365, suggesting an upside of 51.5%.
The brokerage noted that operations at Fujairah were affected by drone attacks, but expects the company to meet its financial year 2026 earnings guidance, supported by strong group cargo volumes and growth in logistics.
It also pointed to JSW Infrastructure’s plan to raise equity to meet minimum public shareholding norms, which is expected to keep leverage under control while supporting future capital expenditure.
Nuvama on Sobha
Nuvama Institutional Equities maintained a ‘Buy’ rating on Sobha and set a target price of Rs 1,631. This translates to an upside potential of around 41% from current levels.
The brokerage firm Nuvama, in its report, noted that Sobha’s Q4FY26 performance showed a mix of growth and moderation. The report added, “Sobha’s Q4FY26 overall pre-sales came in at around Rs 2,040 crore (up 11% YoY, down 4% QoQ).”
Conclusion
From the 54% upside potential projected for Lodha Developers to the steady, double-digit growth expected from IT giants like TCS, these recommendations highlight a diverse landscape of value.
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.
