Brokerages Reveal 10 Top Stock Buys with Up to 52% Upside
Overview
Leading brokerages, including Nomura, Motilal Oswal, and Morgan Stanley, have identified 10 high-conviction stock picks across banking, finance, consumer, and tech sectors. These recommendations highlight substantial upside potential, ranging up to 52%, driven by strategic initiatives, market recovery, and strong growth forecasts. Investors are evaluating these curated buy lists for potential portfolio growth.
Stocks Mentioned
Brokerages Unveil Top Stock Picks with Significant Upside
Major research houses have pinpointed ten stocks across key sectors, presenting investors with potential gains of up to 52%. This week's curated list, featuring recommendations from Morgan Stanley, Nomura, Nuvama Wealth Management, Motilal Oswal, and CLSA, spans banking, finance, consumer goods, and technology sectors, amid a fluctuating market.
Nomura's Optimism on Dixon Technologies
Nomura has reiterated a 'Buy' rating on Dixon Technologies, forecasting a significant 36% upside. While acknowledging a challenging period for its mobile division, the brokerage sees recovery drivers beyond the current fiscal year. Global memory prices have surged 30-40% quarter-on-quarter in Q3 FY26 due to AI infrastructure demand. This trend is prompting Indian mobile companies to raise prices, with further hikes anticipated.
Titan's Disruptive Entry into Lab-Grown Diamonds
Motilal Oswal rates Titan 'Buy' with a ₹5,000 target price, implying a 17% potential increase. The firm highlights Titan's strategic move into the lab-grown diamond (LGD) market with its new brand, 'beYon'. Priced competitively at ₹23,000–₹25,000 per carat, this initiative targets fashion-conscious consumers without compromising its premium heritage brands. Titan aims to capture a new lifestyle segment by leveraging its extensive customer base.
IDFC First Bank: Entering a Growth Phase
Nomura initiated coverage on IDFC First Bank with a 'Buy' recommendation and a ₹105 target price, suggesting a 23.5% potential upside. The bank is transitioning from an investment-heavy phase to one of improved earnings and profitability. IDFC First Bank has spent years reshaping its business model and balance sheet, a transition now largely complete according to the brokerage.
Mahanagar Gas Poised for Volume Growth
Motilal Oswal has set a target price of ₹1,700 for Mahanagar Gas, indicating an upside of nearly 49%. The brokerage anticipates 11% annual volume growth through 2028, driven by an increasing number of CNG vehicles. Despite current margin pressures from high global gas prices, the stock appears to have factored in these difficulties. The company is valued at 15 times its estimated late 2027 earnings.
Marico's Revenue Expansion Driven by Pricing Power
Nuvama Institutional Equities forecasts a substantial 27% year-on-year consolidated revenue growth for Marico, with its Parachute business expected to lead the surge. Strategic pricing adjustments, despite a 30% correction in copra prices from peaks, will allow Marico to leverage its pricing power. The Value Added Hair Oil and international segments are projected to grow by 22%, supported by its digital-first brands. Nuvama has set a ₹820 target price, suggesting a 24% upside.
CLSA Rebalances Portfolio, Adds DMart
CLSA's India Strategy report emphasizes structural growth stocks. The firm has boosted its consumption exposure by adding DMart (Avenue Supermarts) to its focus portfolio, while exiting Reliance Industries and Nestle India. DMart's recent pullback has improved its risk-reward profile, offering leveraged exposure to consumption growth.
Morgan Stanley Sees Strong Upside for Aditya Birla Capital
Morgan Stanley has flagged Aditya Birla Capital as a high-conviction "Research Tactical Idea," predicting a significant share price increase relative to the country index within 60 days. Maintaining an 'Overweight' rating with a ₹427 price target, the brokerage assigns an 80%+ probability to this scenario. The core lending arm is experiencing a notable acceleration, with NBFC loan growth expected to reach 23% year-on-year.
Devyani International's Merger Boost
Nuvama Institutional Equities set a ₹211 target price for Devyani International, indicating a potential 51.8% upside. The anticipated merger with Sapphire Foods is viewed as a significant positive, expected to yield cost savings on raw materials and operational efficiencies by combining two major food and beverage platforms.
Varun Beverages: Overweight Recommendation Amid Growth Prospects
Morgan Stanley initiated an 'Overweight' recommendation for Varun Beverages, setting a ₹600 target price, which implies a 21.5% upside over 12 months. The firm anticipates an absolute share price rise within 45 days and expects strong commentary from management regarding an optimistic 2026 outlook for the India business during upcoming Q4 CY25 earnings.
Groww's Market Dominance and Growth Trajectory
Motilal Oswal initiated coverage on Groww (Billionbrains Garage Ventures) with a 'Buy' rating and a ₹185 target price, signaling a 19% upside. Groww has become India's largest retail broking platform by active clients, commanding a 26.8% market share as of November 2025. The company achieved a 3-fold revenue surge between FY23 and FY25, with expectations to double revenue again by FY28.
