Brokerage consensus stocks: Swiggy, Eternal among 6 stock picks with 22% to 91% upside

Swiggy, Eternal and four other stocks feature among brokerage consensus picks, with analyst target prices pointing to potential upside of 22% to 91%. Here's what brokerages see in these market favourites.

Motilal Oswal has a 'Buy' rating on Swiggy with a target price of Rs 280, implying an upside of 32%. The brokerage's assessment rests on the value of Swiggy's food delivery business and its ability to build a profitable quick-commerce operation through Instamart.

The brokerage remains cautious about the pace of improvement in Instamart's economics. Motilal Oswal expects revenue growth to moderate in the second half of FY27 and adjusted EBITDA losses to increase from Rs 1,360 crore to Rs 1,490 crore.

Jefferies

Jefferies has assigned Swiggy a target price of Rs 330, indicating an upside of 48%. The brokerage found the company's food delivery performance broadly in line with expectations, but quick commerce remained under pressure, with adjusted EBITDA losses reaching around Rs 9 billion, their highest level in three quarters. Its assessment takes account of the difference between Swiggy's operating performance and that of Eternal, particularly in quick-commerce execution.

Jefferies believes Swiggy's share price does not fully account for the value of its food delivery business and cash balance. However, it considers a reduction in quick-commerce losses essential before the market can place greater value on the business.

Nuvama

Nuvama has the highest target price among the Swiggy recommendations listed here, at Rs 403, implying an upside of around 91%. The brokerage reported that Swiggy's revenue increased 11.1% quarter-on-quarter to Rs 7,570 crore in Q2FY27, while EBITDA and net losses widened to Rs 770 crore and Rs 920 crore, respectively. Food delivery contribution margin improved to 7.7%, but Instamart's contribution margin declined to minus 1%.

The brokerage expects Instamart's contribution margin to recover in the third quarter, with further improvement possible as the business transitions towards an inventory-led model.

2. Eternal

Motilal Oswal

Motilal Oswal has a 'Buy' rating on Eternal with a target price of Rs 420, suggesting an upside of around 35%. The brokerage's analysis focuses on the strong growth of Blinkit and the performance of Zomato's food delivery business.

Despite the earnings shortfall, Motilal Oswal expects Blinkit's expanding store network and the maturation of existing outlets to support growth. It also expects food delivery to remain a priority, with margins broadly stable over the next one to two years.

Jefferies

Jefferies has a 'Buy' rating on Eternal and a target price of Rs 430, implying an upside of 38%. Its analysis includes the company's proposed dark.ai artificial intelligence assistant, a privacy-focused product that could create an additional opportunity beyond food delivery and quick commerce. The brokerage acknowledged that questions remain about the product's competitive advantage, investment requirements and ability to generate revenue.

Jefferies sees potential value in management's willingness to experiment while maintaining discipline over capital allocation. However, it has noted that the financial impact of dark.ai is difficult to assess without more details about the product and its commercial prospects.

Brokerage consensus stocks: Potential upside

JM Financial

JM Financial has set a target price of Rs 450 for Eternal, implying an upside of 44.2%. The brokerage expects growth in both Blinkit and Zomato's food delivery business to support the company's earnings. Blinkit's net order value increased 79.3% year-on-year in Q2FY27, while Zomato's net order value grew 21.5%. Blinkit's adjusted EBITDA rose to Rs 1.84 billion, with its margin improving to 0.9% from 0.6% in the previous quarter.

The brokerage also sees room for growth through faster store additions and a broader product assortment.

Nuvama

Nuvama has maintained a 'Buy' rating on Eternal and raised its target price to Rs 420 from Rs 360, implying an upside of 34.62%.. The brokerage noted that food delivery growth remained healthy, although margins contracted slightly as the company continued to spend on expansion. Management expects food delivery margins to remain broadly stable over the next one to two years.

3. Bajaj Finance

JM Financial

JM Financial has a 'Buy' rating on Bajaj Finance with a target price of Rs 1,250, indicating an upside of 30.6%. The brokerage's positive view is supported by continued expansion in assets under management, healthy earnings growth and the company's ability to improve operating leverage. AUM increased 26% year-on-year, net interest income rose 24%, and adjusted profit after tax grew 34%, according to the research summary.

Nomura

Nomura has retained its 'Buy' rating on Bajaj Finance and set a target price of Rs 1,270, implying an upside of 32.7%. The brokerage said September-quarter profit growth was in line with its estimates and noted that management had raised its full-year loan growth guidance. It expects lending activity to remain healthy across segments, with newer businesses such as gold loans adding to the company's growth opportunities.

4. UltraTech Cement

JM Financial

JM Financial has retained its 'Buy' rating on UltraTech Cement with a revised target price of Rs 14,000, implying an upside of 31.5%.

The brokerage expects UltraTech to benefit from margin recovery, continued market-share gains and capacity expansion. Capacity is expected to reach 207 million tonnes in FY27 and 237 million tonnes in FY28, supporting the company's longer-term growth plans. JM Financial has retained UltraTech as its top pick in the cement sector, citing the potential for improved asset turnover and better returns over the next three to four years, although input costs remain a near-term concern.

Nomura

Nomura has maintained a 'Buy' rating on UltraTech Cement with a target price of Rs 13,700, implying an upside of 28.6%. The brokerage acknowledged that higher fuel and operating costs weighed on profitability per tonne in the September quarter. It expects cement price increases to offer some relief in the following quarter, helping the company manage cost pressures.

Nomura expects cement demand to remain firm, supported by data centres, private capital expenditure, metro extensions and urban housing. It also noted that a weaker monsoon could affect rural demand in FY28, while fuel costs remain a risk to profitability.

5. Oberoi Realty

JM Financial

JM Financial has assigned Oberoi Realty a target price of Rs 2,250, indicating an upside of 32.1%. The brokerage's assessment is supported by strong pre-sales, cash generation and the company's pipeline of residential projects across the Mumbai Metropolitan Region and Gurugram. The Three Sixty North launch in Gurugram contributed Rs 7,890 crore to quarterly pre-sales of Rs 9,150 crore, with 97% of the launched area booked, according to the report summary.

Nomura

Nomura has retained its 'Buy' rating on Oberoi Realty with a target price of Rs 2,090, implying an upside of 24.7%. The brokerage cited the company's residential project pipeline, strong cash generation and opportunities to grow rental and hotel income.

Nomura also identified risks around project execution. Legal uncertainty surrounding the Three Sixty North project in Gurugram and delays in approval clearances could push some launches into FY28. Even so, the brokerage remains positive on Oberoi Realty's longer-term growth prospects, supported by its development pipeline and the potential contribution of recurring income from completed assets.

6. InterGlobe Aviation (IndiGo)

Jefferies

Jefferies has retained its 'Buy' rating on IndiGo with a target price of Rs 5,840, indicating an upside of 22%. The brokerage's assessment follows a 25% decline in the airline's shares from their August 2026 highs, as cited in its report. The prolonged conflict in West Asia has kept aviation fuel costs elevated, putting pressure on airline profitability even as carriers respond through higher fares and capacity management.

Nomura

Nomura has maintained a 'Buy' rating on InterGlobe Aviation, the operator of IndiGo, with a target price of Rs 6,000, implying an upside of 25.6%. The brokerage's base case assumes limited direct government intervention in airfares, although greater regulatory oversight and transparency remain possible. It expects lower jet fuel prices and revenue growth to support earnings over the medium term.

The brokerage has also cautioned that tighter regulatory oversight could put pressure on ticket yields if it results in a sharper decline in fares. Higher passenger load factors may partly offset that effect, but the balance between pricing, fuel costs and demand will remain important. Nomura's positive recommendation rests on the expectation that improving cost conditions and revenue growth can support earnings, provided regulatory changes do not materially weaken pricing power.

Conclusion

Overall, these six brokerage consensus stocks offer potential upside ranging from 22% to 91%, based on brokerage target prices. Swiggy stands out for its higher projected upside, while Eternal, Bajaj Finance, UltraTech Cement, Oberoi Realty and InterGlobe Aviation also feature on analysts' radar.