The domestic equity markets saw a significant correction this week. The Nifty 50 and Sensex lost over 1% each.
However, several top research houses, including Nomura, Jefferies, Nuvama, Emkay Global, Citi, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Nuvama on DLF
Nuvama has maintained a ‘Buy’ rating on DLF and assigned a target price of Rs 722. This indicates an upside potential of nearly 24% from the current market price. According to the brokerage report, cash generation, improving rental income, and a rise in net cash position remain some of the key reasons behind its positive outlook on the company.
The brokerage house Nuvama, in its report, noted that DLF’s pre-sales during the Q4FY26 surged 95% year-on-year to nearly Rs 3,970 crore. However, despite the strong quarterly performance, the company’s total bookings for the full FY26 declined around 5% year-on-year to nearly Rs 20,100 crore.
Nomura on Crompton Greaves
Nomura raised the target price for Crompton Greaves to Rs 335 from Rs 318, implying an upside of 18% from the current market price. It has recommended a ‘Buy’ rating on the stock. With summer demand picking up well and the benefit of a low base, the brokerage house maintained Electrical Consumer Durables (ECD) growth of 14% for FY27 and 11% YoY for FY28.
Crompton Greaves is striving for growth across categories – Solar, Wires, premiumisation, etc., which can drive the upside risk to the brokerage’s estimates depending on execution, and remains a key monitorable.
Jefferies on Grasim Industries
Jefferies has maintained a ‘Buy’ on Grasim Industries with a target price of Rs 3,440. This implies an upside potential of around 15% from the current market price.
The brokerage believes the sudden rise in dividend inflows gives Grasim Industries a much larger financial cushion at a time when the company is expanding aggressively into new businesses like paints and Business-to-Business electronic commerce.
JM Financial on Cipla
JM Financial upgraded Cipla to a ‘Buy’ from ‘Add’. The brokerage house has raised the target price to Rs 1,546 from Rs 1,431, looking at an upside of 16.4%. With the worst quarter likely behind Cipla and improving visibility on US product launches, earnings momentum could improve from H2 FY27.
Cipla reported a weak Q4 FY26, but results were broadly in line with estimates as the impact of the absence of gRevlimid and the supply disruption of Lanreotide in the US was already known. The US business fell 30% YoY (CC) to $155 million, while India and South Africa supported overall growth with 15% and 33% growth, respectively. Overall, the company provided a positive outlook for FY27, expecting US sales of $1 billion and domestic growth ahead of IPM.
Nuvama on Tata Motors PV
Nuvama has maintained its ‘Buy’ rating on Tata Motors PV. The brokerage raised the price target to Rs 470 from Rs 400, looking at a lift of 38.6% over the next 12 months.
Tata Motors PV’s domestic passenger vehicle EBITDA rose 79% to Rs 1,770 crore, above the estimate of Rs 1,510 crore, due to scale benefits and higher PLI. JLR EBITDA fell 19%, but above estimates, aided by a better mix, reversal of emission provision and forex gains.
Nomura on HAL
Nomura has maintained a ‘Buy’ on HAL, with a target price of Rs 5,954. This indicates an upside potential of around 29% from the current market price.
The brokerage believes the company’s improving profitability, large order book and strong balance sheet continue to provide long-term revenue visibility. Hindustan Aeronautics reported revenue of Rs 13,940 crore in Q4FY26. However, the reported number included a one-time accounting impact of Rs 110 crore related to Offset Credit Benefits.
Emkay Global on Waaree Energies
Emkay Global retained ‘Buy’ on Waaree Energies. The brokerage has a target price of Rs 4,260, implying an upside of 32%, driven by its unmatched scale and leadership position, de-risked global distribution and supply chain, first-mover advantage, and policy tailwinds.
Waaree Energy is recognised for its unmatched scale and leadership in the industry, currently positioned as the largest non-Chinese solar supplier. This leadership is supported by a de-risked global distribution and supply chain.
CLSA on ONGC
CLSA recommended “Outperform’ for ONGC on the back of the upstream royalty cut, contrary to fears of a windfall tax. The brokerage has set a target of Rs 405 per share on ONGC. This implies an upside of over 44% from current levels.
Higher price caps for domestic gas have the potential to significantly boost margins. In a surprise announcement, the government announced an effective cut in the rate of royalty charged on the production of oil & gas in India. For onshore production, the effective royalty rate dropped significantly by 6.7 percentage points (from 16.66% to 10%), and for offshore, it dropped by 1.09 percentage points.
Citi on NTPC
Citi initiated coverage on NTPC with a ‘Buy’ rating and a target price of Rs 485, implying 22% upside from current levels. The brokerage called NTPC its top pick in the sector and said the company remains well-positioned across thermal, renewables, storage and nuclear opportunities.
The brokerage said NTPC’s regulated business continues to expand with a project pipeline materially larger than the previous decade. Citi noted that the company currently has more than 30 gigawatts under construction, including 16.5 gigawatts of coal-based capacity.
Jefferies on Swiggy
Jefferies retained its ‘Buy’ rating on Swiggy and assigned a target price of Rs 415, indicating 49% upside. The brokerage, however, said questions around quick commerce profitability still remain unresolved.
Swiggy said food delivery growth accelerated to a 15-quarter high during the March quarter. Customer additions, affordability initiatives and premium offerings supported the momentum. According to Jefferies, Swiggy’s food delivery gross order value rose around 23% year-on-year in the fourth quarter of FY26. Adjusted EBITDA margin improved to 3.3% of gross order 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.
