Adani Power, Groww, Emmvee among 12 stocks with fresh brokerage interest for upto 60% rise

Select stocks including Thyrocare Technologies, Billionbrains Garage Ventures (Groww), Skipper, Paras Defence, SAMHI Hotels, Canara Robeco AMC, Adani Power, Oswal Pumps, Leela Palaces Hotels & Resorts, Zydus Wellness, Emmvee Photovoltaic Power and Baazar Style Retail have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these stocks.
 

The host of brokerages including Phillip Capital, Motilal Oswal Financial Services, Systematix Institutional Equities, Aditya Birla Money, Antique Stock Broking, BoB Capital, JM Financial Nuvama Institutional Equities, Nirmal Bang Institutional Equities, Ventura Securities and Jefferies. All stocks have 'buy' ratings on them with an upside potential of 60 per cent. Here's what brokerage said on these stocks:
 

Phillip Capital on Thyrocare Technologies

Rating: Buy | Target Price: Rs 640 | Upside Potential: 37%

Thyrocare Technologies Ltd is a pan-India diagnostic chain focused on a low-cost, high-volume B2B model with deeper domestic presence offering over 1,000 tests covering both routine and specialized tests. This enables it to run a faster-growing B2B diagnostic business at affordable prices, while earning industry leading margins, said Phillip Capital.

"Unlike peers with significant B2C retail operations, Thyrocare runs a B2B-focused diagnostic business through the franchisee-and-partnership route, with limited centralized processing labs and a larger focus on standardized preventive/wellness test packages. We initiate coverage with a 'buy' rating, valuing the stock at Rs 640, bridging the valuation gap with peers," it said.
 

Motilal Oswal Financial Services on Billionbrains Garage Ventures

Rating: Buy | Target Price: Rs 185 | Upside Potential: 20%

Billionbrains Garage Ventures Ltd (Groww) has scaled rapidly to emerge as the largest retail broking platform within almost four years of its launch. It held a market share of 26.8% in November 2025. Originally, a niche mutual fund platform, it now commands a meaningful market share in stocks and derivatives. Groww is well-positioned to compound earnings in a structurally underpenetrated Indian capital markets ecosystem, said Motilal Oswal.

"Groww has evolved into a full-stack investment platform spanning broking, commodities, MTF, credit, and wealth management, with 14.8 million active users across products by the end of 1HFY26. We expect Groww's broking revenue contribution to dip to 67% in FY28 from 85% in FY25. We initiate coverage on the stock with a 'buy' rating and a one-year target of Rs 185," it added.
 

Systematix Institutional Equities on Skipper

Rating: Buy | Target Price: Rs 490 | Upside Potential: 14%

Skipper is India’s largest manufacturer of transmission line (TL) towers, with installed capacity of 3,75,000 MTPA as of 2QFY26 end. With capacity now ramped up, a surge in export order booking is expected, said Systematix. Skipper is well positioned to benefit from the multi-year domestic T&D capex cycle, with Rs 9.15 lakh crore of investments planned over FY23-32, said Systematix.

"It plans to nearly double its tower manufacturing capacity to 0.6 million TPA by FY29. It intends to increase its export revenue share to 50 per cent in 1HFY26 over the next 3-4 years. With an order book of Rs 8,800 crore as at 2QFY26 end and order inflow expanding at 22% CAGR, we estimate revenue/EBTIDA/PAT of 20%/24%/34% CAGR over FY25-28E' it added with a 'buy' and a target price of Rs 490.
 

Aditya Birla Money on Paras Defence & Space Technologies

Rating: Buy | Target Price: Rs 1,020 | Upside Potential: 14%

Paras Defence (Paras) is transitioning from a component-led defence supplier to a high value, system-oriented defence and space electronics company, anchored in optics & optronics and complemented by scalable defence engineering platforms. We believe Ebitda margins to further expand 55bps by FY28 from FY25 levels of 27.3%, said Aditya Birla Money.

It combines deep design ownership under the IDDM framework, a diversified and expanding order book and a favourable shift in revenue mix towards higher-margin optical systems, positioning it for accelerating growth with sustained margin expansion over the medium term. This will result in revenue/EBITDA/PAT growth of 35%/36%/38% over FY25-28E, it said with a 'buy' rating with a target price of Rs 1,020.
 

Antique Stock Broking on SAMHI Hotels

Rating: Buy | Target Price: Rs 260 | Upside Potential: 36%

SAMHI Hotels Ltd is a leading Indian hotel platform operating 31 hotels and 4,862 rooms across 13 major cities, managed by top international brands like Marriott, Hyatt, and IHG under long-term agreements. It follows an acquisition-led growth strategy, leveraging a strong track record of turning around hotels to become one of the fastest-growing hotel owners, said Antique.

"It aims to capitalize on the strong structural tailwinds within the hospitality space by expanding its portfolio by rebranding 473 rooms, and adding 1,500 rooms through expansion. Over FY25–30E, we foresee its revenue & EBITDA growing at 14% and 18% CAGR, while the EBITDA margin should improve by 600 bps to around 42%," it added with a 'buy' and target price of Rs 260.
 

BoB Capital on Canara Robeco AMC

Rating: Buy | Target Price: Rs 362 | Upside Potential: 17%

With a discernible improvement in the fund performance over the recent period, the number of schemes in the top quartile on a one-year basis increased to three as of December 2025, from just one in December 2024. It commands the highest share of equity-oriented AUM among the top 10 AMCs and ranks third among the top 20 AMCs in India, said BoB Capital.

"We believe it would aid higher net inflows going forward. Additionally, its equity-oriented AUM dominance is likely to aid its core earnings, coupled with the favourable outlook of equity markets and tailwinds in the sector. Given the increasing prominence of equity schemes over the past five years, we believe it is well positioned to benefit from favourable structural tailwinds," it said with a 'buy' and target price of Rs 362.
 

JM Financial on Adani Power

Rating: Buy | Target Price: Rs 490 | Upside Potential: 14%

Seeing the indispensability of thermal power in India’s growth story and projected power demand of 700GW by 2047, Adani Power Ltd gradually built capacities and is now India’s largest private sector thermal power producer with 18.1GW capacity and is targeting a capacity of 41.9GW by FY32. Net debt/EBITDA will moderate to 1.6x by FY31 as new capacity becomes operational, said JM Financial.

"It continues to create execution benchmarks like synchronisation of 4,620MW Mundra within 36 months and pre-ordering of critical power equipment. With key enablers in place and superior operating metrics, we expect operational capacity to reach 41.3GW by FY32 and EBITDA/MW to grow to Rs 1. crore/MW by FY32. We initiate coverage with a 'buy' rating with a target of Rs 178 apiece," it said.
 

Nuvama Institutional Equities on Oswal Pumps

Rating: Buy | Target Price: Rs 490 | Upside Potential: 43%

Oswal Pumps Ltd is one of India’s leading manufacturers of solar pumps and it is poised to capitalise on the growing integration of agriculture and solar energy, especially given its strong expertise in pump technology and in-house solar module manufacturing and significant benefits to government and farmers over lifecycle, said Nuvama Institutional Equities.

"We reckon Oswal Pumps shall report revenue/EBITDA/PAT CAGR of 21%/13%/11% over FY26–28E, given high base (66%/86%/95% over FY24–26E) and budget a modest delay in PM-KUSUM 2.0 scheme on a conservative basis. We are initiating at 'buy' with a target price of Rs 720, based on 18x FY28E EPS," it added citing significant curtailment in PM-KUSUM scheme as key risks.
 

Ventura Securities on Baazar Style Retail

Rating: Buy | Target Price: Rs 364 | Upside Potential: 41%

Baazar Style Retail (BSRL) operates as a one -stop value fashion retailer. It obtains 86% of its core revenue from its retail apparel segment and the remaining 14% from general merchandise. It projected its revenue to grow at a CAGR of 26.6% to Rs 2,727 crore by FY28, driven by higher store count, improving throughput and better unit economics, said Ventura Securities.

Growth is underpinned by rising volumes, stable ASPs in the value-led range, and improving sales productivity, with average sales per sq.ft. expected to increase to Rs 8,657 by FY28E, supported by higher footfalls, private label penetration and efficient space utilisation. We initiate coverage with a 'buy' for a DCF-based price target of Rs 364," it added.
 

Nirmal Bang Institutional Equities on Leela Palaces Hotels & Resorts

Rating: Buy | Target Price: Rs 529 | Upside Potential: 26%

We expect Leela to deliver a strong growth runway with owned keys rising to 1,567 by FY28E (ex-Srinagar JV) and managed keys reaching 2,214 by FY27E (ex-Palm Jumeirah), thereby supporting FY25–FY28E RevPAR/ARR CAGR of 11%/10% and revenue/EBITDA CAGR of 16%/18%, as the mix upgrades and F&B/banquet monetization adds to the operating leverage, said Nirmal Bang.

"We initiate coverage on Leela with a 'buy' rating and a target price of Rs 529, based on a valuation of 20x Mar-28E EV/EBITDA, broadly in line with EIH at 19x, reflecting Leela’s faster EBITDA CAGR of 18% versus 12% for EIH over FY25–FY28E, with ROCE expected to improve to early double digits by FY28E.However, we recognize that Leela’s ROCE is lower than peers," it added.
 

Motilal Oswal Financial Services on Zydus Wellness

Rating: Buy | Target Price: Rs 575 | Upside Potential: 21%

Zydus Wellness Ltd is a diversified health and nutrition company with leadership in several consumer wellness categories. Its core portfolio consists of sugar substitutes (Sugar Free), glucose powders (Glucon-D), skincare (Everyuth), functional foods (Nutralite), prickly-heat powder (Nycil), and nutritional beverages (Complan). Zydus maintains dominant positions in its core categories, said Motilal Oswal.

"We model 14% organic EBITDA CAGR and 36% consolidated EBITDA CAGR during FY25-28E. The stock is at 22x P/E and 16x EV/EBITDA FY28E, a 30%-35% discount to other FMCG peers, and offering the best risk-reward profile in the sub-INR150b market-cap consumer universe. We value the India business at 27x EV/EBITDA FY28E and International at 15x EV/EBITDA FY28E to arrive at a target of Rs 575," it said with 'buy' rating.
 

Jefferies on Emmvee Photovoltaic Power

Rating: Buy | Target Price: Rs 320 | Upside Potential: 60%

India's solar installations are set to grow at a 24% CAGR over FY25-28E. Emmvee's early entry in TOPCon, superior DCR-driven profitability and adequately-funded balance sheet are a competitive edge. Industry profitability should normalize FY28E onward, but we expect high-teens steady state RoCE, said Jefferies.

"We project 56% EPS CAGR over FY25-28E on the back of rising volumes even as we build a compression in Ebitda/Wp. Valuation is attractive with stock trading at 50% discount to peers. Initiate at Buy with target price Rs 320 valuing at 9x FY28E EV/Ebitda," it added, citing weak domestic solar demand and all announced capacities materializing as key risks.