Brokerage Consensus: 8 Indian Stocks Get ‘Buy’ Ratings With Upside Potential of Up to 90%

As the December-quarter earnings season nears completion, a select group of Indian stocks has emerged as common favourites among brokerage houses, drawing multiple ‘Buy’ recommendations backed by strong earnings visibility, balance sheet strength, and medium-term growth prospects. According to brokerage reports, upside potential for some of these stocks stretches as high as 90%.

Research notes from firms such as JM Financial, Elara Securities, Nomura, and Nuvama indicate that despite sector-specific challenges, these companies have demonstrated resilience through execution strength, strategic positioning, and improving fundamentals.

Pharma: Dr Reddy’s Laboratories

Dr Reddy’s Laboratories has attracted broad-based optimism from brokerages. Analysts highlight that while pricing pressure in the US generics market weighed on December-quarter performance, robust growth in India and emerging markets helped offset the impact. Strong product pipelines and steady execution outside the US continue to support earnings visibility, prompting target prices that imply nearly 30% upside from recent levels.

Media: Zee Entertainment Enterprises

Zee Entertainment Enterprises has also seen renewed interest from brokerages. While higher content costs and near-term pressure persist, analysts point to improving digital profitability as a key positive. Zee5’s annual recurring revenue has crossed a significant milestone, and its move into EBITDA-positive territory is being viewed as a structural turning point. Upside estimates for the stock range widely, with some brokerages projecting gains close to 90%. 

Quick Service Restaurants: Restaurant Brands Asia

Restaurant Brands Asia has received upgraded ratings following changes in ownership structure and fresh capital infusion. Brokerages believe the reduced balance sheet risk, improved funding visibility, and accelerated store expansion plans position the company for a turnaround. Analysts see meaningful upside potential as the business scales operations and benefits from stronger promoter backing.

IT Services: Mphasis

In the IT sector, Mphasis has drawn positive commentary for its growing deal pipeline, particularly in BFSI and AI-led programmes. Brokerages note that total contract value has risen sharply, providing revenue visibility over the coming quarters. While margin pressure remains under watch, sustained deal momentum continues to underpin growth expectations.

Cables and Wires: KEI Industries

KEI Industries has emerged as a consensus pick after delivering an earnings beat in the December quarter. Margin expansion, capacity ramp-up, and management’s guidance of strong revenue compounding over the next few years have boosted confidence. Analysts believe the company’s positioning in cables and wires leaves it well-placed to benefit from infrastructure and real estate demand.

Telecommunications: Tata Communications

Tata Communications has also received multiple ‘Buy’ calls, supported by steady data revenue growth and improving profitability. Brokerages highlight margin expansion and gradual reduction in net debt as key positives, with expectations that continued operational efficiency will further strengthen financial performance.

Renewable Energy: Waaree Energies

Waaree Energies has caught the attention of analysts due to its strong order book and capacity expansion plans. Brokerages remain positive on execution visibility and long-term growth, especially as demand for renewable energy solutions accelerates. Despite some one-off adjustments, core profitability trends are viewed as robust.

Consumer Spirits: United Spirits

United Spirits rounds out the list, with brokerages maintaining a positive stance on the company’s premiumisation strategy. While near-term volume pressures have been acknowledged, analysts believe brand strength and margin stability provide a solid foundation for long-term growth.

Overall View

Across these eight stocks, overlapping ‘Buy’ ratings from multiple brokerages signal shared confidence in underlying business fundamentals. While target prices differ, analysts broadly agree that earnings quality, balance sheet strength, and execution capabilities justify optimism. Market participants, however, continue to be advised to conduct independent due diligence, as brokerage views are subject to change based on evolving market conditions.