BSE, Hyundai, Pine Labs, Ather & others: Top 12 fresh brokerage picks with upto 64% upside
Select stocks have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies, with up to 64% upside potential.
- Jun 21, 2026,
- Updated Jun 21, 2026 9:05 AM IST
Select stocks including Hyundai Motor India, Pine Labs, Ather Energy, BSE, Nephrocare Health Services, Shadowfax Technologies, Aegis Logistics, Thyrocare Technologies, Eureka Forbes, Fractal Analytics, Schneider Electric Infrastructure and Vedanta Aluminium Metal have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Elara Capital, ICICI Securities, Ventura Securities, PL Capital, ICICI Direct Research, Ambit, InCred Equities, B&K Securities, Ashika Stock Broking and Kotak Institutional Equities. All stocks have positive ratings on them with an upside potential up to 64 per cent. Here's what brokerage firms have said on these stocks:
Elara Capital on Hyundai Motor India Rating: Buy | Target Price: Rs 2,390 | Upside Potential: 21% Hyundai Motor India remains a key player in India’s highly concentrated passenger vehicle (PV)market where the top-6 companies account for more than 90 per cent volume. After ceding the No 2 position to M&M in FY26, Hyundai is rolling out new product plans across the domestic and exports markets with two new model launches in FY27, and 26 launches by FY30, said Elara Capital.
"Hyundai's customer mix with 16 per cent revenue contribution from government employees and 44 per cent from salaried buyers. Despite short-term industry headwinds, we expect sustained demand driven by strong launch pipeline, resilient exports growth, and Hyundai is on track record in defending market share," it said with a target price of Rs 2,390 and a 'buy' rating.
ICICI Securities on Pine Labs Rating: Buy | Target Price: Rs 210 | Upside Potential: 37% Pine Labs is a diversified payments platform, along with other fast-growing segments like online and credit card processing. The breadth of these services gets meaningfully enriched when juxtaposed with increasing international footprint and possible synergies with brands, alongside opportunities presented by AI in payments, said ICICI Securities.
"While product capability and diversification could help EBITDA growth, margin prospects remain healthy with an increasing mix of higher-profit segments. This, along with operating leverage, could ensure 19 per cent, 37 per cent and 75 per cent CAGR in revenue, Ebitda and earnings over FY26-30E. We expect this to lead to over Rs 1,000 crore PAT in FY30," it said with a 'buy' and a target price of Rs 210.
Ventura Securities on Ather Energy Rating: Buy | Target Price: Rs 1,598 | Upside Potential: 65% India’s electric two-wheeler market is entering a rapid growth phase, supported by improving affordability, favourable policies and rising fuel prices, with EV penetration expected to climb from about 9 per cent to 30 per cent by FY30. Ather Energy is emerging as a key beneficiary, backed by its integrated ecosystem of vehicles, software and charging infrastructure, said Ventura.
Ather has expanded its market share significantly and continues to outpace industry growth, driven largely by strong demand for its Rizta family scooter. It is also expanding beyond southern India, supported by a growing retail footprint and charging network that strengthens scalability and customer adoption, it added with a 'buy' rating and a target price of Rs 980.
PL Capital on BSE Rating: Buy | Target Price: Rs 4,850 | Upside Potential: 14% BSE has seen a rapid scale-up in its derivatives business over FY23-26 with premium market share expanding to 28 per cent in FY26. It may increase further with the introduction of new indices. Moreover, steady growth in cash equity/ StAR MF flows and diversification to high-margin segments, listing and data services are likely to lead to operating revenue CAGR of 25 per cent over FY26-28E, said PL Capital.
"We expect BSE to maintain superior return metrics, with Ebitda margin and core RoE of 71 per cent and 37 per cent by FY28E, underpinned by strong operating leverage and disciplined capital management. We value BSE using the residual income framework to arrive at a target price of Rs 4,850 (FY28E P/E of 50 times)," it said with a 'buy' rating.
ICICI Direct on Nephrocare Health Services Rating: Buy | Target Price: Rs 900 | Upside Potential: 23% Nephrocare Health Services (NephroPlus), Asia’s largest dialysis provider, operates 524 clinics across India and international markets including the Philippines, Uzbekistan, Nepal and Saudi Arabia. It is positioned to benefit from the growing burden of chronic kidney disease and India’s significant shortage of dialysis infrastructure, where only a small proportion of patients currently have access to treatment, said ICICI Direct.
Its asset-light, scalable model supports rapid expansion and profitability, while international operations offer superior unit economics. With plans to add more centres and expand globally, Nephrocare is expected to deliver strong growth. Analysts value the company at Rs 900 per share based on its FY28 earnings potential, it added.
Ambit on Shadowfax Technologies Rating: Buy | Target Price: Rs 275 | Upside Potential: 24% Shadowfax survived the express parcel industry’s high competitive intensity with sharp focus on costs and value-added services; largest reverse logistics firm. Meesho’s insourcing was a blessing in disguise that turned the industry into a virtually 2-player market. Over FY26-29E, Shadowfax should gain 7 per cent market share with expansion into D2C/heavies, said Ambit.
"This coupled with operating efficiencies will drive 28 per cent revenue CAGR and 3 per cent EBITDAM expansion until FY29E. Optionalities around rising need for hyperlocal and high-value deliveries will continue expanding TAM. Long term, rising share of 3PLs will materialize given captives’ lack of profitability," it added with a 'buy' and a target price of Rs 275.
InCred Equities on Aegis Logistics Rating: Buy | Target Price: Rs 1,369 | Upside Potential: 36% Aegis Logistics has gone through 3 strategic pivots across 6 decades, each pivot was timed to a structural shift in India's economy, executed with patient capital and without a single major safety incident across millions of tonnes of hazardous material handling. It took over 40 years for aegis to build a terminal network spanning Mumbai, Mangalore, Kandla, Pipavav, JNPA, Kochi and Haldia, said InCred.
"Its infrastructure expertise, port locations, and Vopak partnership create a credible pathway to serve the next generation of energy molecules alongside its existing LPG and liquid terminal business. We see four converging tailwinds: India's coal-to-clean-fuel transition, non-linear earnings inflection from new capacity and multi-modal pipeline evacuation, sustained volume growth in LPG distribution by rural and industrial consumption and Project GATI's Rs 40,000 crore($5bn) capex adding upto 5 ports and unlocking ammonia and Natural gas optionality," it added with a 'buy' and a target price of Rs 1,369.
B&K Securities on Thyrocare Technologies Rating: Buy | Target Price: Rs 615 | Upside Potential: 14% Thyrocare Technologies is well positioned for long-term growth, driven by franchise expansion, a wider test portfolio and a scalable, asset-light business model. The company plans to add 1,200-1,500 franchises annually, mainly in Tier-II and smaller cities, while expanding into higher-value segments such as genomics and allergy testing, said B&K Securities.
"Its growing product mix, including Aarogyam, Jaanch and women-focused packages, is boosting revenue diversification. Higher lab utilisation and operating leverage are supporting strong profitability and cash generation. Analysts expect healthy earnings growth over FY26-28, backed by improving margins, rising franchise productivity and sustained demand for diagnostic services," it said with and a target price of Rs 615.
Ashika Stock Broking on Eureka Forbes Rating: Buy | Target Price: Rs 600 | Upside Potential: 27% We initiate on Eureka Forbes with a 'buy', supported by its leadership position in Water Purification, differentiated service ecosystem and improving profitability under Project Udaan. It is supported by its leadership in India's Health & Hygiene market, strong brand, extensive service network, and successful transformation under Project Udaan, said Eureka Forbes.
"We expect revenue, Ebitda and PAT CAGR of 14 per cent, 19.8 per cent and 22.1 per cent, respectively, over FY26–28E, driven by growth in water purifiers, services, premiumisation and adjacencies. Backed by robust FCF generation and a capital-light model, we value the stock at 38 times FY28E EPS, a 10 per cent premium to the industry, reflecting its market leadership, strong brand franchise, and superior long-term growth visibility," it added with a target price of Rs 600.
ICICI Securities on Fractal Analytics Rating: Buy | Target Price: Rs 1,200 | Upside Potential: 24% "We initiate coverage on Fractal Analytics (Fractal) with a 'buy' recommendation. Our thesis is built on a triad, viz. Fractal’s presence in the high-growth DAAI services market with differentiated AI and behavioural science expertise primed to cash in on enterprise AI adoption potential, deep-rooted, sticky ties with marquee clients and AI R&D investments and recognitions higher than that of IT Services peers," said ICICI Securities.
Its margin profile has stepped up gains over the last three years, and a shift towards outcome and output-based revenue models could augment it further, it added. "We model 15.5 per cent/40 per cent USD revenue/EPS CAGR over FY26–28E and assign a 37 times target multiple on FY28E EPS of Rs 32.6 to arrive at a target price of Rs 1,200," it adds.
Ambit on Schneider Electric Infrastructure Rating: Buy | Target Price: Rs 1,400 | Upside Potential: 6% Schneider Electric (SEIL) is a top3 player in medium-voltage switchgear and substation automation. The thesis rests on three factors SEIL offers strong proxy to multi-year data centre theme, with over 10 per cent of revenues derived from DCs, said Ambit. "We estimate 50 per cent CAGR for DC in FY26-29 will drive 24 per cent group sales CAGR," it said.
SEIL will benefit from Schneider Global’s strategy to establish India as a global manufacturing hub. This should drive a sustained ramp-up in exports to 15 per cent in FY29. With improved mix and oplev, EBIT margin to expand from 11.7 per cent in FY26 to 16.8 per cent by FY29, Ambit added with a 'buy' and a target price of 1,400, implying 14 per cent sales CAGR over FY26-50.
Kotak Institutional Equities on Vedanta Aluminium Metal Rating: Buy | Target Price: Rs 600 | Upside Potential: 31% Vedanta Aluminium Metal (VAML) is a pure-play aluminum producer and well positioned with sector-leading volume growth, accelerating backward integration and a supportive industry backdrop. Capacity additions underpin about 6 per cent volume CAGR over FY2026-29E, while integration across bauxite and coal mines is set to materially lower costs by $150/ton, said Kotak.
"The structural deficit in the aluminium market and elevated prices should further support earnings growth. Strong FCF should drive rapid deleveraging and higher shareholder returns. We initiate with a 'buy' rating and a fair value of Rs 600 (7 times March 2028E EV/EBITDA)," it added.
Select stocks including Hyundai Motor India, Pine Labs, Ather Energy, BSE, Nephrocare Health Services, Shadowfax Technologies, Aegis Logistics, Thyrocare Technologies, Eureka Forbes, Fractal Analytics, Schneider Electric Infrastructure and Vedanta Aluminium Metal have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including Elara Capital, ICICI Securities, Ventura Securities, PL Capital, ICICI Direct Research, Ambit, InCred Equities, B&K Securities, Ashika Stock Broking and Kotak Institutional Equities. All stocks have positive ratings on them with an upside potential up to 64 per cent. Here's what brokerage firms have said on these stocks:
Elara Capital on Hyundai Motor India Rating: Buy | Target Price: Rs 2,390 | Upside Potential: 21% Hyundai Motor India remains a key player in India’s highly concentrated passenger vehicle (PV)market where the top-6 companies account for more than 90 per cent volume. After ceding the No 2 position to M&M in FY26, Hyundai is rolling out new product plans across the domestic and exports markets with two new model launches in FY27, and 26 launches by FY30, said Elara Capital.
"Hyundai's customer mix with 16 per cent revenue contribution from government employees and 44 per cent from salaried buyers. Despite short-term industry headwinds, we expect sustained demand driven by strong launch pipeline, resilient exports growth, and Hyundai is on track record in defending market share," it said with a target price of Rs 2,390 and a 'buy' rating.
ICICI Securities on Pine Labs Rating: Buy | Target Price: Rs 210 | Upside Potential: 37% Pine Labs is a diversified payments platform, along with other fast-growing segments like online and credit card processing. The breadth of these services gets meaningfully enriched when juxtaposed with increasing international footprint and possible synergies with brands, alongside opportunities presented by AI in payments, said ICICI Securities.
"While product capability and diversification could help EBITDA growth, margin prospects remain healthy with an increasing mix of higher-profit segments. This, along with operating leverage, could ensure 19 per cent, 37 per cent and 75 per cent CAGR in revenue, Ebitda and earnings over FY26-30E. We expect this to lead to over Rs 1,000 crore PAT in FY30," it said with a 'buy' and a target price of Rs 210.
Ventura Securities on Ather Energy Rating: Buy | Target Price: Rs 1,598 | Upside Potential: 65% India’s electric two-wheeler market is entering a rapid growth phase, supported by improving affordability, favourable policies and rising fuel prices, with EV penetration expected to climb from about 9 per cent to 30 per cent by FY30. Ather Energy is emerging as a key beneficiary, backed by its integrated ecosystem of vehicles, software and charging infrastructure, said Ventura.
Ather has expanded its market share significantly and continues to outpace industry growth, driven largely by strong demand for its Rizta family scooter. It is also expanding beyond southern India, supported by a growing retail footprint and charging network that strengthens scalability and customer adoption, it added with a 'buy' rating and a target price of Rs 980.
PL Capital on BSE Rating: Buy | Target Price: Rs 4,850 | Upside Potential: 14% BSE has seen a rapid scale-up in its derivatives business over FY23-26 with premium market share expanding to 28 per cent in FY26. It may increase further with the introduction of new indices. Moreover, steady growth in cash equity/ StAR MF flows and diversification to high-margin segments, listing and data services are likely to lead to operating revenue CAGR of 25 per cent over FY26-28E, said PL Capital.
"We expect BSE to maintain superior return metrics, with Ebitda margin and core RoE of 71 per cent and 37 per cent by FY28E, underpinned by strong operating leverage and disciplined capital management. We value BSE using the residual income framework to arrive at a target price of Rs 4,850 (FY28E P/E of 50 times)," it said with a 'buy' rating.
ICICI Direct on Nephrocare Health Services Rating: Buy | Target Price: Rs 900 | Upside Potential: 23% Nephrocare Health Services (NephroPlus), Asia’s largest dialysis provider, operates 524 clinics across India and international markets including the Philippines, Uzbekistan, Nepal and Saudi Arabia. It is positioned to benefit from the growing burden of chronic kidney disease and India’s significant shortage of dialysis infrastructure, where only a small proportion of patients currently have access to treatment, said ICICI Direct.
Its asset-light, scalable model supports rapid expansion and profitability, while international operations offer superior unit economics. With plans to add more centres and expand globally, Nephrocare is expected to deliver strong growth. Analysts value the company at Rs 900 per share based on its FY28 earnings potential, it added.
Ambit on Shadowfax Technologies Rating: Buy | Target Price: Rs 275 | Upside Potential: 24% Shadowfax survived the express parcel industry’s high competitive intensity with sharp focus on costs and value-added services; largest reverse logistics firm. Meesho’s insourcing was a blessing in disguise that turned the industry into a virtually 2-player market. Over FY26-29E, Shadowfax should gain 7 per cent market share with expansion into D2C/heavies, said Ambit.
"This coupled with operating efficiencies will drive 28 per cent revenue CAGR and 3 per cent EBITDAM expansion until FY29E. Optionalities around rising need for hyperlocal and high-value deliveries will continue expanding TAM. Long term, rising share of 3PLs will materialize given captives’ lack of profitability," it added with a 'buy' and a target price of Rs 275.
InCred Equities on Aegis Logistics Rating: Buy | Target Price: Rs 1,369 | Upside Potential: 36% Aegis Logistics has gone through 3 strategic pivots across 6 decades, each pivot was timed to a structural shift in India's economy, executed with patient capital and without a single major safety incident across millions of tonnes of hazardous material handling. It took over 40 years for aegis to build a terminal network spanning Mumbai, Mangalore, Kandla, Pipavav, JNPA, Kochi and Haldia, said InCred.
"Its infrastructure expertise, port locations, and Vopak partnership create a credible pathway to serve the next generation of energy molecules alongside its existing LPG and liquid terminal business. We see four converging tailwinds: India's coal-to-clean-fuel transition, non-linear earnings inflection from new capacity and multi-modal pipeline evacuation, sustained volume growth in LPG distribution by rural and industrial consumption and Project GATI's Rs 40,000 crore($5bn) capex adding upto 5 ports and unlocking ammonia and Natural gas optionality," it added with a 'buy' and a target price of Rs 1,369.
B&K Securities on Thyrocare Technologies Rating: Buy | Target Price: Rs 615 | Upside Potential: 14% Thyrocare Technologies is well positioned for long-term growth, driven by franchise expansion, a wider test portfolio and a scalable, asset-light business model. The company plans to add 1,200-1,500 franchises annually, mainly in Tier-II and smaller cities, while expanding into higher-value segments such as genomics and allergy testing, said B&K Securities.
"Its growing product mix, including Aarogyam, Jaanch and women-focused packages, is boosting revenue diversification. Higher lab utilisation and operating leverage are supporting strong profitability and cash generation. Analysts expect healthy earnings growth over FY26-28, backed by improving margins, rising franchise productivity and sustained demand for diagnostic services," it said with and a target price of Rs 615.
Ashika Stock Broking on Eureka Forbes Rating: Buy | Target Price: Rs 600 | Upside Potential: 27% We initiate on Eureka Forbes with a 'buy', supported by its leadership position in Water Purification, differentiated service ecosystem and improving profitability under Project Udaan. It is supported by its leadership in India's Health & Hygiene market, strong brand, extensive service network, and successful transformation under Project Udaan, said Eureka Forbes.
"We expect revenue, Ebitda and PAT CAGR of 14 per cent, 19.8 per cent and 22.1 per cent, respectively, over FY26–28E, driven by growth in water purifiers, services, premiumisation and adjacencies. Backed by robust FCF generation and a capital-light model, we value the stock at 38 times FY28E EPS, a 10 per cent premium to the industry, reflecting its market leadership, strong brand franchise, and superior long-term growth visibility," it added with a target price of Rs 600.
ICICI Securities on Fractal Analytics Rating: Buy | Target Price: Rs 1,200 | Upside Potential: 24% "We initiate coverage on Fractal Analytics (Fractal) with a 'buy' recommendation. Our thesis is built on a triad, viz. Fractal’s presence in the high-growth DAAI services market with differentiated AI and behavioural science expertise primed to cash in on enterprise AI adoption potential, deep-rooted, sticky ties with marquee clients and AI R&D investments and recognitions higher than that of IT Services peers," said ICICI Securities.
Its margin profile has stepped up gains over the last three years, and a shift towards outcome and output-based revenue models could augment it further, it added. "We model 15.5 per cent/40 per cent USD revenue/EPS CAGR over FY26–28E and assign a 37 times target multiple on FY28E EPS of Rs 32.6 to arrive at a target price of Rs 1,200," it adds.
Ambit on Schneider Electric Infrastructure Rating: Buy | Target Price: Rs 1,400 | Upside Potential: 6% Schneider Electric (SEIL) is a top3 player in medium-voltage switchgear and substation automation. The thesis rests on three factors SEIL offers strong proxy to multi-year data centre theme, with over 10 per cent of revenues derived from DCs, said Ambit. "We estimate 50 per cent CAGR for DC in FY26-29 will drive 24 per cent group sales CAGR," it said.
SEIL will benefit from Schneider Global’s strategy to establish India as a global manufacturing hub. This should drive a sustained ramp-up in exports to 15 per cent in FY29. With improved mix and oplev, EBIT margin to expand from 11.7 per cent in FY26 to 16.8 per cent by FY29, Ambit added with a 'buy' and a target price of 1,400, implying 14 per cent sales CAGR over FY26-50.
Kotak Institutional Equities on Vedanta Aluminium Metal Rating: Buy | Target Price: Rs 600 | Upside Potential: 31% Vedanta Aluminium Metal (VAML) is a pure-play aluminum producer and well positioned with sector-leading volume growth, accelerating backward integration and a supportive industry backdrop. Capacity additions underpin about 6 per cent volume CAGR over FY2026-29E, while integration across bauxite and coal mines is set to materially lower costs by $150/ton, said Kotak.
"The structural deficit in the aluminium market and elevated prices should further support earnings growth. Strong FCF should drive rapid deleveraging and higher shareholder returns. We initiate with a 'buy' rating and a fair value of Rs 600 (7 times March 2028E EV/EBITDA)," it added.