JAIPUR: Indian equities remained in focus on Friday as investors tracked fresh stock recommendations and target-price revisions from leading domestic and global brokerage firms. Motilal Oswal, Nuvama, Kotak Securities, Jefferies, Goldman Sachs, CLSA and Morgan Stanley were among the institutions issuing or maintaining views on select Indian stocks.
Based on the available public brokerage reports, PhysicsWallah, Sterlite Technologies, UltraTech Cement, Reliance Industries, Hindustan Aeronautics, United Breweries, Aurobindo Pharma, Samvardhana Motherson, GMR Airports and NTPC stand out because of their potential upside, business triggers, rating strength and institutional conviction.
1. PhysicsWallah — Highest Potential Upside
PhysicsWallah tops the list after Motilal Oswal initiated coverage on the edtech company with a BUY rating and a target price of ₹200.
Based on the reference price of around ₹121, the target implies potential upside of approximately 66%.
Motilal Oswal believes PhysicsWallah's online business has a strong position because of its low-cost model. The brokerage expects the company's online revenue to grow at around 28% CAGR between FY26 and FY30, while online EBITDA margins could reach approximately 30% by FY28.
The expansion of its offline business and increasing focus on profitability could remain important triggers going forward.
Rating: BUY
Target Price: ₹200
Potential Upside: ~66%
However, investors should also watch competition, execution and the company's ability to convert revenue growth into sustainable profitability.
2. Sterlite Technologies — AI and Data Centre Opportunity
Sterlite Technologies (STL) is another stock that has attracted significant brokerage attention.
Nuvama maintained its BUY rating but sharply increased its target price from ₹770 to ₹1,100.
The brokerage expects STL to benefit from rising demand for optical connectivity, data centres and telecom infrastructure. The company's expansion plans and its target of reaching around ₹20,000 crore in revenue by FY29 could support the longer-term growth story.
The increasing deployment of AI and data-centre infrastructure is also expected to drive demand for optical fibre and connectivity solutions.
CLSA has separately assigned an Outperform rating to STL with a target price of ₹950.
The positive views from two major brokerages strengthen the institutional case for the stock, although execution and capital expenditure remain important factors to watch.
3. UltraTech Cement — Strong Institutional Consensus
UltraTech Cement stands out because several major brokerages remain positive on the company.
Motilal Oswal has maintained a BUY rating with a ₹13,800 target price, while Jefferies has retained its BUY rating with a ₹14,065 target. Morgan Stanley has maintained an OVERWEIGHT rating with a ₹14,700 target price.
The combination of cement demand, capacity expansion and UltraTech's scale provides the core of the investment case.
Another development attracting attention is UltraTech's entry into the wires and cables business through its Ultravolt brand. Jefferies views the diversification positively and expects the new business to gradually contribute to the company's revenue and EBITDA.
The major risk is that the new entry could intensify competition in the cables market, particularly for established players.
4. Reliance Industries — Nuvama Remains Bullish
Nuvama has maintained its BUY rating on Reliance Industries with a target price of ₹1,766.
The brokerage expects strong gasoil and ATF cracks to support Reliance's oil-to-chemicals business. Nuvama has also maintained its “Golden Refining Era” thesis for the company.
Reliance's digital business remains another important growth driver. Higher average revenue per user and subscriber additions could support growth in the segment.
The company's diversified business model across energy, telecom and retail remains an important factor behind the brokerage's positive outlook.
5. Hindustan Aeronautics — Defence Growth Story
Goldman Sachs has maintained its BUY rating on Hindustan Aeronautics Ltd. (HAL) with a target price of ₹5,870.
The brokerage has highlighted improvement in engine deliveries as a positive development.
For HAL, the availability of engines remains an important factor for the production and delivery schedule of Tejas aircraft. Any improvement in engine supplies could therefore support execution.
India's increasing focus on defence manufacturing and indigenous aerospace production also provides a long-term structural opportunity for HAL.
At the same time, execution delays and supply-chain constraints remain key risks.
6. United Breweries — Premiumisation Remains Key
Nuvama has retained its BUY rating on United Breweries with a target price of ₹1,765.
The brokerage sees beer demand, state-level policy reforms and premiumisation as important growth drivers.
Premium beer has been gaining traction, and the shift toward higher-priced products could support margins over the medium term.
Nuvama expects the company's revenue to grow at around 12% CAGR between FY26 and FY29, while EBITDA could grow at approximately 29% CAGR during the same period.
State-level pricing and policy developments will remain important near-term catalysts.
7. Aurobindo Pharma — Respiratory and CDMO Opportunities
Goldman Sachs has maintained its BUY rating on Aurobindo Pharma with a target price of ₹1,750.
The brokerage's positive view is supported by the company's respiratory pipeline and the potential of its biologics and CDMO businesses.
Expansion into higher-value pharmaceutical products and contract development and manufacturing could provide additional growth opportunities.
However, regulatory developments, product launches and execution remain important risks for investors.
8. Samvardhana Motherson — Diversification Supports Growth
CLSA has maintained an Outperform rating on Samvardhana Motherson with a target price of ₹190.
The brokerage's positive view is based on the company's scale, global diversification and ability to expand across different automotive platforms and geographies.
Motherson's global manufacturing footprint provides diversification across customers and markets.
The company's ability to maintain margins while managing its large global operations will remain an important factor for the investment thesis.
9. GMR Airports — Tariff Order Provides Catalyst
Kotak Securities has maintained its BUY rating on GMR Airports and increased the target price from ₹118 to ₹121.
The Hyderabad airport tariff order and credit-rating upgrades have been viewed positively by the brokerage.
Passenger traffic growth, airport tariffs and non-aeronautical revenue will remain important drivers of the company's earnings outlook.
With India's aviation sector continuing to expand, airport infrastructure remains a long-term growth theme, although regulatory and execution factors need to be monitored.
10. NTPC — Rating Upgrade Despite Lower Target
NTPC presents a slightly different case.
Kotak Securities has upgraded the stock to ADD from REDUCE, although it has lowered the target price from ₹365 to ₹355.
The upgrade reflects improving execution and the company's capacity pipeline. However, the lower target suggests that the brokerage continues to maintain some caution around valuation or earnings assumptions.
NTPC therefore appears more like an improving-fundamentals and relatively defensive power-sector play rather than a high-upside stock.
Top 10 Brokerage Picks: At a Glance
| Stock | Brokerage | Rating | Target Price | Key Trigger |
|---|---|---|---|---|
| PhysicsWallah | Motilal Oswal | BUY | ₹200 | Online growth + profitability |
| Sterlite Technologies | Nuvama | BUY | ₹1,100 | AI + data centres |
| UltraTech Cement | Motilal Oswal / Jefferies / Morgan Stanley | BUY / BUY / OVERWEIGHT | ₹13,800–₹14,700 | Cement growth + diversification |
| Reliance Industries | Nuvama | BUY | ₹1,766 | Refining + digital |
| HAL | Goldman Sachs | BUY | ₹5,870 | Engine supply + defence |
| United Breweries | Nuvama | BUY | ₹1,765 | Demand + premiumisation |
| Aurobindo Pharma | Goldman Sachs | BUY | ₹1,750 | Respiratory + CDMO |
| Samvardhana Motherson | CLSA | OUTPERFORM | ₹190 | Diversification + scale |
| GMR Airports | Kotak Securities | BUY | ₹121 | Tariff + credit upgrades |
| NTPC | Kotak Securities | ADD | ₹355 | Execution + capacity pipeline |
Aurelius Business View
The brokerage activity on September 4 shows that growth, infrastructure, defence, cement, digital services and manufacturing remain key themes among institutional investors.
Among the 10 stocks, PhysicsWallah offers the highest potential upside based on the cited brokerage target, while UltraTech Cement has the strongest multi-brokerage institutional consensus. Sterlite Technologies also stands out after Nuvama's significant target-price increase, supported by the long-term AI and data-centre infrastructure theme.
However, investors should not evaluate a stock solely on the basis of its target price. Brokerage targets are based on analysts' earnings estimates, valuation assumptions and business expectations, all of which can change.
For high-growth names such as PhysicsWallah and Sterlite Technologies, execution and valuation risks are particularly important. For larger companies such as Reliance Industries, UltraTech Cement and HAL, earnings delivery and sector-specific developments will remain key.
Disclaimer: This article is based on publicly available brokerage reports and market information. It is not investment advice or a recommendation to buy or sell any security. Investors should review the original research reports, company financials, valuations and associated risks before making any investment decision.
