State Bank of India – the country’s largest bank has a target price of Rs 1,300 and a potential upside of 20% from current market levels. Jefferies says the lender is well-placed to grow its loan book, supported by a low loan-to-deposit ratio (LDR) and stable asset quality. Management is focused on improving return on assets (ROA) beyond 1-1.1%, to increase the fee-to-asset ratio from 0.5% in the fiscal year. A key priority will be to accelerate deposit growth from the current 9% to around 11-12% over the next 12-18 months to support sustained credit expansion.
Groww – Billionbrains Garage Ventures, the parent company of Groww, has a price target of Rs 195 per share, a 23% increase from the last close. Groww is the largest broker in terms of active clients, with a 28% market share, compared to 15% for the second largest player. This lead is driven by its strong mutual fund funnel, easy-to-use UI and UX, and strong word-of-mouth traction. Jefferies forecasts revenue growth of 29% CAGR over FY26-28E, supported by high product momentum, similar to US peer Robin Hood, and increasing customer assets as accounts mature, with customer assets growing 6-11x over the past three years.
Analysts at Star Health and United Insurance have set a target price of Rs 660 per share. This is a 43% higher capacity than the current level. The company is the leading private health insurer in India, with a dominant presence in the retail health segment and an estimated market share of around 31%, backed by its strong proprietary distribution network. Jefferies also expects loss ratios to improve as claim frequency stabilizes and recent rate increases support higher net income premium (NEP). The first signs of this trend are already visible.
Bharat Forge – The auto company has a target price of Rs 2,150, which translates to a 21% upside from current levels. Its operating outlook is showing signs of improvement, says Jefferies, supported by signs that the US truck era is coming to an end, strong truck demand in India, easing Indo-US tariff pressure and continued momentum in the defense sector. According to Jefferies’ US research team, the strength of orders, along with discussions with OEMs, suggests a meaningful pre-buy trend ahead of the EPA’s 2027 rule changes.
JSW Steel – With a target price of Rs 1,400, Jefferies predicts that the counter could take a 20% gain from the last close of Rs 1,173 on the BSE. It has rapidly expanded India’s capacity from 8 mtpa in FY20 to 34 mtpa in FY25. The company has also announced the development of a 1 mtpa Electric Arc Furnace (EAF) in Andhra Pradesh, which is expected to take India’s capacity to 43 mtpa by FY29E. Overall, JSTL targets India’s 50 mtpa capacity by FY31E. We forecast a healthy 6% CAGR in India over FY26-28E.
Abdi – The company has a target price of Rs 480, 117% higher than the current level. “Eternal has corrected 32% from its Oct-25 and in our view suggests good upside from current levels,” the brokerage said. Food delivery remains a key cash generator for Zomato, with the segment continuing to grow at over 15% while profitability improves. The business generates strong returns and cash flow, supported by a duopoly market structure and minimal working capital and capex requirements. Management expects growth to accelerate to around 20% in the medium term. The company also sees a huge opportunity in fast trading. Despite intense competition in the field, Abdi’s blanket continues to report strong growth and is the only player to reach Brecon. This comes as incumbent players continue to incur significant losses and new entrants are rapidly expanding their operations. Max Healthcare – The brokerage has set a target of Rs 1,320, which translates to a 29% upside from the current level. Max Healthcare plans to double its bed capacity over the next three to four years, with most of the expansion coming through brownfield additions, which typically have shorter break-even periods and higher EBITDA margins. The company’s new Dwarka facility even broke records in six months and started contributing to EBITDA from 4QFY25, pointing to strong demand in Max’s larger market. Recently acquired facilities in Lucknow and Nagpur have also grown well, delivering strong post-acquisition EBITDA growth, while recent bed additions indicate continued demand. Jaypee Noida’s asset acquisition has also grown effectively and is currently operating at high-teens EBITDA margins.
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