Our Terms & Conditions | Our Privacy Policy
1 / 8
Bajaj Finance (Overweight) | With a current market price of ₹881 and a target price of ₹1,100, Bajaj Finance offers a 25% upside. The company’s margins are expected to improve by around 10 basis points in FY26 due to a projected decline in cost of funds (CoF). Management estimates the CoF will reduce to 7.6–7.65% in FY25 from 7.79% in Q1.
2 / 8
State Bank of India (Overweight) | SBI, currently trading at ₹797 with a target price of ₹1,025, offers an upside of 29%. The bank’s credit growth in FY25 slightly trailed its 14–16% guidance due to large prepayments in the corporate segment, but retail lending remained strong. Management expects corporate loan growth to recover to 12–13% in FY26, supported by a healthy ₹3.4 lakh crore loan pipeline. Xpress Credit is also poised for a rebound following recent tax changes and customer additions.
3 / 8
Varun Beverages (Equal Weight) | Varun Beverages, with a CMP of ₹523 and a target price of ₹590, presents a potential upside of 13%. The company saw a 3% YoY decline in consolidated sales in Q2CY25, primarily due to unseasonal rains that hurt India volumes, which dropped 7.1%. However, strong international performance, particularly a 16.1% volume growth in South Africa, provided some relief. Realisation per case rose 0.5%, aided by a 6.6% rise in international pricing. The company continues to focus on expanding its high-margin Sting energy drink, although the recently launched Sting Gold has seen a mixed response.
4 / 8
HDFC Bank (Equal Weight) | HDFC Bank, currently priced at ₹2,018 with a target of ₹2,300, offers a 14% upside. With its loan-to-deposit ratio now below 100%, the bank is ready to return to growth. FY26 growth is expected to align with system-wide trends, with potential outperformance in FY27. Growth will be driven by retail segments, especially non-mortgage loans, and improved MSME demand. The corporate book will remain focused on high-rated borrowers despite pricing pressures.
5 / 8
Bharti Airtel (Overweight) | Bharti Airtel trades at ₹1,914 and has a target price of ₹2,330, implying a 22% upside. It continues to lead the telecom industry in ARPU, which currently stands at ₹245 compared to Reliance Jio’s ₹195. Management is confident of achieving its ₹300 ARPU target through broader rural penetration, 2G to 4G/5G migration, and increased adoption of value-added services. Data usage remains robust at 25.1 GB per user per month.
6 / 8
Shriram Finance (Equal Weight) | Shriram Finance, with a current price of ₹631 and a target of ₹750, offers a 19% upside. NIMs compressed by 14 bps in Q1FY26 due to excess liquidity, which the company plans to reduce by ₹10,000 crore over the next 4–5 months. Yield stability across product lines and a lower incremental CoF (8.3–8.4% versus a current CoF of 8.86%) should support NIM improvement.
7 / 8
Avenue Supermarts (Equal Weight) | Avenue Supermarts, trading at ₹4,267 with a target price of ₹4,810, offers a 13% upside. The company has maintained a 17–20% CAGR in revenue, primarily driven by 14–15% growth in store count and retail space. It is investing in D-Mart Ready to boost operations, working capital, and e-commerce reach, which will help it tap into the growing online grocery segment. In Q1FY26, revenue rose ~18% YoY due to increased footfalls.
8 / 8
Lupin (Overweight) | Lupin, currently priced at ₹1,929 with a target of ₹2,500, offers a 30% upside. In Q4FY25, the company delivered 14% YoY revenue growth, driven by strong performances in India (+19% YoY), the US (+7%), and EMEA (+30%). Other Developed Markets also grew 10.7%, though API sales dropped 10.3%. Gross margins improved 200 bps YoY, aided by a favourable mix, cost efficiencies, and reduced reliance on in-licensed products. EBITDA margins rose by 320 bps YoY. PAT jumped 39.5%, beating expectations.
Images are for reference only.Images and contents gathered automatic from google or 3rd party sources.All rights on the images and contents are with their legal original owners.
Aggregated From –
Comments are closed.