Brokerage consensus stock picks: 4 stocks with up to 87% upside

Brokerage consensus stock picks: Several stocks have attracted bullish recommendations from multiple domestic and global brokerage firms following their September quarter results and recent business updates. These companies have drawn attention on the back of healthy earnings growth, expansion plans, strong order pipelines and improving demand across their respective sectors.

Among them, Hitachi Energy India, LG Electronics India, Kalyan Jewellers and Turtlemint Fintech Solutions have received positive recommendations from more than one brokerage, with each firm assigning a target price and an upside estimate. Jefferies sees the highest potential upside of 87% in Turtlemint Fintech Solutions. Here is a look at the brokerage calls and the reasons behind them.

Hitachi Energy India

Jefferies

Jefferies retained its 'Buy' rating on Hitachi Energy India with a target price of Rs 45,790, indicating an upside of 48%. The brokerage noted that the company's September quarter EBITDA was 6% above its estimates, while management indicated business visibility extending until 2035, supported by renewable energy additions, grid modernisation and transmission expansion.

Jefferies also sees data centres as an important growth opportunity, with India's electricity demand from these facilities expected to reach 17 GW by 2031-32, according to management. The company has introduced pre-engineered grid-to-rack solutions to reduce the time required to supply power to data centres. However, the brokerage cautioned that cost overruns in high-voltage direct current (HVDC) project execution could delay margin improvement.

Motilal Oswal

Motilal Oswal upgraded Hitachi Energy India to 'Buy' from 'Neutral' and assigned a target price of Rs 35,800, implying an upside of 16%. The brokerage expects revenue growth to remain healthy as execution of HVDC projects gathers pace, while a strong existing order base and export orders could offset any weakness in fresh HVDC orders.

The brokerage expects operating leverage and a higher contribution from exports and services to support profitability and offset pressure from lower gross margins in HVDC projects. Motilal Oswal also sees opportunities across Southeast Asia, other Asia-Pacific markets and the US, with exports expected to gain a larger share of the order mix as global demand improves.

Ambit Capital

Ambit Capital maintained its 'Buy' rating on Hitachi Energy India with a target price of Rs 33,000, indicating an upside of 7%. The brokerage believes the company is well-positioned to benefit from sustained growth in the power transmission and distribution market, supported by its presence across transformers, HVDC, grid automation, battery energy storage systems and data centres.

Ambit Capital also pointed to strong order momentum across renewable energy, utilities and industrial customers. It expects four to five HVDC projects over the next 12-24 months, providing healthy revenue visibility, while emerging 1,150kV projects offer another growth opportunity. The brokerage expects gross margins to move towards FY26 levels as exports and services expand.

LG Electronics India

Axis Securities

Axis Securities maintained its 'Buy' rating on LG Electronics India with a target price of Rs 1,965, indicating an upside of 11%. The brokerage cited strong execution in Q2FY27, with revenue increasing 19.5% year-on-year to Rs 7,380 crore and EBITDA rising 28% to Rs 701 crore. EBITDA margin expanded 63 basis points to 9.5%, while profit after tax increased 25.7% to Rs 489 crore.

Axis Securities expects premiumisation and export expansion to support growth, with demand for premium refrigerators, fully automatic washing machines, larger-screen televisions and dishwashers remaining healthy. The brokerage also sees the Rs 5,000 crore Sri City facility, the company's entry into vehicle solutions and plans to increase B2B revenue contribution to more than 15% over three years as additional growth drivers.

Jefferies

Jefferies retained its 'Buy' rating on LG Electronics India with a target price of Rs 1,950, implying an upside of 15%. The brokerage described the September quarter as strong, with consolidated sales and EBITDA increasing 20% and 28%, respectively, while operating margin expanded around 60 basis points to 9.5%, supported by premiumisation and price increases.

Jefferies expects earnings per share to grow at a compound annual growth rate of around 21% between FY26 and FY29, aided by premium product sales and higher capacity utilisation. The brokerage also highlighted the company's entry into vehicle solutions, including in-vehicle infotainment, and retained its valuation multiple of 46 times estimated December 2028 earnings per share. It continues to rate the stock as its top pick.

Kalyan Jewellers

Jefferies

Jefferies retained its 'Buy' rating on Kalyan Jewellers with a target price of Rs 900, indicating an upside of 27%. The brokerage said the company's September quarter performance was in line with its expectations despite the shift in festive demand towards the December quarter.

Jefferies also described management's commentary as confident, noting that festive demand was progressing well and performing better than expected. The brokerage's positive assessment is supported by the company's ability to sustain sales momentum despite the change in the timing of festive purchases.

JM Financial

JM Financial retained its 'Buy' rating on Kalyan Jewellers and raised its target price to Rs 796 from Rs 772. This implies an upside of 19.9%. The brokerage noted that consolidated revenue, excluding bullion, increased around 27% year-on-year to Rs 9,940 crore in Q2FY27, supported by India's same-store sales growth of approximately 20%.

JM Financial also highlighted strong cash generation, with operating cash flow before Ind AS adjustments nearly doubling year-on-year to Rs 820 crore in H1FY27, while free cash flow increased to Rs 680 crore from Rs 180 crore. The brokerage raised its FY27-FY29 earnings estimates by 3-5% on lower finance costs and expects revenue, EBITDA and profit after tax to grow at compound annual rates of around 21%, 19% and 23%, respectively, between FY26 and FY29.

Turtlemint Fintech Solutions

Jefferies

Jefferies maintained its 'Buy' rating on Turtlemint Fintech Solutions with a target price of Rs 120, indicating an upside of 87%. The brokerage believes the company can manage the impact of proposed insurance distribution regulations through a higher direct-to-consumer contribution and increased cross-selling of health and life insurance products.

Jefferies noted that around 76% of the company's point-of-sale person agents sell policies across eight insurers, which could limit agent attrition. The brokerage also expects the company to offset pressure on take rates through cross-selling, expansion of its agent network and third-party product distribution. Its Rs 740 crore cash balance and increasing use of artificial intelligence to control costs provide additional support, according to Jefferies.

Motilal Oswal

Motilal Oswal retained its 'Buy' rating on Turtlemint Fintech Solutions with a target price of Rs 75, indicating an upside of 17%. The brokerage expects the company to sustain volume growth, supported by demand across health and motor insurance, while a higher contribution from policy renewals could support profitability.

Motilal Oswal believes continued additions to the point-of-sale person network and investments in artificial intelligence-based productivity tools can support expansion. The brokerage has also considered the possible impact of proposed distribution reforms, noting that cost rationalisation and a shift towards multi-category insurance sales could help the company manage pressure on revenue.

Conclusion

Hitachi Energy India, LG Electronics India, Kalyan Jewellers and Turtlemint Fintech Solutions have received 'Buy' recommendations from multiple brokerage firms, with their respective calls backed by company-specific growth drivers. Power infrastructure demand supports the outlook for Hitachi Energy India, while premiumisation and new manufacturing capacity remain central to the positive view on LG Electronics India.

Kalyan Jewellers has drawn support from healthy sales volumes and festive demand, while Turtlemint Fintech Solutions offers exposure to the expanding insurance distribution business.