State Bank of India – The country’s largest bank has a target price of Rs 1,300 and an upside potential of 20% from current market levels. Jefferies says the lender is well placed to grow its loan book, supported by a lower loan-to-deposit ratio (LDR) and stable asset quality. The management is focused on improving return on assets (ROA) beyond the 1–1.1% range, with scope to increase the fee-to-asset ratio from 0.5% in FY25. 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 sustainable credit expansion.
Groww – Billionbrains Garage Ventures, the parent company of Groww, has a target of Rs 195 per share, an upside of 23% from the last close. Groww is the largest broker in terms of active clients, with a 28% market share, compared with 15% for the second-largest player. This leadership is driven by its strong mutual fund funnel, an easy-to-use UI and UX, and robust word-of-mouth traction. Jefferies forecasts revenue growth of 29% CAGR over FY26–28E, supported by higher product velocity, similar to its US peer Robinhood, and rising client assets as accounts mature, with client assets having grown 6–11x over the past three years.
Star Health & Allied Insurance – Analysts have pegged the target price at Rs 660 per share. That’s an upside potential of 43% from current levels. 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%, supported by its strong proprietary distribution network. Jefferies also expects the loss ratio to improve as claim frequency stabilises and recent price hikes support higher net earned premiums (NEP). Early signs of this trend are already visible.
Bharat Forge – The automobile company has a target price of Rs 2,150, translating to an upside of 21% from the current levels. Its operational outlook is showing signs of improvement, supported by indications that the US truck cycle is bottoming out, stronger truck demand in India, easing India–US tariff pressures and continued momentum in the defence segment, says Jefferies. According to Jefferies’ US research team, the strength in orders, along with discussions with OEMs, suggests a meaningful pre-buy trend ahead of the EPA 2027 regulation changes.
JSW Steel – With a target price of Rs 1,400, Jefferies forecasts that the counter can gain nearly 20% from the last close of Rs 1,173 on the BSE. It has rapidly expanded its India capacity from 8 mtpa in FY10 to 34 mtpa in FY25. The company has also announced a 1 mtpa Electric Arc Furnace (EAF)-based expansion in Andhra Pradesh, which is expected to take its India capacity to 43 mtpa by FY29E. Overall, JSTL is targeting an India capacity of 50 mtpa by FY31E. We forecast a healthy 6% CAGR in India volumes over FY26–28E.Eternal – The company has a target price of Rs 480, a staggering 117% upside from current levels. “Eternal has corrected 32% from its Oct-25 peak and offers good upside from current levels in our view,” the brokerage said. Food delivery remains the key cash generator for Zomato, with the segment continuing to grow at over 15% while profitability improves. The business generates strong returns and cash flows, 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 large opportunity in quick commerce. Despite intense competition in the segment, Eternal’s Blinkit continues to report strong growth and is the only player to have reached breakeven. This comes even as existing players continue to post significant losses and new entrants are rapidly scaling up their operations.Max Healthcare – The brokerage has assigned a target price of Rs 1,320, translating to an upside of 29% from current levels. 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 breakeven periods and higher EBITDA margins. The company’s new Dwarka facility broke even in a record six months and began contributing to EBITDA from 4QFY25, underscoring strong demand in Max’s largest market. Recently acquired facilities in Lucknow and Nagpur have also ramped up well, delivering strong EBITDA growth post-acquisition, while recent bed additions indicate sustained demand. The acquisition of Jaypee’s Noida asset has also scaled up effectively and currently operates at high-teens EBITDA margins.
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