The domestic equity markets saw a significant surge this week. The Nifty 50 and Sensex climbed over 1.5% each.
However, several top research houses, including Nomura, Jefferies, Nuvama, Ambit Capital, Motilal Oswal, and JM Financial, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
JM Financial on LIC
JM Financial has retained its Buy rating on LIC and raised the target price to Rs 960 from Rs 888 earlier. This implies an upside potential of nearly 20% from the current market price.
According to the brokerage report, improving product mix, higher-ticket policies, and gradual expansion in non-participating products are supporting LIC’s profitability profile.
JM Financial stated, “With a solid outlook, we raise our target price to Rs 960, valuing the corporation at 0.6x Mar’28 Embedded Value Per Share.”
Ambit Capital on Metro Brands
Ambit Capital has maintained its ‘Buy’ rating on Metro Brands and set a target price of Rs 1,353 on Metro Brands, implying an upside of around 30% from its current level, the highest among the five stocks.
During FY11, when crude oil increased nearly 24%, and in FY22, when polyvinyl chloride prices rose nearly 72%, Metro Brands maintained an EBITDA margin in the range of 17% to 23%.
The brokerage attributed this performance to premium ticket sizes and the company’s asset-light franchise model. It said customers absorbed moderate cost increases more easily, while the operating model kept fixed costs lower.
Nuvama on Ajax Engineering
Nuvama Institutional Equities maintained a ‘Buy’ rating on Ajax Engineering, with a target price of Rs 700, implying an upside of 23% from the current market price. Robust quarterly earnings, aided by strong market share and other factors, led the brokerage firm to retain the rating.
Ajax Engineering’s Q4FY26 EBITDA was 45% above estimates, driven by a revenue beat and improved gross margins resulting from a 2% price increase. While revenue was flat year-over-year at nearly Rs 760 crore, it was 16% higher than the brokerage’s estimates, primarily due to higher volumes in Self-Loading Concrete Mixers (SLCM).
Nomura on Asian Paints
Nomura has retained its Buy rating on Asian Paints with a target price of Rs 3,250, implying an upside of around 25% from current levels. The brokerage holds a non-consensus bullish view on India’s Paints industry and names Asian Paints as its preferred pick in the space.
The brokerage stated, “the peak of competitive intensity appears behind, and it will be more rational vs disruptive going forward. We prefer Asian Paints in the paints sector.” At the heart of the call is a decisive shift in Birla Opus’ strategy; the Aditya Birla Group’s aggressive paint challenger is now pivoting from chasing market share at any cost to repairing its own margins.
Jefferies on Lenskart Solutions
Jefferies has maintained a ‘Buy’ rating on Lenskart Solutions. It has raised the target price on the stock to Rs 600 from Rs 575, implying an upside of over 22% from the current market price.
This upgrade in the rating came after Lenskart delivered another standout quarter, with strong growth & smart margin gains across India & international markets. Also, the company’s management commentary remained positive, with excessive focus on compounding growth, which should further filter out into better profitability.
Ambit Capital on Blackbuck
Ambit Capital retained its ‘Buy’ rating on Blackbuck and kept its target price at Rs 870, implying about 64% upside.
The brokerage said Blackbuck’s fourth-quarter results came broadly in line on revenue and margins, supported by expansion across both core and emerging businesses. Net revenue increased to Rs 159.9 crore in 4QFY26 from Rs 121.8 crore in 4QFY25, up 31% year-on-year. Core revenue grew 29% while growth businesses expanded 52% on a net basis. Adjusted EBITDA margin stood at 31.4%. PAT came in at Rs 65.7 crore and included a deferred tax
benefit.
Nuvama on Bharat Electronics
Nuvama has reiterated its ‘Buy’ call on Bharat Electronics and assigned a target price of Rs 485. The revised target implies a potential upside of nearly 17% from current levels. However, the brokerage trimmed its earlier target price of Rs 525 to align with execution timelines and management guidance.
According to the brokerage report, Bharat Electronics continues to remain one of the strongest players in India’s defence manufacturing space, supported by healthy margins, a massive order backlog and visibility on future defence contracts.
Motilal Oswal on Titan Company
Motilal Oswal Financial Services reiterated its ‘Buy’ rating on Titan Company. The domestic brokerage house expects this Tata Group company to manage the ongoing situation well by continuing to find new gold sourcing avenues (temple jewellery, exchange, etc) and believes that a superior balance sheet can help in regulator tightening.
Motilal Oswal has a target price of Rs 5,150 on Titan Company, implying an upside of over 26% from the current market price. However, they have reduced EPS estimates for Titan by 2% for FY27 and 1% for FY28 due to a rise in the customs duty. A significant regulatory challenge following the Indian government’s decision to increase customs duty on gold and silver from 6% to 15%.
Jefferies on JSW Energy
Jefferies maintained its ‘Buy’ rating on JSW Energy and raised the target price to Rs 675 from Rs 660. The brokerage sees an upside potential of 31%. According to Jefferies, JSW Energy has already commissioned 250 megawatts of capacity during April and May 2026.
Jefferies said the company’s decision to partly monetise its stake in JSW Steel for Rs 3,200 crore would help reduce leverage concerns. The brokerage added that the transaction also gives the company room to pursue future expansion without stretching the balance sheet.
JM Financial on Oil India
JM Financial retained its ‘Buy’ rating on Oil India and raised the target price to Rs 620 from Rs 585, implying a potential upside of 22.3%. The brokerage revised its earnings estimates upward after the state-run oil explorer posted a stronger-than-expected March quarter performance, supported by higher crude production, lower dry well write-offs and a healthy contribution from Numaligarh Refinery.
JM Financial said Oil India’s standalone profit after tax for the March quarter came in at Rs 1,789.5 crore, sharply ahead of its estimate of Rs 1,120 crore and consensus expectations of around Rs 1,170 crore.
Disclaimer: Investment recommendations, ratings, and target prices mentioned in this article are provided by external institutional brokerages and do not reflect the views of this publication. Market investments are subject to high volatility and risk; these projections should not be construed as an offer, solicitation, or direct financial advice. Readers are strongly advised to consult a SEBI-registered financial advisor before making any investment decisions.
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