India Fairness Technique: Jefferies is taking a look at alternatives in assorted segments of the Indian market. Its September 1 India Fairness Technique report, titled Backside-up Analyst Prime Concepts, accommodates 28 ‘Purchase’ concepts, up from 24 in June, alongside eight ‘Underperform’ calls.
Ten shares have been newly added to the ‘Purchase’ record: ICICI Bank, Cholamandalam, SBI Life Insurance Company, TVS Motor Company, Emmvee Photovoltaic Power, Hindustan Zinc, Tata Consumer Products, Eternal, Gland Pharma and Indian Hotels.
It’s, however its newest inventory record has a typical thread: every name is tied to a selected earnings set off fairly than a broad market view. In banks, the main focus is on credit score development and profitability. In energy and industrials, it’s the order e-book and capability build-out. In autos, metals and client names, the brokerage is on the lookout for quantity restoration, stronger realisations or new companies to translate into earnings.
Financials: Mortgage development, funding power and higher underwriting
Jefferies’ financial institution picks are centred on development with out giving up asset high quality. ICICI Financial institution has a goal value of Rs 1,750, implying an upside of 20.7%. The brokerage expects 15% mortgage development yearly on a compounded foundation between FY26-FY29, credit score prices of 40-50 foundation factors and 13% CAGR in core revenue. It additionally factors to the financial institution’s 15% year-on-year retail deposit development and says its asset-quality efficiency has continued to shock positively.
“The financial institution has managed to take care of margins effectively, reflecting robust funding franchise and underwriting self-discipline,” Jefferies stated.
Axis Financial institution has a goal value of Rs 1,700, implying an upside of 32.5%. Jefferies expects mortgage development to normalise from 19% within the first quarter to fifteen% in FY27, whereas the altering mortgage combine ought to assist NII development. It expects credit score prices to settle round 70-75 foundation factors and core earnings to develop at 17% CAGR via FY29.
State Financial institution of India has a goal value of Rs 1,320, implying an upside of 24.5%. Bajaj Finance has a goal value of Rs 1,280, implying an upside of 20.2%, with Jefferies forecasting 21% AUM CAGR via FY26-28 and anticipating credit score prices to reasonable.
Cholamandalam Funding has a goal value of Rs 2,100, implying an upside of 12.3%. Jefferies expects 21% AUM CAGR via FY26-28 and sees quicker development in higher-yielding CSEL and gold loans serving to preserve margins round 6.9%. It expects credit score prices to say no to 1.4% by FY28 and EPS to develop at 28% CAGR.
Insurance coverage: Distribution and product combine are doing the heavy lifting
SBI Life Insurance coverage has a goal value of Rs 2,600, implying an upside of 49.2%. Jefferies says the insurer has 16% market share in retail weighted premiums and expects APE development to speed up at 15% CAGR because the SBI channel recovers from a two-year low base. Increased agent recruitment and better contribution from non-par and par financial savings insurance policies are additionally anticipated to assist development.
The brokerage expects VNB margins to increase by 140 foundation factors to 29%, helped by a seamless transfer away from ULIPs, better safety contribution, secure prices and conservative underwriting.
“SBI Life is our prime choose within the life insurance coverage area.”
Star Well being has a goal value of Rs 725, implying an upside of 27.7%. Jefferies expects gross premiums to develop at 15% CAGR via FY29, supported by channel funding, rider attachments and new merchandise. It has already seen 4 consecutive quarters of enchancment within the IFRS loss ratio and expects expense ratios to enhance via decrease renewal commissions, scale advantages and straight-through processing.
Energy and industrials: Order e-book is the story
Siemens Power India has a goal value of Rs 4,800, implying an upside of 48.5%. Jefferies expects 43% EPS CAGR via FY28, pushed by working leverage and India’s power-capex pipeline. Its June-quarter order e-book was up 16% 12 months on 12 months at Rs 19,100 crore, equal to 2.5 instances FY25 gross sales.
The brokerage expects working leverage to elevate margins by 475 foundation factors to 24% by FY28. Fastened bills are anticipated to say no as a share of gross sales because the enterprise scales.
“Working leverage ought to drive 475 bps margin enlargement to 24% in FY28E vs FY25.”
JSW Power has a goal value of Rs 720, implying an upside of 36.4%. The decision is tied to renewable capability execution and the ensuing improve in earnings capability.
Emmvee Photovoltaic Energy has a goal value of Rs 440, implying an upside of 36.8%. Jefferies factors to its order e-book, early positioning in TOPCon cells and debt-free stability sheet.
Polycab India has a goal value of Rs 11,100, implying an upside of 20.7%. Jefferies expects demand from energy spending, non-public capex, housing and renewables to assist the cables and wires enterprise.
NTPC and Hitachi Power India are additionally a part of the 28-stock ‘Purchase’ record, though the report’s valuation desk doesn’t present corresponding goal costs for NTPC.
Metals: Commodity costs are creating earnings room
Hindustan Zinc has a goal value of Rs 750, implying an upside of 25.5%. Jefferies’ zinc assumptions for FY27-28 stay Sep 11% beneath spot costs, leaving room for earnings estimates to rise if present costs persist.
Silver is one other a part of the thesis. The brokerage’s FY27-28 silver assumptions of US$60-63 an oz stay 5-9% beneath spot. Hindustan Zinc can be increasing refined-metal capability by 30% to about 1.5 million tonnes and silver capability to 830 tonnes by the second quarter of FY29.
“Regardless of ongoing capability expansions at each corporations, we count on HZ’s internet money place to extend from Rs52bn in FY26 to Rs227bn by FY29.”
JSW Metal has a goal value of Rs 1,650, implying an upside of 25.6%. Jefferies expects the corporate’s capability enlargement and home metal pricing to assist earnings, with EPS anticipated to treble over FY26-29.
Autos: Two-wheelers are main the restoration
TVS Motor has a goal value of Rs 5,425, implying an upside of 25.3%. Jefferies notes that two-wheeler trade wholesales development improved from simply 1% 12 months on 12 months within the first half of FY26 to 20-21% within the second half and FY27 12 months thus far. Registrations are additionally up 18% 12 months thus far.
Exports add one other development lever. India’s two-wheeler exports grew at a 22% CAGR over FY24-26 after falling sharply in FY22-24, and had been up 34% 12 months on 12 months in FY27 12 months thus far. Jefferies expects TVS’ exports to develop at 14% CAGR via FY29.
Bharat Forge has a goal value of Rs 2,500, implying an upside of 21.7%. Jefferies sees a restoration in North American heavy vans, development in defence and stronger industrial exports as the principle earnings drivers. Its auto analysis exhibits Bharat Forge among the many stronger-performing names within the sector in the course of the 12 months.
Client: New companies have gotten significant
Tata Client Merchandise has a goal value of Rs 1,450, implying an upside of 39.6%. Jefferies expects regular quantity development within the core India portfolio whereas the corporate’s newer classes scale up. The brokerage additionally sees scope for margin assist from decrease espresso costs.
Everlasting has a goal value of Rs 415, implying an upside of 26.6%. Jefferies sees meals supply because the cash-generating base, whereas Blinkit stays the principal development engine as quick-commerce economics enhance.
“Everlasting stays a core long-term compounder.”
Grasim Industries has a goal value of Rs 3,910, implying an upside of 17.8%. Its portfolio spans fibres, chemical substances, constructing supplies, paints and B2B e-commerce, giving Jefferies publicity to a number of areas of infrastructure and manufacturing demand.
The brokerage says Grasim has reached the number-three home place in paints by quantity, together with putty, and sees a reputable path in the direction of quantity two. EBITDA breakeven for paints is predicted by FY28-29.
Healthcare: Capability enlargement meets a pharmaceutical restoration
Fortis Healthcare has a goal value of Rs 1,125, implying an upside of 23.9%. Jefferies expects about 400 new beds in FY27 and greater than 1,700 beds over 4 to 5 years, with brownfield enlargement permitting comparatively fast breakeven. It forecasts 14% company-level income CAGR and 17% EBITDA CAGR via FY29.
The diagnostics enterprise can be anticipated to enhance as aggressive strain eases. Jefferies expects 10% income CAGR and 15% EBITDA CAGR in diagnostics via FY29.
Gland Pharma has a goal value of Rs 3,350, implying an upside of 16%. Its Cenexi subsidiary, which contributes round 30% of income, has reached sustainable EBITDA breakeven. Jefferies expects the US enterprise to ship high-teens development as lately launched merchandise scale and the complex-product portfolio expands.
The corporate has additionally signed a number of complex-product CDMO contracts with potential income equal to 6-12% of FY26 income, with launches anticipated in CY29-30.
Know-how, telecom and chemical substances
Coforge has a goal value of Rs 2,040, implying an upside of two.6%. Jefferies expects natural income development of about 15% CAGR via FY29, supported by the executable order e-book, the ramp-up of a US$230 million deal and cross-selling alternatives following the Encora mixture.
Bharti Airtel has a goal value of Rs 2,400, implying an upside of 31.1%. Jefferies expects tariff will increase, subscriber premiumisation, properties and enterprise companies to assist development in its India operations.
Navin Fluorine has a goal value of Rs 9,045, implying an upside of 4.2%. Jefferies expects CDMO contracts, cooling expertise and fluorochemicals to assist robust income and earnings development.
Hospitality and actual property
Indian Lodges has a goal value of Rs 875, implying an upside of 21.7%. Jefferies expects resort RevPAR development, community enlargement and newer companies to assist earnings development. Its analysis additionally factors to lively asset administration, upgrades and capability enlargement as extra sources of income.
Adani Ports has a goal value of Rs 2,160, implying an upside of 32.1%. Jefferies expects port volumes, capability additions, market-share positive aspects and built-in logistics to assist earnings.
GMR Airports has a goal value of Rs 135, implying an upside of 43.8%. The brokerage expects passenger site visitors development and better non-aero income to assist a 14% EBITDA CAGR via FY29.
Lodha Builders stays a ‘Purchase’ concept, however Jefferies’ valuation desk doesn’t present a corresponding goal value or upside share for the inventory.
Jefferies’ 28 ‘Purchase’ shares and implied upside
| Inventory | Ranking | Goal value | Implied upside |
| Coforge | ‘Purchase’ | Rs 2,040 | 2.6% |
| Navin Fluorine | ‘Purchase’ | Rs 9,045 | 4.2% |
| Cholamandalam Funding | ‘Purchase’ | Rs 2,100 | 12.3% |
| Gland Pharma | ‘Purchase’ | Rs 3,350 | 16.0% |
| Grasim Industries | ‘Purchase’ | Rs 3,910 | 17.8% |
| Bajaj Finance | ‘Purchase’ | Rs 1,280 | 20.2% |
| ICICI Financial institution | ‘Purchase’ | Rs 1,750 | 20.7% |
| Polycab India | ‘Purchase’ | Rs 11,100 | 20.7% |
| Bharat Forge | ‘Purchase’ | Rs 2,500 | 21.7% |
| Indian Lodges | ‘Purchase’ | Rs 875 | 21.7% |
| Fortis Healthcare | ‘Purchase’ | Rs 1,125 | 23.9% |
| State Financial institution of India | ‘Purchase’ | Rs 1,320 | 24.5% |
| TVS Motor | ‘Purchase’ | Rs 5,425 | 25.3% |
| Hindustan Zinc | ‘Purchase’ | Rs 750 | 25.5% |
| JSW Metal | ‘Purchase’ | Rs 1,650 | 25.6% |
| Everlasting | ‘Purchase’ | Rs 415 | 26.6% |
| Star Well being | ‘Purchase’ | Rs 725 | 27.7% |
| Bharti Airtel | ‘Purchase’ | Rs 2,400 | 31.1% |
| Adani Ports | ‘Purchase’ | Rs 2,160 | 32.1% |
| Axis Financial institution | ‘Purchase’ | Rs 1,700 | 32.5% |
| JSW Power | ‘Purchase’ | Rs 720 | 36.4% |
| Emmvee Photovoltaic Energy | ‘Purchase’ | Rs 440 | 36.8% |
| Tata Client Merchandise | ‘Purchase’ | Rs 1,450 | 39.6% |
| Hindustan Aeronautics | ‘Purchase’ | Rs 6,800 | 41.8% |
| GMR Airports | ‘Purchase’ | Rs 135 | 43.8% |
| Siemens Power India | ‘Purchase’ | Rs 4,800 | 48.5% |
| SBI Life Insurance coverage | ‘Purchase’ | Rs 2,600 | 49.2% |
| Lodha Builders | ‘Purchase’ | Not said | Not said |
| NTPC | ‘Purchase’ | Not said | Not said |
| UltraTech Cement | ‘Purchase’ | Not said | Not said |
Conclusion
Jefferies’ newest India Fairness Technique brings collectively 28 ‘Purchase’ concepts with very totally different earnings drivers, from financial institution credit score development and insurance coverage distribution to power-equipment orders, defence execution, commodity costs, auto exports, healthcare enlargement and client companies scaling into new classes. The very best said upside is hooked up to SBI Life Insurance coverage, Siemens Power India and GMR Airports, whereas the complete record offers the brokerage publicity throughout a variety of home development themes.
Disclaimer: This text relies solely on Jefferies’ India | Fairness Technique report dated September 1, 2026. Rankings, value targets, estimates and brokerage views are topic to vary and aren’t ensures of future efficiency. Implied upside figures are primarily based on the costs and targets said within the report. This text is for informational functions solely and shouldn’t be handled as funding recommendation or a advice to purchase or promote any safety.
