3 stocks to buy for up to 45% potential upside

MOFSL on Friday suggested 'Buy' rating on three stocks namely InterGlobe Aviation Ltd (IndiGo), Kalpataru Projects International Ltd and Sagility Ltd, which it believes can deliver up to 45 per cent going ahead. For IndiGo, disruption has extended through the March quarter but fundamentals remained strong, said MOFSL. It said Kalpataru Projects  has limited West Asia exposure. Structural complexities and inefficiencies in the US healthcare system remain a key tailwind for Sagility Ltd, the domestic brokerage said.

InterGlobe Aviation | Target price: Rs 5,500 | Potential upside: 28%
MOFSL said the ongoing airspace disruption represents a meaningful near-term earnings overhang for IndiGo, driven by a combination of network dislocation, revenue loss, and elevated cost pressures. The supply-side nature of the shock limits mitigation, with cancellations and booking softness likely to weigh on 4QFY26 performance.

"While demand fundamentals remain intact and recovery should be swift once normalcy resumes, the concurrent fuel cost spike, rerouting inefficiencies, and forex headwinds could extend margin pressure beyond the disruption window, thereby impacting earnings visibility to early FY27 despite partial offsets through pricing actions," MOFSL said.

The brokerage is confident in the company’s growth strategy. It expects revenue, Ebitda and adjusted PAT for IndiGo clock a CAGR of 11 per cent, 13 per cent and 6 per cent, respectively, over FY25-28. It suggested 'Buy' with a reduced target price of Rs 5,500, valuing IndiGo at 9 times FY28E Ebitda.

Kalpataru Projects International | Target price: Rs 1,500 | Potential upside: 35%
Kalpataru Projects  during its analyst meet, highlighted a strong addressable market for both its T&D and B&F segments over the next 2-3 years, providing clear visibility for order inflows as well as execution. 

"KPIL’s exposure in the Middle East is also limited to 10 per cent of its order book, and so far, projects are progressing normally, with only minor delays seen in dispatches within the region. The recent shortage of gas, too, has not hit its domestic manufacturing plants, which are currently operating at 80-85 per cent utilization levels," MOFSL said.

The brokerage added that the payment situation across its water projects has begun to improve. With an order book of nearly Rs 63,300 crore, we expect its revenue, Ebitda  and PAT to clock 18 per cent, 20 per cent and 27 per cent CAGR over FY25-28. 

"We marginally tweak our estimates to bake in a strong order book and slightly lower margins. We reiterate our BUY rating with an SoTP-based target of Rs 1,500, based on March 2028 estimates. Key risks to our estimates include prolonged disruptions in the Middle East region, gas supply shortages extending beyond 1-2 months, a slowdown in ordering, and a spike in commodity prices – especially steel – which cannot be hedged," it said.

Sagility | Target price: Rs 58 | Potential upside: 45%
MOFSL expects Sagility to deliver a low- to mid-teens growth, aided by increased volume of work from top clients, new client additions, cross-selling, and synergies from Broadpath and other initiatives. This, it said, would drive its revenue, Ebit and PAT CAGR of 20 per cent, 28 per cent and 23 per cent, over FY25-28. 

"Consequently, we reiterate our Buy rating on the stock with a target of Rs 58 (based on 20x on FY28E EPS). We continue to view Sagility as a structural beneficiary of increasing outsourcing by the US payers," MOFSL said.

MOFSL said it attended Sagility’s Investor Day 2026, where management discussions focused on payer and provider offerings, ongoing disruptions in the US healthcare ecosystem, profitability pressures, evolving client priorities, and the strategic role of AI.

Growth strategies are clearly anchored around cost transformation driven by demand from US payers; capability-led differentiation, including AI; exitings client mining, new statements of work (SOW), and expansion, it said.