12 stocks; up to 63% upside - check share price targets: These stocks among new picks

Select stocks including Sky Gold & Diamonds, Bajaj Finserv, BlackBuck, Hyundai Motors India, Linde India, Lloyds Metals and Energy, Fractal Analytics, ICICI Prudential AMC, Vikram Solar, Shriram Finance, Solar Industries India and Meesho have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages like BoB Capital Markets, Motilal Oswal Financial Services, Elara Capital, JM Financial, Choice Institutional Equities, Asit C Mehta Investment Intermediates, Morgan Stanley, Equirus Securities, Antique Stock Broking and Axis Capital. These stocks have mixed ratings from the brokerages suggesting 10 per cent downside to upside potential of up to 63 per cent. Here's what brokerage firms have said on these stocks:
 

Axis Capital on Meesho
Rating: Buy | Target Price: Rs 195 | Upside Potential: 39%
Meesho, India’s largest e-com player, is well placed to benefit from e-commerce growth driven by rising tier 2 penetration, leveraging its value play and ‘affordability’ flywheel to drive user growth and order frequency. Key debates are around the path to 440 million ATUs; salience of ads and impact of competition, said Axis Capital.

"We estimate Meesho’s marketplace NMV/revenue growth at 29/25 per cent CAGR for FY26-30E with 3 per cent adjusted EBITDA margin by FY30E. Asset-light and negative WC supports FCF. We initiate with a BUY rating and target price of Rs 195, valuing it at 4 times EV/Sales (FY28E), in line with B2C internet peers," it added.
 

Elara Capital on Solar Industries India
Rating: Buy | Target Price: Rs 15,450 | Upside Potential: 28%
Solar Industries, one of the world’s largest commercial explosives companies, stands poised for its next growth phase across defense , explosives , and mining value chain. Evolving from a dominant industrial explosives franchise into a vertically integrated defense manufacturer, it is well positioned to capture high entry-barrier segments, said Elara Capital.

"Its international (non-defence ) explosives business is gaining strong traction . We expect a revenue CAGR of 25 per cent and an earnings CAGR of 28 per cent during FY25 -28E. We initiate coverage with a 'buy' rating and a target price of Rs 15,450 based on 55 times March FY2 8E P/E," it added.
 

Antique Stock Broking on Shriram Finance
Rating: Buy | Target Price: Rs 1,150 | Upside Potential: 32%
Post-merger, the entity has emerged as the second-largest retail-focused NBFC in India, with an AUM of Rs 2.9 lakh crore as of 3QFY26. Even three years post-merger, the company retains significant headroom to scale its MSME and GL franchises across its branch network, which not only provide a natural hedge against cyclical volatility but also support higher margin accretion, said Antique.

"The management’s well-articulated plans to utilize this benefit to tap growth across new segments while competing against banks and comfortable asset quality with highest ECL cover on overall book makes SHFL an attractive bet in the vehicle finance space with a steady ROA expansion story over the medium term," it added with a 'buy' rating and a target price of Rs 1,150.
 

Equirus Securities on Vikram Solar
Rating: Long | Target Price: Rs 290 | Upside Potential: 63%
Vikram Solar an established solar module manufacturer in India – is entering a capex-heavy phase. In an industry increasingly favouring scale and upstream integration, supported by policy tailwinds and rising domestic demand, it plans to expand module capacity from 9.5GW to 15.5GW by 1QFY27. It intends to add a 12GW cell manufacturing facility, said Equirus Securities.

"With the capex cycle peaking in FY27E, FCFF should turn positive from FY28E. We initiate coverage on Vikram Solar with 'long' and a March 2027 target price of Rs 290, reflecting execution risk, earnings sensitivity and lower integration vs peers. The investment case is largely valuation-driven, with any re-rating contingent on timely execution," it added.
 

Motilal Oswal Financial Services on ICICI Prudential AMC
Rating: Buy | Target Price: Rs 3,500 | Upside Potential: 25%
ICICI Prudential AMC is India’s second-largest AMC and the leader in active mutual fund QAAUM, with a 13.5 per cent market share and Rs 9.1 trillion AUM as of December 2025. Established in 1998 and backed by ICICI Bank and Prudential, it has built a scalable and profitable platform. Fund performance remains strong, with a majority of AUM in top quartiles, said Motilal Oswal.

"It is positioned to benefit from strong industry growth, driven by financialization and retail participation. Yields are stable and best-in-class. A diversified distribution mix and growing non-MF segment support resilience. Revenues and PAT are expected to grow 15 per cent and 16 per cent CAGR, respectively, with margins above 70 per cent," it said with a 'buy' and a target price of Rs 3,500.
 

BoB Capital Markets on Hyundai Motors India
Rating: Buy | Target Price: Rs 2,287 | Upside Potential: 28%
Hyundai is geared for volume growth, helped by capacity expansion. This will ensure a strong launch pipeline with 7 upcoming models. It reinforces premiumisation-driven growth as SUVs contribute 70 per cent of domestic sales. Vacuum in MPVs, mass-market electric vehicles, hybrids and deeper rural penetration offer growth prospects, said BoB Capital Markets.

"Hyundai is placed as a hub for the largest export base by its parent Hyundai Motor Corporation with focus on global growth markets. It targets 30 per cent export share, leveraging India’s growing appetite and cost competitiveness for feature-rich and reliable vehicles. Domestic supply helped margins gain to 27.8 per cent in FY25," it said with a 'buy' and a target price of Rs 2,287.
 

Morgan Stanley on Fractal Analytics
Rating: Buy | Target Price: Rs 964 | Upside Potential: 27%
"We see Fractal as a challenger in tech services. With its strong positioning in data and analytics, a segment growing faster than overall IT services spend, and its platform-centric approach to delivering agentic AI services, we expect its revenue growth to continue surpassing that of the industry," said Morgan Stanley.

Fractal is well positioned to deliver strong and sustainable revenue growth over the coming years. It has a strong engineering background and deep domain expertise, with clear differentiation vs peers, through superior revenue productivity, a marquee client base with long-term relationships, a strong commitment to R&D spend, and a platform-centric approach to deliver agentic AI-based services, it said with an 'overweight' rating and a target price of Rs 964.
 

Choice Institutional Equities on Lloyds Metals and Energy
Rating: Buy | Target Price: Rs 1,730 | Upside Potential: 36%
LloydsME is transitioning from a merchant miner to an integrated steel player, with revenue expected to grow to Rs 2,23,700 crore in FY28E on a standalone basis driven by ramp-up in Surjagarh mining capacity to 55 MT and a 2.6 times increase in production. It is scaling up its value-added portfolio — pellet capacity expanding to 12 MT and a 1.2 MT wire rod plant coming online in FY27E.

"Our valuation assigns a 12 times EV/Ebitda multiple to the core standalone business, reflecting peer-leading margins. We value the Thriveni MDO subsidiary at 6 times, recognising its distinct cash-flow profile and strategic optionality. We expect a steady improvement in earnings quality and cash-flow visibility. We initiate with a 'buy' rating and a target price of Rs 1,730," it said.
 

JM Financial on Linde India
Rating: Sell | Target Price: Rs 6,150 | Upside Potential: -10%
Linde India has a massive long-gestation project pipeline, including de-captivation of two new large 1,800TPD ASUs for Tata Steel alongside new plants of 245TPD for Asian Paints and 1,000TPD for SAIL. This implies a healthy FY25–28E revenue CAGR of about 12 per cent. Ebitda margin to improve steadily to 36 per cent by FY28 on the back of a rising contribution of high-margin specialty, said JM Financial.

"Despite these robust fundamentals and strong growth visibility, LI’s lofty valuation forces our hand to initiate coverage with a 'sell' rating—the stock is trading at 81 times FY28E P/E versus its 5 year historical average of about 60 times. We ascribe a target price of Rs 6,150," it added.
 

Asit C Mehta Investment Intermediates on Hyundai Motors India
Rating: Hold | Target Price: Rs 1,985 | Upside Potential: 11%
Hyundai has tailwinds such as new capacity addition, strong product launch pipeline, exports traction, and strong global parentage. However, risks persist mainly in the form of loss of market share, less traction in domestic market versus peers, and lower diversification in the fuel mix, said Asit C Mehta.

"We factor in a volume CAGR of 5.7 per cent over FY25-28E, aided by Talegaon capacity ramp-up and a refreshed launch pipeline. The market share loss has continued even after the GST 2.0 tailwinds, with market share declining from 16.1 per cent in FY19 to 12.6 per cent in 9MFY26. We initiate coverage on Hyundai with a 'hold' rating and a target price of Rs 1,985," it added.
 

Elara Capital on BlackBuck
Rating: Buy | Target Price: Rs 814 | Upside Potential: 40%
BlackBuck is entering a multifold monetization phase . Its stabilized core business – payments and telematics – is set to compound through market share gains, industry tailwinds, operating leverage , and robust profitability. Core profit s would fuel SuperLoads ’ expansion, with an established playbook, targeting 10 times revenue by FY28 E via replication, said Elara Capital.

"Growth initiatives like SuperLoads are monetizing digital freight transactions, positioning BlackBuck as an end -to-end solution for 3.5 million truck operators in a $135- 140 billion unorganized freight opportunity. The company is reshaping India’s trucking ecosystem. We initiate with a 'Buy' rating , with target price of Rs 814," it added.
 

Motilal Oswal Financial Services on Bajaj Finserv
Rating: Neutral | Target Price: Rs 1,900 | Upside Potential: 16%
Bajaj Finserv is the holding company of India's largest NBFC- Bajaj Finance, Bajaj General Insurance and Bajaj Life Insurance. While currently contributing only 1 per cent to revenue and investing in scale to achieve breakeven, the emerging subsidiaries provide the opportunity for the brand to be involved in all financial decisions of customer, said Motilal Oswal.

We expect the PAT from the established businesses to steadily grow at a FY26-28 CAGR of 28 per cent/16 per cent/19 per cent, while emerging businesses to gradually move toward breakeven as they scale up. Bajaj Finserv's revenue and PAT is expected to clock a CAGR of 15 per cent/17 per cent in FY26-28, with RoE in the range of 13-14 per cent," it said with a 'neutral' rating and a target price of Rs 1,900.
 

BoB Capital Markets on Sky Gold & Diamonds
Rating: Buy | Target Price: Rs 494 | Upside Potential: 52%
Sky Gold is India's largest and fastest-growing B2B fine gold jewellery manufacturer. Unlike retail jewellery, Sky Gold operates as an asset-light, high-velocity B2B model and does not own a single retail store. Production is entirely on order for leading national and regional chains, capturing both volume-driven throughput gains and a secular upswing in gold realisations, said BoB Capital.

"It has strengthened its capabilities through the acquisitions of Sparkling Chains and Starmangalsutra, enhancing product range and manufacturing depth. However, about 30% of revenue comes from its top 3 customers, highlighting strong relationships as also the need for diversification. Our blended target of Rs 494. We initiate coverage with a 'buy' rating," it added.