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Jefferies has named six top Indian stock picks across major sectors, highlighting companies it expects to benefit from infrastructure investment, rising consumption and improving business fundamentals. The brokerage’s selections cover materials, building products, IT services, telecommunications, airports and hospitality.
Grasim Industries, the Aditya Birla Group flagship, is among Jefferies’ preferred stocks. The company operates across fibers, chemicals, building materials, paints and B2B e-commerce. Its aggressive expansion into paints has helped it secure the third-largest domestic position by volume. Jefferies expects earnings to improve from FY27 as newer businesses scale and traditional operations recover. It forecasts EBITDA CAGR of about 35% over FY26-29 and has a Rs3,910 target price.
Polycab, India’s organized cables and wires market leader with a 30%-31% FY26 share, is another pick. The company has delivered double-digit sales growth for 16 consecutive quarters while maintaining EBIT margins of 12%-15%. Jefferies expects EPS CAGR of 22% during FY26-29 and targets Rs11,100.
IT services firm Coforge is projected to generate organic revenue CAGR of 15% over FY27-29, supported by improving financial-services demand, opportunities from Encora and a $2.2 billion executable order book. Jefferies expects 23% EPS CAGR and assigns a Buy rating with a Rs2,040 target.
Bharti Airtel also carries a Buy rating as Jefferies sees further growth potential in India’s telecom market. The brokerage forecasts 14% revenue growth in Airtel’s India operations over FY26-29, supported by tariff increases and expansion in homes and enterprise businesses. Its target price is Rs2,400.
GMR Airports, India’s only listed pure-play private airport operator, is expected to benefit from expanding aviation infrastructure. FY26 EBITDA jumped 60% year-on-year to Rs60 billion despite traffic growing just 1%. Jefferies forecasts 14% EBITDA CAGR through FY29 and targets Rs135 per share.
Indian Hotels rounds out the list. The Taj Group operator has more than 630 hotels, including over 250 under development. Domestic travel demand and its increasingly asset-light expansion strategy support Jefferies’ forecast for 15% EBITDA CAGR over FY26-29. The brokerage has set a target price of Rs875.
