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Leading global and domestic brokerages including Goldman Sachs, Jefferies, ICICI Securities, Kotak, and Motilal Oswal have issued fresh Buy and Upgrade ratings on select stocks across infrastructure, banking, logistics, capital markets, and consumption sectors. Analysts are highlighting companies such as Info Edge, GMR Airports, Delhivery, Bank of Baroda, KFin Technologies, and ONGC for their strong earnings visibility, improving margins, and structural growth tailwinds. With target prices indicating 17% to 112% upside, these recommendations point toward stock-specific opportunities in a volatile market, driven by Indiaās capex cycle, financialization trend, and sectoral recovery.
Synopsis: A wave of Buy and Upgrade calls from global and domestic brokeragesāincluding Goldman Sachs, ICICI Securities, Kotak, Motilal Oswal, and Jefferiesāsignals a shift in market sentiment toward select high-conviction stocks across infrastructure, banking, consumption, and technology. With target prices implying 17% to 112% upside, analysts are betting on earnings acceleration, margin expansion, and sectoral tailwinds. For investors, these recommendations highlight pockets of alpha generation in an otherwise volatile market.
Indiaās equity markets are witnessing a selective bullish tilt as leading brokerages identify stocks with strong earnings visibility, sectoral tailwinds, and valuation comfort. While broader indices remain sensitive to global cues, brokerage reports suggest that stock-specific opportunities are emerging across infrastructure, capital markets, aviation, IT services, and consumption.
From Goldman Sachsā bullish stance on Info Edge to Jefferiesā top picks in airports, energy, and capital market infrastructure, the street is signaling confidence in companies with strong balance sheets, improving EBITDA margins, and long-term growth visibility.
Shutterstock Indian stock market chart with upward arrows
Brokerage Sentiment Snapshot: Key Buy Calls
| Brokerage | Stock Name | Rating | Target / Upside |
|---|---|---|---|
| Goldman Sachs | Info Edge (India) | Buy | 112% Upside |
| Goldman Sachs | Max Healthcare | Buy | ā |
| Goldman Sachs | Hindustan Unilever | Buy | ā |
| ICICI Securities | Dalmia Bharat | Buy | ā¹2,650 (32% Upside) |
| ICICI Securities | NRB Bearings | Buy | ā¹350 (25% Upside) |
| ICICI Securities | Bank of Baroda | Buy | ā¹340 (17% Upside) |
| Kotak Institutional Equities | GMR Airports | Upgrade to Buy | ā¹112 |
| Motilal Oswal | Delhivery | Buy | ā¹570 (36% Upside) |
Jefferiesā Recent High-Conviction Picks (February 2026)
| Stock | Rating Action | Target / Upside | Key Trigger |
|---|---|---|---|
| GMR Airports Infrastructure | Top Pick | ā¹125 (33% Upside) | Strong EBITDA growth |
| KFin Technologies | Buy Maintained | ā¹1,300 (34% Upside) | Earnings beat |
| ONGC | Buy Reiterated | ā¹325 Target | Stable earnings, dividend outlook |
| ACS (Global) | Upgrade to Buy | ~30% Upside | Data-center pipeline |
| Medpace Holdings | Upgrade to Buy | ~30% Upside | Growth outlook |
| Mahindra & Mahindra | Buy Reaffirmed | ā¹4,500 Target | Tractor & SUV demand |
| Lenskart | Buy Maintained | ā¹575 Target | Consumer growth |
| Embassy REIT | Buy Retained | ā¹508 Target | Rental demand surge |
Whatās Driving the Wave of Buy Calls
Several common themes emerge across these brokerage recommendations:
Earnings Visibility: Companies like GMR Airports, KFin Tech, and Delhivery are seeing strong revenue momentum and improving profitability.
Sectoral Tailwinds: Banking, infrastructure, aviation, and capital market stocks are benefiting from Indiaās capex cycle and rising financialization.
Margin Expansion: Brokerages are highlighting EBITDA margin improvements in logistics, cement, and airport operators.
Valuation Comfort: After corrections in several sectors, analysts see P/E compression creating entry opportunities.
Stock-Specific Deep Dive: Why Analysts Are Bullish
Info Edge (India): Internet Conglomerate With Hidden Value
Goldman Sachsā 112% upside call reflects the embedded value in:
Investment thesis:
GMR Airports: Aviation Recovery Play
Both Kotak and Jefferies have turned bullish on GMR Airports.
Key drivers:
Financial tailwinds:
Bank of Baroda: PSU Bank Momentum Continues
ICICI Securitiesā Buy call reflects:
Key metrics:
Dalmia Bharat: Cement Sector Upswing
The cement major is benefiting from:
Brokerage thesis:
Delhivery: Logistics Leader With Operating Leverage
Motilal Oswalās 36% upside call is based on:
Key catalysts:
Mahindra & Mahindra: Auto Cycle Tailwind
Jefferies sees strong upside due to:
Financial strengths:
KFin Technologies: Capital Market Infrastructure Play
Jefferies maintained a Buy after earnings beat.
Core strengths:
Key theme: Financialization of savings in India.
ONGC: Dividend and Energy Stability Play
The PSU energy giant remains a high dividend yield candidate.
Bullish factors:
Embassy REIT: Office Demand Revival
Jefferies sees improved rental demand.
Key drivers:
Sectoral Heatmap: Where Brokerages Are Bullish
| Sector | Stocks Highlighted | Sentiment |
|---|---|---|
| Infrastructure | GMR Airports, Dalmia Bharat | Strong Buy Bias |
| Banking | Bank of Baroda | Positive |
| Capital Markets | KFin Technologies | High Growth |
| Energy | ONGC | Dividend Play |
| Logistics | Delhivery | Structural Growth |
| Auto | Mahindra & Mahindra | Cyclical Upswing |
| Consumption | HUL, Lenskart | Defensive Buy |
Expert Insight: āBrokerage upgrades across multiple sectors indicate a transition from index-driven rallies to stock-specific alpha generation. Companies with earnings visibility, balance sheet strength, and sectoral tailwinds are likely to outperform in the next market cycle.ā
Key Investor Takeaways
Investors can access these stocks through:
ā ļø DISCLAIMER: We Are Not Financial Advisors This article is for informational purposes only. Stock market investments carry risks. Please consult a SEBI-registered financial advisor before making any investment decisions.
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