Brokerage Target Prices: 10 Stocks With Implied Upside of 15% to 73% This Week
Brokerage target prices published in the week ended October 16 imply upside of about 15% to 73% across ten Indian stocks, from wind energy and housing finance to autos, fast food, cables, IT and financial services. The Sensex gained more than 2.7% over the week, and the Nifty 50 rose 2.8% to close above 23,100.
Brokerage Target Prices Ranked by Implied Upside
The table below lists each call as reported. These are brokerage views, not TradeKaizen recommendations, and the upside is measured from the reference price used in each report.
| Stock | Brokerage | Rating | Target / fair value | Implied upside |
|---|---|---|---|---|
| Suzlon Energy | Motilal Oswal | Buy | ₹65 | 73% |
| Can Fin Homes | Jefferies | Buy | ₹1,075 | 50% |
| Jubilant FoodWorks | Motilal Oswal | Buy | ₹625 | About 47% |
| Mahindra & Mahindra | Kotak Institutional Equities | Buy | ₹4,000 | About 40% |
| Adani Green Energy | Jefferies | Buy | ₹1,695 | 35% |
| Polycab India | Jefferies | Buy | ₹11,040 | 33% |
| Paytm (One97 Communications) | Nomura | Buy | ₹2,250 | Nearly 32% |
| ICICI Prudential AMC | Jefferies | Buy | ₹3,760 | Nearly 28% |
| Aditya Birla Capital | Jefferies | Buy | ₹475 | 24% |
| Wipro | Nomura | Buy | ₹200 | Nearly 15% |
Where reference prices were given, the arithmetic checks out: Paytm's ₹2,250 against ₹1,706 is about 31.9%, Aditya Birla Capital's ₹475 against ₹382.80 is about 24.1%, and Wipro's ₹200 against ₹174 is about 14.9%. The spread between the highest and lowest call is 58 percentage points. Jefferies issued five of the ten calls, Motilal Oswal and Nomura two each, and Kotak one.
Energy and Industrials: Suzlon, Adani Green, Polycab
Motilal Oswal expects Suzlon to benefit from a strong order book, higher deliveries and rising wind power demand. The order book stood at 5.9 gigawatts (GW) at the end of Q1 FY27, with about 1.3 GW of orders won so far this financial year, which the brokerage says gives delivery visibility through Q3 FY28. It expects deliveries to rise 35% year on year to 3.3 GW in FY27, with 2.1 GW in the second half, and to 3.8 GW in FY28. It estimates EBITDA growth at a 22% CAGR over FY26-28.
Jefferies bases its Adani Green Energy call on earnings growth, rising power demand and battery storage. The stock has corrected 22% from its peak and trades at 20 times one-year forward EV/EBITDA, and Jefferies projects a 30% EBITDA CAGR over FY26-30. The company plans to expand battery storage capacity beyond 10 gigawatt-hours by the end of FY27.
On Polycab, Jefferies argues that competition fears may be overdone. The stock has slid about 20% from its June peak on concern over UltraTech Cement's entry through UltraVolt. Jefferies estimates the entrant's planned ₹1,800 crore capex could win a 5-6% share of industry sales by FY29-30, while the informal market, about 25% of the industry, leaves room for organised players.
Autos, Consumer and Housing Finance: M&M, Jubilant, Can Fin Homes
Kotak retained its Buy rating on M&M with a fair value of ₹4,000 and argues that worries over SUV competition and market share have hit the stock too hard. It expects models on the NU_IQ platform from the first half of calendar 2027, along with 16 new SUV and 10 new light commercial vehicle launches by FY31.
Motilal Oswal points to resilience at Domino's, which delivered like-for-like growth of 6.5% in FY26, and sees Popeyes as an additional growth driver. It cautions that FY27 is likely to be a transition year as higher ingredient costs offset better sales, and it expects margins of 12.6% in FY27 and 13% in FY28.
Jefferies' call on Can Fin Homes follows September-quarter profit after tax of ₹275 crore, up 9% year on year and 3% above its estimate. Assets under management grew 10%, down from 11% in the previous quarter, and disbursements fell 7% year on year, partly due to disruption from technology implementation.
Financials and IT: Paytm, ICICI Prudential AMC, Aditya Birla Capital, Wipro
Nomura initiated coverage on One97 Communications, Paytm's parent, citing estimates that domestic fintech revenue could grow from $51 billion in 2026 to $109 billion by 2031. It also flagged that industry growth does not guarantee higher profits for every player.
Jefferies raised its ICICI Prudential AMC target 4% and forecasts AUM growth at a 17% CAGR over FY26-29, with earnings growing at 14%. For Aditya Birla Capital, it expects standalone loans and earnings per share to grow at a 26% CAGR over FY26-28, but notes that margin has dipped 15 basis points since 4QFY25 despite a 330 basis point rise in the share of higher-yielding unsecured loans.
Nomura raised its Wipro target 5%. Wipro's operating margin was 16.4%, up 40 basis points sequentially, and Nomura expects margins of 16.4-17% in FY27 and FY28.
What to Watch
Wipro has guided for Q3 FY27 sequential constant-currency revenue growth of -1.5% to +0.5%, reflecting seasonal furloughs and fewer working days, and some large deals were delayed over paperwork. Adani Green plans to expand battery storage beyond 10 GWh by the end of FY27, and M&M's NU_IQ platform models are expected from the first half of calendar 2027.
