Jio Fin, Shadowfax, HDBFS among 10 stocks with fresh brokerage interest for upto 63% rise

Select stocks including Solar Industries India, HDB Financial Services, LG Electronics India, SBI Life Insurance Company, Aditya Birla Real Estate, KSH International, Gabriel India, Jio Financial Services, Canara HSBC Life Insurance and Shadowfax Technologies have seen fresh interest from the various brokerage firms, who have recently initiated their coverage on these companies.

The host of brokerages including Aditya Birla Money, ICICI Securities, Elara Capital, SMIFS, HDFC Securities, Phillip Capital, Motilal Oswal Financial Services and Centrum Broking. All stocks have positive ratings on them with an upside potential of 15-63 per cent. Here’s what brokerage firms have said on these stocks:
 

Aditya Birla Money on Solar Industries India
Rating: Buy | Target Price: Rs 17,700 | Upside Potential: 25%
Solar Industries (SIL) has evolved into one of the world’s leading integrated explosives and defence manufacturing companies. It has built a fully integrated explosives value chain spanning bulk explosives, cartridge explosives and initiating systems, serving mining, infrastructure and construction sectors across India and globally.

SIL operates a diversified explosives and defence platform, with growing global presence across mining explosives markets and a rapidly scaling defence vertical supported by strong order visibility and expanding manufacturing capabilities. Based on that we expect revenue/EBITDA/PAT CAGR of 24 per cent/25 per cent/25 per cent over FY26-28E,” it added with a ‘buy’ and a target price of Rs 17,700.
 

ICICI Securities on HDB Financial Services
Rating: Buy | Target Price: Rs 900 | Upside Potential: 40%
HDB Financial Services (HDBFS) is a blue-chip heritage paired with a formidable low-cost borrowing moat. The combination bestows an inherent advantage upon the company to command sustainable, scalable and high-margin growth. It has been strategically firming up an asset franchise stronghold in India’s underserved hinterlands, said ICICI Securities.

“A decadal 2 per cent credit cost average is testament to HDBFS’ cycle-tested underwriting and risk-management protocols. HDBFS’ focus on direct customer sourcing – accounts for 80 per cent of FY25 disbursements – facilitates customer quality and operational efficiency. These advantages should help HDBFS deliver 18 per cent/25 per cent AUM/PAT CAGRs over FY26–28E,” itsaid with a ‘buy’ and a target price of Rs 900.
 

Elara Capital on LG Electronics India
Rating: Accumulate | Target Price: Rs 1750 | Upside Potential: 13%
LG Electronics India (LGEIL) is the undisputed leader in India’s consumer durable market, with decade-long dominance in the space. We expect LGEIL to see accelerated revenue growth of 14-16 per centled by the LG Essential series in the next five years, similar to the trend seen at Haier and Bluestar in FY20-25, said Elara Capital.

“Expect earnings to compound at a CAGR of 18 per cent in FY26E-28E, led by rising localization to 63 per cent, bridging product gap via parental support and continued leadership in premium. LGEIL’s Rs 5,000 crore capex plan in the next four years should add revenue visibility of Rs 20,000-25,0oo crore and open up scope to become an exporter,” it said with Accumulate and a target of Rs 1,750.
 

SMIFS on SBI Life Insurance Company
Rating: Buy | Target Price: Rs 2,450 | Upside Potential: 29%
SBI Life leads the private life insurance market with a 24.9 per cent and 25.6 per cent market share in Total APE and Individual APE respectively, while its overall industry share stands at 15.8 per cent and 18.6 per cent. It draws strength from the strong legacy of State Bank of India and its successful bancassurance partnership, said SMIFS.

“SBI Life aims to achieve a 55:45 ULIP-to-traditional product mix for its individual business. It has achieved superior margins relative to peers, with a VNB margin of 27.2 per cent for 9MFY26, supported by disciplined commission payouts. SBI Life is also focused on growing its protection business and enhancing its distribution network by adding agents, improving productivity, and expanding branch coverage,” it added with a ‘buy’ and a target price of Rs 2,450.
 

HDFC Securities on Aditya Birla Real Estate
Rating: Buy | Target Price: Rs 1,832 | Upside Potential: 58%
Aditya Birla Real Estate (ABREL) is coming out of a slow growth period over the last 9MFY26, with Rs 7,500-8,000 crore of new launches in Q4FY26. The underlying demand remains stable and may result in flat YoY pre sales at Rs 8,000 crore. ABREL has tasted the success of geographical diversification and with Rs 3,500 crore of likely cash inflow, BD may see a sharp ramp-up, said HDFC Securities.

ABREL benefits from luxury residential development on the historical Worli land bank, rental assets capex, and new business development. It has all ingredients of right location, strong brand, robust execution skills, reputed local and global partners and strong and transparent corporate governance. We believe the recent correction to be value accretive,” it said with a ‘buy’ and a target price of Rs 1,832.
 

ICICI Securities on KSH International
Rating: Buy | Target Price: Rs 600 | Upside Potential: 51%
Demand for transformers is surging in domestic and global markets, especially that for power transformers. As a result, transformer manufacturers are expanding their manufacturing footprint. India’s leading transformers have been increasing their capacity by threefold over FY26-28E. Demand for specialised conductors is accelerating, said ICICI Securities.

“Supply is limited due to manufacturing complexity and an elongated approval process. KSH International is a leading supplier of transformer conductors to Indian and global majors. It is doubling capacity to 59kt to meet the increase in demand. We estimate volume/Ebitda/earnings CAGR of 24 per cent/ 36 per cent/ 43 per cent over FY25-28E,” it said with a ‘buy’ and a target price of Rs 600.
 

Phillip Capital on Gabriel India
Rating: Buy | Target Price: Rs 1,100 | Upside Potential: 29%
Gabriel has evolved from a single-product shock absorber manufacturer toward a diversified auto components player. Entry into sunroofs in FY24 and the planned consolidation of four Anand Group entities from FY27 will expand its portfolio across critical products. The core business continues to perform strongly, driven by market share gains and new launches at key OEMs, said Phillip Capital.

“Long-standing technology partnerships with global shock-absorber leaders underpin its competitive positioning. Gabriel has plans for inorganic growth, adding new products. Considering customer growth, portfolio expansion, group consolidation and increasing focus on exports and aftermarket, we estimate FY25-28 revenue/Ebitda /PAT CAGR of 19 per cent/21 per cent/36 per cent,” it added with a ‘buy’ rating and target of Rs 1,100.
 

Motilal Oswal Financial Services on Jio Financial Services
Rating: Buy | Target Price: Rs 320 | Upside Potential: 35%
Jio Financial is being architected as a diversified, technology-led financial services platform, aiming to operate across lending, payments, asset management, wealth management, insurance manufacturing and broking, and other digital financial services, while leveraging the unparalleled distribution and data ecosystem of the Reliance group, said Motilal Oswal.

“The core investment thesis for Jio Financial centers on its ecosystem-led operating advantage, leveraging Jio’s subscriber base of over 500 million and the extensive retail footprint of the Reliance Group. Unlike traditional NBFCs that face high customer acquisition costs, JIOFIN benefits from a lower-cost entry into the daily digital lives of nearly half of India’s population,” said with a ‘buy’ rating and a target price of Rs 320.
 

Centrum Broking on Canara HSBC Life Insurance
Rating: Buy | Target Price: Rs 176 | Upside Potential: 22%
Canara HSBC Life Insurance has built a strong growth franchise anchored on its bancassurance partnerships with promoters Canara Bank and HSBC, with the banca channel contributing 93 per cent of individual WPI and offering significant headroom given insurance penetration of 2 per cent in the captive banking base.

Embedded Value has grown at 17 per cent CAGR over FY22-FY25 to Rs 6,100 crore and is projected to reach Rs 9,800 crore by FY28E, with operating ROEV sustained at 17-18%. Given the company’s strong distribution advantage, improving product mix, and robust growth outlook, it is valued at 1.7 times FY28E P/EV, implying a target price of Rs 176,” it added with a ‘buy’ rating.
 

ICICI Securities on Shadowfax Technologies
Rating: Buy | Target Price: Rs 175 | Upside Potential: 63%
Shadowfax is a key beneficiary of consolidation in India’s express parcel segment. It has emerged as the second largest player, gaining 1,000bps YoY market share. Shadowfax is well positioned to deliver a revenue CAGR of 27 per cent over FY26E-28E driven by further consolidation, client diversification and pin code expansion, said ICICI Securities.

“Scale benefits are expected to support adjusted ebitda margin expansion from 3.7 per cent in FY26E to 5.6 per cent in FY28E. We initiate coverage on Shadowfax at ‘buy’ and a TP of Rs 175, based on a three-stage DCF model, assuming a WACC of 12.5 per cent and a terminal growth rate of 5 per cent. This implies 25 times one-year forward adjusted EV/Ebitda (FY28E),” it added.