Adani Power, Samman, IMFA, UBL, Emcure among stocks with fresh brokerage interest for upto 140% rise
Brokerages turn bullish on 11 stocks including Adani Power, PhysicsWallah, SEAMEC and Emcure Pharma, seeing up to 140% upside. Check ratings and targets.
- Sep 7, 2026,
- Updated Sep 7, 2026 11:40 AM IST
Select stocks including Adani Power Ltd, Physicswallah, SEAMEC Ltd, United Breweries, Emcure Pharmaceuticals Ltd, Cera Sanitaryware, OnEMI Technology Solutions Ltd, Indian Metals & Ferro Alloys, Leela Palaces Hotels & Resorts Ltd, Apollo Micro Systems and Sammaan Capital Ltd have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages include Motilal Oswal Financial Services, Choice Institutional Equities, ICICIDirect Research, JM Financial Ltd, 360 One Capital, Antique Stock Broking, Systematix Institutional Equities and Ventura Securities. All stocks have positive ratings on them with an upside potential of up to 140 per cent. Here's what brokerage firms have said on these stocks:
Motilal Oswal Financial Services on Physicswallah Rating: Buy | Target Price: Rs 200 | Upside Potential: 58% Motilal Oswal values Physicswallah Ltd on an SoTP basis. For the online business, it assigned a multiple of 50 times FY28E EV/EBITDA, reflecting its market leadership, structurally superior unit economics, scalable technology platform, resulting in a per-share value of Rs 172. It has cited higher competitive intensity; weaker execution and center utilization; higher faculty attrition, student outcomes and brand perception as key risks.
"We value the offline business at 15 times FY28E EV/EBITDA, reflecting its execution intensity, lower-margin profile, regional competition and capital requirements. We value other businesses at 1 times FY28E EV/sales, contributing Rs 1 per share. After adjusting for cash, we arrive at a target price of Rs 200 and initiate coverage with a 'buy' rating," it added.
Choice Institutional Equities on United Breweries Rating: Buy | Target Price: Rs 1,480 | Upside Potential: 16% United Breweries Ltd (UBL) premium portfolio has grown at a 45 per cent CAGR over two years, with premium volumes rising 21 per cent in FY26 despite 3 per cent overall volume growth. Strong momentum in brands such as Kingfisher Ultra, Heineken and Amstel Grande is driving premiumisation and improving realisations. With premium beer generating nearly twice the EBITDA margin of economy offerings, said Choice Institutional Equities.
UBL is well positioned to deliver sustained growth driven by tailwinds in key markets (KA, MH and JH) premium mix improvement, 50 per cent market leadership and capacity-led distribution expansion. Structural cost efficiencies and operating leverage are expected to support 28 per cent net Income CAGR over FY26–FY29E. We initiate with a 'buy' rating and target price of Rs 1,480," it said.
ICICIDirect Research on Cera Sanitaryware Rating: Buy | Target Price: Rs 6,800 | Upside Potential: 18% Cera Sanitaryware Ltd is a leading provider of integrated home solutions, offering a wide portfolio of products such as sanitaryware, faucets, tiles, kitchen sinks, mirrors, shower panels, and wellness solutions. Its brands like Cera, Senator, Lustre, CERA Luxe and Polipluz, said ICICI Direct.
"It has built a pan-India distribution network with 7,000 distributors and 29,000 retailers, providing deep market reach and a strong retail franchise. Given the market leadership position Cera has in India coupled with their strong Balance Sheet and consistent margins. We Initiate Coverage on Cera Sanitaryware with a 'buy' and a target price of Rs 6,800 at 30 times FY28E EPS," it said.
JM Financial on OnEMI Technology Solutions Rating: Buy | Target Price: Rs 385 | Upside Potential: 25% OnEMI Technology (Kissht) is a digital-first NBFC serving the Indian market, offering personal loans and loan against property through its mobile application. PL constituted 92 per cent of AUM as of Q1FY27, with the rapidly scaling LAP business gradually diversifying the portfolio. AUM and PAT may grow at a CAGR of 44 per cent and 49 per cent over FY26–28E and build average RoAAUM/RoE of 5.1 per cent and 21.8 per cent over FY27E/28E, said JM Financial.
Kissht is at an inflection point as it shifts towards higher-quality borrowers, supported by operating leverage, lower funding costs and improving credit performance. These structural levers are expected to keep RoAAUM stable at around 5 per cent despite moderation in total income/AAUM. LAP has grown 396 per cent YoY to Rs 620 crore, improving capital efficiency and reducing loss-given-default risk," it said with a 'buy' and a target price of Rs 385.
Systematix Institutional Equities on Apollo Micro Systems Rating: Buy | Target Price: Rs 570 | Upside Potential: 46% Systematix sees a potential structural opportunity for Apollo Micro Systems Ltd to evolve from a subsystem and electronics supplier into an integrated weapon systems manufacturer. GoI’s keenness to provide complete transfer of technology from DRDO to private players could enable APOLLO to secure large, platform-level opportunities, similar to Solar Industries’ evolution into manufacturing complete Pinaka systems.
DAP 2026 promises increased indigenization content requirement for domestic projects, assured long-term order visibility, increased budgetary allocation in research & development, and d) greater access to the private sector. It is a major production partner in missile systems and a market leader in underwater homing systems for torpedoes and mines, it said with a 'buy' and a target price of Rs 570.
360 One Capital on Indian Metals & Ferro Alloys Rating: Buy | Target Price: Rs 1,652 | Upside Potential: 28% Indian Metals & Ferro Alloys Ltd (IMFA) is entering a strong capacity-led growth phase, backed by its fully integrated mining, ferro-chrome manufacturing and captive power operations. Its capacity is expected to nearly double from 284 KT in FY25 to 534 KT by FY28, providing significant growth visibility. Its integrated model helps manage raw-material and energy costs, supporting competitive margins, said 360 One Capital.
The expansion is expected to drive revenue, EBITDA and PAT CAGR of 23 per cent, 25 per cent and 20 per cent, respectively, during FY26–FY29E. Improved asset utilisation is also likely to lift ROE and ROCE to around 18 per cent and 20 per cent by FY29E. A balance sheet and experienced management strengthen the investment case, it said with a 'buy' rating and a target price of Rs 1,652.
Antique Stock Broking on Leela Palaces Hotels & Resorts Rating: Buy | Target Price: Rs 680 | Upside Potential: 23% Leela Hotels delivered a strong quarter, with revenue rising 28 per cent YoY to Rs 350 crore, supported by 25 per cent growth each in room revenue and F&B. RevPAR increased 17 per cent to Rs INR 14,000, driven by a 10 per cent rise in ADR to Rs 20,700 and a 390-bps improvement in occupancy to 67.5 per cent, said Antique Stock Broking, which initiate with a 'buy' rating on it.
EBITDA grew 41.4 per cent YoY to Rs 140 crore, with margins expanding 380 bps to 40.7 per cent. Management remains optimistic about FY27, expecting double-digit RevPAR growth and mid-to-high-teens EBITDA growth, with margins around 50 per cent. International business has recovered, supporting growth prospects as the peak inbound travel season approaches, it said with a target price of Rs 680.
Motilal Oswal Financial Services on Adani Power Rating: Buy | Target Price: Rs 250 | Upside Potential: 21% Motilal Oswal values Adani Power (APL) at 16 times FY29E EBITDA, investments add Rs 1/share. "The sum of these contributions, adjusted for net debt, results in a target price of 250. APL is trading at an FY29E EV/EBITDA of 13.8 times. We build an EBITDA CAGR of 21 per cent over FY26-29E, a PAT CAGR of 9 per cent over FY26-29E, and capacity additions of 1.3/1.6/3.2GW in FY27/FY28/FY29," it said.
APL’s substantial valuation premium over peers such as NTPC and JSW Energy is a function of superior capital allocation with an average acquisition cost of INR35m/MW, significantly below the greenfield thermal plant cost of Rs 12 crore and strong growth trajectory with EBITDA potential of Rs 80,000 crore post completion of the current capex cycle, and optionality from forays into nuclear, it said.
ICICIDirect Research on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 2,305 | Upside Potential: 20% Pune-based Emcure Pharma is a diversified pharma player focused on developing, manufacturing and marketing a broad range of pharmaceutical products globally. It operates 13 manufacturing facilities producing a wide range of dosage forms including oral solids, oral liquids, lyophilized and liposomal injectables, complex APIs, peptides, cytotoxic drugs, and biotherapeutics, said ICICIDirect.
Emcure is strengthening its business through complex products and strategic partnerships, supporting growth across chronic and acute therapies. Domestic revenue is expected to grow at 12 per cent CAGR over FY26–28E. Niche product launches, acquisitions and better capacity utilisation are expected to drive around 17 per cent CAGR, led by opportunities across Canada, Europe and other markets, it said with a target price of Rs 2,305.
Choice Institutional Equities on SEAMEC Rating: Buy | Target Price: Rs 2,270| Upside Potential: 27% SEAMEC is well positioned to benefit from a structurally supply-constrained global diving support vessel market, with limited new capacity and an ageing fleet supporting day rates and pricing power. Its fleet rejuvenation programme has improved vessel quality, utilisation and operating leverage, lifting EBITDA margins to around 43 per cent in FY26, Choice Institutional Equities.
Its growing order book, multi-year contracts and dollar-linked revenues provide further earnings visibility, while lower maintenance costs and reduced off-hire periods support cash generation. Strong subsea activity, ageing offshore infrastructure and rising exploration spending offer additional growth opportunities. Revenue, EBITDA and PAT may grow at 15 per cent, 15 per cent and 26 per cent CAGR, respectively, through FY29E, it said with a 'buy' and a target price of Rs 2,270.
Ventura Securities on Sammaan Capital Rating: Buy | Target Price: Rs 377.70 | Upside Potential: 140% Sammaan Capital is undergoing a structural transformation from a wholesale-heavy, stressed lender into a retail-focused and well-capitalised franchise following IHC’s strategic intervention and improved credit ratings. It is expected to deliver strong balance-sheet growth, with advances and AUM projected to grow at around 38 per cent and 34 per cent CAGR, respectively, through FY29E, said Ventura.
Improving operating leverage and lower funding costs are expected to drive a sharp profitability turnaround, with PAT projected to return to profit by FY29E. Asset quality is expected to improve, with GNPA and NNPA declining to around 1.3 per cent and 0.7 per cent. Rising RoA and RoE further support the investment case, highlighting Sammaan Capital’s transition towards sustainable growth and profitability, it added with a 'buy' and a target price of Rs 377.70 apeice.
Select stocks including Adani Power Ltd, Physicswallah, SEAMEC Ltd, United Breweries, Emcure Pharmaceuticals Ltd, Cera Sanitaryware, OnEMI Technology Solutions Ltd, Indian Metals & Ferro Alloys, Leela Palaces Hotels & Resorts Ltd, Apollo Micro Systems and Sammaan Capital Ltd have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages include Motilal Oswal Financial Services, Choice Institutional Equities, ICICIDirect Research, JM Financial Ltd, 360 One Capital, Antique Stock Broking, Systematix Institutional Equities and Ventura Securities. All stocks have positive ratings on them with an upside potential of up to 140 per cent. Here's what brokerage firms have said on these stocks:
Motilal Oswal Financial Services on Physicswallah Rating: Buy | Target Price: Rs 200 | Upside Potential: 58% Motilal Oswal values Physicswallah Ltd on an SoTP basis. For the online business, it assigned a multiple of 50 times FY28E EV/EBITDA, reflecting its market leadership, structurally superior unit economics, scalable technology platform, resulting in a per-share value of Rs 172. It has cited higher competitive intensity; weaker execution and center utilization; higher faculty attrition, student outcomes and brand perception as key risks.
"We value the offline business at 15 times FY28E EV/EBITDA, reflecting its execution intensity, lower-margin profile, regional competition and capital requirements. We value other businesses at 1 times FY28E EV/sales, contributing Rs 1 per share. After adjusting for cash, we arrive at a target price of Rs 200 and initiate coverage with a 'buy' rating," it added.
Choice Institutional Equities on United Breweries Rating: Buy | Target Price: Rs 1,480 | Upside Potential: 16% United Breweries Ltd (UBL) premium portfolio has grown at a 45 per cent CAGR over two years, with premium volumes rising 21 per cent in FY26 despite 3 per cent overall volume growth. Strong momentum in brands such as Kingfisher Ultra, Heineken and Amstel Grande is driving premiumisation and improving realisations. With premium beer generating nearly twice the EBITDA margin of economy offerings, said Choice Institutional Equities.
UBL is well positioned to deliver sustained growth driven by tailwinds in key markets (KA, MH and JH) premium mix improvement, 50 per cent market leadership and capacity-led distribution expansion. Structural cost efficiencies and operating leverage are expected to support 28 per cent net Income CAGR over FY26–FY29E. We initiate with a 'buy' rating and target price of Rs 1,480," it said.
ICICIDirect Research on Cera Sanitaryware Rating: Buy | Target Price: Rs 6,800 | Upside Potential: 18% Cera Sanitaryware Ltd is a leading provider of integrated home solutions, offering a wide portfolio of products such as sanitaryware, faucets, tiles, kitchen sinks, mirrors, shower panels, and wellness solutions. Its brands like Cera, Senator, Lustre, CERA Luxe and Polipluz, said ICICI Direct.
"It has built a pan-India distribution network with 7,000 distributors and 29,000 retailers, providing deep market reach and a strong retail franchise. Given the market leadership position Cera has in India coupled with their strong Balance Sheet and consistent margins. We Initiate Coverage on Cera Sanitaryware with a 'buy' and a target price of Rs 6,800 at 30 times FY28E EPS," it said.
JM Financial on OnEMI Technology Solutions Rating: Buy | Target Price: Rs 385 | Upside Potential: 25% OnEMI Technology (Kissht) is a digital-first NBFC serving the Indian market, offering personal loans and loan against property through its mobile application. PL constituted 92 per cent of AUM as of Q1FY27, with the rapidly scaling LAP business gradually diversifying the portfolio. AUM and PAT may grow at a CAGR of 44 per cent and 49 per cent over FY26–28E and build average RoAAUM/RoE of 5.1 per cent and 21.8 per cent over FY27E/28E, said JM Financial.
Kissht is at an inflection point as it shifts towards higher-quality borrowers, supported by operating leverage, lower funding costs and improving credit performance. These structural levers are expected to keep RoAAUM stable at around 5 per cent despite moderation in total income/AAUM. LAP has grown 396 per cent YoY to Rs 620 crore, improving capital efficiency and reducing loss-given-default risk," it said with a 'buy' and a target price of Rs 385.
Systematix Institutional Equities on Apollo Micro Systems Rating: Buy | Target Price: Rs 570 | Upside Potential: 46% Systematix sees a potential structural opportunity for Apollo Micro Systems Ltd to evolve from a subsystem and electronics supplier into an integrated weapon systems manufacturer. GoI’s keenness to provide complete transfer of technology from DRDO to private players could enable APOLLO to secure large, platform-level opportunities, similar to Solar Industries’ evolution into manufacturing complete Pinaka systems.
DAP 2026 promises increased indigenization content requirement for domestic projects, assured long-term order visibility, increased budgetary allocation in research & development, and d) greater access to the private sector. It is a major production partner in missile systems and a market leader in underwater homing systems for torpedoes and mines, it said with a 'buy' and a target price of Rs 570.
360 One Capital on Indian Metals & Ferro Alloys Rating: Buy | Target Price: Rs 1,652 | Upside Potential: 28% Indian Metals & Ferro Alloys Ltd (IMFA) is entering a strong capacity-led growth phase, backed by its fully integrated mining, ferro-chrome manufacturing and captive power operations. Its capacity is expected to nearly double from 284 KT in FY25 to 534 KT by FY28, providing significant growth visibility. Its integrated model helps manage raw-material and energy costs, supporting competitive margins, said 360 One Capital.
The expansion is expected to drive revenue, EBITDA and PAT CAGR of 23 per cent, 25 per cent and 20 per cent, respectively, during FY26–FY29E. Improved asset utilisation is also likely to lift ROE and ROCE to around 18 per cent and 20 per cent by FY29E. A balance sheet and experienced management strengthen the investment case, it said with a 'buy' rating and a target price of Rs 1,652.
Antique Stock Broking on Leela Palaces Hotels & Resorts Rating: Buy | Target Price: Rs 680 | Upside Potential: 23% Leela Hotels delivered a strong quarter, with revenue rising 28 per cent YoY to Rs 350 crore, supported by 25 per cent growth each in room revenue and F&B. RevPAR increased 17 per cent to Rs INR 14,000, driven by a 10 per cent rise in ADR to Rs 20,700 and a 390-bps improvement in occupancy to 67.5 per cent, said Antique Stock Broking, which initiate with a 'buy' rating on it.
EBITDA grew 41.4 per cent YoY to Rs 140 crore, with margins expanding 380 bps to 40.7 per cent. Management remains optimistic about FY27, expecting double-digit RevPAR growth and mid-to-high-teens EBITDA growth, with margins around 50 per cent. International business has recovered, supporting growth prospects as the peak inbound travel season approaches, it said with a target price of Rs 680.
Motilal Oswal Financial Services on Adani Power Rating: Buy | Target Price: Rs 250 | Upside Potential: 21% Motilal Oswal values Adani Power (APL) at 16 times FY29E EBITDA, investments add Rs 1/share. "The sum of these contributions, adjusted for net debt, results in a target price of 250. APL is trading at an FY29E EV/EBITDA of 13.8 times. We build an EBITDA CAGR of 21 per cent over FY26-29E, a PAT CAGR of 9 per cent over FY26-29E, and capacity additions of 1.3/1.6/3.2GW in FY27/FY28/FY29," it said.
APL’s substantial valuation premium over peers such as NTPC and JSW Energy is a function of superior capital allocation with an average acquisition cost of INR35m/MW, significantly below the greenfield thermal plant cost of Rs 12 crore and strong growth trajectory with EBITDA potential of Rs 80,000 crore post completion of the current capex cycle, and optionality from forays into nuclear, it said.
ICICIDirect Research on Emcure Pharmaceuticals Rating: Buy | Target Price: Rs 2,305 | Upside Potential: 20% Pune-based Emcure Pharma is a diversified pharma player focused on developing, manufacturing and marketing a broad range of pharmaceutical products globally. It operates 13 manufacturing facilities producing a wide range of dosage forms including oral solids, oral liquids, lyophilized and liposomal injectables, complex APIs, peptides, cytotoxic drugs, and biotherapeutics, said ICICIDirect.
Emcure is strengthening its business through complex products and strategic partnerships, supporting growth across chronic and acute therapies. Domestic revenue is expected to grow at 12 per cent CAGR over FY26–28E. Niche product launches, acquisitions and better capacity utilisation are expected to drive around 17 per cent CAGR, led by opportunities across Canada, Europe and other markets, it said with a target price of Rs 2,305.
Choice Institutional Equities on SEAMEC Rating: Buy | Target Price: Rs 2,270| Upside Potential: 27% SEAMEC is well positioned to benefit from a structurally supply-constrained global diving support vessel market, with limited new capacity and an ageing fleet supporting day rates and pricing power. Its fleet rejuvenation programme has improved vessel quality, utilisation and operating leverage, lifting EBITDA margins to around 43 per cent in FY26, Choice Institutional Equities.
Its growing order book, multi-year contracts and dollar-linked revenues provide further earnings visibility, while lower maintenance costs and reduced off-hire periods support cash generation. Strong subsea activity, ageing offshore infrastructure and rising exploration spending offer additional growth opportunities. Revenue, EBITDA and PAT may grow at 15 per cent, 15 per cent and 26 per cent CAGR, respectively, through FY29E, it said with a 'buy' and a target price of Rs 2,270.
Ventura Securities on Sammaan Capital Rating: Buy | Target Price: Rs 377.70 | Upside Potential: 140% Sammaan Capital is undergoing a structural transformation from a wholesale-heavy, stressed lender into a retail-focused and well-capitalised franchise following IHC’s strategic intervention and improved credit ratings. It is expected to deliver strong balance-sheet growth, with advances and AUM projected to grow at around 38 per cent and 34 per cent CAGR, respectively, through FY29E, said Ventura.
Improving operating leverage and lower funding costs are expected to drive a sharp profitability turnaround, with PAT projected to return to profit by FY29E. Asset quality is expected to improve, with GNPA and NNPA declining to around 1.3 per cent and 0.7 per cent. Rising RoA and RoE further support the investment case, highlighting Sammaan Capital’s transition towards sustainable growth and profitability, it added with a 'buy' and a target price of Rs 377.70 apeice.