JSW Energy, Ethos, UPL, Ashok Leyland: Top brokerage picks with upto 48% upside potential
Select stocks like Aavas, Jyoti CNC, Usha Martin, Ashok Leyland, Ethos, UPL & JSW Energy have seen fresh interest from the various brokerage firms, with coverage initiates them.
- Jun 27, 2026,
- Updated Jun 27, 2026 1:05 PM IST
Select renowned stocks including Aavas Financiers, Jyoti CNC Automation Ltd, Usha Martin, Ashok Leyland Ltd, Ethos, UPL Ltd Northern Arc Capital and JSW Energy Ltd, have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including SMIFS, Nirmal Bang Institutional Equities, PL Capital, Globe Capital Market, Equirus Securities, Haitong Securities, Systematix Institutional Equities and Ventura Securities. Majority of stocks have positive ratings on them with an upside potential up to 48 per cent. Here's what brokerage firms have said on these stocks:
Systematix Institutional Equities on UPL Rating: Hold | Target Price: Rs 650 | Upside Potential: 10% UPL is well-positioned to benefit from improving agrochemical cycle, normalization of channel inventories, and its growing portfolio of differentiated and sustainable solutions, said Systematix Institutional Equities. It remains cautious given the company’s relatively elevated leverage, exposure to volatile global agrochemical demand, pricing pressures in key markets, and execution risks associated with margin recovery.
"While recent efforts toward deleveraging, working capital optimization, and portfolio transformation are encouraging, we believe the current risk-reward profile warrants a balanced stance until a more sustained improvement in earnings quality and cash flow generation becomes evident. We initiate with a 'hold' rating with a target price of Rs 650," it added.
Ventura Securities on JSW Energy Rating: Buy | Target Price: Rs 767 | Upside Potential: 34% JSW Energy is well-positioned to benefit from India’s long-term power demand growth, supported by a diversified portfolio across thermal, hydro, solar, wind, and energy storage. The company has expanded its installed capacity to 13.45 GW and has a locked-in pipeline that will take total capacity to over 32 GW, exceeding its earlier 2030 target, said Ventura.
'Its growth strategy focuses on increasing renewable energy contribution to 70 per cent and building a 40 GWh storage platform by 2030. Strong project visibility, improving earnings trajectory, and disciplined leverage management are expected to drive robust revenue, EBITDA, and profit growth over the next few years, making JSW Energy a compelling long-term power sector play," it said with a 'buy' rating and a target price of Rs 767.
Equirus Securities on Ethos Rating: Long | Target Price: Rs 3,117 | Upside Potential: 27% Ethos is India's largest organised luxury watch retailer and the only scaled pan-India player focused on luxury watches, operating 91 watch boutiques across 32 cities. Its partnership with 80 brands, represents a moat built over decades of trust with Swiss maisons rather than capital alone, said Equirus. It forecasted a 27 per cent topline CAGR over FY26-FY29E aided by 70 new boutique additions.
"Its investment case rests on four pillars: India's multi-year luxury consumption runway, a difficult-to-replicate brand portfolio built on KDDL's four decades of Swiss supplier relationships, a nationwide retail infrastructure unmatched by any competitor, and TEPA and GST 2.0-led tax tailwinds. Pricing interventions, operating leverage and stable currency should support EBITDA and PAT growth," it added with a 'Long' rating with a target price of Rs 3,117.
Globe Capital Market on Ashok Leyland Rating: Buy | Target Price: Rs 212 | Upside Potential: 32% Ashok Leyland delivered a strong FY26 performance, driven by robust commercial vehicle (CV) demand and improved operating execution. Revenue grew 16 per cent to Rs 56,076 crore, while EBITDA rose 16.7 per cent to Rs 10,745 crore, supported by healthy volumes across medium and heavy commercial vehicles, said Global Capital Markets, with an 'overweight' rating
"Profitability remained resilient with annual PAT rising 10 per cent to Rs 3,721 crore. Looking ahead, the company is expected to benefit from sustained CV demand, infrastructure spending, and fleet replacement trends. Analysts project double-digit revenue growth through FY28, with earnings growth supported by improving scale, operational efficiencies, and a favorable industry outlook," it added with a target price of Rs 212.
PL Capital on Usha Martin Rating: Buy | Target Price: Rs 570 | Upside Potential: 21% Usha Martin is India’s largest manufacturer of steel wire ropes and specialty wire products, catering to critical applications across sectors such as mining, realty, oil & offshore, infrastructure, marine, engineering and industrial. Over the last 10 years, it has increased its focus toward value-added segments by penetrating the high-margin OEM chain competing with global players, said PL Capital.
We believe Usha Martin is at an inflection point with its rising global market share and leadership in the domestic market. It may continue to deliver superior operating performance driven by improving market share across global OEMs; timely expansion across its diversified end user industries; focus on high-value specialty-grade ropes and wires; improved supply-chain efficiency through the One Usha Martin initiative, and growing after-market revenue share," it added with a 'buy' and a target price of Rs 570.
Nirmal Bang Institutional Equities on Jyoti CNC Automation Rating: Buy | Target Price: Rs 976 | Upside Potential: 28% Jyoti CNC Automation (JCAL) is emerging as a key beneficiary of India's manufacturing and defence indigenisation push, backed by its leadership in domestic 5-axis CNC machines and strong technological capabilities through its Huron partnership. It is well-positioned to gain market share as customers increasingly prefer advanced, AI-enabled domestic machines over imports, said Nirmal Bang.
"Its new 10,000-machine manufacturing facility is expected to drive significant volume growth, supporting a projected earnings CAGR of around 34 per cent over FY26-28. With strong margins, an integrated manufacturing setup, and exposure to high-growth sectors such as aerospace & defence, electronics manufacturing services, and automobiles, JCAL offers a compelling long-term growth story," it said with a 'buy' and a target price of Rs 976.
SMIFS on Aavas Financiers Rating: Buy | Target Price: Rs 2,200 | Upside Potential: 48% Aavas Financiers appears well-positioned for a growth revival after navigating leadership changes, promoter transition, and temporary business disruptions over the last few years. Backed by CVC Capital Partners, a new leadership team, and expansion into key markets, the company is targeting stronger disbursement momentum and AUM growth, said SMIFS.
Aavas continues to stand out for its best-in-class asset quality, low credit costs, and prudent underwriting standards. Its improving funding profile, strong capital adequacy, and investments in distribution and productivity should support long-term profitability. With FY27 shaping up as a potential inflection year, Aavas offers an attractive blend of growth, resilience, and valuation comfort, it added with a 'buy' and a target price of Rs 2,200.
Haitong Securities on Northern Arc Capital Rating: Outperform | Target Price: Rs 385 | Upside Potential: 34% Northern Arc is a diversified, retail-focused NBFC that has built a differentiated and largely unreplicable platform at intersection of origination, distribution, and risk management for India's underserved credit markets. Its AUM has compounded at 26 per cent CAGR over FY21–26 to Rs 16,600 crore, driven by natural transition towards granular D2C segments — consumer finance, MSME, and rural/MFI — whose share in AUM rose to 59 per cent in FY26, said Haitong Securities.
"The multi-channel flywheel — where every lending relationship generates origination intelligence that feeds placement, fund management, and future underwriting — constitutes a structural moat that peers have not replicated. We initiate with 'outperform' rating and RI based target of Rs 385 implying 1.2x – FY28e and see current valuation as attractive entry point," it added.
Select renowned stocks including Aavas Financiers, Jyoti CNC Automation Ltd, Usha Martin, Ashok Leyland Ltd, Ethos, UPL Ltd Northern Arc Capital and JSW Energy Ltd, have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages including SMIFS, Nirmal Bang Institutional Equities, PL Capital, Globe Capital Market, Equirus Securities, Haitong Securities, Systematix Institutional Equities and Ventura Securities. Majority of stocks have positive ratings on them with an upside potential up to 48 per cent. Here's what brokerage firms have said on these stocks:
Systematix Institutional Equities on UPL Rating: Hold | Target Price: Rs 650 | Upside Potential: 10% UPL is well-positioned to benefit from improving agrochemical cycle, normalization of channel inventories, and its growing portfolio of differentiated and sustainable solutions, said Systematix Institutional Equities. It remains cautious given the company’s relatively elevated leverage, exposure to volatile global agrochemical demand, pricing pressures in key markets, and execution risks associated with margin recovery.
"While recent efforts toward deleveraging, working capital optimization, and portfolio transformation are encouraging, we believe the current risk-reward profile warrants a balanced stance until a more sustained improvement in earnings quality and cash flow generation becomes evident. We initiate with a 'hold' rating with a target price of Rs 650," it added.
Ventura Securities on JSW Energy Rating: Buy | Target Price: Rs 767 | Upside Potential: 34% JSW Energy is well-positioned to benefit from India’s long-term power demand growth, supported by a diversified portfolio across thermal, hydro, solar, wind, and energy storage. The company has expanded its installed capacity to 13.45 GW and has a locked-in pipeline that will take total capacity to over 32 GW, exceeding its earlier 2030 target, said Ventura.
'Its growth strategy focuses on increasing renewable energy contribution to 70 per cent and building a 40 GWh storage platform by 2030. Strong project visibility, improving earnings trajectory, and disciplined leverage management are expected to drive robust revenue, EBITDA, and profit growth over the next few years, making JSW Energy a compelling long-term power sector play," it said with a 'buy' rating and a target price of Rs 767.
Equirus Securities on Ethos Rating: Long | Target Price: Rs 3,117 | Upside Potential: 27% Ethos is India's largest organised luxury watch retailer and the only scaled pan-India player focused on luxury watches, operating 91 watch boutiques across 32 cities. Its partnership with 80 brands, represents a moat built over decades of trust with Swiss maisons rather than capital alone, said Equirus. It forecasted a 27 per cent topline CAGR over FY26-FY29E aided by 70 new boutique additions.
"Its investment case rests on four pillars: India's multi-year luxury consumption runway, a difficult-to-replicate brand portfolio built on KDDL's four decades of Swiss supplier relationships, a nationwide retail infrastructure unmatched by any competitor, and TEPA and GST 2.0-led tax tailwinds. Pricing interventions, operating leverage and stable currency should support EBITDA and PAT growth," it added with a 'Long' rating with a target price of Rs 3,117.
Globe Capital Market on Ashok Leyland Rating: Buy | Target Price: Rs 212 | Upside Potential: 32% Ashok Leyland delivered a strong FY26 performance, driven by robust commercial vehicle (CV) demand and improved operating execution. Revenue grew 16 per cent to Rs 56,076 crore, while EBITDA rose 16.7 per cent to Rs 10,745 crore, supported by healthy volumes across medium and heavy commercial vehicles, said Global Capital Markets, with an 'overweight' rating
"Profitability remained resilient with annual PAT rising 10 per cent to Rs 3,721 crore. Looking ahead, the company is expected to benefit from sustained CV demand, infrastructure spending, and fleet replacement trends. Analysts project double-digit revenue growth through FY28, with earnings growth supported by improving scale, operational efficiencies, and a favorable industry outlook," it added with a target price of Rs 212.
PL Capital on Usha Martin Rating: Buy | Target Price: Rs 570 | Upside Potential: 21% Usha Martin is India’s largest manufacturer of steel wire ropes and specialty wire products, catering to critical applications across sectors such as mining, realty, oil & offshore, infrastructure, marine, engineering and industrial. Over the last 10 years, it has increased its focus toward value-added segments by penetrating the high-margin OEM chain competing with global players, said PL Capital.
We believe Usha Martin is at an inflection point with its rising global market share and leadership in the domestic market. It may continue to deliver superior operating performance driven by improving market share across global OEMs; timely expansion across its diversified end user industries; focus on high-value specialty-grade ropes and wires; improved supply-chain efficiency through the One Usha Martin initiative, and growing after-market revenue share," it added with a 'buy' and a target price of Rs 570.
Nirmal Bang Institutional Equities on Jyoti CNC Automation Rating: Buy | Target Price: Rs 976 | Upside Potential: 28% Jyoti CNC Automation (JCAL) is emerging as a key beneficiary of India's manufacturing and defence indigenisation push, backed by its leadership in domestic 5-axis CNC machines and strong technological capabilities through its Huron partnership. It is well-positioned to gain market share as customers increasingly prefer advanced, AI-enabled domestic machines over imports, said Nirmal Bang.
"Its new 10,000-machine manufacturing facility is expected to drive significant volume growth, supporting a projected earnings CAGR of around 34 per cent over FY26-28. With strong margins, an integrated manufacturing setup, and exposure to high-growth sectors such as aerospace & defence, electronics manufacturing services, and automobiles, JCAL offers a compelling long-term growth story," it said with a 'buy' and a target price of Rs 976.
SMIFS on Aavas Financiers Rating: Buy | Target Price: Rs 2,200 | Upside Potential: 48% Aavas Financiers appears well-positioned for a growth revival after navigating leadership changes, promoter transition, and temporary business disruptions over the last few years. Backed by CVC Capital Partners, a new leadership team, and expansion into key markets, the company is targeting stronger disbursement momentum and AUM growth, said SMIFS.
Aavas continues to stand out for its best-in-class asset quality, low credit costs, and prudent underwriting standards. Its improving funding profile, strong capital adequacy, and investments in distribution and productivity should support long-term profitability. With FY27 shaping up as a potential inflection year, Aavas offers an attractive blend of growth, resilience, and valuation comfort, it added with a 'buy' and a target price of Rs 2,200.
Haitong Securities on Northern Arc Capital Rating: Outperform | Target Price: Rs 385 | Upside Potential: 34% Northern Arc is a diversified, retail-focused NBFC that has built a differentiated and largely unreplicable platform at intersection of origination, distribution, and risk management for India's underserved credit markets. Its AUM has compounded at 26 per cent CAGR over FY21–26 to Rs 16,600 crore, driven by natural transition towards granular D2C segments — consumer finance, MSME, and rural/MFI — whose share in AUM rose to 59 per cent in FY26, said Haitong Securities.
"The multi-channel flywheel — where every lending relationship generates origination intelligence that feeds placement, fund management, and future underwriting — constitutes a structural moat that peers have not replicated. We initiate with 'outperform' rating and RI based target of Rs 385 implying 1.2x – FY28e and see current valuation as attractive entry point," it added.