Indian equity markets closed the week in the red after witnessing high volatility. The Nifty 50 and Sensex closed 0.17% and 0.53% lower, respectively, for the week.
During the week, several top research houses, including Motilal Oswal, Nomura, Jefferies, Nuvama Institutional Equities, Emkay Global, Axis Securities, and HSBC, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Motilal Oswal on Waaree Energies
Motilal Oswal has maintained a ‘Buy’ rating on Waaree Energies and set a target price of Rs 3,850. This implies an upside potential of nearly 19% from the current market price.
According to the brokerage report, Waaree Energies is betting aggressively on India’s fast-growing solar energy market, with a long-term roadmap focused on manufacturing expansion, backward integration, rooftop solar growth and battery energy storage systems.
Emkay Global on One97 Communication
Emkay Global has maintained a ‘Buy’ rating on Paytm with a target price of Rs 1,500. This implies an upside potential of nearly 25% from the current market price.
According to the brokerage, Paytm’s Q4 numbers reported a stable operational performance despite the absence of some incentives linked to digital payments. The company’s revenue growth remained healthy due to expansion in lending, merchant payments and subscription devices.
Nuvama on BSE
Nuvama Institutional Equities raised its target price on BSE to Rs 4,570 from Rs 3,760, implying an upside of 15.3% from the current market price. BSE delivered Q4FY26 index options Average Daily Premium Traded Volume (ADPTV) market share of 29.9%, an increase of 57 basis points QoQ, driving up revenue by 85% YoY and 26% QoQ.
With five expiries in April 2026, as against four for NSE, and sustained ADPTV of Rs 33,100 crore, its market share surged 922 bps month-on-month to 37%.
Axis Securities on Eternal
Axis Securities retained Eternal in its May conviction basket with a target price of Rs 360, indicating an upside of 46%. The brokerage continued to back Eternal as one of its preferred consumer discretionary ideas despite pressure on sentiment around food delivery and quick commerce stocks.
The brokerage maintained that the market environment is becoming increasingly selective, with a greater focus on earnings sustainability and business quality. “In the current context, with crude oil prices elevated, liquidity conditions tightening, and FII outflows persisting, the market environment is likely to remain discerning,” Axis Securities said.
Motilal Oswal on CG Power
Motilal Oswal Financial Services has raised its target price for CG Power to Rs 940, seeing an upside of more than 13% and maintaining a ‘Buy’ rating on the stock. The surge in price target on CG Power came on the back of robust power systems performance, capacity expansion, a strong order book, and other factors.
The power systems division delivered a strong performance in FY26, with revenue growing 46% YoY and PBIT increasing 68% YoY. This led to a significant margin expansion to 21.9% due to strong execution and operating leverage.
Nuvama on Britannia Industries
Nuvama has maintained a ‘Buy’ rating on Britannia Industries, though the brokerage said it will revisit its estimates and target price after the earnings conference call. However, as of now, the brokerage has set a target price of Rs 7,530 for the stock. This translates to an upside potential of 30% from the current market price.
Britannia’s core business continues to see support from premium products, innovation and growth in adjacent categories. However, rising costs, weaker operating leverage and supply disruptions linked to the West Asia conflict have become near-term concerns.
Jefferies on Coforge
Jefferies maintained its ‘Buy’ rating on Coforge and raised the target price to Rs1,860 from Rs1,620, implying a potential upside of 61% from current levels. The brokerage said the information technology company delivered a strong March quarter performance led by margin expansion and better free cash flow conversion.
Coforge’s March quarter revenue rose 2% quarter-on-quarter in constant currency terms, while earnings before interest and tax margin expanded to 16.6%, up 230 basis points sequentially.
HSBC on Godrej Properties
HSBC maintained its ‘Buy’ rating on Godrej Properties. It raised the target price to Rs 2,900 from Rs 2,800 on Godrej Properties, implying an upside of 52.6% from the current market price.
“We adjust our assumptions for business development, dividend payout, and project completion schedules as we assume accelerated completion. This results in changes in our project completion-based EPS estimates by -2% and +3% in FY27 and FY28,” said HSBC.
Nomura on Ather Energy
Nomura has a Buy rating on Ather Energy. It has set a target price of Rs 1,120. This implies an upside of nearly 20% from current levels. The international brokerage house believes the current demand itself is much higher than supply, and an increase in fuel prices could be a further catalyst.
According to Nomura, Ather Energy’s upcoming EL platform will expand TAM by 50% and also lower costs meaningfully. “Improving scale and operating leverage are likely to drive meaningful margin turnaround. Potential entry into motorcycles offers further long-term optionality,” the brokerage added.
Motilal Oswal on Kotak Mahindra Bank
Motilal Oswal has given a ‘Buy’ rating on Kotak Mahindra Bank, with a target price of Rs 470, implying around 23% upside. According to the brokerage report, Kotak Bank’s performance has been supported by stable asset quality and controlled credit costs.
The brokerage has also marginally increased our profit estimates by about 2% for FY27-28. Furthermore, the brokerage also expects the company to deliver a return on assets of 1.96% and return on equity of 12.1% by FY27. The brokerage also noted that, “Kotak Mahindra Bank reported a strong quarter, marked by controlled slippages and credit costs, along with an uptick in NIMs.”
Conclusion
From the 61% upside potential projected for Coforge on the back of strong quarterly earnings to stable asset quality and controlled credit costs by Kotak Mahindra Bank, 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.
