Indian equity markets changed a little over the five trading days, after witnessing high volatility. The Nifty 50 and Sensex closed flat for the week.
During the week, several top research houses, including Motilal Oswal, Nomura, Jefferies, Nuvama Institutional Equities, Emkay Global, Goldman Sachs, Ambit Capital, and Morgan Stanley, shared their latest recommendations for key stocks amid a falling market, and we shortlisted 10 stocks across sectors.
Nomura on Indus Towers
Nomura has initiated coverage on Indus Towers with a ‘Buy’ rating. It has set a target price of Rs 490, implying an upside of 22% from the current market price. The company’s positive outlook is the primary driver for this recommendation.
Also, the brokerage house expects that the valuation gap between global peers and Indus Towers will narrow as the company’s stabilisation unlocks tenancy growth.
Motilal Oswal on IIFL Finance
The brokerage house Motilal Oswal has given a ‘Buy’ rating to IIFL Finance. With a target price of Rs 600, the brokerage is factoring in a potential upside of around 34%.
According to the brokerage report, IIFL Finance’s performance in the latest quarter, along with improving trends in asset quality and growth segments is a key factor to watch. One of the key changes highlighted by the brokerage in its report is an upward revision in earnings estimates. This is mainly due to higher expected income from certain business activities and a gradual improvement in assets under management.
Jefferies on Emmvee Photovoltaic Power
Jefferies maintains its ‘Buy’ rating on Emmvee Photovoltaic Power with a price target of Rs 3,600, implying an upside of about 36%. The brokerage says the March quarter performance comes in ahead of estimates, with revenue rising to Rs 1,738 crore from Rs 1,071.7 crore in the same period last year, while profit after tax increases to Rs 392.4 crore from Rs 207.1 crore over the same timeline.
It says earnings before interest, tax, depreciation and amortisation also beat expectations, supported by strong execution and volume growth. Emmvee Photovoltaic’s cell production rises to 428 megawatts, while the order book stands at 9.4 gigawatts, providing visibility over the next 12 to 18 months.
Nuvama on Mphasis
Nuvama has maintained its ‘Buy’ rating on Mphasis and believes that the stock as room to move up even higher. The brokerage house has set a target price of Rs 3,200 to the stock. This translates to an upside potential of around 42%.
According to the brokerage report, the company has started translating its deal pipeline into actual revenue growth, which is a key trigger for future performance. One of the key takeaways, as per the brokerage report, is that Mphasis has delivered growth on the revenue front after three quarters of strong deal wins.
Motilal Oswal on Federal Bank
Motilal Oswal has a ‘Buy’ rating on Federal Bank, with a target price of Rs 325, implying an upside of 14%. Federal Bank reported fourth quarter FY26 profit after tax of Rs 1,260 crore, up 22% year-on-year, beating estimates by 16%. Q4 net interest income grew 33% year-on-year to Rs 3,170 crore, while the net interest margin improved to 3.2% from 3.12% a year ago.
Advances grew 12.7% year-on-year, driven by gold loans and commercial vehicles, while the current account savings account ratio improved to 32.9% from 32.1% in the second quarter of FY26.
Morgan Stanley on Maruti Suzuki
Morgan Stanley remains bullish on Maruti Suzuki, assigning an ‘Overweight’ rating and a target price of Rs 17,895. This implies a potential upside of up to 39%. As per the brokerage house report, the company is likely to outperform the broader industry in terms of growth.
The report noted, “Maruti Suzuki guided for 10% domestic volume growth in FY27, ahead of our estimate of 8%, implying outperformance versus the industry.”
Goldman Sachs on Paytm
The global brokerage house Goldman Sachs has rated ‘Buy’ to Paytm, with a target price of Rs 1,400. This translates to a potential upside of about 22% from current levels.
According to the Goldman Sachs report, while recent developments linked to Paytm Payments Bank Limited (PPBL) have raised questions, the core business of Paytm continues to show steady traction, especially in payments and merchant growth.
Motilal Oswal on Ceat
Motilal Oswal reiterated a ‘Buy’ recommendation on Ceat. The brokerage pointed to earnings beating estimates on the back of margin expansion, higher other income and steady demand across segments.
The firm maintained a positive stance, noting that growth momentum is expected to continue, supported by operating leverage and stable cost conditions. Motilal Oswal said Ceat delivered a solid operational performance in the March quarter, with net sales rising to Rs 4,200 crore year on year in Q4FY26 from Rs 3,410 crore.
Ambit Capital on PVR Inox
Ambit Capital has a Buy rating on PVR Inox, with a target price of Rs 1,232, implying an upside of 21%. The brokerage builds its case on improving occupancy, disciplined capital expenditure and rising free cash flow over the medium term. It expects revenue to rise to Rs 8,107.9 crore in FY28 from Rs 6,744.4 crore in FY26, supported by steady content supply and better monetisation per screen.
“Newer capex models should enable 10% FCF CAGR in FY26-FY30 with no equity dilution risk,” Ambit Capital says. “Net cash position and shift to asset-light screen rollouts help PVR Inox absorb content volatility.”
Emkay Global on Adani Green Energy
Emkay Global Financial Services raised the target price for Adani Green Energy (AGEL) to Rs 1,500 from Rs 1,350, looking at an upside of 21.4% from the current market price. This came after the company reported a healthy set of quarterly earnings for the fourth quarter of FY26.
Adani Green Energy is planning to invest around Rs 15,000 crore in FY27 to add more than 10 gigawatt-hours (GWh) of battery energy storage capacity, as it sharpens its focus on delivering reliable and dispatchable clean power.
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Source:FinancialExpress
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