Brokerage firm Jefferies has included 10 stocks as part of its bottom-up top ideas within its 261 stock coverage. The 10 stocks include ICICI Bank, Ch…
1/11Brokerage firm Jefferies has included 10 stocks as part of its bottom-up top ideas within its 261 stock coverage. The 10 stocks include ICICI Bank, Cholamandalam, SBI Life, TVS Motor, Emmvee Photovoltaic, Hindustan Zinc, Tata Consumer, Eternal, Gland Pharma and Indian Hotels. The brokerage now has 28 buys and eight underperform stocks as part of its Bottom-up top ideas coverage. Here’s a look at those 10 stocks:
2/11ICICI Bank | Jefferies has a “buy” rating on the private lender, with a target price of ₹1,750 per share, an upside of 20.4% from its previous close. It said the lender is well-placed to deliver on growth and quality with healthy deposit and credit growth and lowest loan-to-deposit ratio (LDR) among large private banks. Over FY26-29, Jefferies sees loan compound annual growth rate (CAGR) of 15% and credit costs of 40 to 50 basis points, thereby driving 13% CAGR in core profit and return on equity of 17% in FY27. The brokerage said ICICI bank is among its top picks and its price target values the stock at 2.3 times the September 2028 adjusted profit to book ratio and value of stake in subsidiaries.
3/11Cholamandalam Finance | Jefferies has a “buy” rating and a target price of ₹2,100 per share, indicating an upside of 13% from its previous close. The brokerage said Cholamandalam Investment should benefit from a more broad-based momentum in loan growth across segments with resilient growth in autos, sustained strength in loan against property (LAP), housing loans and stronger growth in segments such as consumer and small enterprise loan (CSEL) and medium and small enterprises (MSME) that underwent consolidation and portfolio re-calibration last year. It has forecast 21% assets under management (AUM) CAGR over FY26-28, factoring a tougher base in the second half, but it sees scope for some upside risks. Jefferies said it expects the company to deliver 28% earnings per share (EPS) CAGR and 20% return on equity over FY26-28. Jefferies said its target price values the stock at 3.6x the estimated September 2028 book value.
4/11SBI Life Insurance Company | Jefferies has a “buy” rating and a target price of ₹2,600 per share, implying an upside of 49% from its previous close. It said while the annual premium equivalent (APE) growth slowed in FY25 and early FY26, Jefferies sees it accelerating (15% CAGR) from here, led by SBI channel growing off a two-year low base, opportunity to ramp up agent recruitment as agent per office lags peers and expansion of non-par and par savings policies. It said the target price implies 16x September 2028 estimated value of new business (excluding enterprise value). SBI Life is the brokerage’s top pick in the life insurance space.
5/11TVS Motors | Jefferies has a “buy” rating and a target price of ₹5,425 per share on the stock, an upside of 23.6% from its previous close. It said the company is expecting double-digit industry growth in FY27. Meanwhile, Jefferies is assuming 8% industry CAGR over FY26-29. It also assumes 14% CAGR for TVS’ exports over FY26-29. The brokerage said it expects strong 13% volume and 24% EPS CAGR over FY26-29. Its FY28-29 EPS estimates are 7%-12% above Street estimates. It said TVS’ 44x FY27 estimated price-to-earnings ratio appears rich but justified, in its view, for rising franchise and strong growth outlook.
6/11Emmvee Photovoltaic | Jefferies has a “buy” rating and a target price of ₹440 per share, an upside of 36.8% from its previous close. The brokerage says that with ingot/wafer shortage likely to be over by FY29-30, Emmvee should enjoy industry-leading profitability over FY27-30. The stock is in the earnings upgrade cycle supported by its orderbook, Jefferies said, adding that it projects 33% EBITDA CAGR over FY26-29.
7/11Hindustan Zinc | Jefferies has a “buy” rating on the stock. Its FY27-28 estimated zinc price assumptions of $3,615 to $3,700 are still 9%-11% the below spot price, suggesting further upside risk to earnings if spot prices persist. Its silver price assumptions of $60-$63 for FY27-28 are still 5%-9% below spot. Jefferies said that with Hindustan Zinc’s new expansions still some time away, it expects the company’s metal sales to grow just 2% CAGR over FY26-28. It also expects a strong 44% and 54% growth in EBITDA and EPS in FY27 respectively, followed by a modest 4%-5% CAGR over FY27-29. Its FY27-28 estimated EPS is 16%-23% above consensus.
8/11Tata Consumer Products | Jefferies has a “buy” rating and a target price of ₹1,450 per share, implying an upside of 39.8% from its previous close. it said it expects mid-to-high-single-digit value growth in the company’s core business (tea/salt) portfolio over the next three years, driven by stable input costs, market share gains and premiumization. It said it expects Tata Consumer’s revenue / EBITDA to grow at a 10%-14% CAGR over FY26-29.
9/11Eternal | Jefferies has a “buy” rating and a target price of ₹415 per share on the stock, an upside of 26.5% from its previous close. It said despite heightened competitive intensity in the quick commerce space, Blinkit continues to delivery strong growth and remains the only player to achieve profitability at a time when incumbents continue to report significant losses and new entrants invest aggressively to gain scale. While competition remains a key monitorable, the long-term opportunity remains attractive, supported by expanding use cases, broader category adoption via horizontals and the accelerating shift from scheduled to on-demand delivery, Jefferies said. It added that given its scale, category leadership and best-in-class execution, External is well positioned to benefit, with a more favourable industry structure and continued execution gains offering potential for a meaningful re-rating. It added that while near-term volatility may persist, Eternal remains a core long-term compounder.
10/11Gland Pharma | Jefferies has a “buy” rating and a target price of ₹3,350 per share on the stock, implying an upside of 18.1% from its previous close. It said the company’s wholly-owned subsidiary Cenexi has finally turned around, achieved sustainable EBITDA breakeven and has a healthy demand outlook to deliver double-digit constant currency growth over the next three years. It said the US geography is firmly back on a growth path, supported by 3-4 differentiated product launches over the past six months. Jefferies expects the ramp-up of newly-launched products and an expanding complex product portfolio to drive a high-teens CAGR in the region. It said the management’s guidance of 20% total sales growth over the next four years is significantly higher than consensus estimates of mid-teens growth and leaves room for consistent earnings upgrade. It values the stock at 32x September 2028 EPS estimates and it assigns high multiple on significantly higher sales/EBITDA growth and stronger execution in recent few quarters.
11/11Indian Hotels | The brokerage has a “buy” rating and a target price of ₹875 per share. Jefferies said the company’s increasing asset-light growth strategy enables network expansion and fee income growth without proportionate capital deployment, supporting superior returns and scalability. It said its strong cash position provides scope for further acquisitions both within and outside the IHCL ecosystem. It expects EBITDA to grow at 15% CAGR over FY26-29, driven by an 8% CAGR in standalone hotel revenue per average room, continued network expansion and faster growth in new businesses.
