Manipal, VBL, Urban Co, AEL, Lenskart among stocks with fresh brokerage interest for upto 62% rise
Select stocks have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on them with up 63% upside potential.
- Aug 31, 2026,
- Updated Aug 31, 2026 11:21 AM IST
Select stocks including Manipal Health Enterprises Ltd, Varun Beverages, Astra Microwave Products Ltd, Timex Group India, Jyoti CNC Automation Ltd, Urban Company, Adani Enterprises Ltd, Juniper Hotels and Lenskart Solutions Ltd have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages include HSBC, Choice Institutional Equities, Antique Stock Broking, Systematix Institutional Equities, Dolat Capital, Emkay Global Financial Services, Motilal Oswal Financial Services, InCred Equities and ICICI Securities. All stocks have positive ratings on them with an upside potential of up to 62 per cent. Here's what brokerage firms have said on these stocks:
ICICI Securities on Lenskart Solutions Rating: Buy | Target Price: Rs 750 | Upside Potential: 18% Lenskart has turned a strong start into a sustained run, delivering 50 per cent returns since its market debut. Its sustained operational outperformance remains the centrepiece of this rerating story.Investors would now focus on Lenskart’s ability to sustain such growth and the rationale behind the rich valuations, said ICICI Securities.
"Lenskart’s India business delivered a revenue CAGR of 23 per cent over FY26–31E, as we expect its store count to almost treble with SSSG of 18 per cent over the same period. Scale efficiencies could support an EBITDA CAGR of 37 per cent in India business over the same period. We arrive at a target price of Rs 750," it added.
Motilal Oswal Financial Services on Adani Enterprises Rating: Buy | Target Price: Rs 3,880 | Upside Potential: 23% Adani Enterprises (AEL) is uniquely positioned to benefit from India’s next capex cycle, with exposure across airports, roads, data centers, new energy, mining, copper, and strategic manufacturing. Its diversified portfolio provides multiple avenues to participate in infrastructure build-out, energy transition, digitalization, and India’s push towards domestic manufacturing, said Motilal Oswal.
AEL is a differentiated infrastructure incubator, combining established businesses that provide stability with high-growth platforms that can drive the next leg of earnings. AEL is entering a phase of accelerated earnings growth. The market leadership, superior scale, diversified growth portfolio, and proven incubator model position AEL to emerge as a leading global infra platform, it said with a 'buy' and a target price of Rs 3,880.
Emkay Global Financial Services on Urban Company Rating: Buy | Target Price: Rs 190 | Upside Potential: 13% Urban Company Ltd (UC) is the leader of India's online home services market, whose large TAM and highly unorganized nature provide the company with a long growth runway. Increasing demand density in micro-markets is driving consumer satisfaction as well as partner wages, thereby reinforcing the flywheel. This has led to accelerating growth, said Emkay Global Financial Services.
With high operating leverage, we build in 47.4% adjusted EBITDA CAGR over FY26-29E for ICS. We believe the cash burn is the right playbook to improve platform stickiness and drive cross-sell. UC has the opportunity to capture a large TAM and increase frequency of platform use, which should create a sticky business. We initiate coverage with a 'BUY' and a target price of Rs 190.
Dolat Capital on Jyoti CNC Automation Rating: Buy | Target Price: Rs 1,215 | Upside Potential: 26% Jyoti CNC (JCNC) is entering a multi-year earnings upcycle, driven by capacity expansion, import substitution, increasing localisation and improving cash generation. JCNC is one of India's largest manufacturers of 5-axis CNC machine tools, with a market share of 6 per cent. The French subsidiary, Huron, provides access to high-precision aerospace technology, said Dolat Capital.
"JCNC has a healthy order book of Rs 4,850 crore (2.3 times FY26 revenue), and capacity expansion from 6,000 to 16,000 machines remains on track for completion by September 2026, with 1QFY27 utilisation already at 86 times. We believe recent execution concerns and margin softness are largely factored in. We initiate coverage with a 'buy' rating and a target price of Rs 1,215," it adds.
Systematix Institutional Equities on Timex Group India Rating: Buy | Target Price: Rs 820 | Upside Potential: % Timex Group India Ltd has successfully engineered a structural corporate turnaround, evolving from a historically loss-making entity into a high-margin, asset light luxury and fashion watch powerhouse. Driven by strategic premiumization, aggressive omnichannel expansion and tight operational leverage, Timex has outpaced broader industry growth to compound revenue at 32 per cent CAGR over FY22–FY26, said Systematix.
"Its expansion into high ASP-licensed fashion and luxury brands (such as Guess, Versace, and Aston Martin) alongside core brand elevation has structurally reset its profitability profile, catapulting EBITDA margin to 13.6 per cent and RoCE to an extraordinary 81.5 per cent in FY26. We initiate coverage with a 'buy' rating valuing it at 45 times September 2028E EPS, arriving at a target price of Rs 820," it added.
Antique Stock Broking on Astra Microwave Products Rating: Buy | Target Price: Rs 2,000 | Upside Potential: 17% Astra Microwave (ASTM) is positioned to benefit from the increasing importance of air defence and electronic warfare, supported by its strong order pipeline, deep R&D capabilities and established infrastructure. ASTM's 30 years of domain expertise, R&D personnel and capabilities across GaN/GaAs MMICs, AESA and EW systems strengthen its technology moat and positioning in next-generation defence programmes, said Antique.
We see significant growth potential, driven by Rs 25,000 crore addressable opportunity across key programmes, with management targeting Rs 8,0-1,000 crore of order wins over the next five years; a strong Rs 4,300 crore order book with 90 per cent BTS orders, providing revenue visibility; and increasing contribution of complete systems," it said with a 'buy' and a target price of Rs 2,000.
Choice Institutional Equities on Varun Beverages Rating: Buy | Target Price: Rs 550 | Upside Potential: 33% Varun Beverages Ltd (VBL) offers a compelling medium to long term growth opportunity, driven by India’s underpenetrated distribution footprint, Africa led international expansion and portfolio diversification beyond core beverages, said Choice Institutional Equities.
"Sustained outlet additions, increased contribution from energy, dairy and snacks, along with margin benefits from backward integration and operating leverage, should support revenue, EBITDA and PAT CAGR of 15 per cent, 16 per cent and 17 per cent over CY25–28E, respectively. We initiate coverage with a ‘buy’ rating and a target price of Rs 550," it added.
HSBC on Manipal Health Enterprises Rating: Buy | Target Price: Rs 1,250 | Upside Potential: 62% HSBC initiated coverage with a 'buy' rating on the back of its strong earnings outlook supported by its economies of scale. Our bull-case scenario implies a valuation of Rs 1,250 per share and our bear-case scenario implies a valuation of Rs 555 per share. Manipal is currently trading at 27.5 times our FY28 EBITDA estimate, said HSBC.
"We think improvement in EBITDA margins for Sahyadri Hospitals would be a key re-rating catalyst. Key downside risks: tougher than-expected competition for top doctors in Delhi and other focus markets; delay in improving profitability of Sahyadri Hospitals; delay in launching new beds; and any government intervention in pricing of healthcare services," it added.
InCred Equities on Juniper Hotels Rating: Buy | Target Price: Rs 268 | Upside Potential: 25% Juniper Hotels Ltd is India's premier luxury hospitality owner and developer with a strategic long-standing partnership with Hyatt Hotels Corporation, is executing a differentiated growth strategy focused on owning, developing, and operating large-format luxury and upper upscale hospitality assets in high-demand metro and strategic tourism markets. It operates 7 hotels with 1,895 keys, said InCred.
Backed by a 25 year relationship with Hyatt and a portfolio of landmark assets in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi, Juniper is targeting a doubling of its room inventory to 4,000 keys by FY30-31 through greenfield and brownfield strategic expansion. Juniper is positioned to benefit from premium travel, MICE and experiential tourism growth, it added with a 'buy' and a target price of Rs 268.
Select stocks including Manipal Health Enterprises Ltd, Varun Beverages, Astra Microwave Products Ltd, Timex Group India, Jyoti CNC Automation Ltd, Urban Company, Adani Enterprises Ltd, Juniper Hotels and Lenskart Solutions Ltd have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerages include HSBC, Choice Institutional Equities, Antique Stock Broking, Systematix Institutional Equities, Dolat Capital, Emkay Global Financial Services, Motilal Oswal Financial Services, InCred Equities and ICICI Securities. All stocks have positive ratings on them with an upside potential of up to 62 per cent. Here's what brokerage firms have said on these stocks:
ICICI Securities on Lenskart Solutions Rating: Buy | Target Price: Rs 750 | Upside Potential: 18% Lenskart has turned a strong start into a sustained run, delivering 50 per cent returns since its market debut. Its sustained operational outperformance remains the centrepiece of this rerating story.Investors would now focus on Lenskart’s ability to sustain such growth and the rationale behind the rich valuations, said ICICI Securities.
"Lenskart’s India business delivered a revenue CAGR of 23 per cent over FY26–31E, as we expect its store count to almost treble with SSSG of 18 per cent over the same period. Scale efficiencies could support an EBITDA CAGR of 37 per cent in India business over the same period. We arrive at a target price of Rs 750," it added.
Motilal Oswal Financial Services on Adani Enterprises Rating: Buy | Target Price: Rs 3,880 | Upside Potential: 23% Adani Enterprises (AEL) is uniquely positioned to benefit from India’s next capex cycle, with exposure across airports, roads, data centers, new energy, mining, copper, and strategic manufacturing. Its diversified portfolio provides multiple avenues to participate in infrastructure build-out, energy transition, digitalization, and India’s push towards domestic manufacturing, said Motilal Oswal.
AEL is a differentiated infrastructure incubator, combining established businesses that provide stability with high-growth platforms that can drive the next leg of earnings. AEL is entering a phase of accelerated earnings growth. The market leadership, superior scale, diversified growth portfolio, and proven incubator model position AEL to emerge as a leading global infra platform, it said with a 'buy' and a target price of Rs 3,880.
Emkay Global Financial Services on Urban Company Rating: Buy | Target Price: Rs 190 | Upside Potential: 13% Urban Company Ltd (UC) is the leader of India's online home services market, whose large TAM and highly unorganized nature provide the company with a long growth runway. Increasing demand density in micro-markets is driving consumer satisfaction as well as partner wages, thereby reinforcing the flywheel. This has led to accelerating growth, said Emkay Global Financial Services.
With high operating leverage, we build in 47.4% adjusted EBITDA CAGR over FY26-29E for ICS. We believe the cash burn is the right playbook to improve platform stickiness and drive cross-sell. UC has the opportunity to capture a large TAM and increase frequency of platform use, which should create a sticky business. We initiate coverage with a 'BUY' and a target price of Rs 190.
Dolat Capital on Jyoti CNC Automation Rating: Buy | Target Price: Rs 1,215 | Upside Potential: 26% Jyoti CNC (JCNC) is entering a multi-year earnings upcycle, driven by capacity expansion, import substitution, increasing localisation and improving cash generation. JCNC is one of India's largest manufacturers of 5-axis CNC machine tools, with a market share of 6 per cent. The French subsidiary, Huron, provides access to high-precision aerospace technology, said Dolat Capital.
"JCNC has a healthy order book of Rs 4,850 crore (2.3 times FY26 revenue), and capacity expansion from 6,000 to 16,000 machines remains on track for completion by September 2026, with 1QFY27 utilisation already at 86 times. We believe recent execution concerns and margin softness are largely factored in. We initiate coverage with a 'buy' rating and a target price of Rs 1,215," it adds.
Systematix Institutional Equities on Timex Group India Rating: Buy | Target Price: Rs 820 | Upside Potential: % Timex Group India Ltd has successfully engineered a structural corporate turnaround, evolving from a historically loss-making entity into a high-margin, asset light luxury and fashion watch powerhouse. Driven by strategic premiumization, aggressive omnichannel expansion and tight operational leverage, Timex has outpaced broader industry growth to compound revenue at 32 per cent CAGR over FY22–FY26, said Systematix.
"Its expansion into high ASP-licensed fashion and luxury brands (such as Guess, Versace, and Aston Martin) alongside core brand elevation has structurally reset its profitability profile, catapulting EBITDA margin to 13.6 per cent and RoCE to an extraordinary 81.5 per cent in FY26. We initiate coverage with a 'buy' rating valuing it at 45 times September 2028E EPS, arriving at a target price of Rs 820," it added.
Antique Stock Broking on Astra Microwave Products Rating: Buy | Target Price: Rs 2,000 | Upside Potential: 17% Astra Microwave (ASTM) is positioned to benefit from the increasing importance of air defence and electronic warfare, supported by its strong order pipeline, deep R&D capabilities and established infrastructure. ASTM's 30 years of domain expertise, R&D personnel and capabilities across GaN/GaAs MMICs, AESA and EW systems strengthen its technology moat and positioning in next-generation defence programmes, said Antique.
We see significant growth potential, driven by Rs 25,000 crore addressable opportunity across key programmes, with management targeting Rs 8,0-1,000 crore of order wins over the next five years; a strong Rs 4,300 crore order book with 90 per cent BTS orders, providing revenue visibility; and increasing contribution of complete systems," it said with a 'buy' and a target price of Rs 2,000.
Choice Institutional Equities on Varun Beverages Rating: Buy | Target Price: Rs 550 | Upside Potential: 33% Varun Beverages Ltd (VBL) offers a compelling medium to long term growth opportunity, driven by India’s underpenetrated distribution footprint, Africa led international expansion and portfolio diversification beyond core beverages, said Choice Institutional Equities.
"Sustained outlet additions, increased contribution from energy, dairy and snacks, along with margin benefits from backward integration and operating leverage, should support revenue, EBITDA and PAT CAGR of 15 per cent, 16 per cent and 17 per cent over CY25–28E, respectively. We initiate coverage with a ‘buy’ rating and a target price of Rs 550," it added.
HSBC on Manipal Health Enterprises Rating: Buy | Target Price: Rs 1,250 | Upside Potential: 62% HSBC initiated coverage with a 'buy' rating on the back of its strong earnings outlook supported by its economies of scale. Our bull-case scenario implies a valuation of Rs 1,250 per share and our bear-case scenario implies a valuation of Rs 555 per share. Manipal is currently trading at 27.5 times our FY28 EBITDA estimate, said HSBC.
"We think improvement in EBITDA margins for Sahyadri Hospitals would be a key re-rating catalyst. Key downside risks: tougher than-expected competition for top doctors in Delhi and other focus markets; delay in improving profitability of Sahyadri Hospitals; delay in launching new beds; and any government intervention in pricing of healthcare services," it added.
InCred Equities on Juniper Hotels Rating: Buy | Target Price: Rs 268 | Upside Potential: 25% Juniper Hotels Ltd is India's premier luxury hospitality owner and developer with a strategic long-standing partnership with Hyatt Hotels Corporation, is executing a differentiated growth strategy focused on owning, developing, and operating large-format luxury and upper upscale hospitality assets in high-demand metro and strategic tourism markets. It operates 7 hotels with 1,895 keys, said InCred.
Backed by a 25 year relationship with Hyatt and a portfolio of landmark assets in Mumbai, Delhi, Ahmedabad, Lucknow, Raipur and Hampi, Juniper is targeting a doubling of its room inventory to 4,000 keys by FY30-31 through greenfield and brownfield strategic expansion. Juniper is positioned to benefit from premium travel, MICE and experiential tourism growth, it added with a 'buy' and a target price of Rs 268.