Eleven Indian stocks have caught the attention of leading brokerage firms, which have initiated fresh 'buy' ratings and projected significant upside potential, with some forecasts reaching up to 140%. These recommendations come from a host of prominent brokerages, including Motilal Oswal Financial Services, Choice Institutional Equities, ICICIDirect Research, JM Financial Ltd, 360 One Capital, Antique Stock Broking, Systematix Institutional Equities, and Ventura Securities.
Adani Power (APL)
Motilal Oswal Financial Services initiated coverage with a 'buy' rating and a target price of Rs 250, signaling a 21% upside. The brokerage highlights APL's superior capital allocation with an average acquisition cost significantly below greenfield thermal plant costs, a strong growth trajectory, and potential for Rs 80,000 crore EBITDA post-capex cycle, along with optionality from nuclear forays.
Sammaan Capital Ltd
Ventura Securities initiated coverage with a 'buy' rating and a target price of Rs 377.70, projecting a remarkable 140% upside. Sammaan Capital is undergoing a transformation from a wholesale-heavy lender to a retail-focused, well-capitalised entity. Ventura anticipates strong balance-sheet growth, with advances and AUM growing at around 38% and 34% CAGR through FY29E, leading to a sharp profitability turnaround and improved asset quality.
Indian Metals & Ferro Alloys (IMFA)
360 One Capital assigned a 'buy' rating with a target price of Rs 1,652, indicating a 28% upside. IMFA is entering a significant capacity-led growth phase, with its fully integrated mining, ferro-chrome manufacturing, and captive power operations. Its capacity is expected to nearly double by FY28, driving revenue, EBITDA, and PAT CAGR of 23%, 25%, and 20% respectively, during FY26–FY29E.
United Breweries (UBL)
Choice Institutional Equities recommends a 'buy' for UBL with a target price of Rs 1,480, suggesting a 16% upside. The brokerage notes UBL's premium portfolio growth (45% CAGR over two years) and strong momentum in brands like Kingfisher Ultra, Heineken, and Amstel Grande. UBL is well-positioned for sustained growth driven by tailwinds in key markets, premium mix improvement, and capacity-led distribution expansion.
Emcure Pharmaceuticals Ltd
ICICIDirect Research initiated a 'buy' rating with a target price of Rs 2,305, forecasting a 20% upside. Emcure is a diversified pharma player with 13 manufacturing facilities globally, focusing on complex products and strategic partnerships. Domestic revenue is expected to grow at 12% CAGR over FY26–28E, with niche product launches and acquisitions driving overall growth across international markets.
Physicswallah Ltd
Motilal Oswal Financial Services initiated coverage with a 'buy' rating and a target price of Rs 200, an upside potential of 58%. The brokerage values Physicswallah based on its market leadership in online education, superior unit economics, and scalable technology platform, while acknowledging risks such as competitive intensity and faculty attrition.
Cera Sanitaryware Ltd
ICICIDirect Research gave a 'buy' rating and a target price of Rs 6,800, an 18% upside. Cera Sanitaryware is a leading integrated home solutions provider with a pan-India distribution network. The firm's market leadership, strong balance sheet, and consistent margins underpin the positive outlook.
OnEMI Technology Solutions Ltd (Kissht)
JM Financial assigned a 'buy' rating with a target price of Rs 385, implying a 25% upside. Kissht, a digital-first NBFC, is shifting towards higher-quality borrowers, supported by operating leverage and lower funding costs. AUM and PAT are projected to grow at CAGRs of 44% and 49% respectively over FY26–28E.
Apollo Micro Systems Ltd
Systematix Institutional Equities initiated a 'buy' with a target price of Rs 570, indicating a 46% upside. Apollo Micro Systems is seen as evolving into an integrated weapon systems manufacturer, benefiting from government initiatives for indigenization and technology transfer in defense.
Leela Palaces Hotels & Resorts Ltd
Antique Stock Broking gave a 'buy' rating with a target price of Rs 680, a 23% upside. Leela Hotels delivered strong quarterly results, with revenue rising 28% YoY and EBITDA growing 41.4%. Management is optimistic about double-digit RevPAR growth and mid-to-high-teens EBITDA growth for FY27.
SEAMEC Ltd
Choice Institutional Equities initiated a 'buy' rating for SEAMEC with a target price of Rs 2,270, projecting a 27% upside. SEAMEC is well-positioned to benefit from a supply-constrained global diving support vessel market, with fleet rejuvenation and a growing order book supporting earnings visibility.