3 stocks to buy with up to 73% potential upside: Coforge, ICICI Bank, Kalyan Jewellers
MOFSL said Coforge shares are currently pricing in an extreme bear-case scenario. It said demand momentum for Kalyan remained strong despite a sharp rise in average gold prices in Q4.
- Mar 23, 2026,
- Updated Mar 23, 2026 8:46 AM IST
MOFSL on Monday maintained 'Buy' rating on three stocks namely ICICI Bank Ltd, Coforge Ltd and Kalyan Jewellers India Ltd, with targets suggesting up to 73 per cent potential upside. Coforge shares are currently pricing in an extreme bear-case scenario, the brokerage said. It said demand momentum for Kalyan remained strong despite a sharp rise in average gold prices in Q4. It cited ICICI Bank's asset quality, low credit costs and strong provision buffers to suggest 'Buy' on the stock.
ICICI Bank | Target Rs 1,750 | Upside potential: 40% MOFSL said ICICI Bank is well-positioned to report healthy operating performance, led by all-round delivery on all key metrics. Growth, it said, is becoming increasingly broad-based, led by business banking and improving corporate demand, while the bank continues to focus on strengthening its liability franchise. Having effectively leveraged margins, the bank is now focusing on fee income expansion and operating leverage as key levers to support earnings in the next phase of growth, even as the bank continues to invest in distribution and technology, it said. "Asset quality remains a key strength, with low credit costs (~45-50bps through-cycle) and strong provision buffers, ensuring earnings stability across cycles. With a disciplined, risk-calibrated approach and increasing focus on market share gains, ICICI Bank remains well-positioned to deliver consistent compounding. We, thus, estimate the bank to deliver a PPoP/PAT CAGR of 17.7 per cent/16 per cent over FY26-28E, leading to an RoA/RoE of 2.3 per cent/16.4 per cent," it said.
Kalyan Jewellers | Target price Rs 550 | Upside potential: 44% MOFSL said Kalyan Jewellers is likely to sustain a strong growth trajectory as India's jewellery demand for top brands remains strong. Despite a sharp rise in average gold prices (up 80 per cent YoY and 20 per cent QoQ in 4QFY26), the demand momentum remained robust through January–March, well supported by the wedding season, it said.
The successful scale-up of franchise-led model (50 per cent revenue contribution) and robust traction in non-South markets have strengthened its growth profile, with an improving studded mix and an asset-light strategy aiding cash flow generation, deleveraging, and profitability, it said.
Kalyan has delivered a revenue, Ebitda and adjusted PAT CAGR of 33-54 per cent over FY22-26E.
"We model a CAGR of 21 per cent, 19 per cent and 23 per cent in revenue, Ebitda and PAT over FY26–28E. The stock trades at 24 times/20 times PE on FY27/FY28E and at less than 1 time FY27E sales, offering an attractive risk-reward," MOFSL said.
Coforge | Target price: Rs 1,880 | Upside potential: 73% Despite near-term risks, Coforge valuations look attractive after the recent correction, MOFSL said. Since the US–Iran conflict broke out, Coforge Ltd has witnessed a decline of 9-10 per cent (45 per cent from its peak) and underperformed some of its midcap peers by 2-9 per cent. Coforge seems to have two disadvantages against peers as it has relatively higher exposure to the travel vertical and has West Asia exposure.
"We believe the stock is currently pricing in an extreme bear-case scenario. The stock trades at 20 times FY28E P/E, assuming a bear case of 10 per cent organic constant currency growth rate in FY27/FY28E. At current levels, valuations appear attractive, even on our pared estimates," MOFSL said.
MOFSL on Monday maintained 'Buy' rating on three stocks namely ICICI Bank Ltd, Coforge Ltd and Kalyan Jewellers India Ltd, with targets suggesting up to 73 per cent potential upside. Coforge shares are currently pricing in an extreme bear-case scenario, the brokerage said. It said demand momentum for Kalyan remained strong despite a sharp rise in average gold prices in Q4. It cited ICICI Bank's asset quality, low credit costs and strong provision buffers to suggest 'Buy' on the stock.
ICICI Bank | Target Rs 1,750 | Upside potential: 40% MOFSL said ICICI Bank is well-positioned to report healthy operating performance, led by all-round delivery on all key metrics. Growth, it said, is becoming increasingly broad-based, led by business banking and improving corporate demand, while the bank continues to focus on strengthening its liability franchise. Having effectively leveraged margins, the bank is now focusing on fee income expansion and operating leverage as key levers to support earnings in the next phase of growth, even as the bank continues to invest in distribution and technology, it said. "Asset quality remains a key strength, with low credit costs (~45-50bps through-cycle) and strong provision buffers, ensuring earnings stability across cycles. With a disciplined, risk-calibrated approach and increasing focus on market share gains, ICICI Bank remains well-positioned to deliver consistent compounding. We, thus, estimate the bank to deliver a PPoP/PAT CAGR of 17.7 per cent/16 per cent over FY26-28E, leading to an RoA/RoE of 2.3 per cent/16.4 per cent," it said.
Kalyan Jewellers | Target price Rs 550 | Upside potential: 44% MOFSL said Kalyan Jewellers is likely to sustain a strong growth trajectory as India's jewellery demand for top brands remains strong. Despite a sharp rise in average gold prices (up 80 per cent YoY and 20 per cent QoQ in 4QFY26), the demand momentum remained robust through January–March, well supported by the wedding season, it said.
The successful scale-up of franchise-led model (50 per cent revenue contribution) and robust traction in non-South markets have strengthened its growth profile, with an improving studded mix and an asset-light strategy aiding cash flow generation, deleveraging, and profitability, it said.
Kalyan has delivered a revenue, Ebitda and adjusted PAT CAGR of 33-54 per cent over FY22-26E.
"We model a CAGR of 21 per cent, 19 per cent and 23 per cent in revenue, Ebitda and PAT over FY26–28E. The stock trades at 24 times/20 times PE on FY27/FY28E and at less than 1 time FY27E sales, offering an attractive risk-reward," MOFSL said.
Coforge | Target price: Rs 1,880 | Upside potential: 73% Despite near-term risks, Coforge valuations look attractive after the recent correction, MOFSL said. Since the US–Iran conflict broke out, Coforge Ltd has witnessed a decline of 9-10 per cent (45 per cent from its peak) and underperformed some of its midcap peers by 2-9 per cent. Coforge seems to have two disadvantages against peers as it has relatively higher exposure to the travel vertical and has West Asia exposure.
"We believe the stock is currently pricing in an extreme bear-case scenario. The stock trades at 20 times FY28E P/E, assuming a bear case of 10 per cent organic constant currency growth rate in FY27/FY28E. At current levels, valuations appear attractive, even on our pared estimates," MOFSL said.