Adani Energy, LG India, UC among 10 stocks with fresh brokerage interest for upto 36% rise
Emcure Pharma is positioned to deliver consistent revenue growth, supported by margin expansion driven by operating leverage and disciplined cost management, said Anand Rathi.
- Mar 3, 2026,
- Updated Mar 3, 2026 12:33 PM IST
Select stocks including Urban Company, Hitachi Energy India, Anthem Biosciences, APL Apollo Tubes, LG Electronics India, Bank of Maharashtra, Adani Energy Solutions, Amber Enterprises India, Emcure Pharmaceuticals and Physicswallah have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including JM Financial, Ambit, BoB Capital Markets, Axis Capital, YES Securities, Geojit Investments, Anand Rathi Share & Stock Brokers. All stocks have positive ratings on them with an upside potential of 11-36 per cent. Here's what brokerage said on these stocks:
JM Financial on Physicswallah Rating: Buy | Target Price: Rs 110 | Upside Potential: 36% Physicswallah (PW) is poised to deliver a revenue CAGR of 28 per cent over FY25–28E driven by its online and offline business. A strong operating leverage in both channels is seen, with consolidated adjusted EBITDA margin likely to expand to 13 per cent by FY28E from 3.2 per cent in FY25. PW warrants premium as it is in early stages of the monetisation curve, said JM Financial.
"We value PW, assigning a higher adjusted Ebitda multiple to online (30 times) than offline (15 times), reflecting our view that the digital segment remains the primary workhorse and valuation anchor. We are initiating coverage on PhysicsWallah at 'buy' with a March 2027E and a target price of Rs 110 (implying an FY28 PER of 70 times)," JM adds.
Anand Rathi Share & Stock Brokers on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 1,800 | Upside Potential: 25% Emcure Pharmaceuticals is positioned to deliver consistent revenue growth, supported by margin expansion driven by operating leverage and disciplined cost management, resulting in sustained strong ROCE. Growth is expected to remain balanced across India and key international markets, underpinned by a differentiated portfolio and leadership in core therapies, said Anand Rathi.
"Emcure's pipeline of complex generics, biologics, novel drug delivery systems (NDDS), and complex injectables provides long term visibility. Additionally, an anticipated early-mover advantage in the GLP-1 segment in India is likely to further strengthen its growth trajectory. We initiate coverage on Emcure Pharmaceuticals with 'buy' rating with a target price of Rs 1,800," it adds.
Geojit Investments on Amber Enterprises India Rating: Buy | Target Price: Rs 9,156 | Upside Potential: 16% Amber Enterprises derived 73 per cent of its FY25 revenue from its consumer durable business (RAC and components). This segment may remain the key revenue driver and project a healthy 22 per cent CAGR over FY26E–28E. It is aggressively scaling up its PCB/PCBA capacity to diversify its revenue mix and cater to the rising demand in the Indian electronics market, said Geojit.
The electronics segment may deliver a strong 30 per cent CAGR over FY26E– FY28E, with growth likely to accelerate further as new capacities come on stream. We expect the company to continue gaining market share in the RAC segment, while expansion in the high-margin PCB business and ongoing backward integration initiatives should enhance earnings visibility and margin profile," it said with a 'buy' rating and a target price of Rs 9,156.
JM Financial on Adani Energy Solutions Rating: Buy | Target Price: Rs 1,199 | Upside Potential: 24% Adani Energy Solutions (AESL) is strongly positioned to benefit from India’s T&D growth story supported by a robust Rs 77,800 crore transmission order book, 24.6 million smart metering portfolio and a stable distribution franchise with a regulated asset base (RAB) of Rs 9,600 crore, said JM Financial.
"We estimate revenue, EBITDA and PAT would compound at 19 per cent, 15 per cent and 50 per cent over FY25–28E driven by commissioning and smart meter scale-up. We value AESL on an SotP basis, valuing transmission at 13x EV/EBITDA, smart metering at 12 times EV/EBITDA and distribution at 2.5 times P/B—all on FY28 estimates," it said with a 'buy' and a target price of Rs 1,199.
YES Securities on Bank of Maharashtra Rating: Buy | Target Price: Rs 90 | Upside Potential: 25% YES Securities conducted a detailed comparative analysis of 8 key PSU banks and note that Bank of Maharashtra (BoM) has the healthiest NIM in our comparison universe of PSU banks, driven by healthy loan mix, CASA, MCLR management and SA strategy. It has the most robust loan growth performance in our comparison universe, driven by retail lending efficiency and expansion strategy.
"Asset quality is characterized by ultra-high incremental PCR even in the face of controlled slippages, along with low SMA levels. We assign a target multiple of 1.5 times FY28E P/B for an FY26, FY27 and FY28E RoE profile of 19.7 per cent, 21.4 per cent and 21.1 per cent, respectively" it added with a 'buy' rating and a target price of Rs 90.
Axis Capital on LG Electronics India Rating: Buy | Target Price: Rs 1,815 | Upside Potential: 14% LG Electronics has been consistently enjoying a high market share across categories, with an increasing share in premium segments and leadership in Side-by-Side refrigerators. Supported by superior R&D and a strong distribution network. It has leveraged LG Electronics’ global technology leadership to deliver consumer-centric innovations tailored to local requirements, said Axis Capital.
"We initiate coverage on LG Electronics India with a 'buy' recommendation. We believe the company is well-positioned for sustained profitability and growth supported by its leading market share, brand equity, and deep distribution networks. We expect a revenue, Ebitda and profit PAT CAGR of 9 per cent, 19 per cent and 14 per cent from FY26-28E," it added.
JM Financial on Urban Company Rating: Buy | Target Price: Rs 125 | Upside Potential: 21% We initiate coverage on Urban Company with a 'buy' rating and a March 2027E target of Rs 125, valuing the business on an SotP basis to reflect the differing maturity and profitability profiles across segments. We assign 45 times/35 times FY28E adjusted ebitda multiple to India Consumer Services/International, said JM Financial.
"Supported by 31 per cent FY25-28E revenue CAGR and improving operating leverage in an underpenetrated market, we believe current valuations reflect the medium-term growth visibility in core business along with optionality from newer businesses," it added. "Our target price reflects the limited upside due to worsening consolidated profitability and impending pre-IPO supply."
Ambit on Hitachi Energy India Rating: Buy | Target Price: Rs 28,500 | Upside Potential: 12% Hitachi Energy is the strongest T&D player in India and clear leader in HVDC with over 60 per cent market share in MW in already executed/awarded projects. Capex plan of Rs 2,000 crore (2 times current gross block) will support domestic, exports and HVDC projects, said Ambit with a 'buy' rating and a target price of Rs 28,500, implying 94 times/64 times FY27/28E P/E.
"Our 'buy' is driven by high backlog, providing multi-year visibility, and HVDC pipeline and data centre opportunity imparting future visibility; high exports and increasing localization would make Hitachi a dominant manufacturing base; unlike FY25, we believe it has started to benefit from operating leverage; grid stability, digitalization, planning, simulation & software will be dominant themes," it adds.
BoB Capital Markets on Anthem Biosciences Rating: Buy | Target Price: Rs 835 | Upside Potential: 22% Being one of the few backward-integrated peptide manufacturers, gives Anthem Biosciences cost edge over China competitors in GLP. Undergoing capacity expansion; it plans to add 400kl in custom synthesis and 100-200 kl fermentation capacity at unit 4, said BoB Capital Markets.
"Anthem's industry-high margin is expected to sustain, given the ramp-up in peptides capacity, including backward integration and installing unit 4 for small molecules, which the company is undergoing civil work. Due to the industry-high margins, we ascribe a PE equivalent to Divi’s of 56 times on March 2028 EPS of Rs 14.9 times to arrive at target price of Rs 835 per share," it said.
JM Financial on APL Apollo Tubes Rating: Add | Target Price: Rs 2,475 | Upside Potential: 11% APL Apollo Tube (APAT) is a structural tubes leader and shall double capacity to 10mt by FY30E while pivoting decisively towards value-added products (VAP). Backed by relentless innovation and a over 5,000 SKU portfolio, the company has built formidable structural moats across sourcing, brand and distribution, translating into superior pricing power and capital efficiency, said JM Financial.
"Over FY20–26E, it has clocked a strong 14 per cent, 20 per cent, 25 per cent and 31 per cent CAGR in volumes, revenue, Ebitda and profit, reflecting a richer product mix, sustained premiumisation and operating leverage. Initiate with an 'add' with a target price of Rs 2,475 based on 36 times March 2028E EPS," it said.
Select stocks including Urban Company, Hitachi Energy India, Anthem Biosciences, APL Apollo Tubes, LG Electronics India, Bank of Maharashtra, Adani Energy Solutions, Amber Enterprises India, Emcure Pharmaceuticals and Physicswallah have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including JM Financial, Ambit, BoB Capital Markets, Axis Capital, YES Securities, Geojit Investments, Anand Rathi Share & Stock Brokers. All stocks have positive ratings on them with an upside potential of 11-36 per cent. Here's what brokerage said on these stocks:
JM Financial on Physicswallah Rating: Buy | Target Price: Rs 110 | Upside Potential: 36% Physicswallah (PW) is poised to deliver a revenue CAGR of 28 per cent over FY25–28E driven by its online and offline business. A strong operating leverage in both channels is seen, with consolidated adjusted EBITDA margin likely to expand to 13 per cent by FY28E from 3.2 per cent in FY25. PW warrants premium as it is in early stages of the monetisation curve, said JM Financial.
"We value PW, assigning a higher adjusted Ebitda multiple to online (30 times) than offline (15 times), reflecting our view that the digital segment remains the primary workhorse and valuation anchor. We are initiating coverage on PhysicsWallah at 'buy' with a March 2027E and a target price of Rs 110 (implying an FY28 PER of 70 times)," JM adds.
Anand Rathi Share & Stock Brokers on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 1,800 | Upside Potential: 25% Emcure Pharmaceuticals is positioned to deliver consistent revenue growth, supported by margin expansion driven by operating leverage and disciplined cost management, resulting in sustained strong ROCE. Growth is expected to remain balanced across India and key international markets, underpinned by a differentiated portfolio and leadership in core therapies, said Anand Rathi.
"Emcure's pipeline of complex generics, biologics, novel drug delivery systems (NDDS), and complex injectables provides long term visibility. Additionally, an anticipated early-mover advantage in the GLP-1 segment in India is likely to further strengthen its growth trajectory. We initiate coverage on Emcure Pharmaceuticals with 'buy' rating with a target price of Rs 1,800," it adds.
Geojit Investments on Amber Enterprises India Rating: Buy | Target Price: Rs 9,156 | Upside Potential: 16% Amber Enterprises derived 73 per cent of its FY25 revenue from its consumer durable business (RAC and components). This segment may remain the key revenue driver and project a healthy 22 per cent CAGR over FY26E–28E. It is aggressively scaling up its PCB/PCBA capacity to diversify its revenue mix and cater to the rising demand in the Indian electronics market, said Geojit.
The electronics segment may deliver a strong 30 per cent CAGR over FY26E– FY28E, with growth likely to accelerate further as new capacities come on stream. We expect the company to continue gaining market share in the RAC segment, while expansion in the high-margin PCB business and ongoing backward integration initiatives should enhance earnings visibility and margin profile," it said with a 'buy' rating and a target price of Rs 9,156.
JM Financial on Adani Energy Solutions Rating: Buy | Target Price: Rs 1,199 | Upside Potential: 24% Adani Energy Solutions (AESL) is strongly positioned to benefit from India’s T&D growth story supported by a robust Rs 77,800 crore transmission order book, 24.6 million smart metering portfolio and a stable distribution franchise with a regulated asset base (RAB) of Rs 9,600 crore, said JM Financial.
"We estimate revenue, EBITDA and PAT would compound at 19 per cent, 15 per cent and 50 per cent over FY25–28E driven by commissioning and smart meter scale-up. We value AESL on an SotP basis, valuing transmission at 13x EV/EBITDA, smart metering at 12 times EV/EBITDA and distribution at 2.5 times P/B—all on FY28 estimates," it said with a 'buy' and a target price of Rs 1,199.
YES Securities on Bank of Maharashtra Rating: Buy | Target Price: Rs 90 | Upside Potential: 25% YES Securities conducted a detailed comparative analysis of 8 key PSU banks and note that Bank of Maharashtra (BoM) has the healthiest NIM in our comparison universe of PSU banks, driven by healthy loan mix, CASA, MCLR management and SA strategy. It has the most robust loan growth performance in our comparison universe, driven by retail lending efficiency and expansion strategy.
"Asset quality is characterized by ultra-high incremental PCR even in the face of controlled slippages, along with low SMA levels. We assign a target multiple of 1.5 times FY28E P/B for an FY26, FY27 and FY28E RoE profile of 19.7 per cent, 21.4 per cent and 21.1 per cent, respectively" it added with a 'buy' rating and a target price of Rs 90.
Axis Capital on LG Electronics India Rating: Buy | Target Price: Rs 1,815 | Upside Potential: 14% LG Electronics has been consistently enjoying a high market share across categories, with an increasing share in premium segments and leadership in Side-by-Side refrigerators. Supported by superior R&D and a strong distribution network. It has leveraged LG Electronics’ global technology leadership to deliver consumer-centric innovations tailored to local requirements, said Axis Capital.
"We initiate coverage on LG Electronics India with a 'buy' recommendation. We believe the company is well-positioned for sustained profitability and growth supported by its leading market share, brand equity, and deep distribution networks. We expect a revenue, Ebitda and profit PAT CAGR of 9 per cent, 19 per cent and 14 per cent from FY26-28E," it added.
JM Financial on Urban Company Rating: Buy | Target Price: Rs 125 | Upside Potential: 21% We initiate coverage on Urban Company with a 'buy' rating and a March 2027E target of Rs 125, valuing the business on an SotP basis to reflect the differing maturity and profitability profiles across segments. We assign 45 times/35 times FY28E adjusted ebitda multiple to India Consumer Services/International, said JM Financial.
"Supported by 31 per cent FY25-28E revenue CAGR and improving operating leverage in an underpenetrated market, we believe current valuations reflect the medium-term growth visibility in core business along with optionality from newer businesses," it added. "Our target price reflects the limited upside due to worsening consolidated profitability and impending pre-IPO supply."
Ambit on Hitachi Energy India Rating: Buy | Target Price: Rs 28,500 | Upside Potential: 12% Hitachi Energy is the strongest T&D player in India and clear leader in HVDC with over 60 per cent market share in MW in already executed/awarded projects. Capex plan of Rs 2,000 crore (2 times current gross block) will support domestic, exports and HVDC projects, said Ambit with a 'buy' rating and a target price of Rs 28,500, implying 94 times/64 times FY27/28E P/E.
"Our 'buy' is driven by high backlog, providing multi-year visibility, and HVDC pipeline and data centre opportunity imparting future visibility; high exports and increasing localization would make Hitachi a dominant manufacturing base; unlike FY25, we believe it has started to benefit from operating leverage; grid stability, digitalization, planning, simulation & software will be dominant themes," it adds.
BoB Capital Markets on Anthem Biosciences Rating: Buy | Target Price: Rs 835 | Upside Potential: 22% Being one of the few backward-integrated peptide manufacturers, gives Anthem Biosciences cost edge over China competitors in GLP. Undergoing capacity expansion; it plans to add 400kl in custom synthesis and 100-200 kl fermentation capacity at unit 4, said BoB Capital Markets.
"Anthem's industry-high margin is expected to sustain, given the ramp-up in peptides capacity, including backward integration and installing unit 4 for small molecules, which the company is undergoing civil work. Due to the industry-high margins, we ascribe a PE equivalent to Divi’s of 56 times on March 2028 EPS of Rs 14.9 times to arrive at target price of Rs 835 per share," it said.
JM Financial on APL Apollo Tubes Rating: Add | Target Price: Rs 2,475 | Upside Potential: 11% APL Apollo Tube (APAT) is a structural tubes leader and shall double capacity to 10mt by FY30E while pivoting decisively towards value-added products (VAP). Backed by relentless innovation and a over 5,000 SKU portfolio, the company has built formidable structural moats across sourcing, brand and distribution, translating into superior pricing power and capital efficiency, said JM Financial.
"Over FY20–26E, it has clocked a strong 14 per cent, 20 per cent, 25 per cent and 31 per cent CAGR in volumes, revenue, Ebitda and profit, reflecting a richer product mix, sustained premiumisation and operating leverage. Initiate with an 'add' with a target price of Rs 2,475 based on 36 times March 2028E EPS," it said.