Up to 60% upside: HAL, TataCap, PhysicsWallah, Meesho among top picks with fresh interest
JM Financial said that Hindustan Aeronautics is India's largest defence PSU and the sole indigenous manufacturer of defence aircraft in India.
- Apr 12, 2026,
- Updated Apr 12, 2026 1:05 PM IST
Select stocks including Epack Prefab Technologies, Hindustan Aeronautics, JM Financial, Tata Capital, Jupiter Life Line Hospitals, Meesho, Amagi Media Labs, Aurionpro Solutions, Physicswallah, Aditya Vision, Azad Engineering , CCL Products and Shriram Properties have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerage firms including ICICIDirect, JM Financial, Systematix Institutional Equities, Choice Institutional Equities, Equirus Securities, Anand Rathi Share & Stock Brokers, Axis Direct, Elara Capital, Monarch Networth Capital, Ashika Research and DAM Capital. All stocks have positive ratings on them with an upside potential of 20-60 per cent. Here's what brokerage firms have said on these stocks:
ICICIDirect on Epack Prefab Technologies Rating: Buy | Target Price: Rs 220 | Upside potential: 24% EPack Prefab Technologies is one of leading turnkey pre-engineered steel construction solutions (PEB’s) providers in India. It commenced its operation in 1999, subsequently got listed in 2025. It is the third largest player with PEB capacity of 134,000 MT with a market share of 5 per cent in the PEB industry in India, said ICICIDirect.
"Epack Prefab is on a high growth trajectory backed by aggressive capacity expansions, rising market share and industry growth tailwinds. We estimate its revenues, Ebitda and profit to grow at 26 per cent, 26 per cent and 31 per cent CAGR over FY25-FY28E. We initiate with a 'buy' rating and target price of Rs 220," it said.
JM Financial on Hindustan Aeronautics Rating: Buy | Target Price: Rs 4,875 | Upside potential: 19% Hindustan Aeronautics (HAL) is India's largest defence PSU and the sole indigenous manufacturer of defence aircraft in India. We value it at its post covid-19 historical average of 29 times given potential risks to order prospects translating into order inflows, and execution dependence on other vendors for critical supplies, said JM Financial
"With continued focus on air defence capex, we estimate strong addressable order prospects of Rs 9 trillion for the air defence segment over the next 6–7 years. However, with the stock correcting in the last six months, it seems to price in most of the headwinds. Thus, risk-reward seems favourable at this stage. Hence, we initiate with a 'buy' with a target price of Rs 4,875," it said.
Systematix Institutional Equities on Tata Capital Rating: Buy | Target Price: Rs 400 | Upside potential: 23% Tata Capital has emerged as one of India’s leading diversified NBFCs, with an AUM of Rs 2.6 trillion as of 9MFY26. It enjoys structural advantages in brand credibility, funding access, and cost of capital - placing it among the best-funded NBFCs in the sector. Tata Capital has repositioned its franchise toward granular retail and SME lending, said Systematix.
"With the integration of Tata Motors Finance (TMF) completed and earlier internal consolidations behind it, the company is now transitioning into a phase of more stable growth, improving margins and stronger operating leverage, positioning it well to deliver sustainable earnings growth over the medium term," it said with a 'buy' rating and a target price of Rs 400.
Choice Institutional Equities on Jupiter Life Line Hospitals Rating: Buy | Target Price: Rs 1,645 | Upside potential: 32% "We expect revenue, Ebitda and profit to expand at a CAGR of 26.3 per cent, 25.7 per cent and 28.5 per cent over FY26-29E, driven by a bed capacity expansion of around 3 times, an industry-leading payor mix with negligible government scheme exposure and a robust balance sheet, which leads to significant headroom for inorganic growth," said Choice Institutional Equities.
"We initiate coverage on Jupiter with a 'buy' rating and target price of Rs 1,645, implying an EV/Ebitda multiple of 18.8/15.6 at FY28E/FY29E. DCF assumptions: Revenue Growth of CAGR 20.1 per cent and EBIT growth of CAGR 21 per cent considered from FY26–36E. JLHL is open to inorganic opportunities within Western India," it added.
Equirus Securities on Meesho Rating: Long | Target Price: Rs 190 | Upside potential: 17% Meesho is India’s first scaled value-commerce platform, built for the next 300mn digital, price-sensitive consumers and long-tail sellers. Growth is volume-led rather than ticket-led – creating a durable engine that brand-focused horizontal marketplaces such as Amazon and Flipkart find difficult to replicate at scale. Its zero-commission model lowers seller entry barriers, enabling wide low-ticket assortment and sustaining price leadership, said Equirus.
"Meesho’s contribution margins are already 4.9 per cent in FY25, supported by logistics markups and early advertising revenues. Monetisation is layered post scale across ads, logistics, content and fintech, linked to engagement rather than ticket size. With declining fixed-cost intensity, negative WC and minimal capex, incremental scale flows through to Ebitda margins and FCF," it added with a 'long' rating and a target price of Rs 190.
Anand Rathi Share & Stock Brokers on Amagi Media Labs Rating: Buy | Target Price: Rs 450 | Upside potential: 27% Amagi Media Labs is a cloud-based SaaS platform that allows content owners to create, manage and broadcast channels over the internet (Fast/CTV/OTT) without physical infrastructure alongside targeted ad insertion. Its revenue to clock 20.6 per cent CAGR over FY26-28e with adj. margin improving to 19.2 per cent by FY28e, said Anand Rathi.
"Three-sided marketplace moat, strong net retention ratio of 126.9 per cent in FY25, steady revenue growth of 30.7 per cent over FY23-25 and improving operating leverage make it a structurally compelling long-term compounding story. We initiate coverage of Amagi with 'buy' rating and target price of Rs 450," it added.
Axis Direct on Aurionpro Solutions Rating: Buy | Target Price: Rs 1,065 | Upside potential: 22% Aurionpro Solutions has scaled into a diversified, IP-led technology platform, employing over 3,100 professionals across delivery and R&D hubs in India, Southeast Asia, the Middle East, Europe, and the USA, serving over 350 enterprise clients across 30+ countries. Its solutions cater to retail and wholesale banking, treasury, capital markets, and payments. Its offerings include Banking and fintech and the technology innovation group, said Axis Direct.
"Its Corporate Banking Suite consists of a transaction banking platform and a lending banking platform, while its Technology Innovation Group segment offers Smart City, Smart Mobility, Data Centre, and Hybrid Cloud Services, among others. We are initiating coverage on Aurionpro Solutions, with a 'buy' rating on the stock and a target price of Rs 1,065," it added.
Elara Capital on Physicswallah Rating: Buy | Target Price: Rs 140| Upside potential: 40% Physicswallah has mastered an omnichannel education playbook: foster trust and engagement first, monetize later. Its community-led digital funnel—anchored by flagship JEE & NEET courses, expanding vernacular & category depth, and low-barrier entry—now fuels paid online cohorts and a higher-ARPU offline network, said Elara Capital.
With momentum in engagement, enrolments, and center expansion, we expect a revenue CAGR of 27 per cent and Ebitda CAGR of 84.7 per cent during FY25-28E, with adjusted PAT turning positive in FY27E and rising to Rs 670 crore by FY28E. "We initiate with a 'buy' rating and a target price of Rs 140 once offline utilization improves and the cash engine funds adjacencies without balance sheet strain," it adds.
Monarch Networth Capital on Aditya Vision Rating: Buy | Target Price: Rs 610 | Upside potential: 26% Aditya Vision has evolved into one of the most compelling regional consumer durables retail franchises, with a strong footprint of 192 stores across India’s Hindi heartland of Bihar, Jharkhand, and Uttar Pradesh. Track record of zero-store closures since inception underscores its execution discipline, understanding of the regional consumer, including robust unit economics, said Monarch Networth.
"This has also translated into market leadership position in Bihar (50 per cent) and emerged as a largest organized player in Jharkhand. Foray into adjacent states of UP, and a gradual entry into MP and Chhattisgarh is set to drive Aditya Vision’s next leg of growth, supported by favorable tailwinds such as rising electrification, improving affordability, and government-led consumption initiatives. We initiate coverage on Aditya Vision with a 'buy' and a target of Rs. 610," it adds.
Ashika Research on Azad Engineering Rating: Buy | Target Price: Rs 2,193 | Upside potential: 29% Backed by strong revenue growth visibility, Azad is well positioned to sustain its growth momentum, supported by a robust order book and long-term contracts with global OEMs. The company operates in a niche segment of manufacturing precision, mission critical and zero-defect components, where lengthy qualification cycles create high entry barriers and ensure strong customer stickiness besides providing multi-year revenue visibility, said Ashika.
"Commissioning of dedicated lean facilities, ongoing capex plans aligned with confirmed demand and structural cost advantages of 30 per cent over global peers further strengthen its competitive positioning and scalability," it said with a 'buy' and a target price of Rs 2,193, citing its strong execution track record, high-margin precision manufacturing capabilities, deep integration with global OEM supply chains and long runway for growth, driven by Aerospace, Defence and Energy sectors.
Choice Institutional Equities on CCL Products Rating: Buy | Target Price: Rs 1,315 | Upside potential: 22% CCL Products offers a compelling medium-term growth story, driven by premiumisation and capacity ramp-up post 2 times expansion. This supports Ebitda and PAT CAGR of 16 per cent and 24 per cent, aided by stable coffee prices and improving product mix. With the capex cycle largely complete, FCF recovery and deleveraging are expected to drive ROE expansion to 20-21 per cent by FY29, said Choice Broking.
"We initiate CCL Products with a 'buy' rating and a one–year DCF-based target price of Rs 1,315 per share implying an upside of 20 per cent upside from the existing level, supported by a reasonable 27 times FY28E P/E," it added, citing faster utilization and decline in coffee prices as an trigger for upside.
DAM Capital Markets on JM Financial Rating: Buy | Target Price: Rs 160 | Upside potential: 20% FY25 marked the successful completion of JM Financial’s transformation phase, with the Group now positioned as a more focused, resilient and diversified financial services franchise. The benefits are already visible in 9MFY26, with the Company sustaining its leadership in CACM, improving recoveries in private markets, and delivering steady execution in wealth and asset management, said DAM Capital.
With balance sheet de-risking largely done, a sharper focus on fee-led earnings, and the overhang from the legacy real estate and ARC book now behind, management can now pivot to scaling core businesses and compounding profitability through cycle. We value JM Financial on a SOTP basis and arrive at a target price of Rs 160," it added with a 'buy' rating.
ICICIDirect on Shriram Properties Rating: Buy | Target Price: Rs 125 | Upside potential: 60% Shriram Properties is among the top 5 residential real estate developers in south India primarily focused on the mid-market & mid-premium housing categories. It has established a strong presence in Bengaluru, Chennai, Kolkata and recently expanded to Pune. It has a project pipeline of about 36 msf with a mix of projects, said ICICIDirect.
"We value the company with its valuation methodology for its residential businesses and land bank. We have valued its residential vertical by calculating project-wise NAV discounting net post-tax operating cash flows at 14 per cent WACC rate. We value its Kolkata balance land parcel at market value. We arrive at a target price of Rs 125. We initiate with a 'Buy' rating," it added.
Select stocks including Epack Prefab Technologies, Hindustan Aeronautics, JM Financial, Tata Capital, Jupiter Life Line Hospitals, Meesho, Amagi Media Labs, Aurionpro Solutions, Physicswallah, Aditya Vision, Azad Engineering , CCL Products and Shriram Properties have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.
The host of brokerage firms including ICICIDirect, JM Financial, Systematix Institutional Equities, Choice Institutional Equities, Equirus Securities, Anand Rathi Share & Stock Brokers, Axis Direct, Elara Capital, Monarch Networth Capital, Ashika Research and DAM Capital. All stocks have positive ratings on them with an upside potential of 20-60 per cent. Here's what brokerage firms have said on these stocks:
ICICIDirect on Epack Prefab Technologies Rating: Buy | Target Price: Rs 220 | Upside potential: 24% EPack Prefab Technologies is one of leading turnkey pre-engineered steel construction solutions (PEB’s) providers in India. It commenced its operation in 1999, subsequently got listed in 2025. It is the third largest player with PEB capacity of 134,000 MT with a market share of 5 per cent in the PEB industry in India, said ICICIDirect.
"Epack Prefab is on a high growth trajectory backed by aggressive capacity expansions, rising market share and industry growth tailwinds. We estimate its revenues, Ebitda and profit to grow at 26 per cent, 26 per cent and 31 per cent CAGR over FY25-FY28E. We initiate with a 'buy' rating and target price of Rs 220," it said.
JM Financial on Hindustan Aeronautics Rating: Buy | Target Price: Rs 4,875 | Upside potential: 19% Hindustan Aeronautics (HAL) is India's largest defence PSU and the sole indigenous manufacturer of defence aircraft in India. We value it at its post covid-19 historical average of 29 times given potential risks to order prospects translating into order inflows, and execution dependence on other vendors for critical supplies, said JM Financial
"With continued focus on air defence capex, we estimate strong addressable order prospects of Rs 9 trillion for the air defence segment over the next 6–7 years. However, with the stock correcting in the last six months, it seems to price in most of the headwinds. Thus, risk-reward seems favourable at this stage. Hence, we initiate with a 'buy' with a target price of Rs 4,875," it said.
Systematix Institutional Equities on Tata Capital Rating: Buy | Target Price: Rs 400 | Upside potential: 23% Tata Capital has emerged as one of India’s leading diversified NBFCs, with an AUM of Rs 2.6 trillion as of 9MFY26. It enjoys structural advantages in brand credibility, funding access, and cost of capital - placing it among the best-funded NBFCs in the sector. Tata Capital has repositioned its franchise toward granular retail and SME lending, said Systematix.
"With the integration of Tata Motors Finance (TMF) completed and earlier internal consolidations behind it, the company is now transitioning into a phase of more stable growth, improving margins and stronger operating leverage, positioning it well to deliver sustainable earnings growth over the medium term," it said with a 'buy' rating and a target price of Rs 400.
Choice Institutional Equities on Jupiter Life Line Hospitals Rating: Buy | Target Price: Rs 1,645 | Upside potential: 32% "We expect revenue, Ebitda and profit to expand at a CAGR of 26.3 per cent, 25.7 per cent and 28.5 per cent over FY26-29E, driven by a bed capacity expansion of around 3 times, an industry-leading payor mix with negligible government scheme exposure and a robust balance sheet, which leads to significant headroom for inorganic growth," said Choice Institutional Equities.
"We initiate coverage on Jupiter with a 'buy' rating and target price of Rs 1,645, implying an EV/Ebitda multiple of 18.8/15.6 at FY28E/FY29E. DCF assumptions: Revenue Growth of CAGR 20.1 per cent and EBIT growth of CAGR 21 per cent considered from FY26–36E. JLHL is open to inorganic opportunities within Western India," it added.
Equirus Securities on Meesho Rating: Long | Target Price: Rs 190 | Upside potential: 17% Meesho is India’s first scaled value-commerce platform, built for the next 300mn digital, price-sensitive consumers and long-tail sellers. Growth is volume-led rather than ticket-led – creating a durable engine that brand-focused horizontal marketplaces such as Amazon and Flipkart find difficult to replicate at scale. Its zero-commission model lowers seller entry barriers, enabling wide low-ticket assortment and sustaining price leadership, said Equirus.
"Meesho’s contribution margins are already 4.9 per cent in FY25, supported by logistics markups and early advertising revenues. Monetisation is layered post scale across ads, logistics, content and fintech, linked to engagement rather than ticket size. With declining fixed-cost intensity, negative WC and minimal capex, incremental scale flows through to Ebitda margins and FCF," it added with a 'long' rating and a target price of Rs 190.
Anand Rathi Share & Stock Brokers on Amagi Media Labs Rating: Buy | Target Price: Rs 450 | Upside potential: 27% Amagi Media Labs is a cloud-based SaaS platform that allows content owners to create, manage and broadcast channels over the internet (Fast/CTV/OTT) without physical infrastructure alongside targeted ad insertion. Its revenue to clock 20.6 per cent CAGR over FY26-28e with adj. margin improving to 19.2 per cent by FY28e, said Anand Rathi.
"Three-sided marketplace moat, strong net retention ratio of 126.9 per cent in FY25, steady revenue growth of 30.7 per cent over FY23-25 and improving operating leverage make it a structurally compelling long-term compounding story. We initiate coverage of Amagi with 'buy' rating and target price of Rs 450," it added.
Axis Direct on Aurionpro Solutions Rating: Buy | Target Price: Rs 1,065 | Upside potential: 22% Aurionpro Solutions has scaled into a diversified, IP-led technology platform, employing over 3,100 professionals across delivery and R&D hubs in India, Southeast Asia, the Middle East, Europe, and the USA, serving over 350 enterprise clients across 30+ countries. Its solutions cater to retail and wholesale banking, treasury, capital markets, and payments. Its offerings include Banking and fintech and the technology innovation group, said Axis Direct.
"Its Corporate Banking Suite consists of a transaction banking platform and a lending banking platform, while its Technology Innovation Group segment offers Smart City, Smart Mobility, Data Centre, and Hybrid Cloud Services, among others. We are initiating coverage on Aurionpro Solutions, with a 'buy' rating on the stock and a target price of Rs 1,065," it added.
Elara Capital on Physicswallah Rating: Buy | Target Price: Rs 140| Upside potential: 40% Physicswallah has mastered an omnichannel education playbook: foster trust and engagement first, monetize later. Its community-led digital funnel—anchored by flagship JEE & NEET courses, expanding vernacular & category depth, and low-barrier entry—now fuels paid online cohorts and a higher-ARPU offline network, said Elara Capital.
With momentum in engagement, enrolments, and center expansion, we expect a revenue CAGR of 27 per cent and Ebitda CAGR of 84.7 per cent during FY25-28E, with adjusted PAT turning positive in FY27E and rising to Rs 670 crore by FY28E. "We initiate with a 'buy' rating and a target price of Rs 140 once offline utilization improves and the cash engine funds adjacencies without balance sheet strain," it adds.
Monarch Networth Capital on Aditya Vision Rating: Buy | Target Price: Rs 610 | Upside potential: 26% Aditya Vision has evolved into one of the most compelling regional consumer durables retail franchises, with a strong footprint of 192 stores across India’s Hindi heartland of Bihar, Jharkhand, and Uttar Pradesh. Track record of zero-store closures since inception underscores its execution discipline, understanding of the regional consumer, including robust unit economics, said Monarch Networth.
"This has also translated into market leadership position in Bihar (50 per cent) and emerged as a largest organized player in Jharkhand. Foray into adjacent states of UP, and a gradual entry into MP and Chhattisgarh is set to drive Aditya Vision’s next leg of growth, supported by favorable tailwinds such as rising electrification, improving affordability, and government-led consumption initiatives. We initiate coverage on Aditya Vision with a 'buy' and a target of Rs. 610," it adds.
Ashika Research on Azad Engineering Rating: Buy | Target Price: Rs 2,193 | Upside potential: 29% Backed by strong revenue growth visibility, Azad is well positioned to sustain its growth momentum, supported by a robust order book and long-term contracts with global OEMs. The company operates in a niche segment of manufacturing precision, mission critical and zero-defect components, where lengthy qualification cycles create high entry barriers and ensure strong customer stickiness besides providing multi-year revenue visibility, said Ashika.
"Commissioning of dedicated lean facilities, ongoing capex plans aligned with confirmed demand and structural cost advantages of 30 per cent over global peers further strengthen its competitive positioning and scalability," it said with a 'buy' and a target price of Rs 2,193, citing its strong execution track record, high-margin precision manufacturing capabilities, deep integration with global OEM supply chains and long runway for growth, driven by Aerospace, Defence and Energy sectors.
Choice Institutional Equities on CCL Products Rating: Buy | Target Price: Rs 1,315 | Upside potential: 22% CCL Products offers a compelling medium-term growth story, driven by premiumisation and capacity ramp-up post 2 times expansion. This supports Ebitda and PAT CAGR of 16 per cent and 24 per cent, aided by stable coffee prices and improving product mix. With the capex cycle largely complete, FCF recovery and deleveraging are expected to drive ROE expansion to 20-21 per cent by FY29, said Choice Broking.
"We initiate CCL Products with a 'buy' rating and a one–year DCF-based target price of Rs 1,315 per share implying an upside of 20 per cent upside from the existing level, supported by a reasonable 27 times FY28E P/E," it added, citing faster utilization and decline in coffee prices as an trigger for upside.
DAM Capital Markets on JM Financial Rating: Buy | Target Price: Rs 160 | Upside potential: 20% FY25 marked the successful completion of JM Financial’s transformation phase, with the Group now positioned as a more focused, resilient and diversified financial services franchise. The benefits are already visible in 9MFY26, with the Company sustaining its leadership in CACM, improving recoveries in private markets, and delivering steady execution in wealth and asset management, said DAM Capital.
With balance sheet de-risking largely done, a sharper focus on fee-led earnings, and the overhang from the legacy real estate and ARC book now behind, management can now pivot to scaling core businesses and compounding profitability through cycle. We value JM Financial on a SOTP basis and arrive at a target price of Rs 160," it added with a 'buy' rating.
ICICIDirect on Shriram Properties Rating: Buy | Target Price: Rs 125 | Upside potential: 60% Shriram Properties is among the top 5 residential real estate developers in south India primarily focused on the mid-market & mid-premium housing categories. It has established a strong presence in Bengaluru, Chennai, Kolkata and recently expanded to Pune. It has a project pipeline of about 36 msf with a mix of projects, said ICICIDirect.
"We value the company with its valuation methodology for its residential businesses and land bank. We have valued its residential vertical by calculating project-wise NAV discounting net post-tax operating cash flows at 14 per cent WACC rate. We value its Kolkata balance land parcel at market value. We arrive at a target price of Rs 125. We initiate with a 'Buy' rating," it added.