Waaree Energies, Hind Zinc among 12 stocks with fresh analyst interest for upto 48% upside

Select stocks including Waaree Energies, Yatharth Hospital, Aditya Infotech, Oswal Pumps, Kalpataru Projects International, BLS International, Hindustan Zinc, DOMS Industries, KPR Mills, ITC Hotels, City Union Bank and Safari Industries have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages including Emkay Global Financial Services, Nuvama Institutional Equities, ICICI Securities, IIFL Capital, Systematix Institutional Equities, IDBI Capital, B&K Securities, Antique Stock Broking, JM Financial, BoB Capital and Elara Capital. All stocks have 'buy' ratings on them with an upside potential of 50 per cent. Here's what brokerage said on these stocks:
 

Elara Capital on Safari Industries India

Rating: Buy | Target Price: Rs 3,111 | Upside Potential: 34%

With D2C players constrained by offline reach and high acquisition costs, established leaders – Safari– well-placed to benefit from domestic capacity expansion, improved product mix, and tighter cost controls. Prefer Safari, led by clearer earnings visibility from stronger execution, rapid market-share gains in hard-luggage, backward-integrated capacity, and disciplined pricing, said Elara.

"For FY25-28E, we expect revenue, EBITDA and PAT CAGRs of 16.2%, 23.1% and 24.8%, respectively," it added with a 'buy' rating and a target price of Rs 3,111. "Key risks are intensifying competition, a sharp rise in input price and failure in identifying change in consumer demand," it adds.
 

BoB Capital on City Union Bank

Rating: Buy | Target Price: Rs 313 | Upside Potential: 19%

City Union Bank operating profit / ATA remains relatively better vs peers at 2.4% in Q2FY26, supported by steady NIMs at 3.63% and lower C/I ratio in Q2FY26. Improvement in credit costs aided the return profile with a consistent ROA delivery of ~1.5% and RoE of 12.5%+ in the last 3 years, said BoB Capital.

"City Union Bank's strong capital position, above-system credit growth, and improving AQ metrics — resulted in an improvement in its return profile. We expect the bank to report RoA/RoE of 1.6%/13.7% by FY28E. Initiate coverage with 'buy' rating and target price of Rs 313," it adds.
 

ICICI Securities on ITC Hotels

Rating: Buy | Target Price: Rs 250 | Upside Potential: 31%

Backed by a strong net cash balance of Rs 1,700 crore, as of March 2025, ITC Hotels is set to expand its footprint from 13,600 operational keys, to over 20,000 operational keys by 2030 through its ‘asset-right’ strategy, said ICICI Securities. "We initiate coverage of ITC Hotels with a 'buy' rating and a target price of Rs 250."

"We model for a 9% RevPAR CAGR over FY25–28E, with management fees CAGR of 17% over FY25–28E led by new hotel openings. Hence, we estimate a 12% revenue CAGR on a consolidated basis over FY25–28, with a 15% EBITDA CAGR over the same period, estimating EBITDA margins to rise by 300bps over FY25–28 (100bps annually) to 37% in FY28," it adds.
 

JM Financial on KPR Mill

Rating: Buy | Target Price: Rs 1,215 | Upside Potential: 24%

KPR Mill is one of India’s largest vertically integrated textile manufacturers with operations spanning yarn (370k spindles; 110KTPA), knitted fabric (40KTPA) and garments (200 million pcs per annum as of September 2025). It operates a fully integrated sugar, ethanol and co-generation power business in Karnataka, creating a diversified multi-segment platform, said JM Financial.

"With expansion underway and robust export visibility, we expect Revenue/EBITDA/PAT to grow at a CAGR of 14%/16%/17% over FY25-28E, reflecting the company’s strong market position. We initiate coverage on KPR Mill with a 'buy' rating and target price of Rs 1,215 per cent at target PE multiple of 32x FY28E," it adds.
 

Antique Stock Broking on DOMS Industries

Rating: Buy | Target Price: Rs 3,250 | Upside Potential: 30%

"DOMS Industries is well poised to grow at a faster clip in the overall consumption space through capacity addition, distribution expansion, and strong innovation pipeline. The promising future is grounded in its robust sales performance of 24% CAGR over FY20-25. We initiate coverage on DOMS with 'buy' rating, to arrive at a target price of Rs 3,250," said Antique Stock Broking.

The healthy growth is expected to continue supported by phased commissioning of a new 44-acre facility in Umbergaon to address capacity constraints; scaling up fast growing categories; expanding presence in adjacent categories (bags, toys) and geographies aided by acquisitions Uniclan and Super Treads; and focus on profitable portfolio expansion through innovations, it said.
 

B&K Securities on Hindustan Zinc

Rating: Buy | Target Price: Rs 610 | Upside Potential: 20%

Hindustan Zinc, a Vedanta Group firm, is India’s only and the world’s largest integrated zinc producer, operating a fully integrated value chain spanning mining, milling, smelting, refining, and captive power generation across Rajasthan and Uttarakhand. Headquartered in Udaipur, HZL manages some of the world’s most advanced underground zinc-lead mines, said B&K Securities.

"It is the world’s 4th largest silver producer, with silver recovered as a by-product through lead smelting and residue processing, benefiting from rising industrial and clean-energy demand. We initiate coverage on the stock with a 'buy' rating and a target

price of Rs 610," it added.

IDBI Capital on BLS International

Rating: Buy | Target Price: Rs 445 | Upside Potential: 40%

BLS International Services is one of the largest tech-enabled outsourcing partners globally focused on visa, passport, consular, and citizen services with operations across over 70 countries. It benefits from long-term multi-year government contracts, anchoring predictable, quasi-annuity revenue with a diversified client base. The business is pivoting towards higher gross margin digital services, said IDBI Capital.

"BLS's operational efficiency and scale support improved Ebitda margins, projected to reach 29.4% by FY27E. With revenue forecasted to grow at a 24% CAGR to Rs 3,350 crore and PAT at 26% CAGR to Rs 854 crore by FY27E, it maintains a strong balance sheet with a healthy net cash position enabling strategic acquisitions," it said with a 'buy' and a target price of Rs 445.
 

Systematix Institutional Equities on Kalpataru Projects International

Rating: Buy | Target Price: Rs 1,380 | Upside Potential: 18%

Kalpataru Projects (KPIL) holds pole position in India’s transmission & distribution (T&D) EPC industry, with a huge presence across buildings & factories (B&F), water, oil & gas (O&G), railways and urban infrastructure. It has a substantial presence in international geographies, with major contributions from the LATAM, Middle Eastern, Southeast Asian and European markets, said Systematix.

"It is widening its international presence in high-potential markets within the T&D and O&G space. KPIL’s domestic expansion focus lies in metro, urban infrastructure and high-value industrial and institutional projects. We have built in revenue and PAT CAGR of 17% and 36%, respectively, over FY25-28E and factored in ~0bps expansion in Ebitda margin over 3 years," it said with a 'buy' and target price of Rs 1,380.
 

IIFL Capital on Oswal Pumps

Rating: Buy | Target Price: Rs 669 | Upside Potential: 34%

Oswal Pumps, a vertically integrated player in solar pumps, has leveraged its distribution and lean cost structure to garner a third of the market under GoI’s flagship PM-Kusum 1.0, and expand sales/PAT to 5x/10x over FY23-26ii. Stock is trading below IPO price, and valuations, said IIFL Capital.

"Albeit with some delays, rollout of Kusum 2.0, with 3x volume in FY27, should help sustain at least 25% sales Cagr over FY25-28ii (base-case) despite increase in competitive intensity, moderation in OPMs and consolidation in FY27. We initiate with 'buy' on Oswal Pumps with a 12 months target price of Rs 669," it adds.
 

ICICI Securities on Aditya Infotech

Rating: Buy | Target Price: Rs 1,800 | Upside Potential: 22%

"We initiate coverage on Aditya Infotech (CP PLUS) with a 'buy' rating driven by its strengthening leadership in India’s fast-growing video surveillance market. We note it is positioned at the core of a multi-year demand cycle supported by the rising IP-camera adoption and the shift towards STQC-certified products. Multi-brand strategy allows it to service customers at different price points," said ICICI Securities.

It has built one of India’s largest CCTV manufacturing capacities, which is expected to rise from 1.8 million units/month to 2 million units/month by Q4FY26. CP PLUS brand market share has increased steadily from 21% in FY25 to 31% in H1FY26 and we model it to reach 40% by FY28E, it adds with a 1,800 target price.
 

Nuvama Institutional Equities on Yatharth Hospital

Rating: Buy | Target Price: Rs 920 | Upside Potential: 35%

Yatharth Hospitals—an emerging North India-focused healthcare player—is well positioned for a high growth trajectory with revenue/EBITDA projected to grow at 30%/31% CAGR over FY25–28E as its bed capacity doubles to 5,000 by FY30E from ~2,500 in FY26E, said Nuvama Institutional Equities.

"Yatharth shall scale up significantly driven by robust bed addition plans in lucrative micro markets of Delhi NCR; focus on high-end specialties such as oncology and transplants to optimise payor mix and attract international patients driving 7% ARPOB growth; strong balance sheet to fund ~INR15bn capex. Improving corporate governance bodes well," it said with 'buy' and a target price of Rs 920.
 

Emkay Global Financial Services on Waaree Energies

Rating: Buy | Target Price: Rs 4,260 | Upside Potential: 48%

India’s solar manufacturing development has been supported by favorable, despite the module overcapacity now, integration of cell and wafer-ingots as well as the upcoming ALMMs on them should support first movers like Waaree, driving competitiveness. The profit pool will shift from module to cell and to wafer-ingot, but book margins and returns are likely to stay protected, said Emkay Global.

"FY25-28E revenue/EBITDA/APAT CAGR is 36%/48%/40%, on the back of major integrated expansions in FY26-27 leading to 33% module volume CAGR and a largely stable EBITDA at 23-24%. Waaree is further diversifying into BESS, transformers, inverters, and electrolyzers, besides its already established EPC and O&M presence – this allows it a higher wallet share with customers," it added with a 'buy' and target price 4,260.